AerCap Holdings N.V. Reports Record Financial Results for Second Quarter 2025 and Raises EPS Guidance
AerCap Holdings (NYSE:AER), the global aviation leasing leader, reported exceptional Q2 2025 financial results with record net income of $1,259 million ($7.09 per share) and adjusted net income of $502 million ($2.83 per share). The company has raised its full-year 2025 adjusted EPS guidance to $11.60.
Key highlights include a $1 billion insurance payment award from the London Commercial Court for assets lost in Russia, strong lease extension rate of 97%, and $445 million returned to shareholders through share repurchases. The company maintained robust financial metrics with a 29% return on equity, $1.3 billion operating cash flow, and an adjusted debt/equity ratio of 2.2 to 1. Basic lease rents increased by 5% to $1,653 million, while the book value per share grew 15% year-over-year to $102.99.
[ "Record Q2 2025 net income of $1,259 million ($7.09 per share)", "Awarded $1 billion insurance payment for Russian assets", "Strong 97% lease extension rate indicating robust demand", "5% increase in basic lease rents to $1,653 million", "15% year-over-year increase in book value per share to $102.99", "Raised full-year 2025 EPS guidance to $11.60", "$445 million returned to shareholders via share repurchases", "Robust operating cash flow of $1.3 billion" ]AerCap Holdings (NYSE:AER), leader globale nel leasing aeronautico, ha riportato risultati finanziari eccezionali per il secondo trimestre 2025 con un utile netto record di 1.259 milioni di dollari (7,09 dollari per azione) e un utile netto rettificato di 502 milioni di dollari (2,83 dollari per azione). L'azienda ha rivisto al rialzo la guidance sull'EPS rettificato per l'intero 2025, portandola a 11,60 dollari.
I principali punti salienti includono un indennizzo assicurativo di 1 miliardo di dollari riconosciuto dal London Commercial Court per asset persi in Russia, un solido tasso di rinnovo dei contratti di locazione del 97% e 445 milioni di dollari restituiti agli azionisti tramite riacquisti di azioni. La società ha mantenuto metriche finanziarie robuste con un ritorno sul capitale del 29%, un flusso di cassa operativo di 1,3 miliardi di dollari e un rapporto debito/patrimonio netto rettificato di 2,2 a 1. I canoni di locazione base sono aumentati del 5% raggiungendo 1.653 milioni di dollari, mentre il valore contabile per azione è cresciuto del 15% su base annua a 102,99 dollari.
- Utile netto record nel Q2 2025 di 1.259 milioni di dollari (7,09 dollari per azione)
- Indennizzo assicurativo di 1 miliardo di dollari per asset russi
- Solido tasso di rinnovo dei contratti di locazione del 97%, segno di forte domanda
- Aumento del 5% dei canoni di locazione base a 1.653 milioni di dollari
- Crescita del 15% annua del valore contabile per azione a 102,99 dollari
- Revisione al rialzo della guidance EPS 2025 a 11,60 dollari
- 445 milioni di dollari restituiti agli azionisti tramite riacquisti di azioni
- Robusto flusso di cassa operativo di 1,3 miliardi di dollari
AerCap Holdings (NYSE:AER), líder mundial en arrendamiento aeronáutico, reportó resultados financieros excepcionales en el segundo trimestre de 2025 con un ingreso neto récord de 1.259 millones de dólares (7,09 dólares por acción) y un ingreso neto ajustado de 502 millones de dólares (2,83 dólares por acción). La compañía ha incrementado su guía de EPS ajustado para todo el 2025 a 11,60 dólares.
Los aspectos destacados incluyen un pago de seguro de 1.000 millones de dólares otorgado por el Tribunal Comercial de Londres por activos perdidos en Rusia, una sólida tasa de extensión de arrendamientos del 97% y 445 millones de dólares devueltos a los accionistas mediante recompras de acciones. La empresa mantuvo métricas financieras sólidas con un retorno sobre el capital del 29%, un flujo de caja operativo de 1.300 millones de dólares y una relación deuda/patrimonio ajustada de 2,2 a 1. Las rentas básicas de arrendamiento aumentaron un 5% hasta 1.653 millones de dólares, mientras que el valor en libros por acción creció un 15% interanual hasta 102,99 dólares.
