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AerCap (AER) investor relations material
AerCap Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary29 Oct, 2025
Executive summary
Achieved record Q3 2025 GAAP net income of $1.2 billion ($6.98 per share) and adjusted net income of $865 million ($4.97 per share), driven by strong asset sales and $475 million in Ukraine-related recoveries.
Full-year 2025 adjusted EPS guidance raised to approximately $13.70, reflecting higher lease revenue, gains on sale, and the impact of the Spirit Airlines restructuring, excluding further gains on sale.
Returned $1 billion to shareholders via share repurchases in Q3, totaling over $2 billion year-to-date, and announced a new $750 million repurchase program.
Delivered first converted Boeing 777-300ER freighters and achieved 100% extension rate for widebody leases.
Signed agreement with Airbus for 52 A320neo Family aircraft and 45 options, negotiated at favorable terms.
Financial highlights
Net gain on sale of assets was $332 million, representing a 28% unlevered margin, with $1.5 billion in assets sold.
Net recoveries related to the Ukraine conflict totaled $475 million in Q3, bringing total recoveries since 2023 to $2.9 billion.
Operating cash flow was $1.5 billion for the quarter.
Book value per share increased to $109.22 as of September 30, 2025.
Lease yield and net spread reached 8%, the highest in five years.
Outlook and guidance
Full-year 2025 adjusted EPS guidance increased to ~$13.70, not including additional Q4 gains on sale, and includes expected engine shop visit costs and downtime from Spirit Airlines aircraft.
Guidance includes projected impact of Spirit and Fly Play bankruptcies.
Net spread expected to remain at current levels in coming quarters, with positive impact from new freighter deliveries and offset from Spirit-related downtime.
Positive outlook supported by strong leasing and sales environment and continued asset recoveries.
Widebody aircraft supply outlook?
Detail AerCap's engine business competitive edge.
Capital allocation strategy post-ALC bid.
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Frequently asked questions
Aviation Leasing Leader
AerCap is an Irish aviation leasing company with global operations. AerCap is a global leader in aircraft leasing and aviation finance. With its headquarters in Dublin, Ireland, the company operates a diversified portfolio of aviation assets, including helicopters, airplanes, engines, and more. The company provides leasing and financing solutions to airlines and other aircraft operators, offering a range of services from leasing new and used aircraft to the sale and management of aviation assets. The company is headquartered in Dublin, Ireland, and its shares are listed on the NYSE.
Two Industry-defining Acquisitions
AerCap can trace its roots back to one of the first-ever aircraft leasing companies Guinness Peat Aviation, which was founded in 1975. The company has a long and complicated history of M&A, as well as various restructurings, but AerCap got its current name in 2005 after debis AirFinance was acquired by Cerberus Capital. The company went public in 2006 and has made two industry-defining acquisitions since then. The first came in 2014 when AerCap acquired International Lease Finance Corporation from AIG, and the second came in 2021 when it acquired GE’s aviation leasing business GECAS. These two acquisitions firmly positioned AerCap as the largest aviation leasing company in the world.
Leasing Services
AerCap specializes in a range of services within the aviation sector, primarily focusing on aircraft leasing, financing, and asset management. The company owns and manages commercial aircraft, which it leases to airlines and other aircraft operators worldwide. This includes both new and used aircraft, spanning various models from leading manufacturers like Boeing and Airbus. In addition to leasing, AerCap provides aircraft owners with asset management services, overseeing the maintenance, insurance, and re-leasing of aircraft. The company also engages in sale and leaseback transactions, where airlines sell their aircraft to AerCap and then lease them back.
Why Airlines Lease Aircraft
Customers choose to lease aircraft primarily for financial flexibility, as it allows airlines to avoid the substantial upfront capital expenditure associated with purchasing aircraft outright. It provides the agility to adjust fleet size and composition in response to changing market demands and route dynamics. Additionally, leasing offers access to newer, more fuel-efficient aircraft models without long-term commitments, enabling airlines to have fleets that give them the largest competitive advantage possible.
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