AerCap Holdings N.V. (AER): Financial results for Q3 2026
AerCap Holdings N.V. (AER) furnished an SEC Form 6-K — earnings release. PRESS RELEASE For Investors: Adi Padva Head of Investor Relations InvestorRelations@aercap.com For Media: Gillian Culhane Head of Corporate Communications and Marketing gculhane@aercap.com AerCap Holdings N.V. Reports Another Record Quarter for the Third Quarter 2026 and Raises 2
How this was made
The 30-second read
Why it matters
The earnings beat and guidance raise provide fresh material for traders, potentially prompting buying interest.
Market read
First‑hand earnings release with raised guidance for a large‑cap leasing company, offering a clear trading catalyst.
What to watch
The guidance assumes stable demand despite higher airline fuel costs; a slowdown could pressure margins.
AerCap Holdings N.V. Reports Another Record Quarter for the Third Quarter 2026 and Raises 2026 Guidance
AerCap reported record adjusted net income of $1,009 million and raised full-year 2026 adjusted earnings per share guidance to approximately $20.70, supported by higher total revenues and other income, a 53% increase in nine-month gains on asset sales, $1.8 billion of quarterly operating cash flow, and substantial share repurchases.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Total Revenues and other income, three months ended September 30GAAP | $2.42B | – | 5 % |
| Total Revenues and other income, nine months ended September 30GAAP | $6.82B | – | 9 % |
| Basic lease rents, three months ended September 30GAAP | $1.70B | – | — |
| Maintenance rents and other receipts, three months ended September 30GAAP | $267M | – | 31 % |
| Total lease revenue, three months ended September 30GAAP | $1.97B | – | 4 % |
| Net gain on sale of assets, three months ended September 30GAAP | $353M | – | 6 % |
| Other income, three months ended September 30GAAP | $97M | – | 17 % |
| Adjusted net interest margin, three months ended September 30non-GAAP | $1.24B | – | — |
| Adjusted net interest margin less depreciation and amortization, three months ended September 30non-GAAP | $593M | – | 4 % |
| Annualized net spread, three months ended September 30non-GAAP | 8.1% | – | – |
| Annualized net spread less depreciation and amortization, three months ended September 30non-GAAP | 3.9% | – | – |
| Interest expense, three months ended September 30GAAP | $475M | – | (2 %) |
| Average cost of debt, three months ended September 30non-GAAP | 4.2 % | – | – |
| Depreciation and amortization, three months ended September 30GAAP | −$649M | – | (3 %) |
| Leasing expenses, three months ended September 30GAAP | $131M | – | – |
| Selling, general and administrative expenses, three months ended September 30GAAP | $125M | – | (3 %) |
| Income before income taxes and income of investments accounted for under the equity method, three months ended September 30GAAP | $998.2M | – | – |
| Net income, three months ended September 30GAAP | $948.8M | – | – |
| Diluted earnings per share, three months ended September 30GAAP | $6.17 | – | – |
| Adjusted net income, three months ended September 30non-GAAP | $1.01B | – | – |
| Adjusted earnings per share, three months ended September 30non-GAAP | $6.56 | – | – |
| Return on equity, three months ended September 30GAAP | 20% | – | – |
| Adjusted return on equity, three months ended September 30non-GAAP | 22% | – | – |
| Net income, nine months ended September 30GAAP | $2.49B | – | – |
| Diluted earnings per share, nine months ended September 30GAAP | $15.69 | – | – |
| Adjusted net income, nine months ended September 30non-GAAP | $2.71B | – | – |
| Adjusted earnings per share, nine months ended September 30non-GAAP | $17.06 | – | – |
| Effective tax rate, three months ended September 30GAAP | 12.3% | – | – |
| Cash flow from operating activities, three months ended September 30GAAP | $1.8B | – | – |
| Net cash provided by operating activities, nine months ended September 30GAAP | $4.72B | – | – |
Amounts quoted below without a unit are in millions, as in the filing’s tables. Per-share figures are as printed.
full-year 2026 outlook
- Tax rateapproximately 15%
- NoteAdjusted earnings per share (including 9M 2026 gains on sale): ~$20.70
- NoteNet income (including 9M 2026 gains on sale): $3.0 (U.S. Dollars in billions)
- NoteAdjusted net income (including 9M 2026 gains on sale): $3.2 (U.S. Dollars in billions)
- NoteAdjusted earnings per share guidance excludes any gains on sale in the fourth quarter of 2026.
Capital returns
- Repurchased 5.3 million shares for a total of approximately $783 million during the third quarter of 2026.
- Total share repurchases were over $2.2 billion for 2026, representing approximately 10% of outstanding shares as of December 31, 2025.
- New $1 billion share repurchase program announced during the third quarter of 2026.
- In October 2026, AerCap’s Board of Directors declared a quarterly cash dividend of $0.40 per share, with a payment date of December 3, 2026 to shareholders of record as of the close of business on November 11, 2026.
- Repurchase of shares and tax withholdings on share-based compensation, nine months ended September 30: $(2,257,157) (U.S. Dollars in thousands).
- Dividends paid on ordinary shares, nine months ended September 30: $(186,354) (U.S. Dollars in thousands).
What drove it
- Maintenance rents and other receipts were $267 million for the third quarter of 2026, compared with $204 million for the same period in 2025.
- Net gain on sale of assets was $353 million, relating to 70 owned assets sold for $1.1 billion.
- Asset sales produced an unlevered gain-on-sale margin of 45%, or 2.6x book value on an equity basis.
- The portfolio consisted of 3,482 aircraft, engines and helicopters that were owned, on order or managed as of September 30, 2026.
