Revenue growth reached 15.1% in 2025Q4, though reported profitability remains volatile with net margins fluctuating between 15.1% and 52.6% over the last two years.
Air Lease Corporation (AL) annual income statement — 15-year revenue, gross profit & net income history
| Metric | 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 |
|---|
| Sales/Revenue | 3.02B | 2.73B | 2.68B | 2.32B | 2.09B | 2.02B | 2.02B | 1.68B | 1.52B | 1.42B | 1.22B | 1.05B | 858.67M | 645.85M | 332.72M |
| Revenue Growth % | 10.32% | 1.81% | 15.87% | 10.96% | 3.62% | -0.07% | 20.08% | 10.77% | 6.86% | 16.05% | 16.41% | 22.34% | 32.95% | 94.11% | - |
| Cost of Goods Sold | 1.22B | 1.93B | 1.72B | 1.46B | 1.34B | 1.21B | 1.1B | 892.01M | 766.27M | 707.94M | 633.4M | 529.48M | 448.78M | 346.64M | 157.17M |
| COGS % of Revenue | 40.57% | 70.45% | 64.2% | 62.96% | 64.4% | 60.16% | 54.55% | 53.11% | 50.53% | 49.89% | 51.8% | 50.4% | 52.26% | 53.67% | 47.24% |
| Gross Profit | 1.79B | 807.9M | 961.29M | 858.42M | 743.43M | 803.01M | 916.77M | 787.69M | 750.11M | 711.11M | 589.44M | 521.02M | 409.89M | 299.21M | 175.55M |
| Gross Margin % | 59.43% | 29.55% | 35.8% | 37.04% | 35.6% | 39.84% | 45.45% | 46.89% | 49.47% | 50.11% | 48.2% | 49.6% | 47.74% | 46.33% | 52.76% |
| Gross Profit Growth % | 121.84% | -15.96% | 11.98% | 15.47% | -7.42% | -12.41% | 16.39% | 5.01% | 5.48% | 20.64% | 13.13% | 27.11% | 36.99% | 70.44% | - |
| Operating Expenses | 268.37M | 219.82M | 220.63M | 172.46M | 151.79M | 803.01M | 144.4M | 114.85M | 111.13M | 99.93M | 93.98M | 98.47M | 92.83M | 88.14M | 83.9M |
| OpEx % of Revenue | 8.9% | 8.04% | 8.22% | 7.44% | 7.27% | 39.84% | 7.16% | 6.84% | 7.33% | 7.04% | 7.69% | 9.37% | 10.81% | 13.65% | 25.22% |
| Selling, General & Admin | 268.37M | 219.82M | 220.63M | 172.46M | 151.79M | 113.31M | 144.4M | 114.85M | 111.13M | 99.93M | 93.98M | 98.47M | 92.83M | 88.14M | 83.9M |
| SG&A % of Revenue | 8.9% | 8.04% | 8.22% | 7.44% | 7.27% | 5.62% | 7.16% | 6.84% | 7.33% | 7.04% | 7.69% | 9.37% | 10.81% | 13.65% | 25.22% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 689.7M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | 1.52B | 588.08M | 740.66M | 685.97M | 591.64M | 0 | 772.38M | 672.84M | 638.98M | 611.18M | 495.46M | 422.55M | 317.07M | 211.07M | 91.65M |
| Operating Margin % | 50.53% | 21.51% | 27.59% | 29.6% | 28.33% | - | 38.3% | 40.06% | 42.14% | 43.07% | 40.52% | 40.22% | 36.93% | 32.68% | 27.55% |
| Operating Income Growth % | 159.12% | -20.6% | 7.97% | 15.94% | - | -100% | 14.79% | 5.3% | 4.55% | 23.36% | 17.26% | 33.27% | 50.22% | 130.31% | - |
| EBITDA | 2.75B | 1.73B | 1.81B | 1.65B | 1.47B | 1.47B | 1.48B | 1.25B | 1.15B | 1.06B | 893.22M | 759.21M | 597.11M | 427.29M | 203.96M |
| EBITDA Margin % | 91.1% | 63.35% | 67.39% | 71.29% | 70.59% | 72.96% | 73.14% | 74.71% | 75.66% | 74.97% | 73.04% | 72.27% | 69.54% | 66.16% | 61.3% |
| EBITDA Growth % | 58.64% | -4.29% | 9.54% | 12.06% | 0.26% | -0.32% | 17.56% | 9.37% | 7.85% | 19.1% | 17.65% | 27.15% | 39.74% | 109.5% | - |
