DUBLIN – October 29, 2026 -- AerCap Holdings N.V. (NYSE: AER) reported record adjusted net income of $1,009 million, or $6.56 per share, for the third quarter of 2026 and raised full-year adjusted earnings per share guidance to approximately $20.70, before any fourth-quarter gains on sale.
GAAP net income was $949 million, or $6.17 per share. GAAP return on equity reached 20%, while adjusted return on equity hit a record 22%. Operating cash flow totaled $1.8 billion.
AerCap sells 70 assets for $1.1 billion at a 45% gain-on-sale margin
Net gain on sale of assets rose to $353 million from $332 million a year earlier. The company sold 70 owned assets for $1.1 billion, against 32 assets for $1.5 billion in the third quarter of 2025. The unlevered gain-on-sale margin was 45%, or 2.6x book value on an equity basis.
Capex was $1.9 billion, including the purchase of 32 aircraft.
Buybacks top $2.2 billion year-to-date as board adds a new $1 billion program
AerCap repurchased 5.3 million shares for about $783 million in the quarter. Total 2026 repurchases now exceed $2.2 billion, equal to roughly 10% of shares outstanding at December 31, 2025. The company also announced a new $1 billion repurchase program.
The board declared a quarterly dividend of $0.40 per share, payable December 3, 2026 to shareholders of record on November 11, 2026.
Maintenance rents climb 31% while basic lease rents stay flat at $1,698 million
Basic lease rents were $1,698 million, against $1,690 million a year earlier, and included $23 million of lease premium amortization. Maintenance rents and other receipts rose to $267 million from $204 million, with $35 million of maintenance rights asset amortization. Other income increased to $97 million from $83 million.
Leasing expenses climbed to $131 million from $93 million, including $14 million of maintenance rights amortization. Selling, general and administrative expenses fell to $125 million from $129 million.
Average cost of debt rises to 4.2% as leverage holds at 2.0 to 1
Interest expense, excluding mark-to-market of interest rate derivatives, was $479 million, against $477 million a year earlier. Average cost of debt increased to 4.2% from 4.0%. The adjusted debt/equity ratio stood at 2.0 to 1 as of September 30, 2026, and all three major rating agencies rate AerCap BBB+/Baa1.
The effective tax rate fell to 12.3% from 14.5%. Excluding discrete items, AerCap expects a full-year 2026 rate of about 15%.
CEO Kelly says fuel costs hit airline profitability but supply-demand balance stays favorable
CEO Aengus Kelly acknowledged that higher fuel prices are weighing on airline profitability. He said "the fundamental supply-demand dynamics in commercial aviation remain favorable for AerCap." He credited the company's global scale, information advantages, customer relationships and ownership of engines and next-generation aircraft.
As of September 30, 2026, the portfolio comprised 3,482 aircraft, engines and helicopters owned, on order or managed. The owned passenger fleet averages 7.3 years in age: 5.5 years for new technology aircraft and 15.7 years for current technology aircraft. Average remaining contracted lease term is 7.4 years.