AerCap posts record FY2025 results as profits surge and dividend rises

AerCap Holdings N.V., the world’s largest aviation leasing company, has reported record financial results for the full year 2025, underpinned by strong performance across its core leasing, asset trading and capital return activities.

The Dublin-headquartered group posted net income of $3.8 billion for FY2025, equivalent to earnings per share (EPS) of $21.30, while fourth-quarter net income reached $633 million, or $3.79 per share. On an adjusted basis, which excludes certain items including Ukraine-related recoveries and purchase accounting amortisation, AerCap delivered adjusted net income of $2.7 billion for the year and $660 million for the fourth quarter.

Reflecting the company’s confidence in its outlook, AerCap also announced an increase in its quarterly dividend to $0.40 per share and reaffirmed its commitment to shareholder returns, following $2.6 billion returned in 2025 through share buybacks and dividends.

“We are pleased to announce another strong quarter for AerCap, completing a year of record net income and earnings per share. These results reflect a robust performance across all our business lines,” he said.

“During the year we sold $3.9 billion of assets for record gains on sale of $819 million. We reinvested in our core business by purchasing $5.4 billion of assets and added 103 aircraft firm orders and options to our order book, while returning $2.6 billion of capital to our shareholders.”

AerCap reported operating cash flow of $5.4 billion for the full year, with GAAP return on equity of 21%. Book value per share rose 19% year-on-year to $112.59 at the end of December 2025, highlighting continued balance sheet growth.

Asset trading was a major contributor to earnings, with $1.3 billion of sales in the fourth quarter alone, generating $253 million in gains. For the full year, asset sales totalled $3.9 billion, producing gains of $819 million. Lease revenues also increased, with full-year lease income up 5% to $7.4 billion, supported by steady demand across AerCap’s global airline customer base.

The company continued to strengthen its financial position, reducing total debt by 4% year-on-year to $43.6 billion and improving its adjusted debt-to-equity ratio to 2.11x. Insurance recoveries related to the Ukraine conflict totalled $1.5 billion in 2025, bringing cumulative recoveries since 2023 to around $3 billion.

AerCap ended the year with a portfolio of approximately 3,500 aircraft, engines and helicopters owned, managed or on order, with an average remaining lease term of just over seven years. The company added 103 aircraft, including options, to its order book during 2025 as it continued to invest in new-technology, fuel-efficient fleets.

Looking ahead, AerCap provided adjusted EPS guidance of $12.00 to $13.00 for FY2026, excluding gains on sale, signalling confidence in the underlying earnings power of the business.

“With our strong results in 2025 and our positive outlook for the future, in 2026 we will continue to look for opportunities to deploy capital attractively and create long-term value for our shareholders,” Kelly added.