AerCap Holdings N.V. Reports Another Record Quarter for the Third Quarter 2026 and Raises 2026 Guidance
Year-to-date share repurchases exceeded $2.2 billion, representing approximately 10% of shares outstanding at year-end 2025.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Rhea-AI Summary
AerCap (AER) raised its full-year 2026 adjusted earnings guidance after reporting third-quarter GAAP net income of $949 million. GAAP earnings were $6.17 per share; adjusted net income was $1,009 million, or $6.56 per share. Revenue and other income rose 5% year over year to $2,415 million. AerCap now expects approximately $20.70 in full-year adjusted earnings per share, excluding fourth-quarter gains on sale.
Third-quarter operating cash flow was $1.8 billion, while capital spending totaled $1.9 billion. Asset sales generated $353 million in gains. AerCap repurchased approximately $783 million of shares during the quarter and announced a new $1 billion repurchase program. Its adjusted debt/equity ratio fell to 2.0 to 1 from 2.1 to 1 at year-end 2025. Leasing expenses increased to $131 million from $93 million a year earlier. A quarterly dividend of $0.40 per share is payable December 3, 2026.
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Hollow bars mark forward-looking points. How the balance works
Positive
- Major point. Forward-looking: it has not happened yet and may not happen.Full-year 2026 adjusted EPS guidance raised to approximately $20.70, excluding fourth-quarter gains on sale.
- Major pointThird-quarter repurchases totaled 5.3 million shares for approximately $783 million; 2026 repurchases exceeded $2.2 billion. 9.3% of market cap
- Moderate pointThird-quarter GAAP net income reached $949 million, or $6.17 per share.
- Moderate pointThird-quarter adjusted net income reached $1,009 million, or $6.56 per share.
- Moderate pointRevenue and other income rose 5% to $2,415 million in Q3; nine-month revenue rose 9% to $6,824 million.
- Moderate point. Forward-looking: it has not happened yet and may not happen.New share repurchase program authorized during the third quarter totaled $1 billion. 4.2% of market cap
- Moderate pointThird-quarter asset-sale gains rose 6% to $353 million, with a 45% unlevered gain-on-sale margin.
- Moderate pointAdjusted debt/equity improved to 2.0 to 1 at September 30, 2026, from 2.1 to 1 at year-end 2025.
- Moderate pointCash, cash equivalents and restricted cash increased 79% to $2,653 million from year-end 2025.
- Moderate pointBook value per share excluding unvested restricted stock rose to $124.89 from $109.22 a year earlier.
- Moderate pointAdjusted net interest margin less depreciation and amortization rose 4% to $593 million in Q3.
12 minor points
- Minor pointThird-quarter operating cash flow totaled $1.8 billion.
- Minor pointNine-month asset-sale gains increased 53% to $866 million.
- Minor pointDebt declined 1% to $43,272 million from December 31, 2025.
- Minor pointThird-quarter capital spending totaled $1.9 billion, including the purchase of 32 aircraft.
- Minor pointThird-quarter GAAP return on equity was 20%; adjusted return on equity was 22%.
- Minor pointAnnualized net spread increased to 8.1% in Q3 from 8.0% a year earlier.
- Minor pointThird-quarter interest expense declined 2% to $475 million year over year.
- Minor pointThird-quarter depreciation and amortization declined 3% to $649 million year over year.
- Minor pointSelling, general and administrative expenses fell 3% to $125 million in Q3 and 8% to $380 million over nine months.
- Minor pointThird-quarter effective tax rate declined to 12.3% from 14.5% a year earlier.
- Minor pointNine-month GAAP net income totaled $2,493 million, or $15.69 per share.
- Minor pointNine-month adjusted net income totaled $2,710 million, or $17.06 per share.
Negative
- Minor pointThird-quarter leasing expenses increased to $131 million from $93 million a year earlier.
- Minor pointAverage debt cost rose to 4.2% from 4.0%, excluding issuance costs, upfront fees and other impacts.
- Minor pointThird-quarter interest expense excluding derivative valuation changes increased to $479 million from $477 million.
