AerCap (AER) Q2 2026 earnings summary

Executive summary

• Delivered strong Q2 2026 results with GAAP EPS of $4.59 and adjusted EPS of $5.14, raising full-year adjusted EPS guidance to $16.80, reflecting robust demand, disciplined capital deployment, and effective portfolio management.

• Achieved GAAP ROE of 16% and adjusted ROE of 18% for the quarter.

• Completed $1.4 billion in asset sales with a 20% gain-on-sale margin.

• Repurchased over $1.4 billion in shares in the first half of 2026, representing about 6% of outstanding shares.

• Placed an order for 15 Boeing 787 aircraft in July 2026, with deliveries from 2030 to 2033.

Financial highlights

• Q2 2026 net income was $726 million ($4.59 per share); adjusted net income was $811 million ($5.14 per share).

• Basic lease rents totaled $1.68 billion; maintenance revenues were $177 million.

• Net gain on sale of assets was $223 million, reflecting a 20% unlevered gain-on-sale margin and 1.7x book value on equity.

• Operating cash flow reached $1.5 billion for the quarter.

• Book value per share as of June 30, 2026, was $119.21, up 16% year-over-year.

Outlook and guidance

• Full-year 2026 adjusted EPS guidance raised to $16.80, not including additional gains on sale for the rest of the year.

• Asset sales for 2026 expected in the $4 billion–$5 billion range.

• Management expects continued strong demand for air travel and ongoing aircraft supply constraints to support long-term value.