Revenue growth has stabilized at 4-10% in recent quarters, with gross margins averaging 56.6% over the last ten quarters, though 2025Q2 saw a temporary dip to 32.0% before recovering to 61.9% in 2026Q2.
AerCap Holdings N.V. (AER) annual income statement — 24-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 |
|---|
| Sales/Revenue | 8.3B | 8.19B | 8B | 7.58B | 7.01B | 4.59B | 4.49B | 4.94B | 4.8B | 5.04B | 5.04B | 5.29B | 3.57B | 1.05B | 972.52M | 1.07B | 946.3M | 634.53M | 1.24B | 1.16B | 800.35M | 478.89M | 375.86M | 470.94M | 509.67M |
| Revenue Growth % | 3.96% | 2.4% | 5.49% | 8.08% | 52.84% | 2.12% | -8.99% | 2.86% | -4.71% | -0.11% | -4.62% | 48.04% | 240.14% | 7.97% | -9.52% | 13.59% | 49.13% | -49.01% | 7.08% | 45.21% | 67.12% | 27.41% | -20.19% | -7.6% | - |
| Cost of Goods Sold | 3.33B | 3.29B | 3.39B | 3.24B | 3.21B | 2.06B | 1.97B | 1.96B | 2.13B | 2.27B | 2.37B | 2.37B | 1.42B | 386.75M | 435.59M | 724.2M | 609.48M | 345.49M | 964.96M | 847.03M | 535.59M | 342.35M | 324.31M | 6.66M | 11.01M |
| COGS % of Revenue | - | 40.23% | 42.4% | 42.7% | 45.82% | 44.82% | 43.82% | 39.78% | 44.28% | 44.96% | 47.07% | 44.74% | 39.86% | 36.83% | 44.79% | 67.38% | 64.41% | 54.45% | 77.54% | 72.88% | 66.92% | 71.49% | 86.28% | 1.41% | 2.16% |
| Gross Profit | 4.97B | 4.89B | 4.61B | 4.34B | 3.8B | 2.53B | 2.52B | 2.97B | 2.67B | 2.77B | 2.67B | 2.92B | 2.15B | 663.31M | 536.93M | 350.67M | 336.82M | 289.04M | 279.55M | 315.15M | 264.75M | 136.54M | 51.55M | 464.29M | 498.66M |
| Gross Margin % | 59.86% | 59.77% | 57.6% | 57.3% | 54.18% | 55.18% | 56.18% | 60.22% | 55.72% | 55.04% | 52.93% | 55.26% | 60.14% | 63.17% | 55.21% | 32.62% | 35.59% | 45.55% | 22.46% | 27.12% | 33.08% | 28.51% | 13.72% | 98.59% | 97.84% |
| Gross Profit Growth % | - | 6.25% | 6.05% | 14.3% | 50.09% | 0.29% | -15.09% | 11.17% | -3.54% | 3.87% | -8.65% | 36.04% | 223.81% | 23.54% | 53.12% | 4.11% | 16.53% | 3.4% | -11.3% | 19.04% | 93.9% | 164.87% | -88.9% | -6.89% | - |
| Operating Expenses | 585.8M | 646.77M | 488.92M | 464.13M | 399.53M | 317.89M | 242.16M | 267.46M | 305.23M | 348.29M | 351.01M | 381.31M | 299.89M | 89.08M | 84.4M | 120.62M | -176.74M | 85.43M | -98.91M | -132.04M | -5.2M | -76.11M | -91.06M | 275.71M | 468.1M |
| OpEx % of Revenue | - | 7.9% | 6.11% | 6.12% | 5.7% | 6.93% | 5.39% | 5.42% | 6.36% | 6.91% | 6.96% | 7.21% | 8.4% | 8.48% | 8.68% | 11.22% | -18.68% | 13.46% | -7.95% | -11.36% | -0.65% | -15.89% | -24.23% | 58.55% | 91.84% |
| Selling, General & Admin | 517.74M | 545.93M | 488.92M | 464.13M | 399.53M | 317.89M | 242.16M | 267.46M | 305.23M | 348.29M | 351.01M | 381.31M | 299.89M | 89.08M | 83.41M | 112.78M | 82.28M | 72.48M | 125.37M | 116.33M | 149.36M | 46.51M | 36.45M | 39.27M | 40.47M |
| SG&A % of Revenue | - | 6.67% | 6.11% | 6.12% | 5.7% | 6.93% | 5.39% | 5.42% | 6.36% | 6.91% | 6.96% | 7.21% | 8.4% | 8.48% | 8.58% | 10.49% | 8.69% | 11.42% | 10.07% | 10.01% | 18.66% | 9.71% | 9.7% | 8.34% | 7.94% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 3M | 100.84M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 995K | 7.83M | -259.01M | 12.95M | -224.28M | -248.37M | -154.56M | -122.62M | -127.51M | 236.45M | 427.63M |
