Revenue growth remains muted at 4.1% as of 2026Q1, while structural margin volatility persists with gross margins swinging from 32.0% in 2025Q2 to 65.4% in 2026Q1.
| 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 | 8.11B | 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 % | 0.67% | 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 | 3.82B | 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 | 4.29B | 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 % | 52.87% | 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 | 618.5M | 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 | 559.12M | 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 | 2M | 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 | 3.67B | 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 % | 45.24% | 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 | 5.66B | 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 % | 69.77% | 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 % | 32.94% | 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) | 1.99B | 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 | 4.72B | 6.07B | 4.12B | 3.88B | 3.4B | 2.21B | 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 | -1.88B | -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 | 1.95B | 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 | 840.15M | 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 | 4.51B | 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 % | 55.6% | 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 | 582.89M | 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 % | 12.93% | 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 | 3.93B | 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 % | 48.41% | 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 % | 83.69% | 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) | 3.93B | 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 | 209K | 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) | 23.81 | 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 % | 103.21% | 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 | 164.9M | 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 | 161.63M | 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% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Geopolitical asset impairment exposure
As indicated by the most recent quarterly data, AerCap's revenue growth has fluctuated within a narrow band, recording a 4.1% increase in 2026Q1, which highlights the inherent difficulty in scaling a massive, mature aircraft leasing portfolio without significant inorganic expansion or aggressive asset turnover.
The modest revenue trajectory suggests that the company is currently prioritizing portfolio optimization over aggressive fleet expansion. Investors should monitor whether this growth profile reflects a strategic shift toward higher-margin asset management rather than pure volume-based leasing, as the current figures appear to lack the momentum seen in smaller, more agile industry peers.
Based on reported financial statements, AerCap's gross margin reached 65.4% in 2026Q1, yet the historical data reveals significant quarterly variance, with margins dipping as low as 32.0% in 2025Q2, underscoring the sensitivity of the business model to non-recurring items and asset sale timing.
The wide swings in gross profitability suggest that the company's bottom line is heavily influenced by the timing of aircraft disposals and maintenance reserve adjustments. While the 65.4% margin is impressive, the lack of consistency warrants caution, as it may mask underlying fluctuations in the core lease yield spread.
According to the provided income statement, net income has exhibited extreme swings, ranging from $375 million to $1.3 billion over the last ten quarters, a trend that suggests reported earnings are frequently impacted by non-operating items rather than purely operational performance.
The disconnect between operating income and net income in several periods implies that investors should focus on core operating cash flows rather than headline EPS. The presence of significant non-operating noise suggests that the quality of earnings is highly dependent on accounting adjustments related to asset impairments and insurance recoveries.
While AerCap maintains a dominant market position, the company's reliance on complex engine and materials segments, as evidenced by the $73 million in stock-based compensation during 2025Q2, raises questions about the long-term scalability and management overhead required to maintain such a diverse asset base.
Short-term observers may argue that the integration of GECAS has created a level of operational complexity that could lead to margin compression if the secondary parts market softens. The reliance on non-leasing revenue streams introduces a different risk profile that may not be fully captured by traditional aircraft leasing valuation multiples.
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.