| D&A (Non-Cash Add-back) | 1.22B | 1.14B | 1.07B | 965.96M | 882.56M | 780.69M | 702.81M | 581.99M | 508.35M | 452.68M | 397.76M | 336.66M | 280.04M | 216.22M | 112.31M |
| EBIT | 1.52B | 588.08M | 807.69M | -85.51M | 591.64M | 689.7M | 772.38M | 672.84M | 638.98M | 611.18M | 423.46M | 422.55M | 317.07M | 220.97M | 92.32M |
| Net Interest Income | -890.56M | -54.82M | -54.05M | -53.25M | -50.62M | -43.02M | -36.69M | -32.71M | -29.45M | -30.94M | -30.51M | -27.77M | -23.63M | -137.52M | -9.48M |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 9.89M | 0 |
| Interest Expense | 890.56M | 54.82M | 54.05M | 53.25M | 50.62M | 43.02M | 36.69M | 32.71M | 29.45M | 30.94M | 30.51M | 27.77M | 23.63M | 147.41M | 9.48M |
| Other Income/Expense | -154.15M | -54.82M | 12.97M | -824.73M | -50.62M | 646.68M | -36.69M | -32.71M | -29.45M | -30.94M | -102.51M | -27.77M | -23.63M | -16.99M | -12.83M |
| Pretax Income | 1.37B | 533.26M | 753.63M | -138.76M | 541.02M | 646.68M | 735.68M | 640.14M | 609.53M | 580.24M | 392.95M | 394.78M | 293.44M | 203.97M | 82.84M |
| Pretax Margin % | 45.42% | 19.51% | 28.07% | -5.99% | 25.91% | 32.09% | 36.48% | 38.11% | 40.2% | 40.89% | 32.13% | 37.58% | 34.17% | 31.58% | 24.9% |
| Income Tax | 281.31M | 105.55M | 139.01M | -41.74M | 104.38M | 130.41M | 148.56M | 129.3M | -146.62M | 205.31M | 139.56M | 138.78M | 103.03M | 72.05M | 29.61M |
| Effective Tax Rate % | 20.54% | 19.79% | 18.45% | 30.08% | 19.29% | 20.17% | 20.19% | 20.2% | -24.05% | 35.38% | 35.52% | 35.15% | 35.11% | 35.33% | 35.74% |
| Net Income | 1.09B | 427.7M | 614.62M | -97.02M | 436.63M | 516.26M | 587.12M | 510.83M | 756.15M | 374.93M | 253.39M | 256M | 190.41M | 131.92M | 53.23M |
| Net Margin % | 36.09% | 15.65% | 22.89% | -4.19% | 20.91% | 25.62% | 29.11% | 30.41% | 49.87% | 26.42% | 20.72% | 24.37% | 22.18% | 20.43% | 16% |
| Net Income Growth % | 154.47% | -30.41% | 733.47% | -122.22% | -15.42% | -12.07% | 14.93% | -32.44% | 101.68% | 47.96% | -1.02% | 34.45% | 44.34% | 147.82% | - |
| Net Income (Continuing) | 1.09B | 427.7M | 614.62M | -97.02M | 436.63M | 516.26M | 587.12M | 510.83M | 756.15M | 374.93M | 253.39M | 256M | 190.41M | 131.92M | 53.23M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 9.29 | 3.33 | 5.14 | -1.24 | 3.57 | 4.39 | 5.09 | 4.55 | 6.82 | 3.44 | 2.34 | 2.38 | 1.80 | 1.28 | 0.59 |
| EPS Growth % | 178.98% | -35.21% | 514.52% | -134.73% | -18.68% | -13.75% | 11.87% | -33.28% | 98.26% | 47.01% | -1.68% | 32.22% | 40.63% | 116.95% | - |
| EPS (Basic) | 9.35 | 3.34 | 5.16 | -1.24 | 3.58 | 4.41 | 5.14 | 4.60 | 7.33 | 3.65 | 2.47 | 2.51 | 1.88 | 1.31 | 0.59 |
| Diluted Shares Outstanding | 112.33M | 111.87M | 111.44M | 111.63M | 114.45M | 114.01M | 113.09M | 112.36M | 111.66M | 110.8M | 110.63M | 110.19M | 108.96M | 107.66M | 90.42M |
| Basic Shares Outstanding | 111.71M | 111.33M | 111.01M | 111.63M | 114.05M | 113.68M | 111.9M | 111.01M | 103.19M | 102.8M | 102.59M | 102.14M | 101.53M | 100.99M | 89.59M |
| Dividend Payout Ratio | 9.03% | 21.86% | 14.45% | - | 16.72% | 13.21% | 9.88% | 8.14% | 4.09% | 5.48% | 6.47% | 4.78% | 4% | - | - |
Quick answers to the most common questions about buying AL stock.