- Ingreso neto récord en el Q2 2025 de 1.259 millones de dólares (7,09 dólares por acción)
- Pago de seguro de 1.000 millones de dólares por activos rusos
- Sólida tasa de extensión de arrendamientos del 97%, indicando fuerte demanda
- Aumento del 5% en rentas básicas de arrendamiento a 1.653 millones de dólares
- Crecimiento del 15% interanual en valor en libros por acción a 102,99 dólares
- Guía de EPS 2025 aumentada a 11,60 dólares
- 445 millones de dólares devueltos a accionistas mediante recompras de acciones
- Robusto flujo de caja operativo de 1.300 millones de dólares
AerCap Holdings (NYSE:AER), 글로벌 항공기 리스 선두 기업은 2025년 2분기 재무 실적에서 순이익 12억 5,900만 달러(주당 7.09달러)와 조정 순이익 5억 200만 달러(주당 2.83달러)를 기록하며 뛰어난 성과를 보고했습니다. 회사는 2025년 전체 조정 주당순이익(EPS) 가이던스를 11.60달러로 상향 조정했습니다.
주요 내용으로는 러시아에서 손실된 자산에 대해 런던 상업 법원으로부터 받은 10억 달러 보험금 지급 판결, 97%의 높은 임대 연장률, 그리고 4억 4,500만 달러의 자사주 매입을 통한 주주 환원이 포함됩니다. 회사는 29%의 자기자본이익률, 13억 달러의 영업 현금 흐름, 그리고 2.2대 1의 조정 부채/자본 비율로 견고한 재무 지표를 유지했습니다. 기본 임대료는 5% 증가한 16억 5,300만 달러를 기록했으며, 주당 장부 가치는 전년 대비 15% 증가한 102.99달러에 달했습니다.
- 2025년 2분기 순이익 12억 5,900만 달러(주당 7.09달러) 기록
- 러시아 자산에 대한 10억 달러 보험금 지급 판결 획득
- 견고한 97% 임대 연장률로 강한 수요 시사
- 기본 임대료 5% 증가, 16억 5,300만 달러 달성
- 주당 장부 가치 전년 대비 15% 증가, 102.99달러
- 2025년 전체 EPS 가이던스 11.60달러로 상향 조정
- 자사주 매입을 통한 4억 4,500만 달러 주주 환원
- 견고한 13억 달러 영업 현금 흐름
AerCap Holdings (NYSE:AER), leader mondial du leasing aéronautique, a annoncé des résultats financiers exceptionnels pour le 2e trimestre 2025 avec un bénéfice net record de 1,259 milliard de dollars (7,09 dollars par action) et un bénéfice net ajusté de 502 millions de dollars (2,83 dollars par action). La société a relevé ses prévisions de BPA ajusté pour l'ensemble de l'année 2025 à 11,60 dollars.
Les points clés incluent une indemnisation d'assurance de 1 milliard de dollars accordée par le London Commercial Court pour des actifs perdus en Russie, un taux de renouvellement des baux élevé de 97 % et 445 millions de dollars retournés aux actionnaires via des rachats d'actions. L'entreprise a maintenu des indicateurs financiers solides avec un rendement des capitaux propres de 29 %, un flux de trésorerie opérationnel de 1,3 milliard de dollars et un ratio dette/fonds propres ajusté de 2,2 pour 1. Les loyers de base ont augmenté de 5 % pour atteindre 1,653 milliard de dollars, tandis que la valeur comptable par action a progressé de 15 % en glissement annuel pour s'établir à 102,99 dollars.
