AerCap Holdings N.V.
For the period ended Sep 30, 2026. Filed Oct 28, 2026.
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Sep 30, 2026 · Filed Oct 28, 2026
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Contents
EX-99.2 · Forward-Looking Statements
Forward-Looking Statements
This press release contains certain statements, estimates and forecasts with respect to future performance and events. These statements, estimates and forecasts are “forward-looking statements”. In some cases, forward-looking statements can be identified by the use of forward-looking terminology such as “may,” “might,” “should,” “expect,” “plan,” “intend,” “will,” “aim,” “estimate,” “anticipate,” “believe,” “predict,” “potential” or “continue” or the negatives thereof or variations thereon or similar terminology. All statements other than statements of historical fact included in this press release are forward-looking statements and are based on various underlying assumptions and expectations and are subject to known and unknown risks, uncertainties and assumptions, and may include projections of our future financial performance based on our growth strategies and anticipated trends in our business. These statements are only predictions based on our current expectations and projections about future events. There are important factors that could cause our actual results, level of activity, performance or achievements to differ materially from the results, level of activity, performance or achievements expressed or implied in the forward-looking statements, including but not limited to the availability of capital to us and to our customers and changes in interest rates; the ability of our lessees and potential lessees to make lease payments to us; our ability to successfully negotiate flight equipment (which includes aircraft, engines and helicopters) purchases, sales and leases, to collect outstanding amounts due and to repossess flight equipment under defaulted leases, and to control costs and expenses; changes in the overall demand for commercial aviation leasing and aviation asset management services; the impact of the conflict in the Middle East, including the Iran conflict, or any escalation thereof, on the aviation industry or our business and results of operations, financial condition and cash flows; the continued impact of the Ukraine Conflict, including the resulting sanctions by the United States, the European Union, the United Kingdom and other countries, on our business and results of operations, financial condition and cash flows; the effects of terrorist attacks on the aviation industry and on our operations; the economic condition of the global airline and cargo industry and economic and political conditions; trade tensions, including actual or threatened U.S. tariffs and retaliatory measures by some countries, and the resulting geopolitical uncertainty; development of increased government regulation, including travel restrictions, sanctions, regulation of trade and the imposition of import and export controls, tariffs and other trade barriers; a downgrade in any of our credit ratings; competitive pressures within the industry; regulatory changes affecting commercial flight equipment operators, flight equipment maintenance, engine standards, accounting standards and taxes; and disruptions and security breaches affecting our information systems or the information systems of our third-party providers.
As a result, we cannot assure you that the forward-looking statements included in this press release will prove to be accurate or correct. These and other important factors and risks are discussed in AerCap’s annual report on Form 20-F and other filings with the United States Securities and Exchange Commission. In light of these risks, uncertainties and assumptions, the future performance or events described in the forward-looking statements in this press release might not occur. Accordingly, you should not rely upon forward-looking statements as a prediction of actual results and we do not assume any responsibility for the accuracy or completeness of any of these forward-looking statements. Except as required by applicable law, we do not undertake any obligation to, and will not, update any forward-looking statements, whether as a result of new information, future events or otherwise.
For more information regarding AerCap and to be added to our email distribution list, please visit www.aercap.com.
