AerCap Holdings N.V. Reports Record Financial Results for Third Quarter 2025 and Raises EPS Guidance

Rhea-AI Summary

AerCap (NYSE: AER) reported record third-quarter 2025 results with net income of $1,216 million ($6.98 per share) and record adjusted net income of $865 million ($4.97 per share). The company raised full‑year 2025 adjusted EPS guidance to ~$13.70 (excluding any further gains on sale).

Key third‑quarter actions included $1.5 billion of asset sales generating a record $332 million gain on sale, $475 million of Ukraine‑related recoveries (bringing total recoveries since 2023 to $2.9 billion), and $1 billion returned to shareholders via repurchases (8.2 million shares). Book value per share rose to $109.22 and the board declared a $0.27 quarterly dividend payable Dec 4, 2025.

Positive

• Net income of $1,216 million for Q3 2025
• Adjusted net income of $865 million for Q3 2025
• Raised FY2025 adjusted EPS guidance to ~ $13.70
• $332 million gain on sale from $1.5 billion of asset sales (28% unlevered margin)
• $475 million Ukraine‑related recoveries in Q3 2025 (total $2.9 billion since 2023)

Negative

• Adjusted debt/equity ratio of 2.13 to 1 as of Sept 30, 2025
• Share‑based compensation expense increased 26% year over year in Q3 2025

Insights

Aviation Finance Expert

AerCap delivered record Q3 results, raised adjusted EPS guidance and returned capital via buybacks and dividend.

AerCap reported net income of $1,216 million ($6.98 per share) and record adjusted net income of $865 million ($4.97 per share) for the third quarter of 2025. Revenue and other income rose to $2,309 million for the quarter, driven by a $332 million net gain on sale from $1.5 billion of asset sales and a reported cash insurance and legal recovery of $475 million related to the Ukraine Conflict. Management raised full-year adjusted EPS guidance to approximately $13.70 and returned capital via repurchases of $1 billion during the quarter and a new $750 million buyback program.

The company’s metrics show strengthening operating performance: basic lease rents improved by 5% year-over-year for the quarter, adjusted net interest margin increased to $1,239 million and annualized net spread widened to 8.0%. Book value per share rose to $109.22 as of September 30, 2025. Adjusted debt/equity tightened to 2.13 to 1 and operating cash flow was $1.5 billion, supporting capital returns while maintaining leverage discipline.

Dependencies and risks noted in the release include the material one-off recoveries from the Ukraine Conflict and gains on sale that materially lift reported results; adjusted metrics exclude these items by definition. The quarter also included non-cash adjustments (amortization of maintenance rights and lease premium) that affect GAAP versus adjusted figures. Monitor the composition of future gains-on-sale, continued recovery receipts, and whether the company sustains the elevated unlevered gain-on-sale margin of 28% beyond this quarter; specific near-term items to watch include the realization of any additional gains-on-sale for the remainder of 2025, execution of the new $750 million repurchase program, and the dividend payment on December 4, 2025.

• Net income for the third quarter of 2025 of $1,216 million, or $6.98 per share.
• Record adjusted net income for the third quarter of 2025 of $865 million, or $4.97 per share.
• Raising full-year 2025 adjusted earnings per share guidance to approximately $13.70, not including any additional gains on sale for the remainder of the year.

DUBLIN, Oct. 29, 2025 /PRNewswire/ -- AerCap Holdings N.V. (NYSE: AER), the industry leader across all areas of aviation leasing, today reported strong financial results for the third quarter of 2025.

"AerCap produced excellent results in the third quarter. We generated record adjusted net income and adjusted EPS and sold $1.5 billion of assets, producing gains on sale of $332 million, our highest amount ever for a quarter. This strong performance is indicative of the continued favorable environment for leasing and sales and of AerCap's industry-leading position. In addition, during the third quarter we recovered another $475 million related to assets lost in the Ukraine Conflict, bringing total recoveries since 2023 to $2.9 billion. On the back of these strong results and our positive outlook for the future, we are raising our full-year 2025 adjusted EPS guidance to approximately $13.70," said Aengus Kelly, Chief Executive Officer of AerCap.

