Aircastle Financials

AYR

Source SEC Filings (10-K/10-Q) Data as of May 31, 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 FY2026 2026-07-09

Earnings are improving through scale and non-cash accounting relief, but AYR still runs on a debt-heavy funding structure.

Over the last two reported years, revenue scaled faster than overhead: sales rose from $855M to $975M while SG&A moved much less, which points to fixed-cost absorption rather than a simple price effect. That helped lift net margin to 19.9%, yet FY2026 operating cash flow still did not cover investing outflows, so expansion remains partly dependent on outside capital.

Operating cash flow of $483M was well above net income of $194M, so accounting earnings were supported by real cash generation. A big reason is depreciation of $384M, which suggests an asset-heavy model where book profit is reduced by large non-cash charges.

Long-term debt stood at $5.25B, keeping AYR’s financing costs central to the business model. Interest expense of $289M was higher than net income of $194M, so lenders still absorb more of the economics than the bottom line alone suggests.

Financial Health Signals

Financial health score pending refresh

We are recalculating Aircastle's peer-relative financial health score against the latest fiscal year. It will appear here once the refresh completes. The signals and metrics below are current.

Piotroski F-Score Partial

6/7

Aircastle 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

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	Q1'27	Q4'26	Q3'26	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25
Revenue	$235.5M-6.3%	$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
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	$21.6M-8.2%	$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
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$73.2M+1.7%	$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
Income Tax	$7.5M+41.1%	$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
Net Income	$33.6M-40.9%	$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
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	Q1'27	Q4'26	Q3'26	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25
Total Assets	$9.2B+2.0%	$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
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$440.9M+145.1%	$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
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$21.5M+17.9%	$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
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$6.6B+3.6%	$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
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	$5.4B+2.8%	$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
Total Equity	$2.6B-2.0%	$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
Retained Earnings	$236.0M-18.3%	$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

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	Q1'27	Q4'26	Q3'26	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25
Operating Cash Flow	$97.7M-15.7%	$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
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	$16.6M+228.7%	-$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
Financing Cash Flow	$146.8M+337.9%	-$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
Dividends Paid	$10.5M	$0-100.0%	$10.5M-65.9%	$30.8M+43.2%	$21.5M	$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	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	Q1'27	Q4'26	Q3'26	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25
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	14.3%-8.3pp	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%
Return on Equity	1.3%-0.8pp	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%
Return on Assets	0.4%-0.3pp	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%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	2.07+0.1	1.97-0.1	2.030.0	2.03+0.0	1.98+0.0	1.96+0.2	1.800.0	1.81
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 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.

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.