- Bénéfice net record au T2 2025 de 1,259 milliard de dollars (7,09 dollars par action)
- Indemnisation d'assurance de 1 milliard de dollars pour des actifs russes
- Taux de renouvellement des baux solide à 97 %, signe d'une forte demande
- Augmentation de 5 % des loyers de base à 1,653 milliard de dollars
- Hausse de 15 % de la valeur comptable par action à 102,99 dollars
- Prévisions de BPA 2025 relevées à 11,60 dollars
- 445 millions de dollars retournés aux actionnaires via des rachats d'actions
- Flux de trésorerie opérationnel solide de 1,3 milliard de dollars
AerCap Holdings (NYSE:AER), der weltweit führende Anbieter von Flugzeug-Leasing, meldete herausragende Finanzergebnisse für das zweite Quartal 2025 mit einem Rekord-Nettogewinn von 1.259 Millionen US-Dollar (7,09 US-Dollar je Aktie) und einem bereinigten Nettogewinn von 502 Millionen US-Dollar (2,83 US-Dollar je Aktie). Das Unternehmen hat die Prognose für das bereinigte Ergebnis je Aktie (EPS) für das Gesamtjahr 2025 auf 11,60 US-Dollar angehoben.
Wichtige Highlights sind eine Versicherungszahlung in Höhe von 1 Milliarde US-Dollar, die vom London Commercial Court für in Russland verlorene Vermögenswerte zugesprochen wurde, eine starke Vertragsverlängerungsrate von 97 % und 445 Millionen US-Dollar, die durch Aktienrückkäufe an die Aktionäre zurückgegeben wurden. Das Unternehmen behielt robuste Finanzkennzahlen bei, darunter eine Eigenkapitalrendite von 29 %, einen operativen Cashflow von 1,3 Milliarden US-Dollar und ein bereinigtes Verschuldungsgrad von 2,2 zu 1. Die Basis-Leasingmieten stiegen um 5 % auf 1.653 Millionen US-Dollar, während der Buchwert je Aktie im Jahresvergleich um 15 % auf 102,99 US-Dollar zunahm.
- Rekord-Nettogewinn im Q2 2025 von 1.259 Millionen US-Dollar (7,09 US-Dollar je Aktie)
- Versicherungszahlung von 1 Milliarde US-Dollar für russische Vermögenswerte zugesprochen
- Starke Vertragsverlängerungsrate von 97 %, was auf eine hohe Nachfrage hinweist
- 5 % Anstieg der Basis-Leasingmieten auf 1.653 Millionen US-Dollar
- 15 % jährlicher Anstieg des Buchwerts je Aktie auf 102,99 US-Dollar
- Erhöhte EPS-Prognose für 2025 auf 11,60 US-Dollar
- 445 Millionen US-Dollar Rückführung an Aktionäre durch Aktienrückkäufe
- Robuster operativer Cashflow von 1,3 Milliarden US-Dollar
- None.
- Net gain on asset sales decreased 56% to $57 million year-over-year
- Maintenance rents declined 36% to $115 million
- Interest expense increased 8% to $519 million
- Average cost of debt rose to 4.1% from 3.8% year-over-year
Insights
AerCap delivers exceptional Q2 with record earnings, significant insurance recovery, and raised 2025 guidance amid strong aviation leasing demand.
AerCap's second quarter results demonstrate exceptional financial strength with record net income of
Underlying fundamentals show robust industry demand. The
Asset sales generated an impressive
Balance sheet metrics reveal disciplined capital management. The adjusted debt/equity ratio improved to 2.2:1 from 2.35:1 at year-end 2024. Book value per share increased substantially by
Most significantly, management has raised full-year 2025 EPS guidance to approximately
The new strategic partnership with Air France-KLM for LEAP engine leasing and the framework agreement with Leonardo for helicopter maintenance transfers represent forward-looking initiatives to enhance service offerings and simplify customer operations. These partnerships should strengthen AerCap's competitive positioning in key growth segments.
- Record net income for the second quarter of 2025 of
$1,259 million $7.09 - Adjusted net income for the second quarter of 2025 of
$502 million $2.83 - Raising full-year 2025 adjusted earnings per share guidance to approximately
$11.60
"AerCap produced another strong performance for the second quarter of 2025. We generated record net income, driven by strong operating results and the favorable June court judgment in our insurance case. We also announced a new strategic partnership for engine leasing with Air France-KLM that will expand our ability to support LEAP engine operators. Global demand for aviation assets remains high, as evidenced by our
Highlights:
- Awarded approximately
$1 billion Russia . - Return on equity of
29% and adjusted return on equity of11% for the second quarter of 2025. - Cash flow from operating activities of
$1.3 billion - Unlevered gain-on-sale margin of
18% for assets sold in the second quarter of 2025, or 1.7x book value on an equity basis. - Entered into framework agreement with Leonardo S.p.A. to support the transfer of maintenance agreements between customers, making helicopter transitions easier and more cost-efficient.