Highlights:

• Returned $1 billion to shareholders through the repurchase of 8.2 million shares at an average price of $119.95 per share during the third quarter of 2025, taking total share repurchases to $2 billion for 2025 year-to-date.
• New $750 million share repurchase program announced during the third quarter of 2025.
• Return on equity of 27% and adjusted return on equity of 19% for the third quarter of 2025.
• $1.5 billion of sales in the third quarter with a record gain-on-sale of $332 million and an unlevered gain-on-sale margin of 28% for assets sold in the third quarter of 2025, or 2.0x book value on an equity basis.
• In October 2025, completed purchase agreement with Airbus for 52 A320neo Family aircraft and 45 options.
• Book value per share of $109.22 as of September 30, 2025, an increase of approximately 20% from September 30, 2024.
• Received certification on the new Boeing 777-300ERSF Passenger-to-Freighter converted aircraft and delivered the first four aircraft to the launch operator of this type, Kalitta Air.
• Cash flow from operating activities of $1.5 billion for the third quarter of 2025.
• Adjusted debt/equity ratio of 2.1 to 1 as of September 30, 2025.
• Insurance, interest and other recoveries of $475 million related to the Ukraine Conflict for the third quarter of 2025, taking total recoveries since 2023 to $2.9 billion.

Revenue and Net Spread

		Three Months Ended September 30,						Nine Months Ended September 30,
		2025		2024		% increase/ (decrease)		2025		2024		% increase/ (decrease)
		(U.S. Dollars in millions)						(U.S. Dollars in millions)
Lease revenue:
Basic lease rents		$1,690		$1,605		5 %		$4,992		$4,758		5 %
Maintenance rents and other receipts		204		161		26 %		465		521		(11 %)
Total lease revenue		1,894		1,767		7 %		5,457		5,279		3 %
Net gain on sale of assets		332		102		225 %		566		391		45 %
Other income		83		79		5 %		250		254		(2 %)
Total Revenues and other income		$2,309		$1,948		19 %		$6,272		$5,924		6 %

 

Basic lease rents were $1,690 million for the third quarter of 2025, compared with $1,605 million for the same period in 2024. Basic lease rents for the third quarter of 2025 were negatively impacted by $26 million of lease premium amortization.

Maintenance rents and other receipts were $204 million for the third quarter of 2025, compared with $161 million for the same period in 2024. Maintenance rents for the third quarter of 2025 were negatively impacted by $14 million as a result of maintenance rights assets that were amortized to revenue.

Net gain on sale of assets for the third quarter of 2025 was $332 million, relating to 32 assets sold for $1.5 billion, compared with $102 million for the same period in 2024, relating to 22 assets sold for $479 million.

Other income for the third quarter of 2025 was $83 million, compared with $79 million for the same period in 2024.

	Three Months Ended September 30,						Nine Months Ended September 30,
	2025		2024		% increase/ (decrease)		2025		2024		% increase/ (decrease)
	(U.S. Dollars in millions)						(U.S. Dollars in millions)
Basic lease rents	$1,690		$1,605		5 %		$4,992		$4,758		5 %
Adjusted for:
Amortization of lease premium/deficiency	26		31		(19 %)		78		97		(20 %)
Basic lease rents excluding amortization of lease premium/ deficiency	$1,715		$1,637		5 %		$5,070		$4,856		4 %
Interest expense	486		516		(6 %)		1,508		1,486		1 %
Adjusted for:
Mark-to-market of interest rate derivatives	(9)		(22)		(59 %)		(24)		(30)		(19 %)
Interest expense excluding mark-to-market of interest rate derivatives	477		494		(4 %)		1,483		1,456		2 %
Adjusted net interest margin (*)	$1,239		$1,142		8 %		$3,587		$3,400		6 %
Depreciation and amortization	(665)		(653)		2 %		(1,994)		(1,923)		4 %
Adjusted net interest margin, less depreciation and amortization	$573		$489		17 %		$1,593		$1,477		8 %
Average lease assets (*)	$61,694		$61,131		1 %		$61,926		$60,609		2 %
Annualized net spread (*)	8.0 %		7.5 %				7.7 %		7.5 %
Annualized net spread less depreciation and amortization (*)	3.7 %		3.2 %				3.4 %		3.2 %

