AerCap Holdings N.V 6-K, filed Feb 6, 2026

AerCap Holdings N.V. (AER)

6-K 2026-02-06 For: 2025-12-31

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Added on April 12, 2026

About this 6-K

AerCap Holdings N.V filed this 6-K on February 6, 2026.

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			AERCAP HOLDINGS N.V.
			By:			/s/ Aengus Kelly
			Name:			Aengus Kelly
			Title:			Authorized Signatory


	Three months ended December 31,				Year ended December 31,
	2025	2024	% increase/ (decrease)		2025	2024	% increase/ (decrease)
	(U.S. Dollars in millions)				(U.S. Dollars in millions)
Lease revenue:
Basic lease rents	$1,688	$1,619	4	%	$6,679	$6,377	5	%
Maintenance rents and other receipts	225	106	112	%	690	627	10	%
Total lease revenue	1,913	1,725	11	%	7,369	7,004	5	%
Net gain on sale of assets	253	260	(3	%)	819	651	26	%
Other income	78	88	(11	%)	328	342	(4	%)
Total Revenues and other income	$2,244	$2,072	8	%	$8,517	$7,997	7	%


	Three months ended December 31,				Year ended December 31,
	2025	2024	% increase/ (decrease)		2025	2024	% increase/ (decrease)
	(U.S. Dollars in millions)				(U.S. Dollars in millions)

Basic lease rents	$1,688	$1,619	4	%	$6,679	$6,377	5	%
Adjusted for:
Amortization of lease premium/deficiency	25	30	(14	%)	104	127	(18	%)
Basic lease rents excluding amortization of lease premium/deficiency	$1,713	$1,648	4	%	$6,783	$6,504	4	%

Interest expense	474	505	(6	%)	1,982	1,991	—
Adjusted for:
Mark-to-market of interest rate derivatives	(1)	(4)	(74	%)	(25)	(34)	(26	%)
Interest expense excluding mark-to-market of interest rate derivatives	473	500	(5	%)	1,956	1,956	—
Adjusted net interest margin (*)	$1,240	$1,148	8	%	$4,827	$4,548	6	%
Depreciation and amortization	(653)	(657)	(1	%)	(2,647)	(2,580)	3	%
Adjusted net interest margin, less depreciation and amortization	$587	$491	20	%	$2,180	$1,968	11	%

Average lease assets (*)	$61,849	$61,552	—		$61,907	$60,845	2	%

Annualized net spread (*)	8.0%	7.5%			7.8%	7.5%
Annualized net spread less depreciation and amortization (*)	3.8%	3.2%			3.5%	3.2%



(*) Refer to “Notes Regarding Financial Information Presented in This Press Release” for details relating to these non-GAAP measures and metrics


	Three months ended December 31,				Year ended December 31,
	2025	2024	% increase/ (decrease)		2025	2024	% increase/ (decrease)
	(U.S. Dollars in millions)				(U.S. Dollars in millions)

Selling, general and administrative expenses (excluding share- based compensation expenses)	$97	$94	4	%	$380	$378	1	%
Share-based compensation expenses	36	29	22	%	166	111	50	%
Selling, general and administrative expenses	$133	$123	8	%	$546	$489	12	%


	December 31, 2025	December 31, 2024
	(U.S. Dollars in millions, except share and per share data)

Total AerCap Holdings N.V. shareholders' equity	$18,323	$17,185

Ordinary shares outstanding	166,876,547	186,783,225
Unvested restricted stock	(4,135,620)	(5,072,382)
Ordinary shares outstanding (excl. unvested restricted stock)	162,740,927	181,710,843

Book value per ordinary share outstanding (excl. unvested restricted stock)	$112.59	$94.57

Cumulative dividends declared per ordinary share	$1.83	$0.75


For the month of February 2026			Commission File Number 001-33159


			For Investors: Norah Morgan Director, Investor Relations InvestorRelations@aercap.com; +353 1 810 2010			For Media: Gillian Culhane Head of Corporate Communications and Marketing gculhane@aercap.com; +353 1 636 0945


	December 31, 2025	December 31, 2024	% increase/ (decrease) over December 31, 2024
	(U.S. Dollars in millions)

Total cash, cash equivalents and restricted cash	$1,480	$1,402	6	%

Total assets	71,672	71,442	—
Debt	43,565	45,295	(4	%)
Total liabilities	53,348	54,257	(2	%)
Total AerCap Holdings N.V. shareholders' equity	18,323	17,185	7	%