News Explained
AerCap reports that its 2026 share repurchases to date exceeded
Key Figures
- GAAP net income
- $949 million
- Third quarter 2026
- Adjusted net income
- $1,009 million
- Record result, third quarter 2026
- Adjusted EPS
- $6.56 per share
- Third quarter 2026
- Adjusted EPS guidance
- ~$20.70 per share
- Full-year 2026; before fourth-quarter gains on sale
- Share repurchases
- Approximately $783 million
- Third quarter 2026
- Share repurchase program
- $1 billion
- New program announced during the third quarter of 2026
- Quarterly dividend
- $0.40 per share
- Declared in October 2026
Key Terms
non-gaap financial
mark-to-market financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
- GAAP net income for the third quarter of 2026 of
$949 million $6.17 - Record adjusted net income for the third quarter of 2026 of
$1,009 million $6.56 - Raising full-year 2026 adjusted earnings per share guidance to approximately
$20.70
"AerCap delivered another quarter of record results and raised guidance, reflecting the power of our platform and the continued demand for high-quality aviation assets. While higher fuel prices are impacting airline profitability, the fundamental supply-demand dynamics in commercial aviation remain favorable for AerCap. Our superior long-term returns are the result of a unique platform that combines global scale, significant information advantages, deep customer relationships, and ownership of the most valuable aviation assets, particularly engines and next-generation aircraft," said Aengus Kelly, Chief Executive Officer of AerCap.
"This business is not simply about buying, leasing and selling aircraft. It is about actively managing aviation assets throughout their lifecycle, allocating capital where we see the most attractive returns, and using our market leadership and expertise to create value at every stage of ownership. This is what makes AerCap's earnings power durable and drives long-term value creation for our shareholders," concluded Mr. Kelly.
Highlights:
- GAAP return on equity of
20% and record adjusted return on equity of22% for the third quarter of 2026. - Cash flow from operating activities of
$1.8 billion - Capex of
$1.9 billion $1.1 billion $353 million 45% , or 2.6x book value on an equity basis.- Repurchased 5.3 million shares for a total of approximately
$783 million $2.2 billion 10% of outstanding shares as of December 31, 2025. - New
$1 billion - Adjusted debt/equity ratio of 2.0 to 1 as of September 30, 2026; rated BBB+/Baa1 by all three major rating agencies.
Revenue and Net Spread
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Three Months Ended September 30, |
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Nine Months Ended September 30, |
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2026 |
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2025 |
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% increase/ |
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2026 |
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2025 |
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% increase/ |
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( |
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( |
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Lease revenue: |
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|
Basic lease rents |
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|
|
|
— |
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|
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|
1 % |
|
Maintenance rents and other receipts |
267 |
|
204 |
|
31 % |
|
635 |
|
465 |
|
36 % |
|
Total lease revenue |
1,965 |
|
1,894 |
|
4 % |
|
5,692 |
|
5,457 |
|
4 % |
|
Net gain on sale of assets |
353 |
|
332 |
|
6 % |
|
866 |
|
566 |
|
53 % |
|
Other income |
97 |
|
83 |
|
17 % |
|
266 |
|
250 |
|
7 % |
|
Total Revenues and other income |
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5 % |
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|
9 % |
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|
Basic lease rents were
Maintenance rents and other receipts were
Net gain on sale of assets for the third quarter of 2026 was
Other income for the third quarter of 2026 was
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Three Months Ended September 30, |
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Nine Months Ended September 30, |
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2026 |
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2025 |
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% increase/ |
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2026 |
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2025 |
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% increase/ |
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( |
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( |
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Basic lease rents |
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— |
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1 % |
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Adjusted for: |
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|
