AerCap reports record Q1 with $889m adjusted net income

AerCap Holdings N.V., one of the world’s largest aviation leasing companies, has reported record financial results for the first quarter of 2026, underpinned by strong demand for aircraft and continued supply constraints across the aviation sector.

The company posted net income of $818 million, or $4.96 per share, while adjusted net income reached a record $889 million, or $5.39 per share. Reflecting this performance, AerCap raised its full-year 2026 adjusted earnings per share guidance to approximately $14.50.

Chief Executive Officer Aengus Kelly said the results demonstrate the resilience of the aviation market despite geopolitical uncertainty.

“We are pleased to report another record quarter for AerCap,” Kelly said. “Despite recent geopolitical developments, demand for aviation assets remains robust, supported by sustained consumer demand for air travel and ongoing supply constraints.”

During the quarter, AerCap completed 286 transactions and achieved an 87% lease extension rate, highlighting continued demand for its fleet. The company generated $2.24 billion in total revenue and other income, up 8% year over year.

Net gains on asset sales rose sharply to $291 million, driven by the sale of 41 assets for $1.5 billion, compared with $177 million from 35 assets a year earlier.

Return on equity reached 18%, or 19% on an adjusted basis, while operating cash flow totalled $1.4 billion. Book value per share increased approximately 20% year over year to $116.67.

AerCap also maintained a stable capital structure, with an adjusted debt-to-equity ratio of 2.1 to 1 and an average cost of debt of 4.1%.

The company continued to invest in next-generation aircraft, adding 110 new Airbus A320neo family aircraft to its order book during the quarter, with deliveries scheduled from 2028.

In addition, AerCap signed lease agreements with CFM International for 48 LEAP-1A engines through its Shannon Engine Support joint venture.

As of March 31, 2026, AerCap’s portfolio comprised 3,569 owned, managed, or on-order aircraft, engines, and helicopters. Its owned passenger aircraft fleet had an average age of 7.4 years and an average remaining lease term of 7.1 years.

AerCap announced a new $1.0 billion share repurchase program, to be executed through the end of 2026, funded by cash on hand and operating cash flow.

This follows $745 million in share buybacks completed during the first quarter, representing 5.4 million shares repurchased.

The company also declared a quarterly dividend of $0.40 per share, payable in June.