DUBLIN – October 31, 2026 -- AerCap Holdings N.V. (NYSE: AER) raised its full-year 2026 adjusted earnings per share guidance to approximately $20.70, before any fourth-quarter gains on sale, after reporting record third-quarter adjusted net income of $1,009 million, or $6.56 per share. GAAP net income was $949 million, or $6.17 per share.
AerCap posts 22% adjusted return on equity on $353 million in sales gains
GAAP return on equity reached 20% and adjusted return on equity hit a record 22%. Operating cash flow totaled $1.8 billion.
The lessor sold 70 owned assets for $1.1 billion, booking $353 million in gains. That compares with $332 million of gains on 32 assets sold for $1.5 billion a year earlier. The unlevered gain-on-sale margin was 45%, or 2.6x book value on an equity basis.
Maintenance rents climb to $267 million as basic lease rents stay flat
Basic lease rents were $1,698 million, against $1,690 million in the third quarter of 2025, and included $23 million of lease premium amortization. Maintenance rents and other receipts rose to $267 million from $204 million, including $35 million of maintenance rights asset amortization. Other income increased to $97 million from $83 million.
Leasing expenses rose to $131 million from $93 million and included $14 million of maintenance rights amortization. Selling, general and administrative expenses fell to $125 million from $129 million.
Buybacks reach $2.2 billion for 2026 as AerCap adds a $1 billion program
AerCap repurchased 5.3 million shares for about $783 million in the quarter. Year-to-date repurchases exceed $2.2 billion, roughly 10% of shares outstanding at Dec. 31, 2025. The company announced a new $1 billion repurchase program during the quarter.
The board declared a quarterly cash dividend of $0.40 per share, payable Dec. 3 to shareholders of record as of Nov. 11.
Capex of $1.9 billion funds 32 aircraft purchases at a 4.2% cost of debt
Capital expenditure was $1.9 billion, including the purchase of 32 aircraft. Interest expense excluding mark-to-market of interest rate derivatives was $479 million, compared with $477 million a year earlier. Average cost of debt rose to 4.2% from 4.0%.
The adjusted debt/equity ratio stood at 2.0 to 1 as of Sept. 30. All three major rating agencies rate AerCap BBB+/Baa1.
The effective tax rate was 12.3%, down from 14.5%. AerCap expects about 15% for full-year 2026, excluding discrete items.
Portfolio of 3,482 assets carries 7.4 years of average remaining lease term
At Sept. 30, AerCap's portfolio comprised 3,482 aircraft, engines and helicopters owned, on order or managed. The owned passenger fleet averaged 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 was 7.4 years.
CEO Aengus Kelly acknowledged that higher fuel prices are hurting airline profitability, but said "the fundamental supply-demand dynamics in commercial aviation remain favorable for AerCap." He pointed to engines and next-generation aircraft as the most valuable assets in the portfolio.
The guidance includes gains on sale from the first nine months of 2026 but excludes any fourth-quarter gains. The figures are unaudited.