AerCap Holdings N.V. Reports Record Financial Results for the First Quarter 2026, Raises 2026 Guidance and Announces New $1.0 Billion Share Repurchase Program
Rhea-AI Summary
AerCap (NYSE:AER) reported record Q1 2026 results: GAAP net income of $818 million ($4.96/share) and adjusted net income of $889 million ($5.39/share). The company raised full‑year 2026 adjusted EPS guidance to ~$14.50 and approved a new $1.0 billion share repurchase program through December 31, 2026.
Key metrics: $1.5 billion asset sales with $291 million gains, cash flow from operations of $1.4 billion, book value per share $116.67, adjusted debt/equity 2.1x, and repurchases of 5.4 million shares for $745 million in Q1.
Positive
- Net income of $818 million in Q1 2026
- Adjusted net income of $889 million (Q1 2026)
- Raised full‑year adjusted EPS guidance to ~$14.50
- New $1.0 billion share repurchase authorization through Dec 31, 2026
- Repurchased 5.4 million shares for $745 million in Q1 2026
- Book value per share of $116.67 as of March 31, 2026
Negative
- Selling, general and administrative expenses up 12% YoY in Q1 2026
- Leasing expenses rose from $81M to $110 million (+36%) YoY in Q1 2026
- Other income declined by 25% YoY in Q1 2026
- Ordinary shares outstanding declined ~10.8% YoY to 161.7 million (impacts liquidity and float)
News Market Reaction – AER
In the Apr 29 session, AER gained 0.71%, reflecting a mild positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Previous Buybacks,earnings Reports
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| Apr 30 | Earnings and buyback | Positive | +0.3% | Strong Q1 2025 earnings, higher guidance, and new $500M repurchase program. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Prior similar earnings-plus-buyback news prompted a small positive move, suggesting historically modest but constructive reactions to this type of catalyst.
Recent news for AerCap has focused on corporate governance, ESG reporting, fleet expansion, and regulatory filings. In Q1 2025, a similar combination of strong earnings, raised guidance, and a new buyback program led to a modest +0.25% move. Since then, the company has continued to grow its aviation portfolio and maintain solid returns. Today’s record Q1 2026 results, higher EPS guidance, and a larger repurchase authorization build directly on that 2025 template.
Key Terms
adjusted net income financial
return on equity financial
unlevered gain-on-sale margin financial
restricted stock units financial
adjusted debt/equity ratio financial
average cost of debt financial
Form 20-F regulatory
AI-generated analysis. How Rhea-AI works. Not financial advice.
- Net income for the first quarter of 2026 of
$818 million $4.96 - Record adjusted net income for the first quarter of 2026 of
$889 million $5.39 - Raising full-year 2026 adjusted earnings per share guidance to approximately
$14.50 - New
$1.0 billion
"We are pleased to report another record quarter for AerCap, delivering GAAP net income of
Highlights:
- Return on equity of
18% and adjusted return on equity of19% for the first quarter of 2026. $1.5 billion $291 million 24% , or 1.9x book value on an equity basis.- Repurchased 5.4 million shares for a total of
$745 million - Added 110 new Airbus A320neo Family aircraft to order book during the first quarter of 2026, including the exercise of 45 options, with deliveries starting in 2028.
- Signed lease agreements with CFM International for 48 LEAP-1A engines through AerCap's Shannon Engine Support joint venture.
- Book value per share of
$116.67 20% from March 31, 2025. - Cash flow from operating activities of
$1.4 billion - Adjusted debt/equity ratio of 2.1 to 1 as of March 31, 2026.
