Aircastle (Aircastle) Q2 2026 earnings summary

Executive summary

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

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

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

• Executed $56 million in insurance settlements and realized $24 million in gains from asset sales.

• Credit ratings were upgraded by S&P to BBB and Moody's to Baa2, reflecting improved profitability and liquidity.

Financial highlights

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

• Net income for Q2 2025 was $57 million, up from $28.7 million in the prior year quarter.

• Adjusted EBITDA for Q2 2025 reached $262 million.

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

• Operating costs increased due to impairments from customer bankruptcies.

Outlook and guidance

• Strong global air travel demand and favorable lessor conditions are expected to continue, with narrow-body production shortages supporting high aircraft values.

• Management anticipates positive momentum for the second half of the year, supported by a robust pipeline of acquisitions and sales.

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