(*) 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 $477 million for the third quarter of 2025, compared with $494 million for the same period in 2024. AerCap's average cost of debt was 4.0% for the third quarter of 2025 and 4.0% for the same period in 2024, excluding debt issuance costs, upfront fees and other impacts.

Recoveries Related to Ukraine Conflict

During the third quarter of 2025, we recognized recoveries of $475 million primarily related to cash insurance settlement proceeds and an interest award on the June 11, 2025 judgment from the London Commercial Court, in respect of assets lost in Russia in 2022.

Selling, General and Administrative Expenses

	Three Months Ended September 30,						Nine Months Ended September 30,
	2025		2024		% increase/ (decrease)		2025		2024		% increase/ (decrease)
	(U.S. Dollars in millions)						(U.S. Dollars in millions)
Selling, general and administrative expenses (excluding share-based compensation expenses)	$99		$97		2 %		$282		$284		(1 %)
Share-based compensation expenses	30		24		26 %		130		82		60 %
Selling, general and administrative expenses	$129		$121		7 %		$413		$366		13 %

 

Selling, general and administrative expenses were $129 million for the third quarter of 2025, compared with $121 million for the same period in 2024.

Other Expenses

Leasing expenses were $93 million for the third quarter of 2025, compared with $275 million for the same period in 2024. The decrease was primarily due to a $140 million credit loss provision taken in the third quarter of 2024. Leasing expenses for the third quarter of 2025 were negatively impacted by $22 million of maintenance rights amortization.

Effective Tax Rate

AerCap's effective tax rate was 14.5% for the third quarter of 2025, compared to an effective tax rate of 15.5% for the third quarter of 2024. The effective tax rate is impacted by the source and amount of earnings among our different tax jurisdictions as well as the amount of permanent tax differences relative to pre-tax income or loss, and certain other discrete items.

Book Value Per Share

		September 30, 2025		September 30, 2024
		(U.S. Dollars in millions, except share and per share data)
Total AerCap Holdings N.V. shareholders' equity		$18,149		$16,752
Ordinary shares outstanding		170,211,910		189,731,024
Unvested restricted stock		(4,046,913)		(4,948,175)
Ordinary shares outstanding (excl. unvested restricted stock)		166,164,997		184,782,849
Book value per ordinary share outstanding (excl. unvested restricted stock)		$109.22		$90.66
Cumulative dividends declared per ordinary share		$1.56		$0.50

 

Financial Position 

		September 30, 2025		December 31, 2024		% increase/ (decrease) over December 31, 2024
		(U.S. Dollars in millions)
Total cash, cash equivalents and restricted cash		$1,912		$1,402		36 %
Total assets		71,938		71,442		1 %
Debt		44,029		45,295		(3 %)
Total liabilities		53,789		54,257		(1 %)
Total AerCap Holdings N.V. shareholders' equity		18,149		17,185		6 %

 

Flight Equipment 

As of September 30, 2025, AerCap's portfolio consisted of 3,536 aircraft, engines and helicopters that were owned, on order or managed. The average age of the company's owned aircraft fleet as of September 30, 2025 was 7.8 years (5.3 years for new technology aircraft, 15.7 years for current technology aircraft) and the average remaining contracted lease term was 7.1 years.

Dividend

In October 2025, AerCap's Board of Directors declared a quarterly cash dividend of $0.27 per share, with a payment date of December 4, 2025, to shareholders of record of AerCap ordinary shares as of the close of business on November 12, 2025.