Revenue and Net Spread
Three Months Ended March 31, | ||||||
2026 | 2025 | % increase/ | ||||
( | ||||||
Lease revenue: | ||||||
Basic lease rents | 2 % | |||||
Maintenance rents and other receipts | 190 | 146 | 30 % | |||
Total lease revenue | 1,872 | 1,796 | 4 % | |||
Net gain on sale of assets | 291 | 177 | 64 % | |||
Other income | 79 | 105 | (25 %) | |||
Total Revenues and other income | 8 % | |||||
Basic lease rents were
Maintenance rents and other receipts were
Net gain on sale of assets for the first quarter of 2026 was
Other income for the first quarter of 2026 was
Three Months Ended March 31, | |||||
2026 | 2025 | % increase/ | |||
( | |||||
Basic lease rents | 2 % | ||||
Adjusted for: | |||||
Amortization of lease premium/deficiency | 26 | 27 | (5 %) | ||
Basic lease rents excluding amortization of lease premium/deficiency | 2 % | ||||
Interest expense | 467 | 503 | (7 %) | ||
Adjusted for: | |||||
Mark-to-market of interest rate derivatives | 3 | (5) | NA | ||
Interest expense excluding mark-to-market of interest rate derivatives | 470 | 498 | (6 %) | ||
Adjusted net interest margin (*) | 5 % | ||||
Depreciation and amortization | (639) | (660) | (3 %) | ||
Adjusted net interest margin, less depreciation and amortization | 16 % | ||||
Average lease assets (*) | (1 %) | ||||
Annualized net spread (*) | 8.0 % | 7.6 % | |||
Annualized net spread less depreciation and amortization (*) | 3.9 % | 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
Selling, General and Administrative Expenses
Three Months Ended March 31, | |||||
2026 | 2025 | % increase/ | |||
( | |||||
Selling, general and administrative expenses (excluding share-based compensation expenses) | 10 % | ||||
Share-based compensation expenses | 32 | 27 | 16 % | ||
Selling, general and administrative expenses | 12 % | ||||
Selling, general and administrative expenses were
Other Expenses
Leasing expenses were
Effective Tax Rate
AerCap's effective tax rate for the first quarter of 2026 was
Book Value Per Share
March 31, 2026 | March 31, 2025 | |||
( | ||||
Total AerCap Holdings N.V. shareholders' equity | ||||
Ordinary shares outstanding | 161,670,164 | 181,274,006 | ||
Unvested restricted stock | (3,985,063) | (4,707,440) | ||
Ordinary shares outstanding (excl. unvested restricted stock) | 157,685,101 | 176,566,566 | ||
Book value per ordinary share outstanding (excl. unvested restricted stock) | ||||
Cumulative dividends declared per ordinary share | ||||
Financial Position
March 31, 2026 | December 31, 2025 | % increase/ (decrease) over December 31, 2025 | ||||
( | ||||||
Total cash, cash equivalents and restricted cash | 7 % | |||||
Total assets | 71,421 | 71,672 | — % | |||
Debt | 43,042 | 43,565 | (1 %) | |||
Total liabilities | 53,024 | 53,348 | (1 %) | |||
Total AerCap Holdings N.V. shareholders' equity | 18,398 | 18,323 | — % | |||
Flight Equipment
As of March 31, 2026, AerCap's portfolio consisted of 3,569 aircraft, engines and helicopters that were owned, on order or managed. The average age of the company's owned passenger aircraft fleet as of March 31, 2026 was 7.4 years (5.5 years for new technology aircraft and 15.4 years for current technology aircraft) and the average remaining contracted lease term was 7.1 years.
Dividend
In April 2026, AerCap's Board of Directors declared a quarterly cash dividend of
Share Repurchase Program
In April 2026, our Board of Directors approved a new share repurchase program authorizing total repurchases of up to
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. 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.
Three Months Ended March 31, 2026 | ||||
Net income | Earnings per share | |||
( except per share data) | ||||
Net income / earnings per share | ||||
Adjusted for: | ||||
Amortization of maintenance rights and lease premium assets recognized under purchase accounting (*) | 84 | 0.51 | ||
Income tax effect of above adjustments | (13) | (0.08) | ||
Adjusted net income / earnings per share | ||||
Average AerCap Holdings N.V. shareholders' equity | ||||
Return on equity | 18 % | |||
Adjusted return on equity | 19 % | |||
(*) Includes | ||||
Adjusted earnings per share guidance for full-year 2026 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 diluted ordinary shares outstanding.
