AerCap

AER NYSE Trading Companies & Distributors Financials FY2016–FY2025

AerCap's revenue rose 6.5% to $8.5 billion in fiscal 2025. Its net margin was 44.0%, up from 26.2% a year earlier. It paid out $192 million in dividends and buybacks. The diluted share count fell 9.4%.

Last close · Oct 23, 2026

$145.92

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Revenue

$8.5B

6.5% vs prior year

Operating margin

—

Net income

$3.8B

78.7%

Free cash flow

—

Return on capital

8.5%

2.8 pts

Market cap

$25.7B

Oct 23 close

P/E

—

About these figures. AerCap is a foreign company: it files an annual report on Form 20-F, prepared under US accounting standards (US GAAP), instead of a 10-K, and no quarterly reports, so this page has fiscal years only. Its shares trade in the US as American depositary shares (ADSs), and one ADS can stand for several ordinary shares, so per-share figures are per ordinary share and the page has no market value, P/E or valuation model.

What AerCap does

No business description yet.

Legal name: AerCap Holdings N.V.
Fiscal year ends: December 31, 2025
Latest annual report: —
Accession · CIK: 0001628280-26-007513
0001378789

Revenue and margins

AerCap had $8.5B of revenue in fiscal 2025, up 6.5% on the year before.

Revenue

FY16

Revenue $5.2B

FY17

Revenue $5.0B

FY18

Revenue $4.8B

FY19

Revenue $4.9B

FY20

Revenue $4.5B

FY21

Revenue $5.2B

FY22

Revenue $7.0B

FY23

Revenue $7.6B

FY24

Revenue $8.0B

FY25

Revenue $8.5B

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

Margins, % of revenue

FY16

Gross —

Operating —

Net 20.3%

FCF —

FY17

Gross —

Operating —

Net 21.4%

FCF —

FY18

Gross —

Operating —

Net 21.2%

FCF —

FY19

Gross —

Operating —

Net 23.2%

FCF —

FY20

Gross —

Operating —

Net −6.6%

FCF —

FY21

Gross —

Operating —

Net 19.2%

FCF —

FY22

Gross —

Operating —

Net −10.4%

FCF —

FY23

Gross —

Operating —

Net 41.4%

FCF —

FY24

Gross —

Operating —

Net 26.2%

FCF —

FY25

Gross —

Operating —

Net 44.0%

FCF —

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

Gross Operating Net FCF

Net income and earnings per share

From fiscal 2016 to 2025, diluted EPS grew 16.2% a year. Loss periods are shown in red.

Net income

FY16

Net income $1.0B

FY17

Net income $1.1B

FY18

Net income $1.0B

FY19

Net income $1.1B

FY20

Net income −$299M

FY21

Net income $1.0B

FY22

Net income −$726M

FY23

Net income $3.1B

FY24

Net income $2.1B

FY25

Net income $3.8B

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

Diluted EPS

FY16

Diluted EPS $5.52

FY17

Diluted EPS $6.43

FY18

Diluted EPS $6.83

FY19

Diluted EPS $8.43

FY20

Diluted EPS −$2.34

FY21

Diluted EPS $6.71

FY22

Diluted EPS −$3.02

FY23

Diluted EPS $13.78

FY24

Diluted EPS $10.79

FY25

Diluted EPS $21.30

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)

FY16

Return on capital 5.6%

Return on equity 12.4%

Return on assets 2.5%

FY17

Return on capital 5.8%

Return on equity 12.6%

Return on assets 2.6%

FY18

Return on capital 5.6%

Return on equity 11.7%

Return on assets 2.4%

FY19

Return on capital 6.1%

Return on equity 12.6%

Return on assets 2.6%

FY20

Return on capital 2.0%

Return on equity −3.3%

Return on assets −0.7%

FY21

Return on capital 4.0%

Return on equity 7.9%

Return on assets 1.7%

FY22

Return on capital 0.7%

Return on equity −4.4%

Return on assets −1.0%

FY23

Return on capital 7.5%

Return on equity 19.2%

Return on assets 4.5%

FY24

Return on capital 5.7%

Return on equity 12.4%

Return on assets 2.9%

FY25

Return on capital 8.5%

Return on equity 21.1%

Return on assets 5.2%

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

Return on capital Return on equity Return on assets

Cash flow

Free cash flow was — in fiscal 2025, — of revenue. Cash from operations minus capital spending.