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 U.S. GAAP financial measures. Non-GAAP measures and metrics are not uniformly defined by all companies, including those in our industry, and so this additional information may not be comparable with similarly-titled measures and metrics and disclosures by other companies.

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 September 30, 2025				Nine Months Ended September 30, 2025
		Net income		Earnings per share		Net income		Earnings per share
		(U.S. Dollars in millions, except per share data)
Net income / earnings per share		$1,216		$6.98		$3,118		$17.43
Adjusted for:
Net recoveries related to Ukraine Conflict		(475)		(2.73)		(1,448)		(8.09)
Amortization of maintenance rights and lease premium    assets recognized under purchase accounting (*)		62		0.36		187		1.05
Income tax effect of above adjustments		62		0.36		189		1.06
Adjusted net income / earnings per share		$865		$4.97		$2,047		$11.44
Average AerCap Holdings N.V. shareholders' equity		$18,048				$17,618
Return on equity		27 %				24 %
Adjusted return on equity		19 %				15 %

(*) Includes $26 million adjustment to basic lease rents, $14 million adjustment to maintenance revenues and $22 million adjustment to leasing expenses for the three months ended September 30, 2025 and $78 million adjustment to basic lease rents, $51 million adjustment to maintenance revenues and $58 million adjustment to leasing expenses for the nine months ended September 30, 2025

 

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 / Earnings per Share
		(U.S. Dollars in billions, except per share data)
Net income		$3.4
Amortization of maintenance rights and lease premium assets recognized under purchase accounting		0.3
Net recoveries related to Ukraine Conflict		(1.4)
Income tax effect of above adjustments		0.2
Adjusted net income		$2.4
Adjusted earnings per share		~$13.70

 

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 50% equity credit to reflect the equity nature of those financing arrangements and to provide information that is consistent with definitions under certain of our debt covenants. We believe this measure may further assist investors in their understanding of our capital structure and leverage.

		September 30, 2025		December 31, 2024
	(U.S. Dollars in millions, except debt/equity ratio)
Debt		$44,029		$45,295
Adjusted for:
Unrestricted cash and cash equivalents		(1,814)		(1,209)
50% equity credit for long-term subordinated debt		(1,125)		(1,125)
Adjusted debt		$41,089		$42,960
Equity		$18,149		$17,185
Adjusted for:
50% equity credit for long-term subordinated debt		1,125		1,125
Adjusted equity		$19,274		$18,310
Adjusted debt/equity ratio		2.13 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 September 30,
		2025		2024
	(U.S. Dollars in millions)
Interest expense		$486		$516
Adjusted for:
Mark-to-market on interest rate derivatives		(9)		(22)
Debt issuance costs, upfront fees and other impacts		(26)		(29)
Interest expense, excluding mark-to-market on interest rate derivatives, debt issuance costs, upfront fees and other impacts		$450		$466
Average debt balance		$44,873		$46,937
Average cost of debt		4.0 %		4.0 %

 

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 2025 results, management will host a conference call with members of the investment community today, Wednesday, October 29, 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 (U.S./Canada) +1 646 769 9200 or (International) +353 1 553 8798 and referencing code 3828911 at least 5 minutes before start time.

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 Dublin with offices in Shannon, Memphis, Miami, 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 continued impacts 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; the impact of hostilities in the Middle East, or any escalation thereof, on the aviation industry or our business; trade tensions, including 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.

