Aircastle (Aircastle) Q4 2026 earnings summary

Executive summary

• Fiscal 2026 net income rose 57% to $194 million, the highest since 2018, with full-year revenues reaching $975 million, up from $821 million year-over-year.

• 46 aircraft acquired for $1.7 billion and 33 aircraft sold for $730 million, including the final Boeing 747 and 777; 51% of fleet NBV is now new technology.

• Ended FY2026 with 282 aircraft, $8.5 billion fleet NBV, and 76 lessees across 45 countries.

• Russia-related settlement proceeds of $71 million collected, with no material outstanding claims.

• Extended $500 million in revolving credit facilities and completed $500 million equity commitment by shareholders.

Financial highlights

• Q4 FY2026 revenue was $251 million, up from $206 million in Q4 FY2025; net income was $57 million.

• Full-year adjusted EBITDA was $945 million, up from $790 million year-over-year.

• Gains on aircraft sales totaled $96 million for FY2026.

• Lease rental revenues for Q4 rose 15% year-over-year to $194 million.

• Operating costs rose 12%, mainly due to higher depreciation and interest, offset by maintenance revenue.

Outlook and guidance

• Management expects continued profitability and growth in 2026, supported by strong liquidity and investment-grade ratings.

• Aircraft and engine shortages expected to persist, with demand outstripping supply into 2026.

• No significant impact seen on lease roll-offs or demand through 2027; advanced discussions underway for upcoming transitions.

• Heightened vigilance planned due to geopolitical risks and surging fuel costs impacting airlines.