AerCap Holdings (AER) Company Report

AerCap Holdings N.V. reported net income attributable to shareholders of $1,215,747 thousand and basic earnings per share of $7.09 for the three months ended September 30, 2025. For the nine months ended September 30, 2025, net income was $3,117,816 thousand and basic EPS was $17.82.
As of September 30, 2025, the company's total assets were $71,938,295 thousand, with total equity at $18,149,444 thousand and total debt at $44,028,771 thousand.
The company maintained a strong liquidity position as of September 30, 2025, with $1.8 billion in unrestricted cash and $11.2 billion in undrawn lines of credit, resulting in $16 billion in total available liquidity.
During the nine months ended September 30, 2025, AerCap repurchased shares totaling $1,983,367 thousand and cancelled 18,500,000 ordinary shares.
AerCap actively managed its debt profile, including co-issuing $1.5 billion in Senior Notes in January 2025 and $500 million in junior subordinated notes in April 2025, while also prepaying an $850 million unsecured term loan and redeeming $500 million in junior subordinated notes in June 2025.

Oct 29, 2025, 4:27 PM

6-K

AerCap Reports Strong Q3 2025 Results and Raises Full-Year Guidance

AER

Earnings

Guidance Update

Share Buyback

AerCap reported GAAP net income of $1.2 billion and EPS of $6.98, alongside adjusted net income of $865 million and a record adjusted EPS of $4.97 for Q3 2025.
The company increased its full-year 2025 adjusted EPS guidance to $13.70 and achieved record sales volumes of $1.5 billion with gains on sale of $332 million.
AerCap repurchased $1 billion of stock in Q3 2025, totaling over $2 billion year-to-date, and reported $475 million in net recoveries from the Ukraine conflict, contributing to a leverage ratio of 2.1 to 1.
The company acquired 52 Airbus A320neo family orders and 45 options from Spirit Airlines, with associated engine shop visit costs expected in Q4 2025, which are included in the updated guidance.

Oct 29, 2025, 12:30 PM

Transcript

AerCap Reports Strong Q3 2025 Results and Raises Full-Year Guidance

AER

Earnings

Guidance Update

Share Buyback

AerCap reported Q3 2025 GAAP net income of $1.2 billion and adjusted net income of $865 million, resulting in adjusted EPS of $4.97.
The company increased its full-year 2025 adjusted EPS guidance to $13.70.
AerCap executed $1 billion in share repurchases during Q3 2025, a record for open market purchases, bringing total buybacks for the year to over $2 billion.
The quarter saw $1.5 billion in asset sales, generating a record gain on sale of $332 million.
Net recoveries from the Ukraine conflict in Q3 2025 were $475 million, contributing to approximately $2.9 billion in total recoveries since 2023.

Oct 29, 2025, 12:30 PM

Transcript

AerCap Announces Record Q3 2025 Results and Raises Full-Year Guidance

AER

Earnings

Guidance Update

Share Buyback

AerCap reported record Q3 2025 GAAP EPS of $6.98 and Adjusted EPS of $4.97, with net income of $1,216 million and adjusted net income of $865 million.
The company raised its full-year 2025 Adjusted EPS guidance to ~$13.70, not including any additional Q4 2025 gains on sale.
AerCap returned $1 billion to shareholders in Q3 2025 through the repurchase of 8.2 million shares, and an additional $750 million was authorized for share repurchases.
Significant Q3 2025 activity included $1.5 billion in sales with a 28% gain-on-sale margin, $475 million in recoveries related to the Ukraine Conflict, and an agreement with Airbus for an order of 52 A320neo Family aircraft.
As of September 30, 2025, AerCap had ~$22 billion in sources of liquidity with a 2.1x sources-to-uses coverage for the next 12 months, and a Book Value Per Share of $109.22.

Oct 29, 2025, 12:30 PM

Presentation

AerCap Reports Strong Q3 2025 Results and Raises Full-Year EPS Guidance

AER

Earnings

Guidance Update

Share Buyback

AerCap reported Q3 2025 GAAP net income of $1.2 billion and adjusted EPS of $4.97, significantly boosted by $475 million in net recoveries related to the Ukraine conflict and $332 million in gains on asset sales.
The company raised its full-year 2025 adjusted EPS guidance to $13.70 and anticipates full-year sales to surpass $3 billion.
AerCap executed a record $981 million in share repurchases during Q3 2025, contributing to over $2 billion in buybacks year-to-date.
Strategic moves included the acquisition of Spirit Airlines' 52 Airbus A320neo family order book and 45 options, alongside maintaining high fleet utilization rates of over 99%.

