Aircastle Financials

AYR

Source SEC Filings (10-K/10-Q) Updated Feb 28, 2026 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 17 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 AYR FY2025 2026-04-22

Debt-funded assets and heavy non-cash charges shape AYR more than sales growth, with operating cash doing much of the economic work.

Revenue was still near its FY2022 level, but net margin reached 15.1% in FY2025. With depreciation and amortization at $356M and operating cash flow at $464M, accounting profit understates cash generation, so the recent earnings improvement looks tied more to cash conversion from the asset base than to a major change in sales volume.

AYR still carries a debt-built balance sheet: long-term debt was about $5.0B against equity of $2.5B in FY2025. The quieter improvement is structural—debt-to-equity has eased because equity rebuilt through retained earnings, although return on assets remained only 1.5%.

The business also looks capital-intensive: FY2025 investing outflows of $970M were far above operating cash flow of $464M. That means the company can fund day-to-day operations internally, but asset growth and renewal still rely on outside capital rather than being fully financed by operating cash alone.

Financial Health Signals

Financial Profile 22/100

Based on FY2026 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →

Health score ≠ stock price. This rates the quality of Aircastle's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Growth

Aircastle's revenue surged 18.8% year-over-year to $975.1M, reflecting rapid business expansion. This strong growth earns a score of 45/100.

Leverage

Aircastle has a moderate D/E ratio of 1.97. This balance of debt and equity financing earns a leverage score of 62/100.

Returns

Aircastle generates a 7.3% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 24/100. This is up from 4.9% the prior year.

Piotroski F-Score Neutral

6/9

Aircastle passes 6 of 9 financial strength tests. 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

2.49x

For every $1 of reported earnings, Aircastle generates $2.49 in operating cash flow ($483.1M OCF vs $194.0M 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

$975.1M

YoY+18.8%

5Y CAGR+3.2%

10Y CAGR+1.1%

Aircastle generated $975.1M in revenue in fiscal year 2026. This represents an increase of 18.8% from the prior year.

EBITDA

N/A

Net Income

$194.0M

YoY+57.0%

10Y CAGR+4.8%

Aircastle reported $194.0M in net income in fiscal year 2026. This represents an increase of 57.0% from the prior year.

EPS (Diluted)

N/A

Cash & Balance Sheet

Free Cash Flow

N/A

Cash & Debt

$179.9M

YoY-35.5%

5Y CAGR-20.8%

10Y CAGR+1.4%

Aircastle held $179.9M in cash against $5.3B in long-term debt as of fiscal year 2026.

Dividends Per Share

N/A

Shares Outstanding

17,840

YoY+0.0%

5Y CAGR+4.9%

Aircastle had 17,840 shares outstanding in fiscal year 2026. This represents an increase of 0.0% from the prior year.

Margins & Returns

Gross Margin

N/A

Operating Margin

N/A

Net Margin

19.9%

YoY+4.8pp

5Y CAGR+59.9pp

10Y CAGR+6.0pp

Aircastle's net profit margin was 19.9% in fiscal year 2026, showing the share of revenue converted to profit. This is up 4.8 percentage points from the prior year.

Return on Equity

7.3%

YoY+2.4pp

5Y CAGR+26.5pp

10Y CAGR+0.4pp

Aircastle's ROE was 7.3% in fiscal year 2026, measuring profit generated per dollar of shareholder equity. This is up 2.4 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

N/A

AYR Income Statement

Metric	FY26	FY25	FY24	FY23	FY22	FY21
Revenue	$975.1M+18.8%	$821.0M-4.0%	$855.4M+7.5%	$796.0M+3.4%	$769.8M-7.5%	$832.3M
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	$89.5M+3.5%	$86.4M+5.2%	$82.1M+6.9%	$76.9M+15.9%	$66.3M-25.0%	$88.4M
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$289.4M+10.8%	$261.1M+6.3%	$245.6M+16.5%	$210.8M-2.6%	$216.5M-8.3%	$236.0M
Income Tax	$28.9M+31.5%	$21.9M-5.7%	$23.3M-8.6%	$25.5M+418.4%	-$8.0M-178.1%	$10.2M
Net Income	$194.0M+57.0%	$123.6M+48.4%	$83.3M+32.8%	$62.8M+122.6%	-$278.2M+16.5%	-$333.2M
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q4'26	Q3'26	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25
Revenue	$251.3M+6.3%	$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
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	$23.5M+11.8%	$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
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$72.0M-1.8%	$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
Income Tax	$5.3M-4.4%	$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
Net Income	$56.8M+85.2%	$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
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