Projected FY 2026 | ||
( | ||
Net income | ||
Amortization of maintenance rights and lease premium assets recognized under purchase accounting | 0.3 | |
Income tax effect of above adjustments | (0.0) | |
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
March 31, 2026 | December 31, 2025 | |||
( | ||||
Debt | ||||
Adjusted for: | ||||
Unrestricted cash and cash equivalents | (1,480) | (1,379) | ||
| (1,125) | (1,125) | ||
Adjusted debt | ||||
Equity | ||||
Adjusted for: | ||||
| 1,125 | 1,125 | ||
Adjusted equity | ||||
Adjusted debt/equity ratio | 2.1 to 1 | 2.1 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 March 31, | ||||
2026 | 2025 | |||
( | ||||
Interest expense | ||||
Adjusted for: | ||||
Mark-to-market on interest rate derivatives | 3 | (5) | ||
Debt issuance costs, upfront fees and other impacts | (21) | (28) | ||
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 % | 4.1 % | ||
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 first quarter 2026 results, management will host a conference call with members of the investment community today, Wednesday, April 29, 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 Norah Morgan: +353 1 810 2010 (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 is headquartered 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 impact of the ongoing conflict in the
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 | ||||||
( | ||||||
March 31, 2026 | December 31, 2025 | |||||
Assets | ||||||
Cash and cash equivalents | ||||||
Restricted cash | 102,660 | 100,564 | ||||
Trade receivables | 55,761 | 48,499 | ||||
Flight equipment held for operating leases, net | 57,246,124 | 57,796,320 | ||||
Investment in finance leases, net | 1,785,364 | 1,807,494 | ||||
Flight equipment held for sale | 899,172 | 1,104,310 | ||||
Maintenance rights and lease premium, net | 1,583,032 | 1,677,407 | ||||
Prepayments on flight equipment | 4,702,549 | 4,272,766 | ||||
Other intangibles, net | 112,320 | 117,789 | ||||
Deferred tax assets | 171,498 | 172,877 | ||||
Associated companies | 1,361,108 | 1,315,306 | ||||
Other assets | 1,922,166 | 1,879,278 | ||||
Total Assets | ||||||
Liabilities and Equity | ||||||
Accounts payable, accrued expenses and other liabilities | ||||||
Accrued maintenance liability | 3,629,904 | 3,534,388 | ||||
Lessee deposit liability | 1,244,869 | 1,185,033 | ||||
Debt | 43,041,681 | 43,565,321 | ||||
Deferred tax liabilities | 3,290,774 | 3,166,165 | ||||
Total Liabilities | 53,023,680 | 53,348,299 | ||||
Ordinary share capital, | 2,209 | 2,267 | ||||
Additional paid-in capital | 2,933,560 | 3,517,963 | ||||
Treasury shares, at cost (12,373,575 and 12,167,192 ordinary shares as of March 31, 2026 and December 31, | (1,592,237) | (1,467,321) | ||||
Accumulated other comprehensive loss | (17,560) | (50,210) | ||||
Accumulated retained earnings | 17,071,552 | 16,320,581 | ||||
Total AerCap Holdings N.V. shareholders' equity | 18,397,524 | 18,323,280 | ||||
Non-controlling interest | 209 | 211 | ||||
Total Equity | 18,397,733 | 18,323,491 | ||||
Total Liabilities and Equity | ||||||
AerCap Holdings N.V. | ||||||
Unaudited Consolidated Income Statements | ||||||
( | ||||||
Three Months Ended March 31, | ||||||
2026 | 2025 | |||||
Revenues and other income | ||||||
Lease revenue: | ||||||
Basic lease rents | ||||||
Maintenance rents and other receipts | 190,341 | 146,491 | ||||
Total lease revenue | 1,872,492 | 1,795,552 | ||||
Net gain on sale of assets | 290,520 | 176,918 | ||||
Other income | 78,715 | 104,562 | ||||
Total Revenues and other income | 2,241,727 | 2,077,032 | ||||
