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AerCap
AerCap (AER) investor relations material
AerCap Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary6 Feb, 2026
Executive summary
Achieved record GAAP net income of $3.8 billion ($21.30/share) and adjusted net income of $2.7 billion ($15.37/share) for 2025, with revenues at an all-time high of $8.5 billion and sales volumes of $3.9 billion.
Returned $2.6 billion to shareholders via share repurchases and dividends, repurchasing 22.1 million shares and increasing the quarterly dividend to $0.40 per share.
Book value per share rose 19% year-over-year to $112.59 at year-end 2025, a 68% increase since 2022.
Sold $3.9 billion of assets for $819 million in gains and reinvested $5.4 billion in new assets, adding 103 aircraft to the order book.
Received $1.5 billion in insurance and other recoveries related to the Ukraine conflict in 2025, bringing total pre-tax recoveries to $3 billion since 2023.
Financial highlights
Q4 2025 GAAP net income was $633 million ($3.79/share); adjusted net income was $660 million ($3.95/share).
Full-year operating cash flow reached $5.4 billion; liquidity at year-end was $21 billion, with a sources-to-uses coverage ratio of 1.8x.
Book value per share increased by 19% year-over-year and 68% since 2022.
Q4 sales of 55 owned assets generated $1.3 billion in revenue and a 24% unlevered gain-on-sale margin.
Full-year gain-on-sale margin was 27%, or 2x book equity.
Outlook and guidance
2026 adjusted EPS projected at $12–$13, not including gains on sale.
Lease rents expected to be $6.7 billion, maintenance revenues $700 million, and other income $200 million for total revenue of $7.6 billion.
Depreciation/amortization forecasted at $2.6 billion, interest expense at $2 billion, and total expenses (leasing, SG&A, other) at $1.2 billion.
Cash CapEx for 2026 estimated at $5.2 billion; asset sales forecasted at $2–$3 billion.
Effective tax rate for 2026 projected at 15.5%.
Share repurchase impact on future EPS growth?
Remaining Ukraine conflict exposure?
Sustainability of high gain-on-sale margins?
What drives long-term aircraft supply constraints?
How does AerCap prioritize capital deployment?
What is the rationale for the barbell strategy?
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Next AerCap earnings date
Q1 202629 Apr, 2026
AerCap
Next AerCap earnings date
Q1 202629 Apr, 2026
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Frequently asked questions
Aviation Leasing Leader
AerCap is an Irish aviation leasing company with global operations. AerCap is a global leader in aircraft leasing and aviation finance. With its headquarters in Dublin, Ireland, the company operates a diversified portfolio of aviation assets, including helicopters, airplanes, engines, and more. The company provides leasing and financing solutions to airlines and other aircraft operators, offering a range of services from leasing new and used aircraft to the sale and management of aviation assets. The company is headquartered in Dublin, Ireland, and its shares are listed on the NYSE.
Two Industry-defining Acquisitions
AerCap can trace its roots back to one of the first-ever aircraft leasing companies Guinness Peat Aviation, which was founded in 1975. The company has a long and complicated history of M&A, as well as various restructurings, but AerCap got its current name in 2005 after debis AirFinance was acquired by Cerberus Capital. The company went public in 2006 and has made two industry-defining acquisitions since then. The first came in 2014 when AerCap acquired International Lease Finance Corporation from AIG, and the second came in 2021 when it acquired GE’s aviation leasing business GECAS. These two acquisitions firmly positioned AerCap as the largest aviation leasing company in the world.
Leasing Services
AerCap specializes in a range of services within the aviation sector, primarily focusing on aircraft leasing, financing, and asset management. The company owns and manages commercial aircraft, which it leases to airlines and other aircraft operators worldwide. This includes both new and used aircraft, spanning various models from leading manufacturers like Boeing and Airbus. In addition to leasing, AerCap provides aircraft owners with asset management services, overseeing the maintenance, insurance, and re-leasing of aircraft. The company also engages in sale and leaseback transactions, where airlines sell their aircraft to AerCap and then lease them back.
Why Airlines Lease Aircraft
Customers choose to lease aircraft primarily for financial flexibility, as it allows airlines to avoid the substantial upfront capital expenditure associated with purchasing aircraft outright. It provides the agility to adjust fleet size and composition in response to changing market demands and route dynamics. Additionally, leasing offers access to newer, more fuel-efficient aircraft models without long-term commitments, enabling airlines to have fleets that give them the largest competitive advantage possible.
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