Amortization of lease premium/deficiency |
23 |
|
26 |
|
(10 %) |
|
74 |
|
78 |
|
(6 %) |
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Basic lease rents excluding amortization of lease premium/ deficiency |
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|
|
— |
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|
1 % |
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Interest expense |
475 |
|
486 |
|
(2 %) |
|
1,411 |
|
1,508 |
|
(6 %) |
|
Adjusted for: |
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|
|
Mark-to-market of interest rate derivatives |
3 |
|
(9) |
|
NA |
|
8 |
|
(24) |
|
NA |
|
Interest expense excluding mark-to-market of interest rate derivatives |
479 |
|
477 |
|
— |
|
1,419 |
|
1,483 |
|
(4 %) |
|
Adjusted net interest margin (*) |
|
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|
|
— |
|
|
|
|
|
3 % |
|
Depreciation and amortization |
(649) |
|
(665) |
|
(3 %) |
|
(1,929) |
|
(1,994) |
|
(3 %) |
|
Adjusted net interest margin, less depreciation and amortization |
|
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|
4 % |
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|
12 % |
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Average lease assets (*) |
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(1 %) |
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(1 %) |
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|
Annualized net spread (*) |
8.1 % |
|
8.0 % |
|
|
|
8.1 % |
|
7.7 % |
|
|
|
Annualized net spread less depreciation and amortization (*) |
3.9 % |
|
3.7 % |
|
|
|
3.9 % |
|
3.4 % |
|
|
|
|
|
|
|
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|
(*) Refer to "Notes Regarding Financial Information Presented in This Press Release" for details relating to these non-GAAP measures and metrics. |
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Interest expense excluding mark-to-market of interest rate derivatives was
Selling, General and Administrative Expenses
|
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Three Months Ended September 30, |
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Nine Months Ended September 30, |
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2026 |
|
2025 |
|
% increase/ |
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2026 |
|
2025 |
|
% increase/ |
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( |
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( |
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Selling, general and administrative expenses (excluding share-based compensation expenses) |
|
|
|
|
|
— |
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|
|
|
|
3 % |
|
Share-based compensation expenses |
|
25 |
|
30 |
|
(17 %) |
|
90 |
|
130 |
|
(31 %) |
|
Selling, general and administrative expenses |
|
|
|
|
|
(3 %) |
|
|
|
|
|
(8 %) |
Selling, general and administrative expenses were
Other Expenses
Leasing expenses were
Effective Tax Rate
AerCap's effective tax rate for the third quarter of 2026 was
Book Value Per Share
|
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|
September 30, 2026 |
|
September 30, 2025 |
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( |
||
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Total AerCap Holdings N.V. shareholders' equity |
|
|
|
|
|
|
|
|
|
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|
Ordinary shares outstanding |
|
151,863,600 |
|
170,211,910 |
|
Unvested restricted stock |
|
(2,754,000) |
|
(4,046,913) |
|
Ordinary shares outstanding (excluding unvested restricted stock) |
|
149,109,600 |
|
166,164,997 |
|
|
|
|
|
|
|
Book value per ordinary share outstanding (excluding unvested restricted stock) |
|
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Cumulative dividends declared per ordinary share |
|
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Financial Position
|
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|
September 30, 2026 |
|
December 31, 2025 |
|
% increase/ (decrease) over December 31, 2025 |
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( |
||||
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|
|
|
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Total cash, cash equivalents and restricted cash |
|
|
|
|
|
79 % |
|
Total assets |
|
72,081 |
|
71,672 |
|
1 % |
|
Debt |
|
43,272 |
|
43,565 |
|
(1 %) |
|
Total liabilities |
|
53,459 |
|
53,348 |
|
— |
|
Total AerCap Holdings N.V. shareholders' equity |
|
18,622 |
|
18,323 |
|
2 % |
|
|
|
|
|
|
|
|
Flight Equipment
As of September 30, 2026, AerCap's portfolio consisted of 3,482 aircraft, engines and helicopters that were owned, on order or managed. The average age of the company's owned passenger aircraft fleet as of September 30, 2026 was 7.3 years (5.5 years for new technology aircraft and 15.7 years for current technology aircraft) and the average remaining contracted lease term was 7.4 years.
Dividend
In October 2026, AerCap's Board of Directors declared a quarterly cash dividend of
Notes Regarding Financial Information Presented in This Press Release
The financial information presented in this press release is not audited.
Due to rounding, numbers presented throughout this document may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures.