	AerCap Holdings N.V.
	Unaudited Consolidated Balance Sheets
	(U.S. Dollars in thousands, except share data)
			September 30, 2025		December 31, 2024
	Assets
	Cash and cash equivalents		$1,814,283		$1,209,226
	Restricted cash		98,167		192,356
	Trade receivables		62,366		68,073
	Flight equipment held for operating leases, net		58,190,817		58,575,672
	Investment in finance leases, net		1,670,431		1,208,585
	Flight equipment held for sale		562,015		466,173
	Maintenance rights and lease premium, net		1,765,787		2,129,993
	Prepayments on flight equipment		4,063,932		3,460,296
	Other intangibles, net		123,258		139,666
	Deferred tax assets		262,150		261,004
	Associated companies		1,233,913		1,128,894
	Other assets		2,091,176		2,602,038
	Total Assets		$71,938,295		$71,441,976
	Liabilities and Equity
	Accounts payable, accrued expenses and other liabilities		$1,900,978		$1,774,827
	Accrued maintenance liability		3,488,958		3,327,347
	Lessee deposit liability		1,154,384		1,092,585
	Debt		44,028,771		45,294,511
	Deferred tax liabilities		3,215,760		2,767,874
	Total Liabilities		53,788,851		54,257,144
	Ordinary share capital, €0.01 par value, 450,000,000 ordinary shares authorized as of September 30, 2025 and December   31, 2024; 186,043,739 and 204,543,739 ordinary shares issued and 170,211,910 and 186,783,225 ordinary shares   outstanding (including 4,046,913 and 5,072,382 shares of unvested restricted stock) as of September 30, 2025 and   December 31, 2024, respectively		2,349		2,558
	Additional paid-in capital		4,187,736		5,809,276
	Treasury shares, at cost (15,831,829 and 17,760,514 ordinary shares as of September 30, 2025 and December 31, 2024,   respectively)		(1,717,510)		(1,425,652)
	Accumulated other comprehensive (loss) income		(54,014)		42,683
	Accumulated retained earnings		15,730,682		12,755,758
	Total AerCap Holdings N.V. shareholders' equity		18,149,243		17,184,623
	Non-controlling interest		201		209
	Total Equity		18,149,444		17,184,832
	Total Liabilities and Equity		$71,938,295		$71,441,976

 

	AerCap Holdings N.V.
	Unaudited Consolidated Income Statements
	(U.S. Dollars in thousands, except share and per share data)
			Three Months Ended September 30,				Nine Months Ended September 30,
			2025		2024		2025		2024
	Revenues and other income
	Lease revenue:
	Basic lease rents		$1,689,930		$1,605,340		$4,991,660		$4,758,497
	Maintenance rents and other receipts		203,589		161,376		465,049		520,872
	Total lease revenue		1,893,519		1,766,716		5,456,709		5,279,369
	Net gain on sale of assets		332,019		102,135		566,035		391,174
	Other income		83,033		79,278		249,611		253,819
	Total Revenues and other income		2,308,571		1,948,129		6,272,355		5,924,362
	Expenses
	Depreciation and amortization		665,479		652,994		1,994,146		1,922,891
	Net recoveries related to Ukraine Conflict		(474,879)		(3,934)		(1,447,701)		(26,683)
	Asset impairment		41,726		2,446		47,335		32,802
	Interest expense		485,915		516,265		1,507,641		1,486,062
	Loss on debt extinguishment		658		462		2,640		7,482
	Leasing expenses		92,547		274,833		267,831		596,238
	Selling, general and administrative expenses		128,887		121,307		412,818		365,932
	Total Expenses		940,333		1,564,373		2,784,710		4,384,724
	(Loss) gain on investments at fair value		(1,734)		8,252		(25,662)		3,568
	Income before income taxes and income of investments
	accounted for under the equity method		1,366,504		392,008		3,461,983		1,543,206
	Income tax expense		(198,246)		(60,742)		(477,585)		(231,197)
	Equity in net earnings of investments accounted for under the equity method		47,480		43,763		133,410		115,397
	Net income		$1,215,738		$375,029		$3,117,808		$1,427,406
	Net loss attributable to non-controlling interest		9		5		8		8
	Net income attributable to AerCap Holdings N.V.		$1,215,747		$375,034		$3,117,816		$1,427,414
	Basic earnings per share		$7.09		$2.00		$17.82		$7.44
	Diluted earnings per share		$6.98		$1.95		$17.43		$7.27
	Weighted average shares outstanding - basic		171,483,556		187,510,161		174,959,115		191,917,111
	Weighted average shares outstanding - diluted		174,066,926		191,886,520		178,853,682		196,309,483

