Dublin‑headquartered AerCap has reported the strongest quarterly performance in its history, underlining the continued resilience of the global aircraft leasing market and reinforcing Ireland’s central role in the sector. In results published on 29th April, the world’s largest aviation lessor announced net income of US$818 million for the first quarter of 2026, with adjusted net income reaching a record US$889 million, equivalent to US$5.39 per share, as airlines continued to compete for scarce aircraft and engines.
AerCap Chief Executive Aengus Kelly said demand for aviation assets remains strong despite geopolitical uncertainty, driven by sustained passenger demand and ongoing supply‑chain constraints affecting new aircraft deliveries. During the quarter, the company completed 286 transactions, while achieving an 87% lease‑extension rate, highlighting airlines’ willingness to retain existing capacity for longer.
Reflecting the strong start to the year, AerCap raised its full‑year 2026 adjusted earnings per share guidance to approximately US$14.50 and announced a new US$1.0 billion share repurchase programme, further underlining confidence in the outlook.
Asset sales were another standout feature of the quarter. AerCap sold 41 owned aircraft and engines for US$1.5 billion, generating US$291 million in gains on sale, equivalent to an unlevered gain‑on‑sale margin of 24%. The company also continued to actively manage its order book, adding 110 Airbus A320neo‑family aircraft, including the exercise of 45 options, with deliveries from 2028 onwards.
The lessor’s balance sheet also strengthened, with book value per share rising to US$116.67, up approximately 20% year‑on‑year. AerCap ended the quarter with US$1.6 billion in cash, an adjusted debt‑to‑equity ratio of 2.1:1, and an average cost of debt of 4.1%.
From an Irish aviation perspective, the results further reinforce Dublin’s status as a global centre of aircraft leasing. AerCap, which is headquartered in Dublin and maintains significant operations in Shannon, remains the industry leader with a portfolio of 3,569 aircraft, engines and helicopters owned, managed or on order, serving around 300 airline customers worldwide.
With airlines still facing limited availability of new aircraft, particularly narrowbodies and next‑generation engines, AerCap’s scale, diversified fleet and access to capital position it strongly for the remainder of 2026. As Kelly noted, the combination of high utilisation, long lease terms and disciplined capital allocation continues to deliver record financial performance for the Irish‑based lessor.