| Operating Income | 4.38B | 4.25B | 4.12B | 3.88B | 3.4B | 2.21B | 2.28B | 2.71B | 2.37B | 2.42B | 2.32B | 2.54B | 1.85B | 574.23M | 453.52M | 230.05M | 513.56M | 203.61M | 378.45M | 447.19M | 269.95M | 212.66M | 142.61M | 188.57M | 30.56M |
| Operating Margin % | 52.8% | 51.87% | 51.49% | 51.17% | 48.49% | 48.25% | 50.8% | 54.8% | 49.36% | 48.12% | 45.97% | 48.05% | 51.74% | 54.69% | 46.63% | 21.4% | 54.27% | 32.09% | 30.41% | 38.48% | 33.73% | 44.41% | 37.94% | 40.04% | 6% |
| Operating Income Growth % | - | 3.16% | 6.14% | 14.08% | 53.59% | -3% | -15.64% | 14.21% | -2.27% | 4.57% | -8.76% | 37.49% | 221.81% | 26.62% | 97.14% | -55.2% | 152.23% | -46.2% | -15.37% | 65.66% | 26.94% | 49.12% | -24.37% | 516.99% | - |
| EBITDA | 6.34B | 6.89B | 4.15B | 3.91B | 5.79B | 3.95B | 3.93B | 2.73B | 2.39B | 2.45B | 2.35B | 2.57B | 1.87B | 582.95M | 465.1M | 632.23M | 869.38M | 440.31M | 562.46M | 599.09M | 382.47M | 265.14M | 268.49M | 331.88M | 232.96M |
| EBITDA Margin % | 76.44% | 84.19% | 51.89% | 51.62% | 82.56% | 86.12% | 87.41% | 55.23% | 49.8% | 48.54% | 46.6% | 48.69% | 52.34% | 55.52% | 47.82% | 58.82% | 91.87% | 69.39% | 45.2% | 51.55% | 47.79% | 55.37% | 71.43% | 70.47% | 45.71% |
| EBITDA Growth % | 46.64% | 66.17% | 6.03% | -32.42% | 46.52% | 0.61% | 44.04% | 14.08% | -2.25% | 4.06% | -8.72% | 37.72% | 220.66% | 25.34% | -26.43% | -27.28% | 97.45% | -21.72% | -6.11% | 56.64% | 44.25% | -1.25% | -19.1% | 42.46% | - |
| D&A (Non-Cash Add-back) | 1.96B | 2.65B | 31.82M | 33.83M | 2.39B | 1.74B | 1.65B | 21.2M | 21.2M | 21.2M | 31.9M | 33.7M | 21.3M | 8.71M | 11.58M | 402.17M | 355.82M | 236.7M | 184.01M | 151.9M | 112.52M | 52.48M | 125.88M | 143.3M | 202.4M |
| EBIT | 5.58B | 6.07B | 4.49B | 5.31B | 793.86M | 2.4B | 2.28B | 2.71B | 2.37B | 2.42B | 2.38B | 2.54B | 1.85B | 574.23M | 453.52M | 253.61M | 267.48M | 229.56M | 162.18M | 212.42M | 129.65M | 98.06M | 29.48M | 188.57M | 30.56M |
| Net Interest Income | -1.83B | -1.98B | -2.07B | -1.87B | -1.68B | -1.23B | -1.25B | -1.3B | -1.17B | -1.11B | -1.09B | -1.1B | -780.35M | -226.33M | -283.55M | -289.73M | -235.99M | -82.05M | -200.66M | -205.03M | -131.54M | -100.22M | -113.13M | -123.44M | -267.23M |
| Interest Income | 69.96M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2.47M | 2.76M | 4.27M | 10.11M | 18.52M | 29.74M | 34.68M | 33.47M | 0 | 0 | 0 |
| Interest Expense | 1.9B | 1.98B | 2.07B | 1.87B | 1.68B | 1.23B | 1.25B | 1.3B | 1.17B | 1.11B | 1.09B | 1.1B | 780.35M | 226.33M | 286.02M | 292.49M | 240.26M | 92.15M | 219.17M | 234.77M | 166.22M | 114.6M | 113.13M | 123.44M | 267.23M |
| Other Income/Expense | -452.63M | 58.42M | -1.7B | -440.37M | -4.29B | -1.04B | -2.59B | -1.37B | -1.21B | -1.18B | -1.11B | -1.17B | -902.1M | -252.81M | 0 | 10.9M | -251.62M | 983K | -237.96M | -234.77M | -140.3M | -114.6M | -247.8M | -123.44M | -366.72M |
| Pretax Income | 3.93B | 4.31B | 2.42B | 3.44B | -885.25M | 1.17B | -312.15M | 1.33B | 1.16B | 1.25B | 1.21B | 1.37B | 945.87M | 321.43M | 166.51M | 240.96M | 261.94M | 204.59M | 140.49M | 212.42M | 129.65M | 98.06M | -105.19M | 65.14M | -336.16M |
| Pretax Margin % | 47.35% | 52.58% | 30.29% | 45.37% | -12.62% | 25.54% | -6.95% | 27.03% | 24.2% | 24.72% | 24.05% | 25.85% | 26.48% | 30.61% | 17.12% | 22.42% | 27.68% | 32.24% | 11.29% | 18.28% | 16.2% | 20.48% | -27.99% | 13.83% | -65.96% |