 

	AerCap Holdings N.V.
	Unaudited Consolidated Statements of Cash Flows
	(U.S. Dollars in thousands)
			Nine Months Ended September 30,
			2025		2024
	Net income		$3,117,808		$1,427,406
	Adjustments to reconcile net income to net cash provided by operating activities:
	Depreciation and amortization		1,994,146		1,922,891
	Net recoveries related to Ukraine Conflict		(1,447,701)		(26,683)
	Asset impairment		47,335		32,802
	Amortization of debt issuance costs, debt discount, debt premium and lease premium		132,702		171,287
	Maintenance rights write-off		109,137		260,107
	Maintenance liability release to income		(148,601)		(144,115)
	Net gain on sale of assets		(566,035)		(391,174)
	Deferred tax expense		462,329		184,588
	Share-based compensation		130,488		81,723
	Collections of finance leases		175,819		313,570
	Loss (gain) on investments at fair value		25,662		(3,568)
	Loss on debt extinguishment		2,640		7,482
	Other		(162,288)		140,207
	Changes in operating assets and liabilities:
	Trade receivables		9,662		9,232
	Other assets		294,544		189,281
	Accounts payable, accrued expenses and other liabilities		(5,032)		(22,729)
	Net cash provided by operating activities		4,172,615		4,152,307
	Purchase of flight equipment		(2,446,366)		(3,628,330)
	Proceeds from sale or disposal of assets		1,941,531		1,857,878
	Prepayments on flight equipment		(1,545,979)		(1,360,208)
	Cash proceeds from insurance claim and related settlements		1,288,479		3,933
	Other		14,134		61,718
	Net cash used in investing activities		(748,201)		(3,065,009)
	Issuance of debt		3,935,969		6,441,379
	Repayment of debt		(5,214,659)		(4,533,668)
	Debt issuance and extinguishment costs paid, net of debt premium received		(26,878)		(97,198)
	Maintenance payments received		725,250		695,568
	Maintenance payments returned		(176,779)		(212,668)
	Security deposits received		247,306		214,443
	Security deposits returned		(192,922)		(157,342)
	Repurchase of shares and tax withholdings on share-based compensation		(2,071,832)		(1,220,450)
	Dividends paid on ordinary shares		(141,781)		(89,806)
	Net cash (used in) provided by financing activities		(2,916,326)		1,040,258
	Net increase in cash, cash equivalents and restricted cash		508,088		2,127,556
	Effect of exchange rate changes		2,780		1,491
	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		$1,912,450		$3,954,513

 

 

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SOURCE AerCap Holdings N.V.

FAQ

What were AerCap's reported net income and EPS for Q3 2025 (AER)?

AerCap reported net income $1,216 million, or $6.98 per share, for Q3 2025.

What was AerCap's adjusted net income and adjusted EPS for Q3 2025 (AER)?

Adjusted net income was $865 million, or $4.97 adjusted EPS, for Q3 2025.

How did AerCap change its full‑year 2025 adjusted EPS guidance (AER)?

AerCap raised full‑year 2025 adjusted EPS guidance to approximately $13.70, excluding any further gains on sale.

How much did AerCap return to shareholders in Q3 2025 and year‑to‑date (AER)?

AerCap repurchased 8.2 million shares for $1 billion in Q3 2025, bringing 2025 year‑to‑date repurchases to $2 billion.

What were AerCap's Q3 2025 asset sale results and margins (AER)?

AerCap sold 32 assets for $1.5 billion in Q3 2025, producing a record $332 million gain on sale and a 28% unlevered gain‑on‑sale margin.

What Ukraine‑related recoveries did AerCap report in Q3 2025 (AER)?

AerCap recognized $475 million of insurance, interest and other recoveries in Q3 2025, totaling $2.9 billion in recoveries since 2023.

What is AerCap's book value per share as of Sept 30, 2025 (AER)?

Book value per ordinary share (excl. unvested restricted stock) was $109.22 as of Sept 30, 2025.