AerCap (AER) Q4 2024 earnings summary

Executive summary

• Reported GAAP net income of $2.1 billion and adjusted net income of $2.3 billion for 2024, with adjusted EPS of $12.01, a record high, and strong operating cash flows driven by robust demand for leased assets.

• Announced a new $1 billion share repurchase program, increasing total buyback authorizations to $5 billion over two years, and raised the quarterly dividend to $0.27 per share.

• Completed 812 transactions in 2024, including leasing, purchasing, and selling aircraft, engines, and helicopters.

• Returned $1.6 billion to shareholders in 2024 through share repurchases and dividends.

• Achieved record operating cash flow of $5.4 billion for 2024.

Financial highlights

• Fourth quarter GAAP net income was $671 million ($3.56 per share); adjusted net income was $624 million ($3.31 per share).

• Full-year 2024 EPS was $10.79 (GAAP) and $12.01 (adjusted).

• Record quarterly gain on sale of $260 million, with a 43% margin, and full-year gain on sale of $651 million.

• Book value per share increased 13% year-over-year to $94.57 as of December 31, 2024.

• Total revenues and other income rose 9% year-over-year to $2.07 billion in Q4 and 5% to $8.0 billion for the full year.

Outlook and guidance

• 2025 adjusted EPS projected at $8.50–$9.50, excluding gains on sale.

• Lease revenue expected to reach $6.6 billion, maintenance revenue $700 million, and total revenue $7.5 billion in 2025.

• Projected 2025 GAAP net income of $1.3 billion and adjusted net income of $1.6 billion.

• Effective tax rate for 2025 assumed at 16.5%, reflecting global minimum tax impacts.

• Management expects continued strong demand for leased aviation assets and a positive operating environment into 2025 and beyond.