Expenses | ||||||
Depreciation and amortization | 639,019 | 659,735 | ||||
Asset impairment | 5,872 | 3,240 | ||||
Interest expense | 467,088 | 502,860 | ||||
Gain on debt extinguishment | (2,010) | — | ||||
Leasing expenses | 110,229 | 80,745 | ||||
Selling, general and administrative expenses | 126,292 | 113,101 | ||||
Total Expenses | 1,346,490 | 1,359,681 | ||||
Loss on investments at fair value | (926) | (1,395) | ||||
Income before income taxes and income of investments | ||||||
accounted for under the equity method | 894,311 | 715,956 | ||||
Income tax expense | (138,618) | (110,973) | ||||
Equity in net earnings of investments accounted for under the equity method | 62,434 | 37,878 | ||||
Net income | ||||||
Net loss (income) attributable to non-controlling interest | 2 | (1) | ||||
Net income attributable to AerCap Holdings N.V. | ||||||
Basic earnings per share | ||||||
Diluted earnings per share | ||||||
Weighted average shares outstanding - basic | 161,633,204 | 179,521,844 | ||||
Weighted average shares outstanding - diluted | 164,895,113 | 184,605,431 | ||||
AerCap Holdings N.V. | ||||||
Unaudited Consolidated Statements of Cash Flows | ||||||
( | ||||||
Three Months Ended March 31, | ||||||
2026 | 2025 | |||||
Net income | ||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||
Depreciation and amortization | 639,019 | 659,735 | ||||
Asset impairment | 5,872 | 3,240 | ||||
Amortization of debt issuance costs, debt discount, debt premium and lease premium | 41,191 | 47,185 | ||||
Maintenance rights write-off | 57,908 | 16,034 | ||||
Maintenance liability release to income | (41,365) | (45,528) | ||||
Net gain on sale of assets | (290,520) | (176,918) | ||||
Deferred tax expense | 120,630 | 97,235 | ||||
Share-based compensation | 31,632 | 27,256 | ||||
Collections of finance leases | 151,402 | 83,260 | ||||
Loss on investments at fair value | 926 | 1,395 | ||||
Gain on debt extinguishment | (2,010) | — | ||||
Other | (44,312) | (25,834) | ||||
Changes in operating assets and liabilities: | ||||||
Trade receivables | (8,239) | 9,833 | ||||
Other assets | (36,064) | 36,823 | ||||
Accounts payable, accrued expenses and other liabilities | (12,470) | (41,540) | ||||
Net cash provided by operating activities | 1,431,727 | 1,335,037 | ||||
Purchase of flight equipment | (701,145) | (1,310,617) | ||||
Proceeds from sale or disposal of assets | 1,308,072 | 520,281 | ||||
Prepayments on flight equipment | (800,487) | (1,190,217) | ||||
Other | 10,319 | (24,625) | ||||
Net cash used in investing activities | (183,241) | (2,005,178) | ||||
Issuance of debt | 1,837,812 | 1,930,469 | ||||
Repayment of debt | (2,357,478) | (1,030,659) | ||||
Debt issuance and extinguishment costs paid, net of debt premium received | (17,232) | (19,751) | ||||
Maintenance payments received | 247,932 | 223,184 | ||||
Maintenance payments returned | (58,497) | (39,891) | ||||
Security deposits received | 272,821 | 99,983 | ||||
Security deposits returned | (262,847) | (60,901) | ||||
Repurchase of shares and tax withholdings on share-based compensation | (744,211) | (562,311) | ||||
Dividends paid on ordinary shares | (64,904) | (5,595) | ||||
Net cash (used in) provided by financing activities | (1,146,604) | 534,528 | ||||
Net increase (decrease) in cash, cash equivalents and restricted cash | 101,882 | (135,613) | ||||
Effect of exchange rate changes | 693 | 3,324 | ||||
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 | ||||||
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SOURCE AerCap Holdings N.V.