Dublin-based AerCap Holdings N.V. reported strong financial results for the first quarter of 2025. The company’s net income for the first quarter of 2025 was $643 million, or $3.48 per share, while the adjusted net income for the same period was $679 million, or $3.68 per share. The company increased its full-year 2025 adjusted earnings per share guidance to $9.30 – $10.30 and announced a new $500 million share repurchase program.
Several factors contributed to AerCap’s strong performance in the first quarter of 2025. These include strong demand for the company’s aviation assets and a robust sales market. The return on equity was 15%, and the adjusted return on equity was 16% for the first quarter of 2025. Cash flow from operating activities was $1.3 billion and unlevered gain-on-sale margin was 35% for assets sold or 2.3x book value on an equity basis.
Other key financial highlights for the first quarter include capex of $1.5 billion, including the purchase of 13 aircraft, 35 engines, and one helicopter. The company signed financing transactions for approximately $1.5 billion in the first quarter of 2025. The adjusted debt/equity ratio was 2.4 to 1 as of March 31, 2025. AerCap was upgraded to BBB+ by Fitch Ratings and is now rated BBB+ by all three major rating agencies.
Additionally, the book value per share was $97.37 as of 31st March 2025, an increase of approximately 11% from 31st March 2024. AerCap returned $558 million to shareholders through the repurchase of 5.7 million shares at an average price of $97.93 per share during the quarter. A new $500 million share repurchase program was announced. In April 2025, AerCap’s Board of Directors declared a quarterly cash dividend of $0.27 per share, with a payment date of 5th June 2025, to shareholders of record of AerCap ordinary shares as of the close of business on May 14, 2025.
Noting the results, Aengus Kelly, Chief Executive Officer of AerCap said: “AerCap produced another strong performance for the first quarter of 2025. We continue to benefit from strong demand for our aviation assets, as well as a robust sales market. Given these strong results, we have increased our 2025 full-year EPS guidance and announced a new $500 million share repurchase program”
As of 31st March, AerCap’s portfolio consisted of 3,508 aircraft, engines and helicopters that were owned, on order or managed. The average age of the company’s owned aircraft fleet as of 31st March was 7.5 years (4.9 years for new technology aircraft, 15.2 years for current technology aircraft) and the average remaining contracted lease term was 7.3 years.