| Income Tax | 537.65M | 555.25M | 323.7M | 291.06M | -164.1M | 162.54M | -17.23M | 167.71M | 144.08M | 164.72M | 173.5M | 189.81M | 137.37M | 26.03M | 8.07M | 15.46M | 22.19M | 953K | -431K | 25.12M | 21.25M | 14.7M | 168K | 28.22M | -58.57M |
| Effective Tax Rate % | 13.68% | 12.9% | 13.36% | 8.46% | 18.54% | 13.87% | 5.52% | 12.57% | 12.4% | 13.23% | 14.3% | 13.89% | 14.52% | 8.1% | 4.84% | 6.42% | 8.47% | 0.47% | -0.31% | 11.83% | 16.39% | 14.99% | -0.16% | 43.33% | 17.42% |
| Net Income | 3.39B | 3.75B | 2.1B | 3.14B | -726.04M | 1B | -298.57M | 1.15B | 1.02B | 1.08B | 1.05B | 1.18B | 810.45M | 292.41M | 163.66M | 172.22M | 207.57M | 165.17M | 151.81M | 188.45M | 108.99M | 83.36M | -105.36M | 36.91M | -277.59M |
| Net Margin % | 40.87% | 45.8% | 26.24% | 41.37% | -10.35% | 21.8% | -6.64% | 23.2% | 21.16% | 21.36% | 20.75% | 22.29% | 22.69% | 27.85% | 16.83% | 16.02% | 21.94% | 26.03% | 12.2% | 16.22% | 13.62% | 17.41% | -28.03% | 7.84% | -54.46% |
| Net Income Growth % | 15.06% | 78.72% | -33.08% | 531.94% | -172.57% | 435.1% | -126.06% | 12.81% | -5.62% | 2.82% | -11.21% | 45.44% | 177.16% | 78.67% | -4.98% | -17.03% | 25.68% | 8.8% | -19.45% | 72.91% | 30.74% | 179.12% | -385.42% | 113.3% | - |
| Net Income (Continuing) | 3.39B | 3.75B | 2.1B | 3.15B | -721.16M | 1.01B | -294.92M | 1.17B | 1.02B | 1.08B | 1.04B | 1.18B | 808.5M | 295.4M | 158.44M | 225.5M | 239.75M | 203.64M | 140.92M | 187.3M | 108.4M | 83.36M | -105.36M | 36.91M | -277.59M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -52.74M | -3.2M | 2.73M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 207K | 211K | 209K | 216K | 77.54M | 76.62M | 68.02M | 67.31M | 52.57M | 59.1M | 57.82M | 76.85M | 78.77M | 3.86M | 868K | 6.08M | 6.05M | 155.32M | 17.02M | 30.78M | 31.94M | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 21.48 | 21.30 | 10.79 | 13.78 | -3.02 | 6.71 | -2.33 | 8.43 | 6.83 | 6.43 | 5.52 | 5.72 | 4.54 | 2.54 | 1.24 | 1.17 | 1.81 | 1.94 | 1.79 | 2.22 | 1.38 | 1.06 | -143.12 | 50.14 | -377.05 |
| EPS Growth % | 26.68% | 97.41% | -21.7% | 556.29% | -145.01% | 387.98% | -127.64% | 23.43% | 6.22% | 16.49% | -3.5% | 25.99% | 78.74% | 104.84% | 5.98% | -35.36% | -6.7% | 8.38% | -19.37% | 60.87% | 30.19% | 100.74% | -385.44% | 113.3% | - |
| EPS (Basic) | - | 21.78 | 11.06 | 13.99 | -3.02 | 6.83 | -2.33 | 8.51 | 7.00 | 6.68 | 5.64 | 5.78 | 4.61 | 2.58 | 1.24 | 1.17 | 1.81 | 1.94 | 1.79 | 2.22 | 1.38 | 1.06 | -143.12 | 50.14 | -377.05 |
| Diluted Shares Outstanding | 157.96M | 176.12M | 194.49M | 227.66M | 240.49M | 149.01M | 127.74M | 135.9M | 148.71M | 167.29M | 189.68M | 206.22M | 178.68M | 115M | 131.49M | 146.59M | 114.95M | 85.04M | 85.04M | 85.04M | 78.98M | 78.97M | 736.2K | 736.2K | 736.2K |
| Basic Shares Outstanding | 156.06M | 172.18M | 189.83M | 224.22M | 240.49M | 146.42M | 127.74M | 134.57M | 145.16M | 161.06M | 185.51M | 203.85M | 175.91M | 113.46M | 131.49M | 146.59M | 114.95M | 85.04M | 85.04M | 85.04M | 78.98M | 78.97M | 736.2K | 736.2K | 736.2K |
| Dividend Payout Ratio | - | 5.13% | 6.67% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying AER stock.
