Aircastle Financials

AYR

Source SEC Filings (10-K/10-Q) Updated Nov 30, 2025 Currency USD FYE February

This page shows Aircastle (AYR) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 16 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).

Financial Health Signals

Piotroski F-Score Neutral

5/9

Aircastle passes 5 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), 1 of 2 leverage/liquidity signals pass, neither operating efficiency signal passes.

Earnings Quality Cash-Backed

3.75x

For every $1 of reported earnings, Aircastle generates $3.75 in operating cash flow ($464.0M OCF vs $123.6M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Key Financial Metrics

Export CSV

Revenue

$821.0M

YoY-4.0%

5Y CAGR-2.2%

10Y CAGR-0.2%

Aircastle generated $821.0M in revenue in fiscal year 2025. This represents a decrease of 4.0% from the prior year.

EBITDA

N/A

Free Cash Flow

N/A

Net Income

$123.6M

YoY+48.4%

5Y CAGR-4.6%

10Y CAGR+2.1%

Aircastle reported $123.6M in net income in fiscal year 2025. This represents an increase of 48.4% from the prior year.

EPS (Diluted)

N/A

Cash & Debt

$279.1M

YoY+114.7%

5Y CAGR+14.6%

10Y CAGR+5.1%

Aircastle held $279.1M in cash against $5.0B in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

17,840

YoY+14.6%

Aircastle had 17,840 shares outstanding in fiscal year 2025. This represents an increase of 14.6% from the prior year.

Gross Margin

N/A

Operating Margin

N/A

Net Margin

15.1%

YoY+5.3pp

5Y CAGR-2.0pp

10Y CAGR+3.1pp

Aircastle's net profit margin was 15.1% in fiscal year 2025, showing the share of revenue converted to profit. This is up 5.3 percentage points from the prior year.

Return on Equity

4.9%

YoY+1.0pp

5Y CAGR-2.7pp

10Y CAGR-1.0pp

Aircastle's ROE was 4.9% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 1.0 percentage points from the prior year.

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

N/A

AYR Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY19
Revenue	$821.0M-4.0%	$855.4M+7.5%	$796.0M+3.4%	$769.8M-7.5%	$832.3M-9.3%	$917.9M
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$86.4M+5.2%	$82.1M+6.9%	$76.9M+15.9%	$66.3M-25.0%	$88.4M+14.8%	$77.0M
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$261.1M+6.3%	$245.6M+16.5%	$210.8M-2.6%	$216.5M-8.3%	$236.0M-9.4%	$260.4M
Income Tax	$21.9M-5.7%	$23.3M-8.6%	$25.5M+418.4%	-$8.0M-178.1%	$10.2M-54.8%	$22.7M
Net Income	$123.6M+48.4%	$83.3M+32.8%	$62.8M+122.6%	-$278.2M+16.5%	-$333.2M-312.8%	$156.6M
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	$2.06

Metric	Q3'25	Q2'25	Q1'25	Q3'25	Q3'24	Q2'24	Q1'24	Q1'24
Revenue	$236.4M+3.9%	$227.5M-12.4%	$259.8M+26.4%	$205.6M+6.2%	$193.6M-10.7%	$216.7M+5.6%	$205.2M-10.9%	$230.2M
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$21.0M-13.3%	$24.2M+17.2%	$20.7M-19.9%	$25.8M+40.3%	$18.4M-8.3%	$20.1M-8.9%	$22.1M-7.8%	$23.9M
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$73.4M+0.1%	$73.3M+3.6%	$70.7M+8.7%	$65.1M+2.1%	$63.7M-3.4%	$66.0M-0.3%	$66.2M+6.3%	$62.3M
Income Tax	$5.6M+6.7%	$5.2M-58.9%	$12.7M+151.1%	$5.1M+18.4%	$4.3M-52.6%	$9.0M+152.7%	$3.6M-55.2%	$8.0M
Net Income	$30.7M-46.4%	$57.2M+16.1%	$49.3M-18.9%	$60.8M+235.9%	$18.1M-36.9%	$28.7M+78.2%	$16.1M-45.3%	$29.4M
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

