Aercap Holdings(MX:AERN)
MX$2,391.00+7.47 (+0.31%)
MX:AERN
Aercap Holdings earnings date
MX$2,391.00
At close:+7.47 (+0.31%)
Aercap Holdings (AERN) Q3 2026 Earnings Report
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MX:AERN Q3 2026 EPS Results
- Actual EPS
- MXN 122.85
- Consensus EPS
- MXN 85.32
- Beat/Miss
- Beat by +MXN 37.53
- One Year Ago EPS
- MXN 93.07
MX:AERN Q3 2026 Revenue Results
- Actual Revenue
- MXN 36.81B
- Expected Revenue
- MXN 40.27B
- Beat/Miss
- Missed by -MXN 3.46B
- YoY Revenue Growth
- +3.80%
Earnings Announcement Details
- Quarter
- Q3 2026
- Date
- 10/28/2026
- Time
- Before Open
- Conference Call
- Wednesday, October 28, 2026
MX:AERN Upcoming Earnings
Aercap Holdings's next earnings date is estimated for March 3, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
MX:AERN Q3 2026 Earnings Call
0:00 / 0:00
Q3 2026 Earnings Slide Deck
Q3 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call was strongly positive, characterized by record adjusted EPS, a 22% adjusted ROE, higher full-year guidance, strong asset-sale gains, substantial liquidity, a well-placed order book, and significant shareholder returns. Management acknowledged elevated fuel prices, pressure on certain airline business models, normalization of maintenance contribution, higher interest expense, and execution challenges for Boeing's Max 10, but stated that AerCap's portfolio positioning, liquidity, scale, and asset-management capabilities limit the expected impact. Highlights significantly outweighed lowlights.
Company Guidance
AerCap raised full year 2026 adjusted EPS guidance to approximately $20.70, reflecting approximately $16 of adjusted EPS excluding gains on sale and $4.70 of gains on sale recognized during the first nine months, before any additional gains on sale for the fourth quarter; full year 2026 asset sales are expected to come in over $5 billion, versus the prior range of $4 billion-$5 billion, while sales would more typically be $2.5 billion-$3 billion; net maintenance contribution is expected to return to a more normal level of $50 million a quarter in 2027, or around $50 million net technical number per quarter over time; the full-year effective tax rate is expected to be approximately 15%; cash CapEx should be around $1.5 billion for the rest of this year, with 2026 around $6 billion and 2027 maybe $5.5 billion or so; net spread was 8.1% and is expected to stay between 8% and 8.1% over the next couple of quarters, with some gradual upward movement over time; and the stated leverage target remains 2.7x.
- Record Third-Quarter Earnings and Return on EquityAerCap reported record adjusted earnings per share of $6.56, adjusted net income of $1.09 billion, and adjusted return on equity of 22% for the third quarter. GAAP net income was $949 million, or $6.17 per share.
- Raised Full-Year 2026 Earnings GuidanceThe company raised full-year 2026 adjusted EPS guidance to approximately $20.70, before any additional fourth-quarter gains on asset sales. The guidance includes approximately $16 of adjusted EPS excluding gains on sale and $4.70 of gains on sale recognized during the first nine months.
- Strong Leasing Revenue and DemandBasic lease rents were $1.698 billion, reflecting continued fleet growth and a strong leasing environment. Management said demand for AerCap's assets remains strong and continues to outstrip available supply.
- Order Book Provides Extended Earnings VisibilityAerCap's order book is fully placed through the end of 2027 and 80% placed through the end of 2028, including 131 new aircraft added during the year. The company also reported an average remaining lease term of more than seven years.
- Strong Asset Sales and Portfolio OptimizationAerCap sold 70 owned assets during the third quarter for $1.1 billion of sales proceeds, generating a 45% unlevered gain-on-sale margin, equivalent to 2.6 times book equity. Net gain on sale of assets was $353 million for the quarter, and first-nine-month gains on sale were approximately $866 million.
- Portfolio Skewed Toward New Technology and Freighter AircraftNew technology or freighter aircraft represented 83% of AerCap's fleet. Management said the portfolio has been shaped over the past 15 years toward assets it believes are well positioned for long-term demand, with freighter assets described as the strongest part of the market.
- Expanded Order Book Without Lowering Return ThresholdsDespite a highly constrained supply environment, AerCap said it has significantly expanded its order book since 2024 without compromising its return thresholds. The company added approximately 130 aircraft during 2026 and approximately 50 aircraft the prior year.
