The strong Q2 results and raised guidance confirm AerCap's operational momentum and capital return discipline. Traders should watch for continued execution on asset sales and share repurchases, as well as any resolution of the Ukraine-related insurance litigation, which could provide further upside. The raised guidance suggests management confidence in the second-half outlook, supporting a positive bias.
Price Chart
Executive Summary
AerCap reported Q2 2026 net income of $726M ($4.59 diluted EPS), down from $1.26B ($7.09) in Q2 2025, primarily due to a $944M decrease in net recoveries related to the Ukraine Conflict. However, adjusted net income rose to $811M ($5.14 diluted EPS) from $726M in the prior year, driven by a 15% increase in total revenues to $2.17B, including a $166M surge in gains on asset sales. The company raised its full-year 2026 adjusted EPS guidance to ~$16.80, reflecting strong operational performance and active portfolio management, while also repurchasing $691M in shares during the quarter and maintaining a solid balance sheet with an adjusted debt-to-equity ratio of 2.05x.
Key Facts
- Q2 2026 net income of $726M ($4.59 diluted EPS) vs $1.26B ($7.09) in Q2 2025; adjusted net income of $811M ($5.14) vs $726M.
- Total revenues and other income increased 15% YoY to $2.17B, driven by a 291% increase in net gain on sale of assets to $223M.
- Full-year 2026 adjusted EPS guidance raised to approximately $16.80, not including any additional gains on sale for the remainder of the year.
- Repurchased 4.9M shares for $691M in Q2 2026; total share repurchases of $1.4B year-to-date.
- Book value per share increased 16% YoY to $119.21 as of June 30, 2026.
- Adjusted debt-to-equity ratio improved to 2.05x from 2.11x at year-end 2025.
- Placed an order for 15 Boeing 787 aircraft in July 2026, with deliveries from 2030 to 2033.
- Q2 2026 cash flow from operations was $1.5B; total available liquidity of $16B.
Financial Impact
Q2 2026 adjusted net income of $811M, up from $726M in Q2 2025; full-year 2026 adjusted EPS guidance raised to ~$16.80.
Risk Factors
- Potential adverse outcome in the C&P Policy insurance appeal, which could require repayment of up to ~$1.2B plus interest.
- Geopolitical instability in the Middle East and ongoing Ukraine Conflict could disrupt airline customers and asset values.
- Elevated inflation and interest rates may pressure lessee financial health and aircraft demand.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001628280-26-050456 |
| Document: aercap2026secondquarterear.htm | 0001628280-26-050456 |
| Document: aer-20260630.htm | 0001628280-26-050456 |
| Document: 0001628280-26-050456-index-headers.html | 0001628280-26-050456 |
| Document: 0001628280-26-050456-index.html | 0001628280-26-050456 |
| Document: 0001628280-26-050456.txt | 0001628280-26-050456 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 16, 2026 16d ago | 6-K | $142.21 $144.76 | ▲ +1.79% | ▼ −0.77% | $144.34 (+1.50%) |
Jul 29, 2026 9w ago | Press Release | $148.63 $155.13 | ▲ +4.37% | ▼ −1.16% | $144.34 (−2.89%) |
Jul 29, 2026 9w ago | 6-K | $148.63 $155.13 | ▲ +4.37% | ▼ −1.16% | $144.34 (−2.89%) |
Jul 3, 2026 13w ago | Press Release | $147.84 $151.03 | ▲ +2.16% | ▲ +1.23% | $144.34 (−2.37%) |
Jul 3, 2026 13w ago | Press Release | $147.84 $151.03 | ▲ +2.16% | ▲ +1.23% | $144.34 (−2.37%) |
Jun 29, 2026 13w ago | 6-K | $145.78 $153.45 | ▲ +5.26% | ▲ +4.66% | $144.34 (−0.99%) |
May 9, 2026 20w ago | Insider Cluster | $145.82 $139.79 | ▼ −4.13% | ▼ −4.05% | $144.34 (−1.01%) |
May 6, 2026 21w ago | Insider Cluster | $150.63 $142.88 | ▼ −5.15% | ▼ −6.32% | $144.34 (−4.18%) |
Apr 29, 2026 22w ago | 6-K | $138.11 $144.62 | ▲ +4.71% | ▲ +1.60% | $144.34 (+4.51%) |
Apr 27, 2026 22w ago | 3 | $137.13 $137.73 | ▲ +0.44% | ▼ −1.25% | $144.34 (+5.26%) |
US Market Status
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