- Capex of
$734 million - Signed financing transactions for approximately
$2.9 billion - Adjusted debt/equity ratio of 2.2 to 1 as of June 30, 2025.
- Book value per share of
$102.99 15% from June 30, 2024. - Returned
$445 million $94.03 $1 billion
Revenue and Net Spread
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||
2025 | 2024 | % increase/ | 2025 | 2024 | % increase/ | |||||||
( | ( | |||||||||||
Lease revenue: | ||||||||||||
Basic lease rents | 5 % | 5 % | ||||||||||
Maintenance rents and other receipts | 115 | 180 | (36 %) | 261 | 359 | (27 %) | ||||||
Total lease revenue | 1,768 | 1,748 | 1 % | 3,563 | 3,513 | 1 % | ||||||
Net gain on sale of assets | 57 | 129 | (56 %) | 234 | 289 | (19 %) | ||||||
Other income | 62 | 81 | (24 %) | 167 | 175 | (5 %) | ||||||
Total Revenues and other income | (4 %) | — % | ||||||||||
Basic lease rents were
Maintenance rents and other receipts were
Net gain on sale of assets for the second quarter of 2025 was
Other income for the second quarter of 2025 was
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||
2025 | 2024 | % increase/ | 2025 | 2024 | % increase/ | ||||||
( | ( | ||||||||||
Basic lease rents | 5 % | 5 % | |||||||||
Adjusted for: | |||||||||||
Amortization of lease premium/deficiency | 26 | 32 | (21 %) | 53 | 66 | (20 %) | |||||
Basic lease rents excluding amortization of lease premium/ deficiency | 5 % | 4 % | |||||||||
Interest expense | 519 | 478 | 8 % | 1,022 | 970 | 5 % | |||||
Adjusted for: | |||||||||||
Mark-to-market of interest rate derivatives | (11) | (5) | 129 % | (15) | (8) | 95 % | |||||
Interest expense excluding mark-to-market of interest rate derivatives | 508 | 474 | 7 % | 1,006 | 962 | 5 % | |||||
Adjusted net interest margin (*) | 4 % | 4 % | |||||||||
Depreciation and amortization | (669) | (636) | 5 % | (1,329) | (1,270) | 5 % | |||||
Adjusted net interest margin, less depreciation and amortization | 2 % | 3 % | |||||||||
Average lease assets (*) | 3 % | 3 % | |||||||||
Annualized net spread (*) | 7.5 % | 7.5 % | 7.6 % | 7.5 % | |||||||
Annualized net spread less depreciation and amortization (*) | 3.2 % | 3.3 % | 3.3 % | 3.3 % | |||||||
(*) Refer to "Notes Regarding Financial Information Presented in This Press Release" for details relating to these non-GAAP measures and metrics | |||||||||||
Interest expense excluding mark-to-market of interest rate derivatives was
Recoveries Related to Ukraine Conflict
During the second quarter of 2025, we were awarded approximately
Selling, General and Administrative Expenses
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||
2025 | 2024 | % increase/ | 2025 | 2024 | % increase/ | ||||||
( | ( | ||||||||||
Selling, general and administrative expenses (excluding share-based compensation expenses) | 6 % | (2 %) | |||||||||
Share-based compensation expenses | 73 | 32 | 126 % | 100 | 58 | 74 % | |||||
Selling, general and administrative expenses | 37 % | 16 % | |||||||||
Selling, general and administrative expenses were
Other Expenses
Leasing expenses were
Effective Tax Rate
AerCap's effective tax rate was
Book Value Per Share
June 30, 2025 | June 30, 2024 | |||
( | ||||
Total AerCap Holdings N.V. shareholders' equity | ||||
Ordinary shares outstanding | 178,309,768 | 195,159,322 | ||
Unvested restricted stock | (4,051,509) | (4,975,247) | ||
Ordinary shares outstanding (excl. unvested restricted stock) | 174,258,259 | 190,184,075 | ||
Book value per ordinary share outstanding (excl. unvested restricted stock) | ||||
Cumulative dividends declared per ordinary share | ||||
Financial Position
June 30, 2025 | December 31, 2024 | % increase/ (decrease) over December 31, 2024 | ||||
( | ||||||
Total cash, cash equivalents and restricted cash | 103 % | |||||
Total assets | 73,634 | 71,442 | 3 % | |||
Debt | 46,113 | 45,295 | 2 % | |||
Total liabilities | 55,687 | 54,257 | 3 % | |||
Total AerCap Holdings N.V. shareholders' equity | 17,947 | 17,185 | 4 % | |||
Flight Equipment
As of June 30, 2025, AerCap's portfolio consisted of 3,508 aircraft, engines and helicopters that were owned, on order or managed. The average age of the company's owned aircraft fleet as of June 30, 2025 was 7.6 years (5.1 years for new technology aircraft, 15.4 years for current technology aircraft) and the average remaining contracted lease term was 7.2 years.
