NYSE : AER
AerCap Holdings N.V. — Financial statements
Industrials · Rental & Leasing Services · Ireland
Last price 158.52 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 23.64B
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Financial statements
AerCap Holdings N.V. (AER) reported revenue of 9.07B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Operating Revenue | 7.60B | 7.37B | 7.00B | 6.86B | 6.53B | 4.41B |
| Other Revenue | 1.46B | 1.15B | 992.65M | 720.10M | 483.00M | 176.93M |
| Revenue | 9.07B | 8.52B | 8.00B | 7.58B | 7.01B | 4.59B |
| Cost of Revenue | 3.35B | 3.29B | 3.39B | 3.24B | 3.21B | 2.06B |
| Gross Profit | 5.71B | 5.22B | 4.61B | 4.34B | 3.80B | 2.53B |
| Selling, General & Admin | 513.37M | 545.93M | 488.92M | 464.13M | 399.53M | 317.89M |
| Operating Expenses | 513.37M | 545.93M | 488.92M | 464.13M | 399.53M | 317.89M |
| Operating Income | 5.20B | 4.68B | 4.12B | 3.88B | 3.40B | 2.21B |
| Interest Expense | -1.89B | -1.98B | -1.99B | -1.81B | -1.59B | -1.23B |
| Earnings From Equity Investments | 269.95M | 213.85M | 158.96M | 166.72M | 117.17M | 24.05M |
| Other Non Operating Income (Expenses) | 1.29B | |||||
| EBT Excluding Unusual Items | 3.59B | 2.91B | 2.29B | 3.53B | 1.93B | 1.01B |
| Merger & Restructuring Charges | -33.29M | -334.97M | ||||
| Gain (Loss) on Sale of Investments | 36.85M | 13.28M | 5.24M | 2.33M | -17.68M | 2.30M |
| Asset Writedown | -106.90M | -100.84M | -49.77M | -86.86M | -96.59M | -128.41M |
| Other Unusual Items | 1.21B | 1.21B | 9.30M | -4.10M | -2.66B | 625.36M |
| Pretax Income | 3.59B | 4.31B | 2.42B | 3.44B | -885.25M | 1.17B |
| Income Tax Expense | 462.30M | 555.25M | 323.70M | 291.06M | -164.10M | 162.54M |
| Earnings From Continuing Operations | 3.13B | 3.75B | 2.10B | 3.15B | -721.16M | 1.01B |
| Minority Interest in Earnings | 32.00K | -2.00K | 7.00K | -11.75M | -4.88M | -8.92M |
| Net Income | 3.13B | 3.75B | 2.10B | 3.14B | -726.04M | 1.00B |
| Net Income to Common | 3.13B | 3.75B | 2.10B | 3.14B | -726.04M | 1.00B |
| Shares Outstanding (Basic) | 158.47M | 172.18M | 189.83M | 224.22M | 240.49M | 146.42M |
| Shares Outstanding (Diluted) | 161.13M | 176.12M | 194.49M | 227.66M | 240.49M | 149.01M |
| EPS (Basic) | 19.72 | 21.78 | 11.06 | 13.99 | -3.02 | 6.83 |
| EPS (Diluted) | 19.40 | 21.30 | 10.79 | 13.78 | -3.02 | 6.71 |
| Free Cash Flow | -744.74M | -681.17M | -1.18B | -970.95M | 1.30B | 1.90B |
| Free Cash Flow Per Share | -4.62 | -3.87 | -6.07 | -4.26 | 5.40 | 12.78 |
| Dividend Per Share | 1.60 | 1.21 | 1.02 | |||
| Gross Margin | 63.02% | 61.31% | 57.60% | 57.30% | 54.18% | 55.18% |
| Operating Margin | 57.36% | 54.90% | 51.49% | 51.18% | 48.49% | 48.25% |
| Profit Margin | 34.47% | 44.04% | 26.24% | 41.37% | -10.35% | 21.80% |
| Free Cash Flow Margin | -8.21% | -8.00% | -14.75% | -12.81% | 18.53% | 41.49% |
| EBITDA | 5.24B | 4.71B | 4.15B | 6.36B | 5.79B | 3.95B |
| EBITDA Margin | 57.74% | 55.30% | 51.89% | 83.90% | 82.56% | 86.12% |