AYR Balance Sheet

Metric	FY26	FY25	FY24	FY23	FY22	FY21
Total Assets	$9.0B+5.6%	$8.5B+10.8%	$7.7B+5.7%	$7.3B+2.4%	$7.1B-7.9%	$7.7B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$179.9M-35.5%	$279.1M+114.7%	$130.0M-43.9%	$231.9M+38.1%	$167.9M-71.0%	$578.0M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$18.2M+88.8%	$9.7M-22.8%	$12.5M-2.6%	$12.9M-79.8%	$63.7M-22.9%	$82.6M
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$6.3B+5.6%	$6.0B+7.9%	$5.5B+2.8%	$5.4B+2.5%	$5.3B-11.8%	$6.0B
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	$5.3B+6.0%	$5.0B+5.5%	$4.7B+2.3%	$4.6B+1.7%	$4.5B-12.0%	$5.1B
Total Equity	$2.7B+5.6%	$2.5B+18.4%	$2.1B+14.0%	$1.9B+2.3%	$1.8B+5.7%	$1.7B
Retained Earnings	$288.9M+97.0%	$146.6M+166.6%	$55.0M+851.8%	-$7.3M+85.1%	-$49.1M-120.0%	$245.3M

Metric	Q4'26	Q3'26	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25
Total Assets	$9.0B-0.4%	$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
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$179.9M+29.7%	$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
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$18.2M+102.4%	$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
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$6.3B-1.3%	$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
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	$5.3B-1.4%	$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
Total Equity	$2.7B+1.8%	$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
Retained Earnings	$288.9M+19.1%	$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

AYR Cash Flow Statement

Metric	FY26	FY25	FY24	FY23	FY22	FY21
Operating Cash Flow	$483.1M+4.1%	$464.0M+25.3%	$370.3M-15.4%	$437.7M+17.4%	$372.9M+113.0%	$175.0M
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	-$897.6M+7.5%	-$970.2M-10.4%	-$879.1M-63.4%	-$537.9M+8.3%	-$586.5M-2831.5%	$21.5M
Financing Cash Flow	$315.4M-51.9%	$655.3M+61.0%	$407.0M+152.3%	$161.3M+182.2%	-$196.3M-192.3%	$212.7M
Dividends Paid	$62.8M+199.0%	$21.0M0.0%	$21.0M0.0%	$21.0M+271.2%	$5.7M-76.4%	$24.0M
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q4'26	Q3'26	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25
Operating Cash Flow	$115.8M-22.1%	$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
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	-$12.9M+95.0%	-$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
Financing Cash Flow	-$61.7M-163.1%	$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
Dividends Paid	$0-100.0%	$10.5M-65.9%	$30.8M+43.2%	$21.5M	$0-100.0%	$10.5M	$0-100.0%	$10.5M
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

AYR Financial Ratios

Metric	FY26	FY25	FY24	FY23	FY22	FY21
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	19.9%+4.8pp	15.1%+5.3pp	9.7%+1.9pp	7.9%+44.0pp	-36.1%+3.9pp	-40.0%
Return on Equity	7.3%+2.4pp	4.9%+1.0pp	3.9%+0.5pp	3.4%+18.6pp	-15.2%+4.0pp	-19.3%
Return on Assets	2.2%+0.7pp	1.5%+0.4pp	1.1%+0.2pp	0.9%+4.8pp	-3.9%+0.4pp	-4.3%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	1.970.0	1.96-0.2	2.20-0.3	2.46-0.0	2.47-0.5	2.97
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q4'26	Q3'26	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25
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	22.6%+9.6pp	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%
Return on Equity	2.1%+1.0pp	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%
Return on Assets	0.6%+0.3pp	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%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	1.97-0.1	2.030.0	2.03+0.0	1.98+0.0	1.96+0.2	1.800.0	1.81-0.4	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 $975.1M in total revenue for fiscal year 2026. This represents a 18.8% 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 grew by 18.8% year-over-year, from $821.0M to $975.1M in fiscal year 2026.

Is Aircastle profitable?

Yes, Aircastle (AYR) reported a net income of $194.0M in fiscal year 2026, with a net profit margin of 19.9%.

How much debt does Aircastle have?

As of fiscal year 2026, Aircastle (AYR) had $179.9M in cash and equivalents against $5.3B in long-term debt.

What is Aircastle's net profit margin?

Aircastle (AYR) had a net profit margin of 19.9% in fiscal year 2026, 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 7.3% for fiscal year 2026, measuring how efficiently the company generates profit from shareholder equity.

What is Aircastle's operating cash flow?

Aircastle (AYR) generated $483.1M in operating cash flow during fiscal year 2026, representing cash generated from core business activities.

What are Aircastle's total assets?

Aircastle (AYR) had $9.0B in total assets as of fiscal year 2026, 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 2026.

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

Aircastle (AYR) had a debt-to-equity ratio of 1.97 as of fiscal year 2026, 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 2.2% for fiscal year 2026, 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 6 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 to 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 2.49x, 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.

How financially healthy is Aircastle?

Aircastle (AYR) scores 22 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.