Dividend
In July 2025, 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 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 2025, we have chosen to present this measure in order to assist investors in their understanding of the changes and trends related to our earnings.
Three Months Ended June 30, 2025 | Six Months Ended June 30, 2025 | |||||||
Net income | Earnings per share | Net income | Earnings per share | |||||
( except per share data) | ||||||||
Net income / earnings per share | ||||||||
Adjusted for: | ||||||||
Net recoveries related to Ukraine Conflict | (973) | (5.48) | (973) | (5.37) | ||||
Amortization of maintenance rights and lease premium assets recognized under purchase accounting (*) | 82 | 0.46 | 125 | 0.69 | ||||
Income tax effect of above adjustments | 134 | 0.75 | 127 | 0.70 | ||||
Adjusted net income / earnings per share | ||||||||
Average AerCap Holdings N.V. shareholders' equity | ||||||||
Return on equity | 29 % | 22 % | ||||||
Adjusted return on equity | 11 % | 14 % | ||||||
(*) Includes | ||||||||
Adjusted earnings per share guidance for full-year 2025 is calculated as projected net income excluding the after-tax impact of the amortization of maintenance rights and lease premium assets recognized under purchase accounting divided by the weighted average of our projected ordinary shares outstanding.
Projected FY 2025 | ||
( | ||
Net income | ||
Amortization of maintenance rights and lease premium assets recognized under purchase accounting | 0.3 | |
Net recoveries related to Ukraine Conflict | (1.0) | |
Income tax effect of above adjustments | 0.1 | |
Adjusted net income | ||
Adjusted earnings per share |
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
June 30, 2025 | December 31, 2024 | |||
( | ||||
Debt | ||||
Adjusted for: | ||||
Unrestricted cash and cash equivalents | (2,696) | (1,209) | ||
| (1,125) | (1,125) | ||
Adjusted debt | ||||
Equity | ||||
Adjusted for: | ||||
| 1,125 | 1,125 | ||
Adjusted equity | ||||
Adjusted debt/equity ratio | 2.22 to 1 | 2.35 to 1 | ||
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 interest expense, excluding mark-to-market on interest rate derivatives, debt issuance costs, upfront fees and other impacts, divided by average debt balance.
Three Months Ended June 30, | ||||
2025 | 2024 | |||
( | ||||
Interest expense | ||||
Adjusted for: | ||||
Mark-to-market on interest rate derivatives | (11) | (5) | ||
Debt issuance costs, upfront fees and other impacts | (26) | (33) | ||
Interest expense, excluding mark-to-market on interest rate derivatives, debt issuance costs, upfront fees and other impacts | ||||
Average debt balance | ||||
Average cost of debt | 4.1 % | 3.8 % | ||
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 second quarter 2025 results, management will host a conference call with members of the investment community today, Wednesday, July 30, 2025, 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 Joseph McGinley: +353 1 418 0428 (jmcginley@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 is based in
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 continued impacts of the Ukraine Conflict, including the resulting sanctions by
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.