The following are definitions of non-GAAP measures and metrics used in this press release. We believe these measures and metrics may further assist investors in their understanding of our performance. These measures and metrics should not be viewed in isolation and should only be used in conjunction with and as a supplement to our
Adjusted net income / earnings per share, adjusted return on equity and adjusted earnings per share guidance
Adjusted net income is calculated as net income excluding the after-tax impact of the amortization of maintenance rights and lease premium assets recognized under purchase accounting and net recoveries related to the Ukraine Conflict. Adjusted earnings per share is calculated by dividing adjusted net income by the weighted average of our diluted ordinary shares outstanding. Adjusted return on equity is calculated by dividing adjusted net income by average shareholders' equity. Given the relative significance of these items during 2026, we have chosen to present this measure in order to assist investors in their understanding of the changes and trends related to our earnings.
|
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|
Three Months Ended September 30, 2026 |
|
Nine Months Ended September 30, 2026 |
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Net income |
|
Earnings per share |
|
Net income |
|
Earnings per share |
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( except per share data) |
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Net income / earnings per share |
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Adjusted for: |
|
|
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|
|
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Net recoveries related to Ukraine Conflict |
|
— |
|
— |
|
(28) |
|
(0.18) |
|
Amortization of maintenance rights and lease premium assets recognized under purchase accounting (*) |
|
71 |
|
0.46 |
|
284 |
|
1.79 |
|
Income tax effect of above adjustments |
|
(11) |
|
(0.07) |
|
(38) |
|
(0.24) |
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Adjusted net income / earnings per share |
|
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Average AerCap Holdings N.V. shareholders' equity |
|
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Return on equity |
|
20 % |
|
|
|
18 % |
|
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|
|
|
|
|
|
|
Adjusted return on equity |
|
22 % |
|
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|
20 % |
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(*) Includes |
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Adjusted earnings per share guidance for full-year 2026 is calculated as projected net income (including gains on sale in the first nine months of 2026, but not including any gains on sale in the fourth quarter of 2026) excluding the after-tax impact of the amortization of maintenance rights and lease premium assets recognized under purchase accounting and net recoveries related to the Ukraine Conflict, divided by the weighted average of our projected diluted ordinary shares outstanding.
|
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|
Projected FY 2026 |
|
|
|
( |
|
Net income (including 9M 2026 gains on sale) |
|
|
|
Amortization of maintenance rights and lease premium assets recognized under purchase accounting |
|
0.4 |
|
Net recoveries related to Ukraine Conflict |
|
(0.0) |
|
Income tax effect of above adjustments |
|
(0.0) |
|
Adjusted net income (including 9M 2026 gains on sale) |
|
|
|
Adjusted earnings per share (including 9M 2026 gains on sale) |
|
|
Adjusted debt/equity ratio
This measure is the ratio obtained by dividing adjusted debt by adjusted equity.
- Adjusted debt means consolidated total debt less cash and cash equivalents, and less a
50% equity credit with respect to certain long-term subordinated debt. - Adjusted equity means total equity, plus the
50% equity credit relating to the long-term subordinated debt.
Adjusted debt and adjusted equity are adjusted by the
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September 30, 2026 |
|
December 31, 2025 |
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( |
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Debt |
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|
|
|
|
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Adjusted for: |
|
|
|
|
|
Unrestricted cash and cash equivalents |
|
(2,534) |
|
(1,379) |
|
|
|
(1,125) |
|
(1,125) |
|
Adjusted debt |
|
|
|
|
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Equity |
|
|
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|
|
|
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Adjusted for: |
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|
1,125 |
|
1,125 |
|
Adjusted equity |
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|
Adjusted debt/equity ratio |
|
2.0 to 1 |
|
2.1 to 1 |
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Adjusted net interest margin, annualized net spread, annualized net spread less depreciation and amortization and average cost of debt
Adjusted net interest margin is calculated as the difference between basic lease rents, excluding the impact of the amortization of lease premium/deficiency recognized under purchase accounting, and interest expense, excluding the impact of the mark-to-market of interest rate derivatives. Annualized net spread is adjusted net interest margin expressed as a percentage of average lease assets. Annualized net spread less depreciation and amortization is adjusted net interest margin less depreciation and amortization, expressed as a percentage of average lease assets.
