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Air Lease Corporation (AL) Financials

AL
Trailing 12 months to June 30, 2026
Revenue $2.9B -0.4% YoY
Net Income $445.6M -54.4% YoY
EPS (Diluted) $9.29 FY2025 annual
Free Cash Flow $1.3B -8.4% YoY
Source SEC Filings (10-K/10-Q) Latest period Q2 FY2026, ended Jun 30, 2026 Reported Currency USD FYE December

Newest figures come from the 10-Q for Q2 FY2026, filed Aug 10, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the AL SEC filings page.

Air Lease Corporation (AL) reported $2.9B in revenue over the twelve months to Jun 30, 2026, down 0.4% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI AL FY2025

Air Lease’s dominant mechanic is an asset-heavy, debt-funded platform where 2025 earnings surged faster than cash generation.

The earnings-to-cash gap widened: net margin reached 36.1% in FY2025 from 15.7%, while operating cash flow rose only modestly; reported earnings therefore expanded much faster than cash conversion. Cash generation was also helped by lighter reinvestment: free-cash-flow margin held at 49.6% as capital expenditures fell to $238M.

The balance sheet became less debt-intensive relative to equity: debt-to-equity fell to 2.3x in FY2025 from 2.7x a year earlier even as assets expanded. Liabilities still stood at $24.4B, so the business remains structurally dependent on substantial external financing.

Interest expense reached $891M in FY2025 from $837M a year earlier, making financing cost a major drag on the economics of the asset base. Meanwhile, depreciation and amortization reached $1.2B against $238M of capital expenditures, a wide gap indicating that current-period reinvestment was far below the accounting asset-consumption charge.

[ NOT FINANCIAL ADVICE ]

Financial Health Signals

Financial health score not available

Air Lease Corporation does not currently provide enough eligible data for a peer-relative financial health score, so none is published. The signals and metrics below are current.

Piotroski F-Score Partial
6/7

Air Lease Corporation passes 6 of 7 computable financial strength tests (2 of the nine could not be computed from available data). All 4 profitability signals pass (positive income, cash flow, and earnings quality), 1 of 2 leverage/liquidity signals pass, both operating efficiency signals pass.

Earnings Quality Cash-Backed
1.59x

For every $1 of reported earnings, Air Lease Corporation generates $1.59 in operating cash flow ($1.7B OCF vs $1.1B net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Key Financial Metrics

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Earnings & Revenue

Revenue
$575.3M
YoY-21.4%
QoQ-22.2%
5Y CAGR+3.2%
10Y CAGR+5.1%

Air Lease Corporation generated $575.3M in revenue in Q2 2026. This represents a decrease of 21.4% from the same quarter a year earlier. Against the prior quarter it is down 22.2%.

Net Income
-$7.7M
YoY-102.0%
QoQ-106.1%

Air Lease Corporation reported -$7.7M in net income in Q2 2026. This represents a decrease of 102.0% from the same quarter a year earlier. Against the prior quarter it is down 106.1%.

EBITDA

Not reported for Q2 2026.

EPS (Diluted)

Not reported for Q2 2026.

Cash & Balance Sheet

Free Cash Flow
$118.5M
YoY-72.2%
QoQ-73.4%
5Y CAGR-17.4%
10Y CAGR-5.7%

Air Lease Corporation generated $118.5M in free cash flow in Q2 2026, representing cash available after capex. This represents a decrease of 72.2% from the same quarter a year earlier. Against the prior quarter it is down 73.4%.

Cash & Debt
$368.6M
YoY-19.0%
QoQ-33.5%
5Y CAGR-21.2%
10Y CAGR+7.9%

Air Lease Corporation held $368.6M in cash against $20.0B in long-term debt as of Q2 2026.

Shares Outstanding
200
QoQ0.0%
5Y CAGR-92.9%
10Y CAGR-73.2%

Air Lease Corporation had 200 shares outstanding in Q2 2026. It is unchanged from the prior quarter.

Dividends Per Share

Not reported for Q2 2026.

Margins & Returns

Net Margin
-1.3%
YoY-54.0pp
QoQ-18.4pp
5Y change-20.3pp
10Y change-27.6pp

Air Lease Corporation's net profit margin was -1.3% in Q2 2026, showing the share of revenue converted to profit. This is down 54.0 percentage points from the same quarter a year earlier. Against the prior quarter it is down 18.4 percentage points.

Return on Equity
-0.1%
YoY-4.8pp
QoQ-1.6pp
5Y change-1.6pp
10Y change-3.0pp

Air Lease Corporation's ROE was -0.1% in Q2 2026, measuring profit generated per dollar of shareholder equity. This is down 4.8 percentage points from the same quarter a year earlier. Against the prior quarter it is down 1.6 percentage points.

Gross Margin

Not reported for Q2 2026.

Operating Margin

Not reported for Q2 2026.

