Aircastle (Aircastle) Q3 2026 earnings summary

Executive summary

• Achieved Q3 2025 net income of $31 million on $236 million in revenue, with lease rental revenue up 22% year-over-year.

• Nine aircraft acquired in Q3 for $355 million, bringing year-to-date acquisitions to 32 aircraft for $1.3 billion; 20 aircraft sold year-to-date for $369 million in proceeds.

• Portfolio shifted toward new technology aircraft, now comprising 52% of net book value, with a weighted average fleet age of 8.6 years and utilization over 99%.

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

• Liquidity reached $2.6 billion as of January 1, 2026, including $1.8 billion in undrawn facilities and $100 million in unrestricted cash.

Financial highlights

• Lease rental revenues reached $193 million in Q3 2025, up 22% year-over-year; total nine-month revenue was $724 million, up from $615 million year-over-year.

• Net income for Q3 2025 was $31 million, up from $18 million in Q3 2024; nine-month net income was $137 million, more than double the prior year.

• Adjusted EBITDA for Q3 2025 was $221 million, up from $182 million in Q3 2024; nine-month adjusted EBITDA was $715 million.

• Operating costs increased 17% in Q3, driven by higher depreciation and interest expenses.

• Year-to-date sales proceeds reached $369 million, with $60 million in gains on asset sales.

Outlook and guidance

• Expectation to profitably grow in 2026, supported by strong demand for air travel and aircraft leasing, with deliveries expected to accelerate.

• Portfolio of primarily new technology and mid-life narrow-body aircraft is expected to remain attractive to customers.

• Conservative capital deployment and improved credit ratings position the company for continued growth.