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FTAI Aviation cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$110M in Q3 2026 · −$589M over twelve months

Operating cash flow−$67.7M
Capital spending−$42.4M
Free cash flow−$110M
Cash / net income-0.4×
Cash conversion cycle239 days

Analysis

In Q3 2026, FTAI Aviation generated −$67.7M of operating cash flow and spent $42.4M on capital projects, leaving free cash flow of −$110M. That is $108M less than in Q3 2025 (−$1.8M).

Over the twelve months to Sep 30, 2026, operating cash flow was −$512M; the largest uses were operating cash flow ($512M), other financing ($196M), dividends ($174M); besides operations, cash came from other investing ($847M); the cash balance fell by $124M.

Operating cash flow was −$67.7M against net income of $151M — -0.4× profit, less cash than reported earnings, worth checking against working capital. The largest differences: inventory −$433M, payables +$60.5M, prepaid and other assets −$43.4M.

Its cash conversion cycle was 239 days (receivables 15 + inventory 256 − payables 33).

Free cash flow

FTAI Aviation: free cash flow by quarterFTAI Aviation: free cash flow by quarter−$48.1MQ4 2024−$30.1MQ1 2025−$117MQ2 2025−$1.8MQ3 2025−$189MQ4 2025−$167MQ1 2026−$123MQ2 2026−$110MQ3 2026
Operating cash flow less capital spending.
FTAI Aviation: operating cash flow against capital spendingFTAI Aviation: operating cash flow against capital spendingOperating cash flowCapital spending−$41.8M$6.3MQ4 2024−$26.0M$4.2MQ1 2025−$110M$6.9MQ2 2025$4.6M$6.4MQ3 2025−$179M$10.2MQ4 2025−$160M$6.6MQ1 2026−$105M$17.4MQ2 2026−$67.7M$42.4MQ3 2026
Latest (Q3 2026): Operating cash flow −$67.7M, Capital spending $42.4M.

Capital allocation, year by year

FTAI Aviation: where the cash came from (up) and went (down), by fiscal yearFTAI Aviation: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsDividendsFY2021: Operating cash flow −$22.0MFY2021: Net borrowing $1.3BFY2021: Shares issued $424MFY2021: Asset sales $4.5MFY2021: Capital spending −$157MFY2021: Acquisitions −$627MFY2021: Dividends −$118M$1.8BFY2021FY2022: Operating cash flow −$20.7MFY2022: Net borrowing −$331MFY2022: Asset sales $5.3MFY2022: Capital spending −$144MFY2022: Acquisitions −$3.8MFY2022: Dividends −$128M$5.3MFY2022FY2023: Operating cash flow $129MFY2023: Net borrowing $347MFY2023: Shares issued $61.7MFY2023: Capital spending −$6.1MFY2023: Acquisitions −$29.6MFY2023: Dividends −$120M$537MFY2023FY2024: Operating cash flow −$188MFY2024: Net borrowing $910MFY2024: Capital spending −$9.2MFY2024: Acquisitions −$148MFY2024: Dividends −$122M$910MFY2024FY2025: Operating cash flow −$311MFY2025: Capital spending −$27.7MFY2025: Acquisitions −$49.1MFY2025: Dividends −$128MFY2025
Over these 5 years operating cash flow totalled −$412M; the largest uses were acquisitions ($857M) and dividends ($616M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$386M
Debt$3.5B
Net debt$3.1B
Cash runway8 months

FTAI Aviation is burning cash: its operations consume cash, a free cash flow of −$589M a year at the current rate against $386M of cash and investments: a runway of about 8 months before any new financing.

FTAI Aviation: debt maturities by year (FY2025)FTAI Aviation: debt maturities by year (FY2025)$1.0BYear 3$500MYear 5$2.0BAfter year 5
Principal due in each year as disclosed in the annual report, against $386M of cash and investments now.

Where the cash came from and went

FTAI Aviation: sources (+) and uses (−) of cash, Q3 2026FTAI Aviation: sources (+) and uses (−) of cash, Q3 2026Other investing$284MOperating cash flow−$67.7MDividends−$51.4MCash drawn (+) / kept (−)−$48.4MOther financing−$48.3MCapital spending−$42.4MTaxes on employees’ shares−$26.1M
FTAI Aviation: sources (+) and uses (−) of cash, TTM to Q3 2026FTAI Aviation: sources (+) and uses (−) of cash, TTM to Q3 2026Other investing$847MOperating cash flow−$512MOther financing−$196MDividends−$174MCash drawn (+) / kept (−)$124MCapital spending−$76.6MAcquisitions−$12.0M

From profit to cash

FTAI Aviation: net income to operating cash flow, Q3 2026FTAI Aviation: net income to operating cash flow, Q3 2026Net income$151MDepreciation & amortization$43.3MStock-based pay$7.8MDeferred taxes−$2.1MReceivables$16.8MInventory−$433MPayables$60.5MPrepaid and other assets−$43.4MOther liabilities$12.2MOperating cash flow−$67.7M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 20261525633239
Q2 20261620833191
Q1 20262122035205
Q4 20253026144246
Q3 20253120929211
Q2 20253117224179
Q1 20253421633217

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsDividendsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026−$67.7M−$42.4M—−$51.4M—−$48.4M−$110M
Q2 2026−$105M−$17.4M—−$46.2M—$75.0M−$123M
Q1 2026−$160M−$6.6M—−$41.0M—−$112M−$167M
Q4 2025−$179M−$10.2M−$12.0M−$35.9M—$209M−$189M
Q3 2025$4.6M−$6.4M—−$30.8M—−$208M−$1.8M
Q2 2025−$110M−$6.9M—−$30.8M−$200M−$190M−$117M
Q1 2025−$26.0M−$4.2M—−$30.8M$200M$3.0M−$30.1M
Q4 2024−$41.8M−$6.3M−$4.0M−$30.8M$208M−$3.2M−$48.1M

FTAI Aviation: income statement and cash flow

FTAI Aviation, Q3 2026: revenue $978M (+47% year over year), operating margin 22.4%. The chart follows the revenue to costs, profit and cash.

FTAI Aviation: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.