Capital Allocation

Capital Expenditures
$15.8M
YoY-66.0%
QoQ-72.8%
5Y CAGR-23.5%
10Y CAGR-13.1%

Air Lease Corporation invested $15.8M in capex in Q2 2026, funding long-term assets and infrastructure. This represents a decrease of 66.0% from the same quarter a year earlier. Against the prior quarter it is down 72.8%.

R&D Spending

Not reported for Q2 2026.

Share Buybacks

Not reported for Q2 2026.

AL Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

AL quarterly income statement
MetricQ2'2610-QQ1'2610-QQ4'2510-QQ3'2510-QQ2'2510-QQ1'2510-QQ4'2410-KQ3'2410-Q
Revenue$575.3M-21.4%$739.2M+0.1%$820.4M+15.1%$725.4M+5.1%$731.7M+9.7%$738.3M+11.3%$712.9M-0.5%$690.2M+4.7%
SG&A Expenses$105.9M+112.5%$60.2M+1.4%$58.5M+20.9%$51.8M+16.6%$49.9M+9.7%$59.3M+24.3%$48.3M-2.9%$44.4M+3.9%
Interest Expense$249.2M+12.1%$214.3M-3.7%$217.3M-1.8%$228.4M+5.0%$222.3M+9.3%$222.6M+14.3%$221.4M+21.0%$217.5M+23.9%
Income Tax-$1.3M-101.3%$24.0M-75.0%$45.5M+68.5%$38.5M+46.7%$101.4M+309.0%$95.8M+249.0%$27.0M-40.4%$26.3M-19.4%
Net Income-$7.7M-102.0%$125.9M-66.5%$180.9M+60.2%$146.5M+40.9%$385.2M+274.1%$375.8M+248.4%$112.9M-48.9%$104.0M-21.5%
EPS (Basic)N/A$1.03-68.5%$1.52+83.1%$1.21+47.6%$3.35+313.6%$3.27+271.6%$0.83-56.3%$0.82-25.5%
EPS (Diluted)N/A$1.02$1.50+80.7%$1.21+47.6%$3.33+311.1%$3.26+274.7%$0.83-56.1%$0.82-25.5%
Diluted Shares (Avg)N/A112MN/A112M+0.5%112M+0.4%112M+0.4%N/A112M+0.4%

Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, R&D Expenses, Operating Income, EBITDA.

AL Balance Sheet

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

AL quarterly balance sheet
MetricQ2'2610-QQ1'2610-QQ4'2510-QQ3'2510-QQ2'2510-QQ1'2510-QQ4'2410-KQ3'2410-Q
Total Assets$30.5B-8.4%$33.2B+2.5%$32.9B+1.9%$33.4B+3.8%$33.3B+7.3%$32.4B+4.7%$32.3B+6.0%$32.2B+8.4%
Cash & Equivalents$368.6M-19.0%$554.1M+21.3%$466.4M-1.3%$452.2M-1.9%$454.8M+0.1%$456.6M-17.6%$472.6M+2.5%$460.8M-10.0%
Short-Term Investments$0$0$0$0$0$0$0$0
Long-Term Investments$0$0$0$0$0$0$0$0
Total Liabilities$24.4B-2.7%$24.6B+0.5%$24.4B-1.4%$25.0B+2.3%$25.1B+5.7%$24.5B+3.4%$24.7B+6.2%$24.5B+7.8%
Long-Term Debt$20.0B-1.6%$19.8B-0.4%$19.7B-2.4%$20.2B+0.2%$20.3B+3.3%$19.9B+2.1%$20.2B+5.4%$20.2B+8.1%
Total Equity$6.1B-25.6%$8.5B+8.7%$8.5B+12.5%$8.3B+8.7%$8.2B+12.5%$7.9B+8.8%$7.5B+5.2%$7.7B+10.3%
Retained Earnings-$141.0M-102.9%$5.2B+15.5%$5.1B+22.8%$4.9B+21.3%$4.8B+20.6%$4.5B+13.8%$4.1B+7.2%$4.1B+10.8%

Not reported in any period shown, so not listed: Current Assets, Inventory, Accounts Receivable, Goodwill, Current Liabilities, Non-Current Liabilities.

AL Cash Flow Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

AL quarterly cash flow statement
MetricQ2'2610-QQ1'2610-QQ4'2510-QQ3'2510-QQ2'2510-QQ1'2510-QQ4'2410-KQ3'2410-Q
Operating Cash Flow$134.4M-71.6%$503.3M+29.6%$414.1M-3.7%$458.6M-0.7%$473.6M+14.5%$388.3M+4.6%$430.0M-7.4%$461.9M+15.1%
Depreciation & Amortization$195.9M-35.6%$309.8M+3.6%$309.1M+5.0%$311.1M+7.2%$304.3M+7.9%$299.0M+7.8%$294.4M+7.8%$290.1M+8.5%
Stock-Based Compensation$0-100.0%$5.1M-71.1%N/A$9.6M+21.3%$12.7M+43.4%$17.6M+112.9%N/A$7.9M-9.2%
Capital Expenditures$15.8M-66.0%$58.3M-20.0%$71.9M-30.3%$46.3M-49.7%$46.5M-30.9%$72.9M-41.5%$103.2M+3.2%$92.1M+15.4%
Free Cash Flow$118.5M-72.2%$445.0M+41.1%$342.1M+4.7%$412.3M+11.5%$427.1M+23.3%$315.5M+27.8%$326.8M-10.4%$369.8M+15.0%
Investing Cash Flow-$9.4B-981.4%-$572.2M-459.9%$85.4M+123.8%-$434.1M+65.9%-$870.2M-12.1%-$102.2M+83.8%-$358.1M+67.7%-$1.3B-402.1%
Financing Cash Flow$9.2B+2227.8%$153.5M+150.9%-$485.3M-694.6%-$27.7M-103.4%$394.9M+50.5%-$301.6M-186.1%-$61.1M-110.3%$819.2M+484.7%
Dividends Paid$0-100.0%$24.6M+0.3%$24.6M+5.1%$24.6M+5.1%$24.6M+5.1%$24.5M+5.1%$23.4M+5.3%$23.4M+5.3%

