AER · AerCap Holdings N.V.

AerCap delivered a record first quarter in 2026, with GAAP net income of $818 million ($4.96 diluted EPS) compared to $643 million ($3.48 diluted EPS) in the same period last year, a 27% increase. The strong performance was driven by a 4% increase in total lease revenue to $1.87 billion, a 64% surge in net gain on sale of assets to $291 million (from 41 assets sold for $1.5 billion), and a 7% reduction in interest expense to $467 million. The effective tax rate remained stable at 15.5%. On an adjusted basis, which excludes purchase accounting amortization of maintenance rights and lease premium, adjusted net income was $889 million ($5.39 diluted EPS). Management highlighted robust demand for aviation assets, an 87% lease extension rate, and 286 transactions closed during the quarter. The company raised its full-year 2026 adjusted EPS guidance to approximately $14.50, not including any additional gains on sale for the remainder of the year. Additionally, AerCap announced a new $1.0 billion share repurchase program through December 31, 2026, and declared a quarterly dividend of $0.40 per share. Book value per share grew 20% year-over-year to $116.67, and operating cash flow was $1.4 billion. The adjusted debt-to-equity ratio stood at 2.1x. These results reflect AerCap's strong operational execution and favorable market conditions.