| AerCap Holdings N.V. | ||
|---|---|---|
| Unaudited Consolidated Balance Sheets | ||
| (U.S. Dollars in thousands, except share data) | ||
| September 30, 2026 · December 31, 2025 | ||
| Assets | ||
| Cash and cash equivalents | $2,533,501 | $1,379,180 |
| Restricted cash | 119,253 | 100,564 |
| Trade receivables | 64,560 | 48,499 |
| Flight equipment held for operating leases, net | 58,310,226 | 57,796,320 |
| Investment in finance leases, net | 1,558,273 | 1,807,494 |
| Flight equipment held for sale | 482,656 | 1,104,310 |
| Maintenance rights and lease premium, net | 1,350,184 | 1,677,407 |
| Prepayments on flight equipment | 3,922,107 | 4,272,766 |
| Other intangibles, net | 101,382 | 117,789 |
| Deferred tax assets | 169,331 | 172,877 |
| Associated companies | 1,472,350 | 1,315,306 |
| Other assets | 1,997,475 | 1,879,278 |
| Total Assets | $72,081,298 | $71,671,790 |
| Liabilities and Equity | ||
| Accounts payable, accrued expenses and other liabilities | $1,764,830 | $1,897,392 |
| Accrued maintenance liability | 3,689,734 | 3,534,388 |
| Lessee deposit liability | 1,172,776 | 1,185,033 |
| Debt | 43,272,246 | 43,565,321 |
| Deferred tax liabilities | 3,559,403 | 3,166,165 |
| Total Liabilities | 53,458,989 | 53,348,299 |
| Ordinary share capital, €0.01 par value, 450,000,000 ordinary shares authorized as of September 30, 2026 and December 31, 2025; 165,043,739 and 179,043,739 ordinary shares issued and 151,863,600 and 166,876,547 ordinary shares outstanding (including 2,754,000 and 4,135,620 shares of unvested restricted stock) as of September 30, 2026 and December 31, 2025, respectively | 2,106 | 2,267 |
| Additional paid-in capital | 1,807,409 | 3,517,963 |
| Treasury shares, at cost (13,180,139 and 12,167,192 ordinary shares as of September 30, 2026 and December 31, 2025, respectively) | (1,890,220) | (1,467,321) |
| Accumulated other comprehensive income (loss) | 97,132 | (50,210) |
| Accumulated retained earnings | 18,605,713 | 16,320,581 |
| Total AerCap Holdings N.V. shareholders' equity | 18,622,140 | 18,323,280 |
| Non-controlling interest | 169 | 211 |
| Total Equity | 18,622,309 | 18,323,491 |
| Total Liabilities and Equity | $72,081,298 | $71,671,790 |
| AerCap Holdings N.V. | ||||
|---|---|---|---|---|
| Unaudited Consolidated Income Statements | ||||
| (U.S. Dollars in thousands, except share and per share data) | ||||
| Three Months Ended September 30, · Nine Months Ended September 30, | ||||
| 2026 · 2025 · 2026 · 2025 | ||||
| Revenues and other income | ||||
| Lease revenue: | ||||
| Basic lease rents | $1,697,991 | $1,689,930 | $5,057,499 | $4,991,660 |
| Maintenance rents and other receipts | 267,423 | 203,589 | 634,590 | 465,049 |
| Total lease revenue | 1,965,414 | 1,893,519 | 5,692,089 | 5,456,709 |
| Net gain on sale of assets | 352,551 | 332,019 | 866,269 | 566,035 |
| Other income | 97,364 | 83,033 | 265,911 | 249,611 |
| Total Revenues and other income | 2,415,329 | 2,308,571 | 6,824,269 | 6,272,355 |
| Expenses | ||||
| Depreciation and amortization | 648,618 | 665,479 | 1,929,380 | 1,994,146 |
| Net recoveries related to Ukraine Conflict | — | (474,879) | (28,380) | (1,447,701) |
| Asset impairment | 38,842 | 41,726 | 53,399 | 47,335 |
| Interest expense | 475,482 | 485,915 | 1,411,039 | 1,507,641 |
| Loss (gain) on debt extinguishment | — | 658 | (2,823) | 2,640 |
| Leasing expenses | 131,478 | 92,547 | 391,575 | 267,831 |
| Selling, general and administrative expenses | 124,514 | 128,887 | 380,256 | 412,818 |
| Total Expenses | 1,418,934 | 940,333 | 4,134,446 | 2,784,710 |
| Gain (loss) on investments at fair value | 1,777 | (1,734) | (2,090) | (25,662) |