	Three months ended December 31, 2025		Year ended December 31, 2025
	Net income	Earnings per share	Net income	Earnings per share
	(U.S. Dollars in millions, except per share data)

Net income / earnings per share	$633	$3.79	$3,751	$21.30

Adjusted for:
Net recoveries related to Ukraine Conflict	(43)	(0.26)	(1,490)	(8.46)
Amortization of maintenance rights and lease premium assets recognized under purchase accounting (*)	74	0.45	262	1.49

Income tax effect of the above adjustments	(5)	(0.03)	184	1.05

Adjusted net income / earnings per share	$660	$3.95	$2,706	$15.37

Average AerCap Holdings N.V. shareholders' equity	$18,236		$17,759

Return on equity	14%		21%

Adjusted return on equity	14%		15%

(*) Includes $25 million adjustment to basic lease rents, $36 million adjustment to maintenance revenues and $13 million adjustment to leasing expenses for the three months ended December 31, 2025, and $104 million adjustment to basic lease rents, $87 million adjustment to maintenance revenues and $71 million adjustment to leasing expenses for the year ended December 31, 2025.


						Projected FY 2026 Net income / Earnings per Share
						(U.S. Dollars in billions, except per share data)
Net income						$1.7
Amortization of maintenance rights and lease premium assets recognized under purchase accounting						0.3

Income tax effect of above adjustments						(0.0)
Adjusted net income						$2.0
Adjusted earnings per share						$12.00 - $13.00


	December 31, 2025	December 31, 2024
	(U.S. Dollars in millions, except debt/equity ratio)

Debt	$43,565	$45,295

Adjusted for:
Unrestricted cash and cash equivalents	(1,379)	(1,209)
50% equity credit for long-term subordinated debt	(1,125)	(1,125)
Adjusted debt	$41,061	$42,960


Equity	$18,323	$17,185

Adjusted for:
50% equity credit for long-term subordinated debt	1,125	1,125
Adjusted equity	$19,448	$18,310

Adjusted debt/equity ratio	2.11 to 1	2.35 to 1



AerCap Holdings N.V.
Unaudited Consolidated Balance Sheets
(U.S. Dollars in thousands)

	December 31, 2025	December 31, 2024

Assets
Cash and cash equivalents	$1,379,180	$1,209,226
Restricted cash	100,564	192,356
Trade receivables	48,499	68,073
Flight equipment held for operating leases, net	57,796,320	58,575,672
Investment in finance leases, net	1,807,494	1,208,585
Flight equipment held for sale	1,104,310	466,173
Maintenance rights and lease premium, net	1,677,407	2,129,993
Prepayments on flight equipment	4,272,766	3,460,296
Other intangibles, net	117,789	139,666
Deferred tax assets	172,877	261,004
Associated companies	1,315,306	1,128,894
Other assets	1,879,278	2,602,038
Total Assets	$71,671,790	$71,441,976


Liabilities and Equity
Accounts payable, accrued expenses and other liabilities	$1,897,392	$1,774,827
Accrued maintenance liability	3,534,388	3,327,347
Lessee deposit liability	1,185,033	1,092,585
Debt	43,565,321	45,294,511
Deferred tax liabilities	3,166,165	2,767,874
Total Liabilities	53,348,299	54,257,144




Ordinary share capital, €0.01 par value, 450,000,000 ordinary shares authorized as of December 31, 2025 and 2024; 179,043,739 and 204,543,739 ordinary shares issued and 166,876,547 and 186,783,225 ordinary shares outstanding (including 4,135,620 and 5,072,382 shares of unvested restricted stock) as of December 31, 2025 and 2024, respectively	2,267	2,558
Additional paid-in capital	3,517,963	5,809,276
Treasury shares, at cost (12,167,192 and 17,760,514 ordinary shares as of December 31, 2025 and 2024, respectively)	(1,467,321)	(1,425,652)
Accumulated other comprehensive (loss) income	(50,210)	42,683
Accumulated retained earnings	16,320,581	12,755,758
Total AerCap Holdings N.V. shareholders’ equity	18,323,280	17,184,623
Non-controlling interest	211	209
Total Equity	18,323,491	17,184,832


Total Liabilities and Equity	$71,671,790	$71,441,976



AerCap Holdings N.V.
Unaudited Consolidated Income Statements
(U.S. Dollars in thousands, except share and per share data)

