AerCap
The world’s largest aircraft lessor, based in Dublin and listed in New York, leasing aircraft, engines and helicopters to airlines and operators worldwide.
Business at a glance
The world’s largest aircraft lessor, based in Dublin and listed in New York, leasing aircraft, engines and helicopters to airlines and operators worldwide.
Footprint: 3,482 aircraft, engines and helicopters owned, managed or on order at 30 September 2026. At the end of 2025 it had 283 new aircraft, 35 new engines and 12 new helicopters on order.
Latest figures
Source: AerCap third-quarter 2026 earnings release (28 October 2026). US GAAP, unaudited, US$. In Q3 2026 AerCap sold 70 owned assets for US$1.1bn with a net gain of US$352.6m and bought 32 aircraft.
Fleet and order book
The headline portfolio includes aircraft, engines and helicopters. The interim report provides separate ownership and asset-type counts; aircraft-only detail appears below.
| Date | Owned, managed and on order | On order (new) | Source |
|---|---|---|---|
| 31 Dec 2023 | 3,452 | — | Q4 2023 release |
| 31 Dec 2025 | 3,500 | 283 aircraft · 35 engines · 12 helicopters | Q4 2025 release; Form 20-F |
| 30 Sep 2026 | 3,482 | 347 aircraft · 10 engines · 9 helicopters | Q3 2026 interim report |
Operating detail
30 September 2026 · interim report
- Owned aircraft
- 1,440, of which 1,394 were on lease and 46 off-lease.
- Managed aircraft
- 97; these are distinct from the owned fleet.
- Aircraft commitments
- 347 new aircraft, including 22 purchase-and-leaseback transactions, with deliveries scheduled through 2034.
- Passenger fleet age
- 7.3 years, weighted by net book value; remaining contracted lease term 7.4 years.
- Available liquidity
- US$17bn under the company’s definition, which includes expected asset-sale proceeds and other funding sources.
Sources: Q3 2026 interim report · Q3 2026 earnings release.
Performance over time
Calendar years · year ended 31 December
Consolidated US GAAP figures for AerCap Holdings N.V. in US$ million, from its quarterly earnings releases and Form 20-F.
Total revenues and other income
Net income attributable to AerCap
Adjusted debt/equity
Annualised net spread
Charts use annual results. Gaps indicate values the company does not publish on the same basis; the table shows the annual series.
Full-year history
Values as published by the company, in US$ million unless stated. Scroll horizontally on smaller screens.
| Indicator / unit | 2023 | 2024 | 2025 |
|---|---|---|---|
| Total revenues and other incomeUS$m · Financials | 7,580 | 7,997 | 8,517 |
| Basic lease rentsUS$m · Financials | 6,249 | 6,377 | 6,679 |
| Net gain on sale of assetsUS$m · Financials | 490 | 651 | 819 |
| Net income attributable to AerCapUS$m · Financials | 3,136 | 2,099 | 3,751 |
| Total assetsUS$m · 31 December · Balance sheet | 71,275 | 71,442 | 71,672 |
| Total debtUS$m · 31 December · Balance sheet | 46,484 | 45,295 | 43,565 |
| Total equityUS$m · 31 December · Balance sheet | 16,589 | 17,185 | 18,323 |
| Adjusted debt/equitytimes · company-defined · Balance sheet | 2.47 | 2.35 | 2.11 |
| Annualised net spread% · company-defined · Returns | 7.8 | 7.5 | 7.8 |
What the numbers say
Total revenues rose 12% between 2023 and 2025, to US$8,517m, and net income reached a record US$3,751m in 2025. Gains on asset sales grew every year, from US$490m to US$819m, reaching US$866m in the first nine months of 2026 alone.
Debt fell by almost US$3bn over the same period while equity grew, so adjusted leverage came down from 2.47x to 2.11x and reached 2.0x at 30 September 2026. Nine-month 2026 revenues were 9% higher than a year earlier; net income was lower than in 9M 2025.
Sources and comparability
- Net income includes items such as Russia-related recoveries in some years. AerCap’s company-defined adjusted net income was US$2,442m in 2023 and US$2,706m in 2025; it is not shown as a row because the 2024 figure is not in the releases used.
- 2023 figures are from the fourth-quarter 2023 release; 2024 and 2025 from the fourth-quarter 2025 release. All releases are unaudited; the audited figures are in Form 20-F.
- Adjusted debt/equity and net spread are AerCap’s own measures.
What drives the leasing business
Gains on sale: AerCap sold 70 owned assets in Q3 2026 alone, and net gains on sale rose from US$490m in 2023 to US$819m in 2025.
The net spread between lease yields and funding costs: 8.1% in the first nine months of 2026, against 7.7% a year earlier.
Aircraft delivery delays at Airbus and Boeing, which keep airlines looking for leased aircraft.
Source and method
This profile uses the company’s own published figures. Lessors report in different currencies, financial years and scopes (group, subsidiary or a parent’s leasing segment), and several publish profit measures that exclude Russia-related insurance recoveries. Each figure keeps the company’s own label; nothing is converted or annualised. Values that are not disclosed are left blank rather than estimated.
Read the latest official results ↗Next results date: earnings calendar.
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