Oct 29, 2025, 12:30 PM

Transcript

AerCap Holdings Reports Q3 2025 Financial Results and Raises EPS Guidance

AER

Earnings

Guidance Update

Share Buyback

AerCap Holdings reported net income of $1,216 million ($6.98 per share) and record adjusted net income of $865 million ($4.97 per share) for the third quarter of 2025.
The company raised its full-year 2025 adjusted earnings per share guidance to approximately $13.70.
$1 billion was returned to shareholders through share repurchases during Q3 2025, bringing the year-to-date total to $2 billion, and a new $750 million share repurchase program was announced.
Recoveries related to the Ukraine Conflict amounted to $475 million in Q3 2025, contributing to $2.9 billion in total recoveries since 2023.
Book value per share increased by approximately 20% from September 30, 2024, reaching $109.22 as of September 30, 2025.

Oct 29, 2025, 11:00 AM

Press Release

Spirit Airlines Secures DIP Financing and AerCap Lease Restructuring

AER

Legal Proceedings

Debt Issuance

Layoffs

Spirit Airlines has secured court approval for a $475 million debtor-in-possession (DIP) financing facility, with $200 million immediately available to support operations as part of its Chapter 11 restructuring efforts.
The airline also gained approval for a strategic agreement with AerCap Ireland Limited, its largest aircraft lessor, which includes a $150 million payment to Spirit, rejection of 27 aircraft leases, and is expected to reduce operating costs by hundreds of millions of dollars.
Spirit plans to significantly reduce its fleet by dropping 87 planes from its pre-Chapter 11 fleet of 214 Airbuses and is seeking $100 million in cost cuts from its pilots' union.
This Chapter 11 filing in August 2025 marks Spirit's second bankruptcy filing within a year, highlighting ongoing financial challenges.

Oct 10, 2025, 11:12 PM

CNBC

AerCap Holdings Reaches Agreement with Spirit Airlines on Lease Rejections

AER

Legal Proceedings

Demand Weakening

Spirit Airlines, which has filed for Chapter 11 bankruptcy twice, has reached an agreement with AerCap Holdings N.V. to reject leases on 27 aircraft.
Importantly, none of these 27 AerCap aircraft are included in asset-backed security (ABS) transactions rated by KBRA.
Spirit also plans to return an additional 87 aircraft, two of which are included in two KBRA-rated ABS transactions, but these are separate from AerCap's rejected leases.

Oct 8, 2025, 7:44 PM

Press Release

AerCap Announces Q3 2025 Business Transactions

AER

Share Buyback

Dividends

Legal Proceedings

AerCap signed 66 lease agreements, completed 35 purchases, and 45 sale transactions for various aircraft, engines, and helicopters during the third quarter of 2025.
The company received €203 million in cash insurance settlement proceeds and was awarded approximately $234 million of interest on a judgment related to assets lost in Russia in 2022.
AerCap repurchased approximately 8.2 million shares for a total of approximately $981 million at an average price of $119.95 per share, and declared a quarterly cash dividend of $0.27 per share.

Oct 3, 2025, 11:00 AM

Press Release

AerCap Subsidiaries Issue $1.2 Billion in Senior Notes

AER

Debt Issuance

AerCap Ireland Capital Designated Activity Company and AerCap Global Aviation Trust, wholly-owned subsidiaries of AerCap Holdings N.V., issued a total of $1.2 billion in senior notes on October 1, 2025.
The issuance comprises $600 million aggregate principal amount of 4.375% Senior Notes due 2030 and $600 million aggregate principal amount of 5.000% Senior Notes due 2035.
The notes are rated Baa1 / BBB+ / BBB+ by Moody's / S&P / Fitch, respectively.

Oct 1, 2025, 8:07 PM

6-K

Earnings Transcripts

Quarterly earnings call transcripts for AerCap Holdings.

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