- The average remaining contracted lease term of the owned passenger aircraft fleet was 7.4 years as of September 30, 2026.
Concerns
- Higher fuel prices are impacting airline profitability.
- Leasing expenses were $131 million for the third quarter of 2026, compared with $93 million for the same period in 2025.
- The release identifies risks including the availability of capital, lessee payment performance, interest rates, commercial aviation demand, geopolitical conflicts, sanctions, tariffs, credit-rating downgrades and competitive pressures.
What to watch
- Fourth-quarter gains on sale are not included in full-year 2026 adjusted earnings per share guidance.
- The effective tax rate excluding discrete items is expected to be approximately 15% for the full year 2026.
- Execution of the new $1 billion share repurchase program.
- Commercial aviation supply-demand dynamics and the impact of higher fuel prices on airline profitability.
- Aircraft, engine and helicopter sales, including gains on sale and associated asset-sale margins.
Balance sheet and cash flow
- Total cash, cash equivalents and restricted cash as of September 30, 2026: $2,653 million, compared with $1,480 million as of December 31, 2025.
- Debt as of September 30, 2026: $43,272 million, compared with $43,565 million as of December 31, 2025.
- Total AerCap Holdings N.V. shareholders' equity as of September 30, 2026: $18,622 million, compared with $18,323 million as of December 31, 2025.
- Adjusted debt/equity ratio as of September 30, 2026: 2.0 to 1, compared with 2.1 to 1 as of December 31, 2025.
- Capex was $1.9 billion in the third quarter of 2026, including the purchase of 32 aircraft.
- Net cash used in investing activities, nine months ended September 30: $(1,279,132) (U.S. Dollars in thousands), compared with $(748,201) (U.S. Dollars in thousands).
- Net cash used in financing activities, nine months ended September 30: $(2,273,726) (U.S. Dollars in thousands), compared with $(2,916,326) (U.S. Dollars in thousands).
Analysis
AerCap reported $2,415 million of total revenues and other income for the third quarter of 2026, compared with $2,309 million in the prior-year period. Total lease revenue rose 4% to $1,965 million, with maintenance rents and other receipts increasing 31% to $267 million. Basic lease rents were $1,698 million, compared with $1,690 million, while net gain on sale of assets increased 6% to $353 million on 70 owned assets sold for $1.1 billion.
GAAP net income was $948,762 (U.S. Dollars in thousands), compared with $1,215,738 (U.S. Dollars in thousands), and diluted earnings per share were $6.17 versus $6.98. The prior-year period included $(474,879) (U.S. Dollars in thousands) of net recoveries related to the Ukraine Conflict, compared with none in the third quarter of 2026. Adjusted net income was a record $1,009 million and adjusted earnings per share were $6.56. GAAP return on equity was 20%, while adjusted return on equity was a record 22%.
Underlying spread measures improved modestly. Adjusted net interest margin was $1,242 million versus $1,239 million, and adjusted net interest margin less depreciation and amortization increased 4% to $593 million. Annualized net spread was 8.1%, compared with 8.0%, while annualized net spread less depreciation and amortization was 3.9%, compared with 3.7%. Interest expense excluding mark-to-market of interest rate derivatives was $479 million, compared with $477 million, and average cost of debt increased to 4.2 % from 4.0 %.
Capital allocation remained active. AerCap generated $1.8 billion of cash flow from operating activities during the quarter, deployed $1.9 billion of capex including 32 aircraft, and repurchased 5.3 million shares for approximately $783 million. The company also announced a new $1 billion share repurchase program. As of September 30, 2026, total cash, cash equivalents and restricted cash were $2,653 million, debt was $43,272 million, and the adjusted debt/equity ratio was 2.0 to 1.
Management raised full-year 2026 adjusted earnings per share guidance to approximately $20.70, including gains on sale in the first nine months of 2026 but excluding any fourth-quarter gains on sale. The projected full-year adjusted net income is $3.2 (U.S. Dollars in billions), including 9M 2026 gains on sale. Management cited continued demand for high-quality aviation assets and favorable commercial-aviation supply-demand dynamics, while also noting that higher fuel prices are affecting airline profitability.
Management, verbatim
AerCap delivered another quarter of record results and raised guidance, reflecting the power of our platform and the continued demand for high-quality aviation assets.
Aengus Kelly, Chief Executive Officer of AerCap
While higher fuel prices are impacting airline profitability, the fundamental supply-demand dynamics in commercial aviation remain favorable for AerCap.
Aengus Kelly, Chief Executive Officer of AerCap
Not in the filing
stated, not guessed- Prior outlook was not provided, so comparison of actual results with prior guidance is unavailable.
- Gross margin was not reported.
- Operating income was not reported.
- Free cash flow was not reported.
- Revenue, gross margin and operating-expense guidance were not reported.
- Reportable segment revenue was not reported.
AlphAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
AerCap, the world’s largest aircraft leasing company, filed a Form 6‑K reporting Q3 2026 results and an updated FY guidance.
Ticker impact
AerCap raised its full‑year 2026 adjusted earnings guidance to approximately $20.70 per share.
likely upward pressure as investors price in higher earnings expectations
The company reported record Q3 results and increased FY guidance, a material new data point for a large‑cap issuer.
Market effects
Higher guidance may boost sentiment in the aviation‑leasing sector and related aircraft manufacturers.
Positive for European and U.S. transport‑finance markets where AerCap has significant exposure.
Adds to broader optimism in capital‑intensive asset‑leasing industries.
Counterpoint
If fuel price volatility persists, the raised guidance could be overly optimistic.
Key entities
- companyAerCap Holdings N.V.
Global aircraft leasing firm listed on NYSE under ticker AER.
