The preference share redemption simplifies the capital structure and boosts common equity earnings per share going forward. Monitor fleet utilization trends and the impact of the customer that ceased operations on future lease rental revenue.
Price Chart
Executive Summary
Aircastle reported Q2 2026 total revenues of $283M and net income of $69M, up from $228M and $57M in the prior-year quarter, driven by a surge in maintenance revenue and higher gains on aircraft sales. The company also redeemed all 400 outstanding Series A Preference Shares for $400M, simplifying its capital structure and eliminating preferred dividends. Fleet utilization dipped to 97.4% from 99.7% due to a customer ceasing operations and redeliveries, a modest headwind.
Key Financial Metrics
Key Facts
- Total revenues of $283M in Q2 2026 vs $228M in Q2 2025, a 24% increase.
- Net income of $69M vs $57M in Q2 2025, up 21%.
- Adjusted EBITDA of $247M vs $262M in Q2 2025, down 6%.
- Redeemed all 400 outstanding Series A Preference Shares for $400M, eliminating preferred dividends.
- Gains on sale of flight equipment of $38M vs $24M in Q2 2025.
- Fleet utilization declined to 97.4% from 99.7% due to a customer ceasing operations and redeliveries.
- Total liquidity of $2.8B as of October 1, 2026.
Financial Impact
Revenue up 24% YoY to $283M; net income up 21% to $69M; preferred share redemption of $400M eliminates $10.5M annual dividend drag.
Risk Factors
- Fleet utilization decline to 97.4% from 99.7% due to customer cessation and redeliveries.
- Adjusted EBITDA declined 6% YoY to $247M.
- Adjusted net debt-to-equity increased to 2.4x from 2.2x in Q1 2026.
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001628280-26-065855 |
| Document: ayr-20261014.htm | 0001628280-26-065855 |
| Document: 0001628280-26-065855-index-headers.html | 0001628280-26-065855 |
| Document: 0001628280-26-065855-index.html | 0001628280-26-065855 |
| Document: 0001628280-26-065855.txt | 0001628280-26-065855 |
| 8-K Data (Synthetic) | 0001628280-26-065855 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 14, 2026 12d ago | 8-K | — | awaiting T+20 | — | — |
Jul 9, 2026 15w ago | 8-K | — | awaiting T+20 | — | — |
May 29, 2026 21w ago | 8-K | — | awaiting T+20 | — | — |
Apr 28, 2026 25w ago | 8-K | — | awaiting T+20 | — | — |
Apr 21, 2026 26w ago | 8-K | — | awaiting T+20 | — | — |
Apr 16, 2026 27w ago | 8-K | — | awaiting T+20 | — | — |
US Market Status
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