If You Invested in Aercap Holdings N.V. (AER)

AerCap Holdings N.V. (NYSE: AER) is a global aviation leasing company that focuses on the leasing, financing, sale and management of commercial flight equipment. According to its public disclosures, AerCap operates a single business segment centered on commercial aircraft, engines and related flight equipment, and provides aircraft asset management and corporate services to securitization vehicles, joint ventures and other third parties. The company is based in Dublin, Ireland, and is listed on the New York Stock Exchange under the ticker AER.

AerCap describes itself as the global leader in aviation leasing, with one of the most attractive order books in the industry, and states that it serves approximately 300 customers around the world with fleet solutions. Its activities include signing lease agreements, purchasing and selling aircraft and engines, arranging financing transactions, and managing flight equipment portfolios for its own balance sheet and for managed platforms. AerCap’s disclosures indicate that its portfolio includes aircraft, engines and helicopters that are owned, on order or managed.

Business model and activities

Based on the company’s financial reports and press releases, AerCap’s core business model is built around:

• Leasing commercial flight equipment, including aircraft, engines and helicopters, under operating and finance lease arrangements.
• Financing and refinancing aircraft assets through capital markets transactions such as senior notes offerings and other debt instruments issued by subsidiaries and guaranteed by AerCap and certain other group entities.
• Buying and selling flight equipment, where it completes purchase transactions for new aircraft and engines and executes sale transactions for assets from its owned and managed portfolios.
• Providing asset management and corporate services to securitization vehicles, joint ventures and other third parties in connection with aircraft and engine portfolios.

The company’s income statement and segment disclosures emphasize lease revenue, net gains on sale of assets, and other income related to its aviation activities. AerCap also reports on maintenance-related items, leasing expenses, and asset impairments associated with its flight equipment.

Global footprint and customer base

In its press releases, AerCap notes that it serves approximately 300 customers around the world and provides fleet solutions across multiple regions. It is based in Dublin and reports having offices in Shannon, Memphis, Miami, Singapore, London, Dubai, Shanghai, Amsterdam and other locations around the world. The company’s geographic disclosures in earlier descriptions reference segments including the United Kingdom, the United States and other countries, reflecting the international nature of its operations.

Recent announcements highlight relationships with airlines and aviation counterparties in Europe, Asia, the Middle East and Africa. Examples include transactions with Virgin Atlantic, Thai Airways, My Freighter (and its passenger airline Centrum Air), Fly Meta and FlySafair. These transactions illustrate AerCap’s role in supporting fleet modernization, cargo network development and capacity expansion for passenger and cargo operators.

Flight equipment portfolio and transactions

AerCap’s interim financial report for the quarter ended September 30, 2025, states that its portfolio consisted of 3,536 aircraft, engines and helicopters that were owned, on order or managed as of that date. The company reports an average age for its owned aircraft fleet and an average remaining contracted lease term, underscoring its focus on long-term leasing relationships and fleet lifecycle management.

In a summary of major business transactions for the full year and fourth quarter of 2025, AerCap disclosed that it:

• Signed a large number of lease agreements for aircraft, engines and helicopters.
• Completed numerous purchase and sale transactions involving aircraft, engines and helicopters across its owned and managed portfolios.
• Executed financing transactions amounting to several billions of dollars.
• Engaged in share repurchase programs and declared quarterly cash dividends on its ordinary shares.

These activities demonstrate how AerCap manages its fleet, finances its assets and returns capital to shareholders, as described in its public filings and press releases.

Capital markets and financing

AerCap regularly accesses the capital markets through its wholly owned financing subsidiaries, such as AerCap Ireland Capital Designated Activity Company and AerCap Global Aviation Trust. Multiple Form 6-K filings describe offerings of senior notes with different maturities and coupon rates. The notes are fully and unconditionally guaranteed on a senior unsecured basis by AerCap Holdings N.V. and certain other subsidiaries, and the company states that net proceeds are intended for general corporate purposes, including acquiring, investing in, financing or refinancing aircraft assets and repaying indebtedness.

The company has an effective shelf registration statement on Form F-3 with the U.S. Securities and Exchange Commission, which it uses for these offerings. AerCap also reports on its debt levels, total assets, shareholders’ equity and adjusted debt/equity metrics in its interim financial statements.

Insurance recoveries and legal developments

AerCap’s recent filings describe significant insurance recoveries related to assets lost in Russia in 2022 following the invasion of Ukraine. The company has reported:

• Cash insurance settlement proceeds from Russian insurers in respect of aircraft formerly leased to Russian airlines, with related releases of claims against those insurers, airlines and their international reinsurers.
• A judgment from the Commercial Court in London under the “War and Allied Perils” coverage section of a contingent and possessed insurance policy, awarding AerCap an indemnity in respect of aircraft and engines lost in Russia, along with an interest award on that judgment.
• Total pre-tax recoveries relating to the Ukraine conflict reaching several billions of dollars since 2023, as disclosed in its 6-K filings and earnings materials.

These recoveries are presented in AerCap’s financial statements as net recoveries related to the Ukraine conflict and are discussed in the notes to its interim financial report.

Corporate actions and shareholder returns

AerCap’s board of directors has approved multiple share repurchase programs, authorizing repurchases of AerCap ordinary shares over specified periods. The company states that repurchases may be made through open market purchases or privately negotiated transactions, funded using cash on hand and cash generated from operations, and that such programs may be suspended or discontinued at any time.

In addition, AerCap has adopted a dividend policy and has declared quarterly cash dividends on its ordinary shares. Related Form 6-K filings discuss the tax treatment of these dividends under Irish and Dutch dividend withholding tax regimes and refer shareholders to the company’s annual report for further tax considerations.

Examples of recent commercial transactions

Press releases provide concrete examples of AerCap’s leasing and fleet solutions activities, including:

• Purchase and leaseback agreements with Virgin Atlantic for six new Airbus A330-900 aircraft from the airline’s orderbook, with deliveries scheduled over multiple years.
• Delivery of the first of ten new Airbus A321neo aircraft to Thai Airways under lease agreements, supporting the airline’s fleet modernization and efficiency objectives.
• Lease agreements with My Freighter, an Uzbekistan-based cargo airline that also operates passenger services as Centrum Air, for two new Airbus A321neo aircraft.
• AerCap Cargo’s delivery of the first Boeing 777-300ERSF converted aircraft to Fly Meta, underlining AerCap’s participation in widebody freighter conversions and cargo fleet solutions.
• Lease agreements with FlySafair for Boeing 737 MAX 8 and 737-800NG aircraft, announced at an international airshow.

These transactions illustrate how AerCap works with passenger and cargo airlines to support fleet renewal, capacity growth and network development, as described in its news releases.

Regulatory reporting and investor information

AerCap files annual reports on Form 20-F and interim reports on Form 6-K with the U.S. Securities and Exchange Commission. These filings include audited and unaudited financial statements, management’s discussion and analysis, risk factors, legal proceedings and other required disclosures. The company also issues press releases on earnings, major transactions, financing activities and corporate actions, and makes these materials available through the SEC’s EDGAR system and its own investor communications channels.