For fiscal year 2025, Air Lease Corporation (AL) reported total revenue of $3.02B. This represents a 806.4% increase compared to $332.7M in 2011.
Air Lease Corporation (AL) is profitable, generating $1.09B in net income for the fiscal year ending 2025 with a net profit margin of 36.1%.
Air Lease Corporation (AL) reported an operating income of $1.52B, resulting in an operating profit margin of 50.5%. This margin reflects the operational efficiency of the business before interest and taxes.
Air Lease Corporation (AL) generated $1.79B in gross profit for the year, representing a gross profit margin of 59.4%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
OEM delivery delay exposure
Metrics are mathematically derived from official filings.
Revenue Growth Amidst Delivery Headwinds
According to recent quarterly filings, Air Lease Corporation achieved a 15.1% revenue growth rate in 2025Q4, signaling a recovery from the stagnant performance observed in 2024Q4, though the volatility in year-over-year growth suggests that fleet expansion remains heavily dependent on the timing of OEM aircraft deliveries.
The recent acceleration in top-line growth appears to be driven by the successful integration of new aircraft into the lease portfolio, offsetting the persistent delivery delays from major manufacturers. Investors should monitor whether this growth trajectory is sustainable or if it remains vulnerable to further supply chain disruptions that could constrain the company's ability to deploy capital into new, high-yielding assets.
Structural Margin Volatility and Drivers
As reported in financial statements, AL's gross margin expanded to 62.3% in 2025Q4, a significant departure from the 27.4% to 31.2% range seen throughout most of 2025, highlighting the outsized impact of non-recurring aircraft sales on the company's reported profitability metrics.
The sharp fluctuation in gross margins suggests that the company's core leasing business is being supplemented by opportunistic asset trading, which can mask the underlying performance of the rental portfolio. Analysts should distinguish between recurring rental income and these transactional gains to determine the true structural profitability of the fleet in a high-interest-rate environment.
Operating Efficiency and Overhead Discipline
Based on reported figures, AL maintained SG&A expenses at $67.5M in 2025Q4, demonstrating disciplined cost management as operating income scaled to $443.8M, which suggests that the company is successfully leveraging its existing platform to support a larger and more complex aircraft portfolio.
The ability to keep overhead costs relatively stable while scaling operating income indicates strong operational leverage inherent in the leasing model. However, the sustainability of this efficiency warrants further investigation, particularly if the company is forced to increase headcount or technical resources to manage a more aged or diverse fleet due to delivery delays.
Earnings Quality and Non-Operating Noise
Data from the latest income statement reveals that net income reached $180.9M in 2025Q4, though the significant variance in quarterly net margins—ranging from 15.1% to 52.6% over the last two years—indicates that reported EPS is heavily influenced by non-operating items and strategic asset divestitures.
The volatility in net income appears to be driven by the timing of aircraft sales rather than consistent operational performance, which complicates the assessment of core earnings power. Investors should be cautious of relying on trailing EPS figures, as they may not accurately reflect the recurring cash-generating capacity of the underlying lease portfolio.