Dublin – October 12, 2026 -- AerCap Holdings N.V. raised its full-year 2026 adjusted earnings per share guidance to approximately $16.80 after reporting second-quarter net income of $726 million, or $4.59 per share. Adjusted net income reached $811 million, or $5.14 per share. The guidance excludes any additional gains on sale for the rest of the year.
AerCap sells $1.4 billion of assets at a 20% unlevered gain margin
The lessor booked a net gain on sale of $223 million on 38 owned assets sold for $1.4 billion. A year earlier it recorded $57 million of gains on 18 assets sold for $374 million. The second-quarter sales equate to 1.7x book value on an equity basis.
Return on equity was 16% for the quarter, or 18% on an adjusted basis. Operating cash flow totaled $1.5 billion.
Lease income edges up while maintenance receipts rise to $177 million
Basic lease rents were $1,677 million, against $1,653 million in the second quarter of 2025, and included $26 million of lease premium amortization. Maintenance rents and other receipts climbed to $177 million from $115 million. Other income rose to $90 million from $62 million.
Interest expense, excluding mark-to-market of interest rate derivatives, fell to $471 million from $508 million. Average cost of debt was 4.2%, compared with 4.1% a year earlier. Selling, general and administrative expenses dropped to $129 million from $171 million.
Leasing expenses rose to $150 million from $95 million, including $67 million of maintenance rights amortization. The effective tax rate was 15.5%, compared with 12.2% in the prior-year quarter.
AerCap also recognized $28 million of Ukraine Conflict recoveries. The amount consists of cash insurance settlement proceeds from a Russian airline and its Russian insurer for two aircraft lost in Russia.
AerCap buys back $691 million of shares as capex hits $1.9 billion
The company repurchased 4.9 million shares for $691 million in the quarter, lifting 2026 year-to-date buybacks above $1.4 billion. Capex of $1.9 billion covered 25 aircraft, five engines and three helicopters.
The adjusted debt/equity ratio stood at 2.05 to 1 as of June 30, 2026. Book value per share was $119.21, up about 16% from June 30, 2025.
CEO Aengus Kelly attributed the guidance increase to sustained air travel demand, aircraft supply constraints and disciplined capital deployment, saying AerCap remains "confident" in long-term shareholder value.
AerCap orders 15 Boeing 787s for delivery from 2030 to 2033
The lessor placed the order in July 2026. As of June 30, its portfolio comprised 3,567 aircraft, engines and helicopters that were owned, on order or managed.
The owned passenger aircraft fleet averaged 7.4 years in age: 5.5 years for new technology aircraft and 15.6 years for current technology aircraft. Average remaining contracted lease term was 7.2 years.
The board declared a quarterly cash dividend of $0.40 per share, payable September 3, 2026, to shareholders of record as of August 12, 2026. The figures are unaudited.