Avolon
Dublin-based aircraft lessor, privately held but publishing quarterly results for its bond investors.
Business at a glance
Dublin-based aircraft lessor, privately held but publishing quarterly results for its bond investors.
Footprint: 1,117 aircraft owned, managed and committed at 30 June 2026, including 503 commitments. In October 2026 Avolon announced orders for 250 new-technology Airbus and Boeing aircraft.
Latest figures
Source: Avolon Q2 2026 results (30 July 2026). US$. Q1 2026 net income was US$191m. In Q2 Avolon acquired 21 aircraft and sold 30, with 109 more agreed for sale.
Operating detail
30 September 2026 · update published 9 October
- Portfolio
- 1,092 aircraft owned, managed and committed; 138 airline customers in 62 countries.
- Order package
- 250 aircraft: 140 Boeing 737 MAX, 75 A320neo-family and 35 A330neo-family aircraft.
- Pro-forma scope
- 1,342 aircraft including that order package. The 9 October announcement stated that the orders required Bohai Leasing shareholder approval; this is not the quarter-end fleet total.
- Forward placements
- 89% of the committed fleet due within the following 24 months was placed.
- Q3 activity
- 10 aircraft acquired, 29 sold and 112 additional aircraft agreed for sale; 84 lease agreements, extensions and amendments.
- Funding
- US$1.5bn commercial-paper programme established and US$855m unsecured term loan closed.
Sources: Q3 2026 business and orders update.
Performance over time
Calendar years · year ended 31 December
Consolidated figures for Avolon in US$ million, from its quarterly and full-year results releases.
Lease revenue
Net income (reported)
Net income excl. Russia insurance settlements
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 |
|---|---|---|---|
| Lease revenueUS$m · Financials | 2,473 | 2,582 | 2,751 |
| Total revenueUS$m · Financials | — | 2,798 | 3,000 |
| Net income (reported)US$m · Financials | 339 | 608 | 591 |
| Net income excl. Russia insurance settlementsUS$m · company basis · Financials | 339 | 458 | 591 |
| Operating cash flowUS$m · Cash flow | — | 2,008 | 2,144 |
| Total assetsUS$m · 31 December · Balance sheet | 30,513 | 33,637 | 34,418 |
| Net debt to equitytimes · 31 December · Balance sheet | 2.2 | 2.1 | 2.4 |
What the numbers say
Net income excluding Russia-related insurance settlements rose from US$339m in 2023 to US$591m in 2025, a 74% increase, while lease revenue grew 11%. Reported 2024 net income (US$608m) included US$177m of settlement proceeds.
Growth continued in 2026: Q2 net income was up 45% to US$209m and twelve-month net income reached US$702m. Leverage edged up to 2.5x at 30 June 2026 as Avolon kept investing; it sold a record 95 aircraft in 2025.
Sources and comparability
- 2023 and 2024 figures are from the 2024 full-year release; 2025 from the 2025 full-year release, which shows 2024 net income on the basis excluding insurance settlements (US$458m).
- Total available liquidity is not shown as a row: the 2025 release restates 2024 liquidity (US$12,342m) on a different basis from the 2024 release (US$11,634m).
- The 2024 fleet total includes the Castlelake Aviation acquisition.
What drives the leasing business
The order for 250 new-technology aircraft announced in October 2026, and how it is financed as leverage reached 2.5x.
Aircraft sales: a record 95 in 2025 and 109 more agreed for sale at 30 June 2026.
Funding mix: unsecured debt rose to 79% of total debt at 30 June 2026 (77% at the end of 2025).
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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