| D&A For EBITDA | 34.75M | 33.69M | 31.82M | 2.48B | 2.39B | 1.74B |
| EBIT | 5.20B | 4.68B | 4.12B | 3.88B | 3.40B | 2.21B |
| EBIT Margin | 57.36% | 54.90% | 51.49% | 51.18% | 48.49% | 48.25% |
| Effective Tax Rate | 12.89% | 12.90% | 13.36% | 8.46% | 13.87% | |
| Revenue as Reported | 9.07B | 8.52B | 8.00B | 7.58B | 7.01B | 5.22B |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 2.53B | 1.38B | 1.21B | 1.63B | 1.60B | 1.73B |
| Trading Asset Securities | 115.70M | 12.25M | 81.77M | 130.61M | 211.99M | 16.91M |
| Cash & Short-Term Investments | 2.65B | 1.39B | 1.29B | 1.76B | 1.81B | 1.75B |
| Accounts Receivable | 2.17B | 2.36B | 1.87B | 2.02B | 2.20B | 2.56B |
| Other Receivables | 505.21M | 458.64M | 583.31M | 493.03M | 461.09M | 510.52M |
| Receivables | 3.28B | 3.42B | 3.45B | 3.83B | 3.50B | 4.09B |
| Inventory | 79.44M | 112.44M | 90.92M | 85.67M | 55.87M | 48.58M |
| Restricted Cash | 119.25M | 100.56M | 192.36M | 198.28M | 159.62M | 185.96M |
| Other Current Assets | 482.66M | 1.10B | 466.17M | 296.70M | 292.81M | 304.36M |
| Total Current Assets | 6.61B | 6.13B | 5.49B | 6.17B | 5.82B | 6.38B |
| Property, Plant & Equipment | 33.55M | 39.40M | 45.97M | 57.01M | 81.95M | 95.81M |
| Long-Term Investments | 1.48B | 1.36B | 1.21B | 1.06B | 873.74M | 750.34M |
| Other Intangible Assets | 1.55B | 1.90B | 2.40B | 3.05B | 3.71B | 4.81B |
| Long-Term Deferred Tax Assets | 169.33M | 172.88M | 261.00M | 275.76M | 210.33M | 121.57M |
| Other Long-Term Assets | 62.23B | 62.07B | 62.04B | 60.67B | 59.03B | 62.41B |
| Total Assets | 72.08B | 71.67B | 71.44B | 71.27B | 69.73B | 74.57B |
| Accounts Payable | 495.37M | 562.77M | 465.67M | 444.04M | 475.17M | 850.22M |
| Accrued Expenses | 4.08B | 3.91B | 3.74B | 3.21B | 2.84B | 3.25B |
| Current Portion of Long-Term Debt | 139.00K | 72.73M | 15.44M | 80.84M | 71.20M | |
| Current Portion of Leases | 2.90M | 24.52M | ||||
| Total Current Liabilities | 4.58B | 4.57B | 4.22B | 3.74B | 3.32B | 4.17B |
| Long-Term Debt | 43.27B | 43.44B | 45.16B | 46.34B | 46.40B | 50.06B |
| Long-Term Leases | 39.46M | 150.25M | 191.78M | 232.08M | 272.21M | 314.10M |
| Long-Term Unearned Revenue | 839.49M | 840.93M | 829.84M | 827.52M | 547.66M | 510.71M |
| Long-Term Deferred Tax Liabilities | 3.56B | 3.17B | 2.77B | 2.53B | 2.19B | 2.09B |
| Other Long-Term Liabilities | 1.17B | 1.19B | 1.09B | 1.02B | 806.65M | 773.75M |
| Total Liabilities | 53.46B | 53.35B | 54.26B | 54.69B | 53.53B | 57.92B |
| Common Stock | 2.11M | 2.27M | 2.56M | 2.68M | 3.02M | 3.02M |
| Additional Paid-In Capital | 1.81B | 3.52B | 5.81B | 6.59B | 8.59B | 8.52B |
| Retained Earnings | 18.61B | 16.32B | 12.76B | 10.80B | 7.67B | 8.41B |
| Treasury Stock | -1.89B | -1.47B | -1.43B | -819.30M | -254.70M | -285.90M |
| Comprehensive Income & Other | 97.13M | -50.21M | 42.68M | 8.30M | 108.23M | -79.33M |
| Total Common Equity | 18.62B | 18.32B | 17.18B | 16.59B | 16.12B | 16.57B |
| Minority Interest | 169.00K | 211.00K | 209.00K | 216.00K | 77.54M | 76.62M |