Not reported in any period shown, so not listed: Share Buybacks.

AL Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

AL quarterly financial ratios
MetricQ2'2610-QQ1'2610-QQ4'2510-QQ3'2510-QQ2'2510-QQ1'2510-QQ4'2410-KQ3'2410-Q
Net Margin-1.3%-54.0pp17.0%-33.9pp22.1%+6.2pp20.2%+5.1pp52.6%+37.2pp50.9%+34.7pp15.8%-15.0pp15.1%-5.0pp
Return on Equity-0.1%-4.8pp1.5%-3.3pp2.1%+0.6pp1.8%+0.4pp4.7%+3.3pp4.8%+3.3pp1.5%-1.6pp1.4%-0.5pp
Return on Assets0.0%-1.2pp0.4%-0.8pp0.5%+0.2pp0.4%+0.1pp1.2%+0.8pp1.2%+0.8pp0.4%-0.4pp0.3%-0.1pp
Debt-to-Equity3.27+0.8x2.32-0.2x2.33-0.4x2.42-0.2x2.47-0.2x2.53-0.2x2.680.0x2.63-0.1x
Asset Turnover0.020.0x0.020.0x0.020.0x0.020.0x0.020.0x0.020.0x0.020.0x0.020.0x
FCF Margin20.6%-37.8pp60.2%+17.5pp41.7%-4.1pp56.8%+3.2pp58.4%+6.5pp42.7%+5.5pp45.8%-5.0pp53.6%+4.8pp

Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Current Ratio.

Similar Companies

Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.

Company Fiscal year Revenue Net income Net margin Market cap Health score
Air Lease Corporation AL FY2025 $3.0B $1.1B 36.1% $7.3B
GATX Corporation GATX FY2025 $1.7B $333.3M 19.1% $6.3B 14/100
Ryder System, Inc. R FY2025 $12.7B $499.0M 3.9% $9.3B 19/100
Avis Budget Group, Inc. CAR FY2025 $11.7B -$889.0M -7.6% $4.3B 6/100
Herc Holdings Inc. HRI FY2025 $4.4B $1.0M 0.0% $4.7B 36/100
WillScot Holdings Corporation WSC FY2025 $2.3B -$53.0M -2.3% $3.4B 42/100

Frequently Asked Questions

What is Air Lease Corporation's annual revenue?

Air Lease Corporation (AL) reported $3.0B in total revenue for fiscal year 2025. This represents a 10.3% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Air Lease Corporation's revenue growing?

Air Lease Corporation (AL) revenue grew by 10.3% year-over-year, from $2.7B to $3.0B in fiscal year 2025.

Is Air Lease Corporation profitable?

Yes, Air Lease Corporation (AL) reported a net income of $1.1B in fiscal year 2025, with a net profit margin of 36.1%.

Air Lease Corporation (AL) reported diluted earnings per share of $9.29 for fiscal year 2025. This represents a 179.0% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

As of fiscal year 2025, Air Lease Corporation (AL) had $466.4M in cash and equivalents against $19.7B in long-term debt.

Air Lease Corporation (AL) had a net profit margin of 36.1% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

Yes, Air Lease Corporation (AL) paid $0.88 per share in dividends during fiscal year 2025.

Air Lease Corporation (AL) has a return on equity of 12.8% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

Air Lease Corporation (AL) generated $1.5B in free cash flow during fiscal year 2025. This represents a 16.1% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

Air Lease Corporation (AL) generated $1.7B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

Air Lease Corporation (AL) had $32.9B in total assets as of fiscal year 2025, including both current and long-term assets.

Air Lease Corporation (AL) invested $237.7M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

Air Lease Corporation (AL) had 112M shares outstanding as of fiscal year 2025.

Air Lease Corporation (AL) had a debt-to-equity ratio of 2.33 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

Air Lease Corporation (AL) had a return on assets of 3.3% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

Air Lease Corporation (AL) has a Piotroski F-Score of 6 out of 7 computable signals; 2 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Air Lease Corporation (AL) has an earnings quality ratio of 1.59x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

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