Free cash flow

FY16

Free cash flow —

FY17

Free cash flow —

FY18

Free cash flow —

FY19

Free cash flow —

FY20

Free cash flow —

FY21

Free cash flow —

FY22

Free cash flow —

FY23

Free cash flow —

FY24

Free cash flow —

FY25

Free cash flow —

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

Cash from operations vs capital spending

FY16

Cash from operations $3.4B

Capital spending —

FY17

Cash from operations $3.1B

Capital spending —

FY18

Cash from operations $2.8B

Capital spending —

FY19

Cash from operations $3.1B

Capital spending —

FY20

Cash from operations $2.1B

Capital spending —

FY21

Cash from operations $3.7B

Capital spending —

FY22

Cash from operations $5.2B

Capital spending —

FY23

Cash from operations $5.3B

Capital spending —

FY24

Cash from operations $5.4B

Capital spending —

FY25

Cash from operations $5.4B

Capital spending —

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

Cash from operations Capital spending

Dividends, buybacks and share count

AerCap returned $192M to shareholders in fiscal 2025. The diluted share count fell 9.5%.

Dividends and buybacks

FY16

Dividends $0.0M

Buybacks $0.0M

FY17

Dividends $0.0M

Buybacks $0.0M

FY18

Dividends $0.0M

Buybacks $0.0M

FY19

Dividends $0.0M

Buybacks $0.0M

FY20

Dividends $0.0M

Buybacks $0.0M

FY21

Dividends $0.0M

Buybacks $0.0M

FY22

Dividends $0.0M

Buybacks $0.0M

FY23

Dividends $0.0M

Buybacks $0.0M

FY24

Dividends $140M

Buybacks $0.0M

FY25

Dividends $192M

Buybacks $0.0M

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

Dividends Buybacks

Diluted shares outstanding (annual)

FY16

Diluted shares 0.19B

FY17

Diluted shares 0.17B

FY18

Diluted shares 0.15B

FY19

Diluted shares 0.14B

FY20

Diluted shares 0.13B

FY21

Diluted shares 0.15B

FY22

Diluted shares 0.24B

FY23

Diluted shares 0.23B

FY24

Diluted shares 0.19B

FY25

Diluted shares 0.18B

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

Balance sheet

Cash, debt and the ratios that show how comfortably AerCap can carry it.

Cash vs debt (incl. leases)

FY16

Cash $2.0B

Debt $27.7B

FY17

Cash $1.7B

Debt $28.4B

FY18

Cash $1.2B

Debt $29.5B

FY19

Cash $1.1B

Debt $29.6B

FY20

Cash $1.2B

Debt $28.9B

FY21

Cash $1.7B

Debt $50.3B

FY22

Cash $1.6B

Debt $46.7B

FY23

Cash $1.6B

Debt $46.6B

FY24

Cash $1.2B

Debt $45.4B

FY25

Cash $1.4B

Debt $43.7B

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

Cash Debt

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	$1.7B	$1.6B	$1.6B	$1.2B	$1.4B
Debt incl. finance leases	$50.3B	$46.7B	$46.6B	$45.4B	$43.7B
Net debt / EBITDA	11.8x	15.1x	6.0x	6.7x	4.9x
Debt / equity	3.0x	2.9x	2.8x	2.6x	2.4x
Interest coverage	1.9x	0.4x	2.8x	2.3x	3.1x
Total assets	$74.6B	$69.7B	$71.3B	$71.4B	$71.7B
Total liabilities	$57.9B	$53.5B	$54.7B	$54.3B	$53.3B
Shareholders' equity	$16.6B	$16.1B	$16.6B	$17.2B	$18.3B
Net debt (− = net cash)	$48.6B	$45.1B	$45.0B	$44.2B	$42.3B

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$0.0M

0 insiders

Of sales under plans

—

$0.0M

No open-market insider trades in the last 12 months.

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

Test	FY23	FY24	FY25
Net income is positive	✓	✓	✓
Cash from operations is positive	✓	✓	✓
Return on assets rose	✓	✕	✓
Cash from operations exceeds net income	✓	✓	✓
Debt fell relative to assets	✕	✓	✓
Current ratio rose	—	—	—
Share count didn't rise	✓	✓	✓
Gross margin rose	—	—	—
Revenue rose relative to assets	✓	✓	✓
F-score	— / 9	— / 9	— / 9
Accruals ratio	−3.0%	−4.7%	−2.3%
Altman Z''	—	—	—