| Shareholders' Equity | 18.62B | 18.32B | 17.18B | 16.59B | 16.20B | 16.65B |
| Total Liabilities & Equity | 72.08B | 71.67B | 71.44B | 71.27B | 69.73B | 74.57B |
| Total Debt | 43.31B | 43.69B | 45.37B | 46.66B | 46.67B | 50.45B |
| Net Cash (Debt) | -40.67B | -42.30B | -44.07B | -44.90B | -44.86B | -48.70B |
| Net Cash Per Share | -252.37 | -240.16 | -226.62 | -197.22 | -186.53 | -326.86 |
| Filing Date Shares Outstanding | 149.11M | 162.74M | 181.71M | 197.93M | 241.09M | 239.57M |
| Total Common Shares Outstanding | 149.11M | 162.74M | 181.71M | 197.93M | 241.09M | 239.57M |
| Working Capital | 2.04B | 1.56B | 1.27B | 2.43B | 2.50B | 2.20B |
| Book Value Per Share | 124.89 | 112.59 | 94.57 | 83.81 | 66.85 | 69.17 |
| Tangible Book Value | 17.07B | 16.43B | 14.78B | 13.54B | 12.40B | 11.76B |
| Tangible Book Value Per Share | 114.50 | 100.94 | 81.35 | 68.43 | 51.45 | 49.08 |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 3.13B | 3.75B | 2.10B | 3.14B | -726.04M | 1.00B |
| Depreciation & Amortization | 34.75M | 33.69M | 31.82M | 2.48B | 2.39B | 1.74B |
| Other Amortization | 2.71B | 2.79B | 2.77B | 253.00M | 338.03M | 113.98M |
| Loss (Gain) From Sale of Assets | -1.12B | -819.48M | -651.14M | -489.62M | -228.93M | -89.43M |
| Asset Writedown & Restructuring Costs | 365.70M | 258.90M | 392.70M | 415.09M | 486.44M | 267.19M |
| Loss (Gain) From Sale of Investments | -36.85M | -13.28M | -5.24M | -2.33M | 17.68M | -2.30M |
| Stock-Based Compensation | 125.40M | 166.24M | 111.14M | 97.06M | 102.85M | 96.09M |
| Other Operating Activities | -163.59M | -1.44B | 71.15M | -1.18B | 2.55B | -29.70M |
| Change in Accounts Receivable | -5.08M | 19.54M | 5.85M | 56.44M | 39.16M | 232.12M |
| Change in Accounts Payable | -64.81M | -15.98M | 1.55M | 220.76M | -542.02M | 130.33M |
| Change in Other Net Operating Assets | 78.56M | 340.18M | 241.14M | -128.46M | 113.37M | 112.79M |
| Operating Cash Flow | 5.94B | 5.39B | 5.44B | 5.26B | 5.17B | 3.69B |
| Capital Expenditures | -6.69B | -6.07B | -6.62B | -6.23B | -3.87B | -1.79B |
| Sale of Property, Plant & Equipment | 4.25B | 2.87B | 2.67B | 2.12B | 1.64B | 796.61M |
| Cash Acquisitions | -22.49B | |||||
| Other Investing Activities | 141.16M | 1.43B | 144.72M | 1.23B | 22.61M | -4.59M |
| Investing Cash Flow | -2.20B | -1.66B | -3.72B | -3.18B | -2.16B | -23.46B |
| Long-Term Debt Issued | 5.35B | 7.64B | 6.55B | 468.00M | 26.50B | |
| Long-Term Debt Repaid | -7.08B | -8.80B | -6.57B | -4.23B | -5.97B | |
| Net Debt Issued (Repaid) | -751.19M | -1.73B | -1.16B | -17.38M | -3.76B | 20.52B |
| Repurchase of Common Stock | -2.72B | -2.54B | -1.52B | -2.64B | -17.42M | -76.22M |
| Common Dividends Paid | -237.01M | -192.44M | -139.99M | |||
| Other Financing Activities | 701.26M | 808.45M | 686.37M | 643.25M | 618.69M | -263.13M |
| Financing Cash Flow | -3.01B | -3.65B | -2.13B | -2.01B | -3.16B | 20.18B |
| Foreign Exchange Rate Adjustments | 2.84M | 2.63M | -3.81M | 1.95M | -7.63M | 776.00K |