AYR Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY19
Total Assets	$8.5B+10.8%	$7.7B+5.7%	$7.3B+2.4%	$7.1B-7.9%	$7.7B-6.1%	$8.2B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$279.1M+114.7%	$130.0M-43.9%	$231.9M+38.1%	$167.9M-71.0%	$578.0M+310.3%	$140.9M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$9.7M-22.8%	$12.5M-2.6%	$12.9M-79.8%	$63.7M-22.9%	$82.6M+358.6%	$18.0M
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$6.0B+7.9%	$5.5B+2.8%	$5.4B+2.5%	$5.3B-11.8%	$6.0B-3.0%	$6.1B
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	$5.0B+5.5%	$4.7B+2.3%	$4.6B+1.7%	$4.5B-12.0%	$5.1B+1.4%	$5.1B
Total Equity	$2.5B+18.4%	$2.1B+14.0%	$1.9B+2.3%	$1.8B+5.7%	$1.7B-15.7%	$2.1B
Retained Earnings	$146.6M+166.6%	$55.0M+851.8%	-$7.3M+85.1%	-$49.1M-120.0%	$245.3M-59.5%	$605.3M

Metric	Q3'25	Q2'25	Q1'25	Q3'25	Q3'24	Q2'24	Q1'24	Q1'24
Total Assets	$9.0B+1.6%	$8.9B+2.9%	$8.6B+1.4%	$8.5B+7.2%	$7.9B+1.4%	$7.8B+0.1%	$7.8B+1.9%	$7.7B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$138.6M-5.9%	$147.3M-34.0%	$223.2M-20.0%	$279.1M-46.7%	$523.8M+21.1%	$432.6M+162.8%	$164.6M+26.6%	$130.0M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$9.0M-25.6%	$12.1M-0.2%	$12.1M+25.6%	$9.7M-41.1%	$16.4M+28.4%	$12.8M+36.2%	$9.4M-25.1%	$12.5M
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$6.4B+1.8%	$6.3B+3.4%	$6.1B+1.7%	$6.0B+9.7%	$5.5B+1.7%	$5.4B-5.4%	$5.7B+2.3%	$5.5B
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	$5.3B+1.5%	$5.2B+4.2%	$5.0B+1.6%	$5.0B+10.7%	$4.5B+0.4%	$4.5B-5.8%	$4.7B+0.7%	$4.7B
Total Equity	$2.6B+1.2%	$2.6B+1.8%	$2.5B+0.7%	$2.5B+1.6%	$2.5B+0.7%	$2.5B+14.8%	$2.1B+0.8%	$2.1B
Retained Earnings	$242.5M+14.5%	$211.8M+28.3%	$165.1M+12.6%	$146.6M+36.6%	$107.3M+20.3%	$89.2M+25.5%	$71.1M+29.2%	$55.0M

AYR Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY19
Operating Cash Flow	$464.0M+25.3%	$370.3M-15.4%	$437.7M+17.4%	$372.9M+113.0%	$175.0M-67.4%	$536.4M
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	-$970.2M-10.4%	-$879.1M-63.4%	-$537.9M+8.3%	-$586.5M-2831.5%	$21.5M+102.7%	-$784.0M
Financing Cash Flow	$655.3M+61.0%	$407.0M+152.3%	$161.3M+182.2%	-$196.3M-192.3%	$212.7M-9.6%	$235.2M
Dividends Paid	$21.0M0.0%	$21.0M0.0%	$21.0M+271.2%	$5.7M-76.4%	$24.0M-73.7%	$91.3M
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q3'25	Q2'25	Q1'25	Q3'25	Q3'24	Q2'24	Q1'24	Q1'24
Operating Cash Flow	$148.6M+63.7%	$90.8M-29.0%	$127.9M+31.9%	$97.0M-40.2%	$162.2M+180.1%	$57.9M-60.6%	$147.0M+140.3%	$61.2M
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	-$255.1M+33.0%	-$380.5M-52.7%	-$249.2M+70.8%	-$853.7M-682.7%	-$109.1M-169.4%	$157.1M+195.5%	-$164.6M+59.5%	-$405.9M
Financing Cash Flow	$97.8M-54.3%	$213.8M+226.5%	$65.5M-87.2%	$512.0M+1243.9%	$38.1M-28.1%	$53.0M+1.4%	$52.2M-85.8%	$368.9M
Dividends Paid	$10.5M-65.9%	$30.8M+43.2%	$21.5M	$0-100.0%	$10.5M	$0-100.0%	$10.5M	$0
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