For fiscal year 2025, AerCap Holdings N.V. (AER) reported total revenue of $8.19B. This represents a 1506.7% increase compared to $509.7M in 2002.
AerCap Holdings N.V. (AER) is profitable, generating $3.75B in net income for the fiscal year ending 2025 with a net profit margin of 45.8%.
AerCap Holdings N.V. (AER) reported an operating income of $4.25B, resulting in an operating profit margin of 51.9%. This margin reflects the operational efficiency of the business before interest and taxes.
AerCap Holdings N.V. (AER) generated $4.89B in gross profit for the year, representing a gross profit margin of 59.8%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
EPS volatility from non-operating items
Revenue Growth Stabilizing After Dip
AerCap's revenue growth has stabilized around 4-10% in recent quarters, recovering from a -3.6% dip in 2025Q2, as per reported financials.
Revenue growth decelerated from 10.1% in 2026Q2 to 4.1% in 2026Q1, but the overall trend shows a recovery from negative growth in mid-2025. The stability suggests a mature leasing portfolio with steady demand, though growth remains modest compared to peers like FTAI's 43.2%.
Gross Margin Resilience Amid Fluctuations
Gross margin averaged 56.6% over the last ten quarters, with a low of 32.0% in 2025Q2, indicating volatility but strong underlying pricing power.
The 2025Q2 gross margin drop to 32.0% appears anomalous, likely due to one-off costs or asset impairments, as margins returned to 60%+ in subsequent quarters. This resilience suggests AerCap maintains pricing power in aircraft leasing, though investors should monitor for recurring volatility.
Operating Leverage Driving Margin Expansion
Operating income scaled faster than revenue in 2026Q1, with operating margin at 59.3% versus 55.2% in 2026Q2, reflecting strong cost control.
SG&A expenses remained relatively flat around $120-130M despite revenue fluctuations, indicating operating leverage. The 2025Q2 spike in SG&A to $170.8M and COGS to $1.3B suggests temporary disruptions, but the overall trend shows efficient overhead management.
EPS Volatility Masks Underlying Stability
EPS swung from $7.09 in 2025Q2 to $3.48 in 2025Q1, driven by non-operating items, as net income includes gains from asset sales.
Net income in 2025Q2 and 2025Q3 was elevated ($1.3B and $1.2B) despite lower operating income, indicating significant non-operating gains. This suggests reported EPS may not reflect core leasing profitability, warranting a closer look at recurring earnings.
COGS Volatility and SG&A Discipline
COGS as a percentage of revenue ranged from 34% to 68% in the last ten quarters, while SG&A remained stable, indicating cost variability in leasing operations.
The 2025Q2 COGS spike to $1.3B (68% of revenue) appears tied to asset write-downs or maintenance costs, as other quarters show COGS around 35-40%. SG&A discipline is evident, with expenses growing slower than revenue, but the COGS volatility warrants monitoring for potential margin pressure.
2025Q2 Operational Disruption and Recovery
The 2025Q2 quarter marked a clear inflection with gross margin falling to 32.0% and operating income dropping to $433.6M, followed by a sharp recovery.
This quarter likely reflects a one-time event such as asset impairments or lease terminations, as margins rebounded to 60% in 2025Q3. The recovery suggests the disruption was temporary, but the magnitude of the swing highlights the sensitivity of AerCap's earnings to asset values and lease performance.
EPS Distortions Could Mask Core Weakness
Short-sellers may argue that non-operating gains inflate EPS, as net income in 2025Q2 and Q3 exceeded operating income by $0.9B and $0.2B.
The gap between net income and operating income suggests reliance on gains from asset sales or revaluations, which may not be sustainable. If these gains normalize, EPS could revert to levels seen in 2024Q3 ($1.95), implying the stock may be overvalued on a forward basis.