Average cost of debt is calculated as annualized interest expense, excluding mark-to-market on interest rate derivatives, debt issuance costs, upfront fees and other impacts, divided by average debt balance.
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Three Months Ended September 30, |
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2026 |
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2025 |
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( |
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Interest expense |
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Adjusted for: |
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|
|
|
Mark-to-market on interest rate derivatives |
|
3 |
|
(9) |
|
Debt issuance costs, upfront fees and other impacts |
|
(23) |
|
(26) |
|
Interest expense, excluding mark-to-market on interest rate derivatives, debt issuance costs, upfront fees and other impacts |
|
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Average debt balance |
|
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|
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|
|
|
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|
Average cost of debt |
|
4.2 % |
|
4.0 % |
|
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|
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|
Lease assets
Lease assets include flight equipment held for operating leases, flight equipment held for sale, net investment in finance leases and maintenance rights assets.
Aviation assets
Aviation assets include aircraft, engines and helicopters.
Conference Call
In connection with its report of third quarter 2026 results, management will host a conference call with members of the investment community today, October 28, 2026, at 8:30 am Eastern Time. The call can be accessed live via webcast by AerCap's website at www.aercap.com under "Investors," or by dialing (
The webcast replay will be archived in the "Investors" section of the company's website for one year.
For further information, contact Adi Padva: InvestorRelations@aercap.com.
About AerCap
AerCap is the global leader in aviation leasing with one of the most attractive order books in the industry. AerCap serves approximately 300 customers around the world with comprehensive fleet solutions. AerCap is listed on the New York Stock Exchange (AER) and has headquarters in Dublin and Miami and offices in Shannon, Memphis, Singapore, London, Dubai, Shanghai, Amsterdam and other locations around the world.
Forward-Looking Statements
This press release contains certain statements, estimates and forecasts with respect to future performance and events. These statements, estimates and forecasts are "forward-looking statements". In some cases, forward-looking statements can be identified by the use of forward-looking terminology such as "may," "might," "should," "expect," "plan," "intend," "will," "aim," "estimate," "anticipate," "believe," "predict," "potential" or "continue" or the negatives thereof or variations thereon or similar terminology. All statements other than statements of historical fact included in this press release are forward-looking statements and are based on various underlying assumptions and expectations and are subject to known and unknown risks, uncertainties and assumptions, and may include projections of our future financial performance based on our growth strategies and anticipated trends in our business. These statements are only predictions based on our current expectations and projections about future events. There are important factors that could cause our actual results, level of activity, performance or achievements to differ materially from the results, level of activity, performance or achievements expressed or implied in the forward-looking statements, including but not limited to the availability of capital to us and to our customers and changes in interest rates; the ability of our lessees and potential lessees to make lease payments to us; our ability to successfully negotiate flight equipment (which includes aircraft, engines and helicopters) purchases, sales and leases, to collect outstanding amounts due and to repossess flight equipment under defaulted leases, and to control costs and expenses; changes in the overall demand for commercial aviation leasing and aviation asset management services; the impact of the conflict in the Middle East, including the Iran conflict, or any escalation thereof, on the aviation industry or our business and results of operations, financial condition and cash flows; the continued impact of the Ukraine Conflict, including the resulting sanctions by the United States, the European Union, the United Kingdom and other countries, on our business and results of operations, financial condition and cash flows; the effects of terrorist attacks on the aviation industry and on our operations; the economic condition of the global airline and cargo industry and economic and political conditions; trade tensions, including actual or threatened U.S. tariffs and retaliatory measures by some countries, and the resulting geopolitical uncertainty; development of increased government regulation, including travel restrictions, sanctions, regulation of trade and the imposition of import and export controls, tariffs and other trade barriers; a downgrade in any of our credit ratings; competitive pressures within the industry; regulatory changes affecting commercial flight equipment operators, flight equipment maintenance, engine standards, accounting standards and taxes; and disruptions and security breaches affecting our information systems or the information systems of our third-party providers.