AerCap Holdings N.V. | ||||||
Unaudited Consolidated Balance Sheets | ||||||
( | ||||||
June 30, 2025 | December 31, 2024 | |||||
Assets | ||||||
Cash and cash equivalents | ||||||
Restricted cash | 150,081 | 192,356 | ||||
Trade receivables | 54,172 | 68,073 | ||||
Flight equipment held for operating leases, net | 58,708,975 | 58,575,672 | ||||
Investment in finance leases, net | 1,256,028 | 1,208,585 | ||||
Flight equipment held for sale | 469,614 | 466,173 | ||||
Prepayments on flight equipment | 4,310,680 | 3,460,296 | ||||
Maintenance rights and lease premium, net | 1,901,942 | 2,129,993 | ||||
Other intangibles, net | 128,727 | 139,666 | ||||
Deferred tax assets | 263,790 | 261,004 | ||||
Associated companies | 1,205,953 | 1,128,894 | ||||
Other assets | 2,487,917 | 2,602,038 | ||||
Total Assets | ||||||
Liabilities and Equity | ||||||
Accounts payable, accrued expenses and other liabilities | ||||||
Accrued maintenance liability | 3,468,886 | 3,327,347 | ||||
Lessee deposit liability | 1,207,368 | 1,092,585 | ||||
Debt | 46,113,492 | 45,294,511 | ||||
Deferred tax liabilities | 3,023,406 | 2,767,874 | ||||
Total Liabilities | 55,686,662 | 54,257,144 | ||||
Ordinary share capital | 2,466 | 2,558 | ||||
Additional paid-in capital | 5,122,322 | 5,809,276 | ||||
Treasury shares, at cost (17,733,971 and 17,760,514 ordinary shares as of June 30, 2025 and December 31, 2024, | (1,697,801) | (1,425,652) | ||||
Accumulated other comprehensive (loss) income | (43,524) | 42,683 | ||||
Accumulated retained earnings | 14,563,612 | 12,755,758 | ||||
Total AerCap Holdings N.V. shareholders' equity | 17,947,075 | 17,184,623 | ||||
Non-controlling interest | 210 | 209 | ||||
Total Equity | 17,947,285 | 17,184,832 | ||||
Total Liabilities and Equity | ||||||
AerCap Holdings N.V. | |||||||||||||||
Unaudited Consolidated Income Statements | |||||||||||||||
( | |||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2025 | 2024 | 2025 | 2024 | ||||||||||||
Revenues and other income | |||||||||||||||
Lease revenue: | |||||||||||||||
Basic lease rents | |||||||||||||||
Maintenance rents and other receipts | 114,969 | 180,036 | 261,460 | 359,496 | |||||||||||
Total lease revenue | 1,767,638 | 1,747,562 | 3,563,190 | 3,512,653 | |||||||||||
Net gain on sale of assets | 57,098 | 129,459 | 234,016 | 289,039 | |||||||||||
Other income | 62,016 | 81,124 | 166,578 | 174,541 | |||||||||||
Total Revenues and other income | 1,886,752 | 1,958,145 | 3,963,784 | 3,976,233 | |||||||||||
Expenses | |||||||||||||||
Depreciation and amortization | 668,932 | 636,419 | 1,328,667 | 1,269,897 | |||||||||||
Net recoveries related to Ukraine Conflict | (972,822) | — | (972,822) | (22,749) | |||||||||||
Asset impairment | 2,369 | 27,686 | 5,609 | 30,356 | |||||||||||
Interest expense | 518,866 | 478,282 | 1,021,726 | 969,797 | |||||||||||
Loss on debt extinguishment | 1,982 | 7,008 | 1,982 | 7,020 | |||||||||||
Leasing expenses | 94,539 | 172,791 | 175,284 | 321,405 | |||||||||||
Selling, general and administrative expenses | 170,830 | 125,333 | 283,931 | 244,625 | |||||||||||
Total Expenses | 484,696 | 1,447,519 | 1,844,377 | 2,820,351 | |||||||||||
Loss on investments at fair value | (22,533) | (18,207) | (23,928) | (4,684) | |||||||||||
Income before income taxes and income of investments | |||||||||||||||
accounted for under the equity method | 1,379,523 | 492,419 | 2,095,479 | 1,151,198 | |||||||||||
Income tax expense | (168,366) | (76,346) | (279,339) | (170,455) | |||||||||||
