Aircastle (Aircastle) Q2 2026 earnings summary

Executive summary

• Reported net income of $57 million and total revenues of $228 million for Q2 2025, with a 17% year-over-year increase in lease rental revenue.

• Acquired 11 aircraft for $503 million in Q2 2025, with nearly $1 billion in acquisitions year-to-date and 50% of fleet net book value in new technology aircraft.

• Fleet consists of 278 owned and managed aircraft, serving 75 lessees in 46 countries, with 100% utilization as of August 31, 2025.

• Recognized $56 million in insurance settlements related to Russia-based aircraft and realized $24 million in gains from equipment sales.

• 92% of the fleet is narrow-body passenger aircraft, with 50% classified as new-technology by net book value.

Financial highlights

• Lease rental revenues increased 17% year-over-year to $190 million in Q2 2025.

• Net income for Q2 2025 was $57 million, compared to $29 million in Q2 2024.

• Adjusted EBITDA for Q2 2025 reached $262 million.

• Sold four aircraft for $73 million, realizing $24 million in gains.

• Operating costs rose 26% due to impairments from customers filing Chapter 11.

Outlook and guidance

• Strong demand for air travel and favorable conditions for lessors expected to continue, with narrow-body production shortages likely to persist for several years.

• Positive momentum anticipated for the second half of the year, with a robust pipeline of acquisitions and sales.

• The global commercial fleet is expected to double over the next decades, driving demand for financing.

• Commitments to purchase 20 aircraft for $1.0 billion with deliveries through December 2027.

• No off-lease aircraft as of October 1, 2025; only 3 aircraft with leases expiring in fiscal 2025, representing less than 1% of Net Book Value.