Aircastle (Aircastle) Q1 2026 earnings summary

Executive summary

• Reported Q1 2025 net income of $49.3 million on total revenues of $260 million, reflecting strong operational performance and global demand.

• Maintained a diversified fleet of 272 aircraft with a net book value of $8.1 billion, leased to 78 customers in 47 countries, with a weighted average age of 8.9 years and over 99% utilization.

• Acquired 12 aircraft for $465 million, 71% of which were new technology models, and sold 14 older aircraft for $227 million, realizing $30 million in gains.

• Adjusted EBITDA rose 25% year-over-year to $232 million; lease revenue increased 13% from Q1 2024.

• Demonstrated robust liquidity and conservative debt management, supported by major institutional shareholders.

Financial highlights

• Total revenue for Q1 2025 was $260 million, up from $205 million in Q1 2024.

• Net income increased to $49.3 million from $16.1 million year-over-year.

• Adjusted EBITDA was $232 million, up from $186 million in the prior year.

• Lease rental revenue grew 13% year-over-year to $183 million.

• Net sale proceeds from aircraft sales: $227 million, with $30 million in gains.

Outlook and guidance

• Aviation market expected to sustain growth in 2025 despite geopolitical and economic uncertainties, with global air travel demand projected to grow at a 3% annual rate.

• Supply shortages for new aircraft are projected to extend into the 2030s, supporting continued profitability in aircraft sales.

• Demand growth remains positive in most regions, though global traffic growth forecast was revised from 8% to 6%.

• Management remains confident in liquidity and the ability to profitably grow the fleet, despite market volatility.