Research · Sep 3, 2026
[AER] AerCap Thesis 2026: Record Earnings and Aircraft Demand Drive Shareholder Return
AerCap Holdings N.V. FY25 record year: revenue $8.19B (+2%); op income $4.25B (+3%); NI $3.75B (+79%); EPS $21.30 (+97%). Adjusted net income $2.7B / adj EPS $15.37. Sales volumes $3.9B with 189 assets sold at 27% gain-on-sale margin. Cash CapEx $6.1B. Operating cash flow $5.4B. Total $2.6B returned to shareholders FY25. Net debt/equity 2.1x. Credit rating upgraded. $1.5B Ukraine recoveries FY25 (cumulative $3B since 2023). 705 transactions executed. Engine business expanded with GE Aerospace (~100 engines on order). 777-300ER SF cargo conversion certified. Helicopter business 99% utilization, 71 lease agreements. FY26 guide: adj EPS $12-$13 (excludes gains on asset sales); $1B new buyback program; quarterly dividend raised to $0.40; cash CapEx ~$5.2B; asset sales $2-$3B; 15 cargo aircraft.