| Income before income taxes and income of investments | ||||
| accounted for under the equity method | 998,172 | 1,366,504 | 2,687,733 | 3,461,983 |
| Income tax expense | (122,896) | (198,246) | (384,636) | (477,585) |
| Equity in net earnings of investments accounted for under the equity method | 73,486 | 47,480 | 189,510 | 133,410 |
| Net income | $948,762 | $1,215,738 | $2,492,607 | $3,117,808 |
| Net loss attributable to non-controlling interest | 38 | 9 | 42 | 8 |
| Net income attributable to AerCap Holdings N.V. | $948,800 | $1,215,747 | $2,492,649 | $3,117,816 |
| Basic earnings per share | $6.22 | $7.09 | $15.91 | $17.82 |
| Diluted earnings per share | $6.17 | $6.98 | $15.69 | $17.43 |
| Weighted average shares outstanding - basic | 152,429,789 | 171,483,556 | 156,674,262 | 174,959,115 |
| Weighted average shares outstanding - diluted | 153,863,317 | 174,066,926 | 158,878,969 | 178,853,682 |
| AerCap Holdings N.V. | ||
|---|---|---|
| Unaudited Consolidated Statements of Cash Flows | ||
| (U.S. Dollars in thousands) | ||
| Nine Months Ended September 30, | ||
| 2026 · 2025 | ||
| Net income | $2,492,607 | $3,117,808 |
| Adjustments to reconcile net income to net cash provided by operating activities: | ||
| Depreciation and amortization | 1,929,380 | 1,994,146 |
| Net recoveries related to Ukraine Conflict | (28,380) | (1,447,701) |
| Asset impairment | 53,399 | 47,335 |
| Amortization of debt issuance costs, debt discount, debt premium and lease premium | 120,919 | 132,702 |
| Maintenance rights write-off | 209,878 | 109,137 |
| Maintenance liability release to income | (205,395) | (148,601) |
| Net gain on sale of assets | (866,269) | (566,035) |
| Deferred tax expense | 373,734 | 462,329 |
| Share-based compensation | 89,649 | 130,488 |
| Collections of finance leases | 747,113 | 175,819 |
| Loss on investments at fair value | 2,090 | 25,662 |
| (Gain) loss on debt extinguishment | (2,823) | 2,640 |
| Other | (157,144) | (162,288) |
| Changes in operating assets and liabilities: | ||
| Trade receivables | (14,951) | 9,662 |
| Other assets | 32,934 | 294,544 |
| Accounts payable, accrued expenses and other liabilities | (53,864) | (5,032) |
| Net cash provided by operating activities | 4,722,877 | 4,172,615 |
| Purchase of flight equipment | (2,349,109) | (2,446,366) |
| Proceeds from sale or disposal of assets | 3,316,366 | 1,941,531 |
| Prepayments on flight equipment | (2,257,066) | (1,545,979) |
| Cash proceeds from insurance claim settlements and interest related to Ukraine Conflict | 28,380 | 1,288,479 |
| Other | (17,703) | 14,134 |
| Net cash used in investing activities | (1,279,132) | (748,201) |
| Issuance of debt | 2,932,312 | 3,935,969 |
| Repayment of debt | (3,231,312) | (5,214,659) |
| Debt issuance and extinguishment costs paid, net of debt premium received | (34,263) | (26,878) |
| Maintenance payments received | 712,204 | 725,250 |
| Maintenance payments returned | (177,117) | (176,779) |
| Security deposits received | 388,225 | 247,306 |
| Security deposits returned | (420,264) | (192,922) |
| Repurchase of shares and tax withholdings on share-based compensation | (2,257,157) | (2,071,832) |
| Dividends paid on ordinary shares | (186,354) | (141,781) |
| Net cash used in financing activities | (2,273,726) | (2,916,326) |
| Net increase in cash, cash equivalents and restricted cash | 1,170,019 | 508,088 |
| Effect of exchange rate changes | 2,991 | 2,780 |
| Cash, cash equivalents and restricted cash at beginning of period | 1,479,744 | 1,401,582 |
| Cash, cash equivalents and restricted cash at end of period | $2,652,754 | $1,912,450 |
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