	Three months ended December 31,		Year ended December 31,
	2025	2024	2025	2024

Revenues and other income
Lease revenue:
Basic lease rents	$1,687,817	$1,618,684	$6,679,477	$6,377,181
Maintenance rents and other receipts	224,944	105,944	689,993	626,816
Total lease revenue	1,912,761	1,724,628	7,369,470	7,003,997
Net gain on sale of assets	253,447	259,968	819,482	651,142
Other income	78,105	87,686	327,716	341,505
Total Revenues and other income	2,244,313	2,072,282	8,516,668	7,996,644

Expenses
Depreciation and amortization	653,022	657,146	2,647,168	2,580,037
Net recoveries related to Ukraine Conflict	(42,730)	(168,067)	(1,490,431)	(194,750)
Asset impairment	53,503	16,964	100,838	49,766
Interest expense	474,287	504,670	1,981,928	1,990,732
Loss on debt extinguishment	2,292	5,968	4,932	13,450
Leasing expenses	379,740	214,120	647,571	810,358
Selling, general and administrative expenses	133,115	122,984	545,933	488,916

Total Expenses	1,653,229	1,353,785	4,437,939	5,738,509

Gain on investments at fair value	38,945	1,670	13,283	5,238


Income before income taxes and income of investments accounted for under the equity method	630,029	720,167	4,092,012	2,263,373

Income tax expense	(77,661)	(92,507)	(555,246)	(323,704)
Equity in net earnings of investments accounted for under the equity method	80,438	43,559	213,848	158,956

Net income	$632,806	$671,219	$3,750,614	$2,098,625

Net (income) loss attributable to non-controlling interest	(10)	(1)	(2)	7

Net income attributable to AerCap Holdings N.V.	$632,796	$671,218	$3,750,612	$2,098,632

Basic earnings per share	$3.86	$3.66	$21.78	$11.06
Diluted earnings per share	$3.79	$3.56	$21.30	$10.79

Weighted average shares outstanding—basic	163,937,118	183,617,156	172,180,968	189,830,813
Weighted average shares outstanding—diluted	166,851,436	188,361,755	176,115,641	194,489,171



AerCap Holdings N.V.
Unaudited Consolidated Statements of Cash Flows
(U.S. Dollars in thousands)

	Year ended December 31,
	2025	2024

Net income	$3,750,614	$2,098,625
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	2,647,168	2,580,037
Net recoveries related to Ukraine Conflict	(1,490,431)	(194,750)
Asset impairment	100,838	49,766
Amortization of debt issuance costs, debt discount, debt premium and lease premium	174,387	223,649

Maintenance rights write-off	158,059	342,933
Maintenance liability release to income	(227,385)	(163,405)
Net gain on sale of assets	(819,482)	(651,142)
Deferred tax expense	501,497	250,504
Share-based compensation	166,239	111,140
Collections of finance leases	322,025	367,173
Gain on investments at fair value	(13,283)	(5,238)
Loss on debt extinguishment	4,932	13,450

Other	(225,785)	165,357
Changes in operating assets and liabilities:
Trade receivables	19,536	5,852
Other assets	340,175	241,143
Accounts payable, accrued expenses and other liabilities	(15,980)	1,549
Net cash provided by operating activities	5,393,124	5,436,643

Purchase of flight equipment	(3,653,925)	(5,062,507)
Proceeds from sale or disposal of assets	2,871,562	2,674,974
Prepayments on flight equipment	(2,420,373)	(1,553,851)
Cash proceeds from insurance claim settlements	1,488,519	172,000
Net proceeds from loans receivable	105,112	72,458
Other	(55,425)	(27,281)
Net cash used in investing activities	(1,664,530)	(3,724,207)

Issuance of debt	5,351,843	7,641,379
Repayment of debt	(7,082,721)	(8,799,950)
Debt issuance and extinguishment costs paid, net of debt premium received	(55,343)	(106,512)
Maintenance payments received	969,885	920,932
Maintenance payments returned	(248,634)	(248,017)
Security deposits received	447,415	344,816
Security deposits returned	(304,869)	(224,846)

Repurchase of shares and tax withholdings on share-based compensation	(2,538,200)	(1,520,320)
Dividends paid on ordinary shares	(192,437)	(139,991)
Net cash used in financing activities	(3,653,061)	(2,132,509)

Net increase (decrease) in cash, cash equivalents and restricted cash	75,533	(420,073)
Effect of exchange rate changes	2,629	(3,811)
Cash, cash equivalents and restricted cash at beginning of period	1,401,582	1,825,466
Cash, cash equivalents and restricted cash at end of period	$1,479,744	$1,401,582


Form 20-F x			Form 40-F o