- Balanced Capital Allocation and Shareholder ReturnsSince closing the GECAS acquisition at the end of 2021, AerCap has committed more than $30 billion to new technology assets and repurchased almost 40% of its outstanding shares while continuing to strengthen its balance sheet. During the third quarter, it repurchased 5.3 million shares for approximately $783 million; first-nine-month repurchases exceeded $2.2 billion, representing approximately 10% of shares outstanding at the beginning of the year.
- New Share Repurchase Authorization and Dividend GrowthAerCap announced a new $1 billion share repurchase program in September. The company also made its 10th consecutive quarterly dividend payment, has increased its dividend each year, and has paid more than $500 million in dividends since introducing the dividend in 2024.
- Strong Liquidity and Balance SheetAs of September 30, total liquidity sources were approximately $22 billion, including approximately $2.5 billion of cash, $10 billion of revolvers, and $3 billion of other committed facilities, along with estimated asset sales and operating cash flow. Sources-to-uses coverage was 1.8 times, representing excess cash coverage of around $10 billion. Adjusted leverage was approximately two times net debt to equity, secured debt to total assets declined to 8% from 9%, and the average cost of debt was 4.2%.
- Record Cash Flow and Capital Deployment CapacityOperating cash flow was $1.8 billion for the quarter. Management said AerCap had approximately $3.7 billion of available excess equity, equivalent to approximately $14 billion of potential capital deployment when levered, while maintaining BBB+ and Baa1 investment-grade credit ratings.
- Long-Term Earnings and Book Value GrowthSince 2022, AerCap has delivered compound annual growth of 23% in adjusted earnings per share and 18% in book value per share.
- Higher Full-Year Asset Sales OutlookBased on performance to date and continued strength in the sales market, AerCap now expects full-year 2026 asset sales to exceed $5 billion, compared with its prior expectation of $4 billion-$5 billion.
- Strong Maintenance Contribution and Other IncomeNet maintenance contribution was $184 million in the third quarter and $453 million for the first nine months, driven by end-of-lease compensation, maintenance reserve releases, buyouts, and transition activity. Other income was $97 million in the quarter and $266 million for the first nine months, including interest income, management fee income, and investment-sale income.
- Stable Net Spread OutlookThird-quarter net spread was 8.1% and had remained between 8% and 8.1% over the prior several quarters. Management expects it to remain around that level over the next couple of quarters, with some gradual upward movement over time as Spirit aircraft return to lease and COVID-era leases roll off.
- Opportunities From Sale-Leasebacks and Airline Liquidity NeedsManagement said elevated fuel prices could lead airlines to take measures to strengthen liquidity and protect their balance sheets, potentially creating incremental sale-and-leaseback opportunities. AerCap said it is in ongoing discussions with customers and may see more intensity around these opportunities in the new year, subject to meeting shareholder return thresholds.
- Engine Business Demand Expected to Remain StrongAerCap said it expects sustained demand for new-technology engines, particularly because a larger portion of global economic activity is in regions with harsher operating environments. The company described itself as the world's largest engine lessor and said its engine and parts businesses provide additional ways to monetize aircraft.
- Widebody Market Remains StrongManagement described the widebody market as extraordinarily strong and cited customers investing approximately $25 million in A380 interior overhauls despite the aircraft being among the least fuel-efficient ever built. AerCap said it would pursue additional widebody opportunities where economics work for shareholders.
MX:AERN Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Mar 03, 2027 | 2026 (Q4) | 94.91- | 73.97 | ― | ― |
| Oct 28, 2026 | 2026 (Q3) | 85.32122.85 | 93.07 | 31.99% (+29.78) | |
| Jul 29, 2026 | 2026 (Q2) | 77.4996.25 | 53 | 81.63% (+43.26) | |
| Apr 29, 2026 | 2026 (Q1) | 69.57100.94 | 68.91 | 46.47% (+32.02) | |
| Feb 06, 2026 | 2025 (Q4) | 63.7373.97 | 61.99 | 19.34% (+11.99) | |
| Oct 29, 2025 | 2025 (Q3) | 58.1593.07 | 45.13 | 106.22% (+47.94) | |
| Jul 30, 2025 | 2025 (Q2) | 50.2653.00 | 56.37 | -5.98% (-3.37) | |
| Apr 30, 2025 | 2025 (Q1) | 51.5468.91 | 61.61 | 11.85% (+7.30) | |
| Feb 26, 2025 | 2024 (Q4) | 48.1361.99 | 58.24 | 6.43% (+3.75) | |
| Oct 30, 2024 | 2024 (Q3) | 45.0945.13 | 52.62 | -14.23% (-7.49) |
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat Missed