As a result, we cannot assure you that the forward-looking statements included in this press release will prove to be accurate or correct. These and other important factors and risks are discussed in AerCap's annual report on Form 20-F and other filings with the United States Securities and Exchange Commission. In light of these risks, uncertainties and assumptions, the future performance or events described in the forward-looking statements in this press release might not occur. Accordingly, you should not rely upon forward-looking statements as a prediction of actual results and we do not assume any responsibility for the accuracy or completeness of any of these forward-looking statements. Except as required by applicable law, we do not undertake any obligation to, and will not, update any forward-looking statements, whether as a result of new information, future events or otherwise.
For more information regarding AerCap and to be added to our email distribution list, please visit www.aercap.com.
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AerCap Holdings N.V. |
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Unaudited Consolidated Balance Sheets |
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( |
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September 30, |
|
December 31, |
|
|
|
|
|
|
|
|
|
|
|
Assets |
|
|
|
|
|
|
|
Cash and cash equivalents |
|
|
|
|
|
|
|
Restricted cash |
|
119,253 |
|
100,564 |
|
|
|
Trade receivables |
|
64,560 |
|
48,499 |
|
|
|
Flight equipment held for operating leases, net |
|
58,310,226 |
|
57,796,320 |
|
|
|
Investment in finance leases, net |
|
1,558,273 |
|
1,807,494 |
|
|
|
Flight equipment held for sale |
|
482,656 |
|
1,104,310 |
|
|
|
Maintenance rights and lease premium, net |
|
1,350,184 |
|
1,677,407 |
|
|
|
Prepayments on flight equipment |
|
3,922,107 |
|
4,272,766 |
|
|
|
Other intangibles, net |
|
101,382 |
|
117,789 |
|
|
|
Deferred tax assets |
|
169,331 |
|
172,877 |
|
|
|
Associated companies |
|
1,472,350 |
|
1,315,306 |
|
|
|
Other assets |
|
1,997,475 |
|
1,879,278 |
|
|
|
Total Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and Equity |
|
|
|
|
|
|
|
Accounts payable, accrued expenses and other liabilities |
|
|
|
|
|
|
|
Accrued maintenance liability |
|
3,689,734 |
|
3,534,388 |
|
|
|
Lessee deposit liability |
|
1,172,776 |
|
1,185,033 |
|
|
|
Debt |
|
43,272,246 |
|
43,565,321 |
|
|
|
Deferred tax liabilities |
|
3,559,403 |
|
3,166,165 |
|
|
|
Total Liabilities |
|
53,458,989 |
|
53,348,299 |
|
|
|
|
|
|
|
|
|
|
|
Ordinary share capital, |
|
2,106 |
|
2,267 |
|
|
|
Additional paid-in capital |
|
1,807,409 |
|
3,517,963 |
|
|
|
Treasury shares, at cost (13,180,139 and 12,167,192 ordinary shares as of September 30, 2026 and December 31, 2025, |
|
(1,890,220) |
|
(1,467,321) |
|
|
|
Accumulated other comprehensive income (loss) |
|
97,132 |
|
(50,210) |
|
|
|
Accumulated retained earnings |
|
18,605,713 |
|
16,320,581 |
|
|
|
Total AerCap Holdings N.V. shareholders' equity |
|
18,622,140 |
|
18,323,280 |
|
|
|
Non-controlling interest |
|
169 |
|
211 |
|
|
|
Total Equity |
|
18,622,309 |
|
18,323,491 |
|
|
|
|
|
|
|
|
|
|
|
Total Liabilities and Equity |
|
|
|
|
|
|
|
|
|
|
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|
|
|
|
|
|
|
AerCap Holdings N.V. |
|
|
|
|
|
|
|
|
|
|
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Unaudited Consolidated Income Statements |
|
|
|
|
|
|
|
|
|
|
|
( |
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Three Months Ended September 30, |
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Nine Months Ended September 30, |
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||||
|
