The sharp revenue and earnings declines confirm post-merger headwinds from order book sale and higher funding costs. Monitor progress on the $4.4B portfolio sales and deleveraging trajectory; the 3.0x adjusted D/E target suggests management is prioritizing balance sheet repair over near-term earnings growth.
Price Chart
Executive Summary
Sumisho Air Lease reported Q2 2026 Non-GAAP Combined total revenues of $641.1M, down 12.4% YoY, and net income attributable to common stockholders of $7.2M, down 98.1% from $374.1M in Q2 2025 (which included a $344M Russian fleet insurance recovery). Adjusted net income before income taxes fell 19.7% to $126.4M. The results reflect the impact of the April 2026 merger, sale of the order book, and higher interest costs. The company signed $4.4B in portfolio sales to reduce leverage, targeting 3.0x adjusted D/E.
Key Facts
- Non-GAAP Combined total revenues declined 12.4% YoY to $641.1M
- Net income attributable to common stockholders fell 98.1% to $7.2M
- Adjusted net income before income taxes decreased 19.7% to $126.4M
- Composite cost of funds rose to 4.33% from 4.15% at year-end 2025
- Signed contracts for two portfolio sales totaling $4.4B to reduce leverage
- Total liquidity of $3.5B as of June 30, 2026
- Owned fleet decreased to 488 aircraft from 490 at year-end 2025
Financial Impact
Revenue decline of 12.4% YoY ($90.6M) and adjusted pre-tax income decline of 19.7% ($31.0M)
Risk Factors
- Further revenue erosion from fleet reduction and lower lease revenue
- Rising composite cost of funds compressing margins
- Execution risk on portfolio sales and deleveraging plan
- Potential conflicts of interest with SMBC AC as servicer
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 7 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001628280-26-055205 |
| Exhibit: ex992q226.htm | 0001628280-26-055205 |
| Document: al-20260810.htm | 0001628280-26-055205 |
| Document: 0001628280-26-055205-index-headers.html | 0001628280-26-055205 |
| Document: 0001628280-26-055205-index.html | 0001628280-26-055205 |
| Document: 0001628280-26-055205.txt | 0001628280-26-055205 |
| 8-K Data (Synthetic) | 0001628280-26-055205 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 10, 2026 7w ago | 8-K | โ | awaiting T+1 | โ | โ |
Apr 30, 2026 22w ago | 10-K/A | โ | awaiting T+1 | โ | โ |
Apr 22, 2026 23w ago | EFFECT | โ | awaiting T+1 | โ | โ |
Apr 17, 2026 24w ago | 8-K | โ | awaiting T+1 | โ | โ |
Apr 14, 2026 24w ago | 8-K | โ | awaiting T+1 | โ | โ |
Apr 8, 2026 25w ago | 8-K | $65.00 $65.00 | ยท 0.00% | โผ โ0.06% | โ |
Apr 8, 2026 25w ago | 25-NSE | $65.00 $65.00 | ยท 0.00% | โผ โ0.57% | โ |
US Market Status
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