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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
AerCap
AerCap (AER) investor relations material
AerCap Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary28 Oct, 2026
Executive summary
Record Q3 adjusted EPS of $6.56 and adjusted ROE of 22%; FY2026 adjusted EPS guidance rose to ~$20.70 before additional Q4 gains on sale.
GAAP net income was $949M, or $6.17 per diluted share; adjusted net income reached a record $1.009B.
Strong demand for aviation assets amid constrained supply; the order book was fully placed through 2027 and 80% placed through 2028.
Financial highlights
Q3 revenue and other income increased 5% YoY to $2.415B; lease revenue rose 4% to $1.965B.
Basic lease rents were $1.698B; maintenance rents and other receipts were $267M before purchase-accounting adjustments, with $184M net maintenance contribution.
Net gains on asset sales were $353M; 70 owned assets generated $1.1B in proceeds at a 45% unlevered gain-on-sale margin and 2.6x book value on an equity basis.
Operating cash flow was $1.8B; capex was $1.9B, including purchases of 32 aircraft.
Other income was $97M; interest expense was $475M and leasing expenses were $131M.
Outlook and guidance
FY2026 adjusted EPS guidance rose to ~$20.70, including gains on sale through 9M and excluding additional Q4 gains.
FY2026 asset sales are expected to exceed $5B; typical guidance is $2.5B–$3B, with future levels dependent on opportunities and market conditions.
9M guidance outperformance included $866M of gains on sale, $453M net maintenance contribution and $266M other income; projected FY2026 net income was $3.0B.
Net maintenance contribution is expected to normalize to ~$50M per quarter in 2027; FY2026 effective tax rate is expected to be ~15%, excluding discrete items.
Q3 net spread was 8.1%; it is expected to stay near current levels for the next couple of quarters, then gradually rise.
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Latest events from AerCap
- Raised 2026 adjusted EPS guidance to $16.80 after strong Q2 results and major asset sales.AER
Q2 2026 - Record Q1 2026 earnings, raised EPS guidance, and $1B buyback amid strong asset demand.AERQ1 2026
- Achieved 76% new technology assets and top ESG ratings while fully offsetting operational emissions.AERCorporate Responsibility presentation
- Record 2025 earnings, strong asset sales, and positive 2026 EPS guidance.AERQ4 2025
- Record Q2 net income, $1B insurance award, and raised EPS guidance reflect strong demand.AERQ2 2025
- Q2 adjusted EPS rose to $3.01, 2024 guidance increased, and credit ratings were upgraded.AERQ2 2024
- Q3 2024 adjusted net income was $463M and EPS guidance was raised to $10.70.AERQ3 2024
- Strong Q1, raised EPS guidance, and $500M buyback highlight robust financial performance.AERQ1 2025
- Record earnings, robust asset demand, and $1B buyback drive strong 2025 outlook.AERQ4 2024
Next AerCap earnings date
Q4 20265 Feb, 2027
AerCap
Next AerCap earnings date
Q4 20265 Feb, 2027
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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.