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2026 |
|
2025 |
|
2026 |
|
2025 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues and other income |
|
|
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|
|
|
|
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Lease revenue: |
|
|
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|
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|
|
|
|
|
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Basic lease rents |
|
|
|
|
|
|
|
|
|
|
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Maintenance rents and other receipts |
|
267,423 |
|
203,589 |
|
634,590 |
|
465,049 |
|
|
|
Total lease revenue |
|
1,965,414 |
|
1,893,519 |
|
5,692,089 |
|
5,456,709 |
|
|
|
Net gain on sale of assets |
|
352,551 |
|
332,019 |
|
866,269 |
|
566,035 |
|
|
|
Other income |
|
97,364 |
|
83,033 |
|
265,911 |
|
249,611 |
|
|
|
Total Revenues and other income |
|
2,415,329 |
|
2,308,571 |
|
6,824,269 |
|
6,272,355 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses |
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
648,618 |
|
665,479 |
|
1,929,380 |
|
1,994,146 |
|
|
|
Net recoveries related to Ukraine Conflict |
|
— |
|
(474,879) |
|
(28,380) |
|
(1,447,701) |
|
|
|
Asset impairment |
|
38,842 |
|
41,726 |
|
53,399 |
|
47,335 |
|
|
|
Interest expense |
|
475,482 |
|
485,915 |
|
1,411,039 |
|
1,507,641 |
|
|
|
Loss (gain) on debt extinguishment |
|
— |
|
658 |
|
(2,823) |
|
2,640 |
|
|
|
Leasing expenses |
|
131,478 |
|
92,547 |
|
391,575 |
|
267,831 |
|
|
|
Selling, general and administrative expenses |
|
124,514 |
|
128,887 |
|
380,256 |
|
412,818 |
|
|
|
Total Expenses |
|
1,418,934 |
|
940,333 |
|
4,134,446 |
|
2,784,710 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gain (loss) on investments at fair value |
|
1,777 |
|
(1,734) |
|
(2,090) |
|
(25,662) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income taxes and income of investments |
|
|
|
|
|
|
|
|
|
|
|
accounted for under the equity method |
|
998,172 |
|
1,366,504 |
|
2,687,733 |
|
3,461,983 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax expense |
|
(122,896) |
|
(198,246) |
|
(384,636) |
|
(477,585) |
|
|
|
Equity in net earnings of investments accounted for under the equity method |
|
73,486 |
|
47,480 |
|
189,510 |
|
133,410 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss attributable to non-controlling interest |
|
38 |
|
9 |
|
42 |
|
8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to AerCap Holdings N.V. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per share |
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding - basic |
|
152,429,789 |
|
171,483,556 |
|
156,674,262 |
|
174,959,115 |
|
|
|
Weighted average shares outstanding - diluted |
|
153,863,317 |
|
174,066,926 |
|
158,878,969 |
|
178,853,682 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AerCap Holdings N.V. |
|
|
|
|
|
|
|
Unaudited Consolidated Statements of Cash Flows |
|
|
|
|
|
|
|
( |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30, |
|
||
|
|
|
|
2026 |
|
2025 |
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
|
|
|
|
|
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
|
|
|
|
Depreciation and amortization |
|
1,929,380 |
|
1,994,146 |
|
|
|
Net recoveries related to Ukraine Conflict |
|
(28,380) |
|
(1,447,701) |
|
|
|
Asset impairment |
|
53,399 |
|
47,335 |
|
|
|
Amortization of debt issuance costs, debt discount, debt premium and lease premium |
|
120,919 |
|
132,702 |
|
|
|
Maintenance rights write-off |
|
209,878 |
|
109,137 |
|
|
|
Maintenance liability release to income |
|
(205,395) |
|
(148,601) |
|
|
|
Net gain on sale of assets |
|
(866,269) |
|
(566,035) |
|
|
|