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10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	$5.2B	$5.0B	$4.8B	$4.9B	$4.5B	$5.2B	$7.0B	$7.6B	$8.0B	$8.5B
Interest expense	$1.1B	$1.1B	$1.2B	$1.3B	$1.2B	$1.2B	$1.6B	$1.8B	$1.8B	$1.9B
Pretax income	$1.2B	$1.2B	$1.2B	$1.3B	−$315M	$1.1B	−$1.0B	$3.3B	$2.3B	$4.1B
Income tax	$174M	$165M	$144M	$168M	−$17.2M	$163M	−$164M	$291M	$324M	$555M
Net income	$1.0B	$1.1B	$1.0B	$1.1B	−$299M	$1.0B	−$726M	$3.1B	$2.1B	$3.8B
Diluted EPS	$5.52	$6.43	$6.83	$8.43	−$2.34	$6.71	−$3.02	$13.78	$10.79	$21.30
Diluted shares	0.19B	0.17B	0.15B	0.14B	0.13B	0.15B	0.24B	0.23B	0.19B	0.18B
Cash flow
Cash from operations	$3.4B	$3.1B	$2.8B	$3.1B	$2.1B	$3.7B	$5.2B	$5.3B	$5.4B	$5.4B
Depreciation and amortization	$1.8B	$1.7B	$1.7B	$1.7B	$1.6B	$1.7B	$2.4B	$2.5B	$2.6B	$2.6B
Stock-based compensation	$103M	$108M	$95.2M	$69.4M	$69.2M	$96.1M	$103M	$97.1M	$111M	$166M
Acquisitions	$0.0M	$0.0M	$0.0M	$0.0M	$0.0M	$22.5B	$0.0M	$0.0M	$0.0M	$0.0M
Share buybacks	$0.0M	$0.0M	$0.0M	$0.0M	$0.0M	$0.0M	$0.0M	$0.0M	$0.0M	$0.0M
Dividends paid	$0.0M	$0.0M	$0.0M	$0.0M	$0.0M	$0.0M	$0.0M	$0.0M	$140M	$192M
Dividends and buybacks	$0.0M	$0.0M	$0.0M	$0.0M	$0.0M	$0.0M	$0.0M	$0.0M	$140M	$192M
Balance sheet
Cash and short-term investments	$2.0B	$1.7B	$1.2B	$1.1B	$1.2B	$1.7B	$1.6B	$1.6B	$1.2B	$1.4B
Total debt	$27.7B	$28.4B	$29.5B	$29.5B	$28.7B	$50.2B	$46.5B	$46.5B	$45.3B	$43.6B
Finance lease liabilities	$0.0M	$0.0M	$0.0M	$136M	$111M	$141M	$137M	$140M	$136M	$126M
Inventory	$52.7M	$39.0M	$31.0M	$3.2M	$0.0M	$48.6M	$55.9M	$85.7M	$90.9M	$112M
Property and equipment, net	—	—	$35.1B	$35.9B	$35.2B	$57.8B	$55.2B	$57.1B	$58.6B	$57.8B
Total assets	$41.6B	$42.0B	$43.2B	$43.7B	$42.0B	$74.6B	$69.7B	$71.3B	$71.4B	$71.7B
Total liabilities	$33.0B	$33.4B	$34.3B	$34.4B	$33.1B	$57.9B	$53.5B	$54.7B	$54.3B	$53.3B
Shareholders' equity	$8.5B	$8.6B	$8.8B	$9.3B	$8.9B	$16.6B	$16.1B	$16.6B	$17.2B	$18.3B
Margins
EBITDA margin	79.3%	80.9%	83.4%	87.3%	57.4%	78.8%	42.5%	99.7%	83.2%	101.6%
Net margin	20.3%	21.4%	21.2%	23.2%	−6.6%	19.2%	−10.4%	41.4%	26.2%	44.0%
Returns
Return on capital	5.6%	5.8%	5.6%	6.1%	2.0%	4.0%	0.7%	7.5%	5.7%	8.5%
Return on equity	12.4%	12.6%	11.7%	12.6%	−3.3%	7.9%	−4.4%	19.2%	12.4%	21.1%
Return on assets	2.5%	2.6%	2.4%	2.6%	−0.7%	1.7%	−1.0%	4.5%	2.9%	5.2%
Growth
Revenue growth	−2.6%	−2.2%	−4.7%	2.9%	−9.0%	16.3%	34.3%	8.1%	5.5%	6.5%
Net income growth	−11.2%	2.8%	−5.6%	12.8%	−126.1%	—	−172.6%	—	−33.1%	78.7%
EPS growth	−3.5%	16.5%	6.2%	23.4%	−127.8%	—	−145.0%	—	−21.7%	97.4%
Share count change	−8.0%	−11.8%	−11.1%	−8.6%	−6.0%	16.6%	61.4%	−5.3%	−14.6%	−9.5%
Financial health
Net debt / EBITDA	6.3x	6.6x	7.1x	6.6x	10.7x	11.8x	15.1x	6.0x	6.7x	4.9x
Debt / equity	3.3x	3.3x	3.3x	3.2x	3.3x	3.0x	2.9x	2.8x	2.6x	2.4x
Interest coverage	2.1x	2.1x	2.0x	2.0x	0.8x	1.9x	0.4x	2.8x	2.3x	3.1x
Capital allocation
Stock comp / revenue	2.0%	2.1%	2.0%	1.4%	1.5%	1.8%	1.5%	1.3%	1.4%	2.0%
Quality scores
Accruals ratio	−5.5%	−4.9%	−4.3%	−4.5%	−5.7%	−4.6%	−8.2%	−3.0%	−4.7%	−2.3%

Source: SEC EDGAR XBRL filings (CIK 0001378789). Data updated October 23, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.