Equity in net earnings of investments accounted for under the equity method | 48,052 | 32,094 | 85,930 | 71,634 | |||||||||||
Net income | |||||||||||||||
Net (income) loss attributable to non-controlling interest | — | (1) | (1) | 3 | |||||||||||
Net income attributable to AerCap Holdings N.V. | |||||||||||||||
Basic earnings per share | |||||||||||||||
Diluted earnings per share | |||||||||||||||
Weighted average shares outstanding - basic | 173,960,277 | 192,515,755 | 176,725,697 | 194,144,800 | |||||||||||
Weighted average shares outstanding - diluted | 177,541,220 | 196,881,272 | 181,062,000 | 198,514,778 | |||||||||||
AerCap Holdings N.V | |||||||
Unaudited Consolidated Statements of Cash Flows | |||||||
( | |||||||
Six Months Ended June 30, | |||||||
2025 | 2024 | ||||||
Net income | |||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
Depreciation and amortization | 1,328,667 | 1,269,897 | |||||
Net recoveries related to Ukraine Conflict | (972,822) | (22,749) | |||||
Asset impairment | 5,609 | 30,356 | |||||
Amortization of debt issuance costs, debt discount, debt premium and lease premium | 90,471 | 116,181 | |||||
Maintenance rights write-off | 72,473 | 184,118 | |||||
Maintenance liability release to income | (76,389) | (112,413) | |||||
Net gain on sale of assets | (234,016) | (289,039) | |||||
Deferred tax expense | 266,748 | 148,777 | |||||
Share-based compensation | 100,214 | 57,668 | |||||
Collections of finance leases | 157,021 | 203,113 | |||||
Loss on investments at fair value | 23,928 | 4,684 | |||||
Loss on debt extinguishment | 1,982 | 7,020 | |||||
Other | (78,319) | (4,719) | |||||
Changes in operating assets and liabilities: | |||||||
Trade receivables | 13,749 | 24,305 | |||||
Other assets | 90,233 | 165,557 | |||||
Accounts payable, accrued expenses and other liabilities | (25,169) | (50,620) | |||||
Net cash provided by operating activities | 2,666,450 | 2,784,513 | |||||
Purchase of flight equipment | (1,684,831) | (2,177,406) | |||||
Proceeds from sale or disposal of assets | 875,073 | 1,527,481 | |||||
Prepayments on flight equipment | (1,286,084) | (1,077,429) | |||||
Cash proceeds from insurance claim settlements | 824,167 | — | |||||
Other | (27,328) | 34,939 | |||||
Net cash used in investing activities | (1,299,003) | (1,692,415) | |||||
Issuance of debt | 3,585,969 | 2,796,670 | |||||
Repayment of debt | (2,766,797) | (3,579,662) | |||||
Debt issuance and extinguishment costs paid, net of debt premium received | (28,847) | (37,165) | |||||
Maintenance payments received | 462,937 | 442,130 | |||||
Maintenance payments returned | (81,268) | (178,364) | |||||
Security deposits received | 198,465 | 122,433 | |||||
Security deposits returned | (96,961) | (105,500) | |||||
Repurchase of shares and tax withholdings on share-based compensation | (1,104,219) | (722,974) | |||||
Dividends paid on ordinary shares | (95,363) | (41,806) | |||||
Net cash provided by (used in) financing activities | 73,916 | (1,304,238) | |||||
Net increase (decrease) in cash, cash equivalents and restricted cash | 1,441,363 | (212,140) | |||||
Effect of exchange rate changes | 3,204 | (1,091) | |||||
Cash, cash equivalents and restricted cash at beginning of period | 1,401,582 | 1,825,466 | |||||
Cash, cash equivalents and restricted cash at end of period | |||||||
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SOURCE AerCap Holdings N.V.
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