| Net Cash Flow | 740.30M | 78.16M | -423.88M | 68.70M | -157.98M | 419.46M |
| Free Cash Flow | -744.74M | -681.17M | -1.18B | -970.95M | 1.30B | 1.90B |
| Free Cash Flow Margin | -8.21% | -8.00% | -14.75% | -12.81% | 18.53% | 41.49% |
| Free Cash Flow Per Share | -4.62 | -3.87 | -6.07 | -4.26 | 5.40 | 12.78 |
| Levered Free Cash Flow | -1.70B | -1.67B | -1.61B | -2.17B | -76.76M | 123.27M |
| Unlevered Free Cash Flow | -685.35M | -609.80M | -593.25M | -1.29B | 580.13M | 778.33M |
| Cash Interest Paid | 1.82B | 1.91B | 1.81B | 1.65B | 1.57B | 1.11B |
| Cash Income Tax Paid | 38.01M | 26.11M | 34.03M | 23.22M | -567.00K | 4.93M |
| Change in Working Capital | 8.68M | 343.73M | 248.54M | 148.74M | -389.48M | 475.24M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 23.64B | 23.89B | 17.68B | 15.62B | 14.06B | 15.68B |
| Enterprise Value | 64.30B | 66.21B | 62.37B | 60.62B | 60.30B | 42.12B |
| Last Close Price | 158.52 | 142.59 | 94.02 | 72.43 | 56.84 | 63.76 |
| PE Ratio | 8.17 | 6.37 | 8.43 | 4.98 | 15.67 | |
| Forward PE | 8.50 | 10.06 | 8.21 | 9.46 | 9.01 | 9.01 |
| PS Ratio | 2.61 | 2.81 | 2.21 | 2.06 | 2.00 | 3.42 |
| PB Ratio | 1.27 | 1.30 | 1.03 | 0.94 | 0.87 | 0.94 |
| P/TBV Ratio | 1.38 | 1.45 | 1.20 | 1.15 | 1.13 | 1.33 |
| P/FCF Ratio | 10.82 | 8.23 | ||||
| P/OCF Ratio | 3.98 | 4.43 | 3.25 | 2.97 | 2.72 | 4.24 |
| PEG Ratio | 0.64 | 0.78 | 2.08 | 1.31 | 1.10 | 0.70 |
| EV/Sales Ratio | 7.09 | 7.77 | 7.80 | 8.00 | 8.60 | 9.18 |
| EV/EBITDA Ratio | 12.28 | 14.06 | 15.03 | 9.53 | 10.41 | 10.66 |
| EV/EBIT Ratio | 12.36 | 14.16 | 15.15 | 15.63 | 17.73 | 19.02 |
| EV/FCF Ratio | 46.41 | 22.12 | ||||
| Debt / Equity Ratio | 2.33 | 2.38 | 2.64 | 2.81 | 2.88 | 3.03 |
| Debt / EBITDA Ratio | 8.15 | 9.05 | 10.53 | 7.14 | 7.76 | 12.61 |
| Debt / FCF Ratio | 35.91 | 26.50 | ||||
| Net Debt / Equity Ratio | 2.18 | 2.31 | 2.56 | 2.71 | 2.77 | 2.93 |
| Net Debt / EBITDA Ratio | 7.77 | 8.98 | 10.62 | 7.06 | 7.75 | 12.32 |
| Net Debt / FCF Ratio | -54.60 | -62.09 | -37.36 | -46.24 | 34.52 | 25.58 |
| Asset Turnover | 0.13 | 0.12 | 0.11 | 0.11 | 0.10 | 0.08 |
| Inventory Turnover | 33.86 | 32.40 | 38.40 | 45.74 | 61.53 | |
| Quick Ratio | 1.16 | 0.92 | 0.89 | 1.14 | 1.35 | 1.15 |
| Current Ratio | 1.45 | 1.34 | 1.30 | 1.65 | 1.76 | 1.53 |
| Return on Equity (ROE) | 17.00% | 21.12% | 12.43% | 19.20% | -4.39% | 7.89% |
| Return on Assets (ROA) | 4.52% | 4.08% | 3.61% | 3.44% | 2.95% | 2.37% |
| Return on Invested Capital (ROIC) | 7.63% | 6.68% | 5.81% | 5.79% | 5.38% | 3.74% |
| Return on Capital Employed (ROCE) | 7.70% | 7.00% | 6.10% | 5.70% | 5.10% | 3.10% |
| Earnings Yield | 12.24% | 15.70% | 11.87% | 20.08% | -5.17% | 6.38% |
| FCF Yield | -3.15% | -2.85% | -6.67% | -6.22% | 9.24% | 12.14% |
| Dividend Yield | 1.01% | 0.82% | 1.05% | |||
| Payout Ratio | 8.25% | 5.13% | 6.67% | |||
| Buyback Yield / Dilution | 11.17% | 9.45% | 14.57% | 5.33% | -61.39% | -16.64% |
| Total Shareholder Return | 12.18% | 10.27% | 15.62% | 5.33% | -61.39% | -16.64% |