AYR Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY19
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	15.1%+5.3pp	9.7%+1.9pp	7.9%+44.0pp	-36.1%+3.9pp	-40.0%-57.1pp	17.1%
Return on Equity	4.9%+1.0pp	3.9%+0.5pp	3.4%	N/A	N/A	7.6%
Return on Assets	1.5%+0.4pp	1.1%+0.2pp	0.9%+4.8pp	-3.9%+0.4pp	-4.3%-6.2pp	1.9%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	1.96-0.2	2.20-0.3	2.46-0.0	2.47-0.5	2.97+0.5	2.47
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q3'25	Q2'25	Q1'25	Q3'25	Q3'24	Q2'24	Q1'24	Q1'24
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	13.0%-12.2pp	25.2%+6.2pp	19.0%-10.6pp	29.6%+20.2pp	9.3%-3.9pp	13.2%+5.4pp	7.8%-4.9pp	12.8%
Return on Equity	1.2%-1.0pp	2.2%+0.3pp	1.9%-0.5pp	2.4%+1.7pp	0.7%-0.4pp	1.2%+0.4pp	0.8%-0.6pp	1.4%
Return on Assets	0.3%-0.3pp	0.6%+0.1pp	0.6%-0.1pp	0.7%+0.5pp	0.2%-0.1pp	0.4%+0.2pp	0.2%-0.2pp	0.4%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	2.030.0	2.03+0.0	1.98+0.0	1.96+0.2	1.800.0	1.81-0.4	2.200.0	2.20
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

Frequently Asked Questions

What is Aircastle's annual revenue?

Aircastle (AYR) reported $821.0M in total revenue for fiscal year 2025. This represents a -4.0% 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 Aircastle's revenue growing?

Aircastle (AYR) revenue declined by 4% year-over-year, from $855.4M to $821.0M in fiscal year 2025.

Is Aircastle profitable?

Yes, Aircastle (AYR) reported a net income of $123.6M in fiscal year 2025, with a net profit margin of 15.1%.

How much debt does Aircastle have?

As of fiscal year 2025, Aircastle (AYR) had $279.1M in cash and equivalents against $5.0B in long-term debt.

What is Aircastle's net profit margin?

Aircastle (AYR) had a net profit margin of 15.1% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is Aircastle's return on equity (ROE)?

Aircastle (AYR) has a return on equity of 4.9% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Aircastle's operating cash flow?

Aircastle (AYR) generated $464.0M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Aircastle's total assets?

Aircastle (AYR) had $8.5B in total assets as of fiscal year 2025, including both current and long-term assets.

How many shares does Aircastle have outstanding?

Aircastle (AYR) had 17,840 shares outstanding as of fiscal year 2025.

What is Aircastle's debt-to-equity ratio?

Aircastle (AYR) had a debt-to-equity ratio of 1.96 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Aircastle's return on assets (ROA)?

Aircastle (AYR) had a return on assets of 1.5% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Aircastle's Piotroski F-Score?

Aircastle (AYR) has a Piotroski F-Score of 5 out of 9, indicating neutral financial health. 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 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Aircastle's earnings high quality?

Aircastle (AYR) has an earnings quality ratio of 3.75x, 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.