Deferred tax expense |
|
373,734 |
|
462,329 |
|
|
|
Share-based compensation |
|
89,649 |
|
130,488 |
|
|
|
Collections of finance leases |
|
747,113 |
|
175,819 |
|
|
|
Loss on investments at fair value |
|
2,090 |
|
25,662 |
|
|
|
(Gain) loss on debt extinguishment |
|
(2,823) |
|
2,640 |
|
|
|
Other |
|
(157,144) |
|
(162,288) |
|
|
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
Trade receivables |
|
(14,951) |
|
9,662 |
|
|
|
Other assets |
|
32,934 |
|
294,544 |
|
|
|
Accounts payable, accrued expenses and other liabilities |
|
(53,864) |
|
(5,032) |
|
|
|
Net cash provided by operating activities |
|
4,722,877 |
|
4,172,615 |
|
|
|
|
|
|
|
|
|
|
|
Purchase of flight equipment |
|
(2,349,109) |
|
(2,446,366) |
|
|
|
Proceeds from sale or disposal of assets |
|
3,316,366 |
|
1,941,531 |
|
|
|
Prepayments on flight equipment |
|
(2,257,066) |
|
(1,545,979) |
|
|
|
Cash proceeds from insurance claim settlements and interest related to Ukraine Conflict |
|
28,380 |
|
1,288,479 |
|
|
|
Other |
|
(17,703) |
|
14,134 |
|
|
|
Net cash used in investing activities |
|
(1,279,132) |
|
(748,201) |
|
|
|
|
|
|
|
|
|
|
|
Issuance of debt |
|
2,932,312 |
|
3,935,969 |
|
|
|
Repayment of debt |
|
(3,231,312) |
|
(5,214,659) |
|
|
|
Debt issuance and extinguishment costs paid, net of debt premium received |
|
(34,263) |
|
(26,878) |
|
|
|
Maintenance payments received |
|
712,204 |
|
725,250 |
|
|
|
Maintenance payments returned |
|
(177,117) |
|
(176,779) |
|
|
|
Security deposits received |
|
388,225 |
|
247,306 |
|
|
|
Security deposits returned |
|
(420,264) |
|
(192,922) |
|
|
|
Repurchase of shares and tax withholdings on share-based compensation |
|
(2,257,157) |
|
(2,071,832) |
|
|
|
Dividends paid on ordinary shares |
|
(186,354) |
|
(141,781) |
|
|
|
Net cash used in financing activities |
|
(2,273,726) |
|
(2,916,326) |
|
|
|
|
|
|
|
|
|
|
|
Net increase in cash, cash equivalents and restricted cash |
|
1,170,019 |
|
508,088 |
|
|
|
Effect of exchange rate changes |
|
2,991 |
|
2,780 |
|
|
|
Cash, cash equivalents and restricted cash at beginning of period |
|
1,479,744 |
|
1,401,582 |
|
|
|
Cash, cash equivalents and restricted cash at end of period |
|
|
|
|
|
|
|
|
|
|
|
|
|
View original content to download multimedia:https://www.prnewswire.com/news-releases/aercap-holdings-nv-reports-another-record-quarter-for-the-third-quarter-2026-and-raises-2026-guidance-302921984.html
SOURCE AerCap Holdings N.V.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What were AerCap's third-quarter 2026 earnings?
AerCap reported GAAP net income of $949 million, or $6.17 per share, for the third quarter of 2026. Adjusted net income was $1,009 million, or $6.56 per share.
What is AerCap's raised 2026 earnings guidance?
AerCap expects full-year 2026 adjusted earnings per share of approximately $20.70. The outlook includes gains on sale from the first nine months of 2026 but excludes any fourth-quarter gains on sale. Projected GAAP net income is $3.0 billion, and projected adjusted net income is $3.2 billion.
What does AerCap exclude from adjusted earnings?
AerCap excludes the after-tax effects of purchase-accounting amortization of maintenance rights and lease premium assets and net recoveries related to the Ukraine Conflict. For the third quarter of 2026, the reconciliation included $71 million of amortization adjustments and an $11 million tax offset, with no Ukraine Conflict recovery adjustment.
Who qualifies for AerCap's December 2026 dividend?
The $0.40-per-share quarterly dividend is payable December 3, 2026, to holders of AerCap ordinary shares at the close of business on November 11, 2026. The board declared the dividend in October 2026.