PRESS RELEASE     


For Investors: Norah Morgan
Director, Investor Relations
InvestorRelations@aercap.com; +353 1 810 2010
For Media: Gillian Culhane
Head of Corporate Communications and Marketing
gculhane@aercap.com; +353 1 636 0945


AerCap Holdings N.V. Reports Record Financial Results
for the First Quarter 2026, Raises 2026 Guidance and Announces New $1.0 Billion Share Repurchase Program
•Net income for the first quarter of 2026 of $818 million, or $4.96 per share.
•Record adjusted net income for the first quarter of 2026 of $889 million, or $5.39 per share.
•Raising full-year 2026 adjusted earnings per share guidance to approximately $14.50, not including any additional gains on sale for the remainder of the year.
•New $1.0 billion share repurchase program announced.
DUBLIN – April 29, 2026 – AerCap Holdings N.V. (NYSE: AER), the industry leader across all areas of aviation leasing, today reported record financial results for the first quarter of 2026.
“We are pleased to report another record quarter for AerCap, delivering GAAP net income of $818 million and adjusted net income of $889 million, or $5.39 per share. Despite recent geopolitical developments, demand for aviation assets remains robust, supported by sustained consumer demand for air travel and ongoing supply constraints. During the quarter, we closed 286 transactions and achieved an 87% lease extension rate. Reflecting this strong performance, we have increased our 2026 adjusted EPS guidance to $14.50 and announced a new $1.0 billion share repurchase program,” said Aengus Kelly, Chief Executive Officer of AerCap.
Highlights:
•Return on equity of 18% and adjusted return on equity of 19% for the first quarter of 2026.
•$1.5 billion of sales in the first quarter with $291 million of gains on sale, representing an unlevered gain-on-sale margin of 24%, or 1.9x book value on an equity basis.
•Repurchased 5.4 million shares for a total of $745 million during the first quarter of 2026.
•Added 110 new Airbus A320neo Family aircraft to order book during the first quarter of 2026, including the exercise of 45 options, with deliveries starting in 2028.
•Signed lease agreements with CFM International for 48 LEAP-1A engines through AerCap’s Shannon Engine Support joint venture.
•Book value per share of $116.67 as of March 31, 2026, an increase of approximately 20% from March 31, 2025.
•Cash flow from operating activities of $1.4 billion for the first quarter of 2026.
•Adjusted debt/equity ratio of 2.1 to 1 as of March 31, 2026.




AerCap Holdings N.V.
65 St. Stephen’s Green, Dublin D02 YX20, Ireland
www.aercap.com


AerCap Holdings N.V. Reports Record Financial Results for the First Quarter 2026, Raises 2026 Guidance and Announces New $1.0 Billion Share Repurchase Program
Page 2 of 11



Revenue and Net Spread
Three Months Ended March 31,
20262025% increase/ (decrease)
(U.S. Dollars in millions)
Lease revenue:
   Basic lease rents$1,682 $1,649 2%
   Maintenance rents and other receipts190 146 30%
Total lease revenue1,872 1,796 4%
Net gain on sale of assets291 177 64%
Other income79 105 (25%)
Total Revenues and other income$2,242 $2,077 8%
Basic lease rents were $1,682 million for the first quarter of 2026, compared with $1,649 million for the same period in 2025. Basic lease rents for the first quarter of 2026 were negatively impacted by $26 million of lease premium amortization.

Maintenance rents and other receipts were $190 million for the first quarter of 2026, compared with $146 million for the same period in 2025. Maintenance rents for the first quarter of 2026 were negatively impacted by $37 million as a result of maintenance rights assets that were amortized to revenue.

Net gain on sale of assets for the first quarter of 2026 was $291 million, relating to 41 owned assets sold for $1.5 billion, compared with $177 million for the same period in 2025, relating to 35 owned assets sold for $683 million.

Other income for the first quarter of 2026 was $79 million, compared with $105 million for the same period in 2025.
Three Months Ended March 31,
20262025% increase/ (decrease)
(U.S. Dollars in millions)
Basic lease rents$1,682 $1,649 2%
Adjusted for:
   Amortization of lease premium/deficiency26 27 (5%)
Basic lease rents excluding amortization of lease premium/deficiency$1,708 $1,676 2%
Interest expense467 503 (7%)
Adjusted for:
   Mark-to-market of interest rate derivatives3 (5)NA
Interest expense excluding mark-to-market of interest rate derivatives470 498 (6%)
Adjusted net interest margin (*)$1,238 $1,178 5%
Depreciation and amortization(639)(660)(3%)
Adjusted net interest margin, less depreciation and amortization$599 $518 16%
Average lease assets (*)$61,528 $62,053 (1%)
Annualized net spread (*)8.0%7.6%
Annualized net spread less depreciation and amortization (*)3.9%3.3%
(*) Refer to "Notes Regarding Financial Information Presented in This Press Release" for details relating to these non-GAAP measures and metrics
AerCap Holdings N.V.
65 St. Stephen’s Green, Dublin D02 YX20, Ireland
www.aercap.com


AerCap Holdings N.V. Reports Record Financial Results for the First Quarter 2026, Raises 2026 Guidance and Announces New $1.0 Billion Share Repurchase Program
Page 3 of 11



Interest expense excluding mark-to-market of interest rate derivatives was $470 million for the first quarter of 2026, compared with $498 million for the same period in 2025. AerCap’s average cost of debt was 4.1% for the first quarter of 2026 and 4.1% for the same period in 2025, in each case excluding debt issuance costs, upfront fees and other impacts.
Selling, General and Administrative Expenses
Three Months Ended March 31,
20262025% increase/ (decrease)
(U.S. Dollars in millions)
Selling, general and administrative expenses (excluding share-based
compensation expenses)
$95 $86 10%
Share-based compensation expenses32 27 16%
Selling, general and administrative expenses$126 $113 12%
Selling, general and administrative expenses were $126 million for the first quarter of 2026, compared with $113 million for the same period in 2025.
Other Expenses
Leasing expenses were $110 million for the first quarter of 2026, compared with $81 million for the same period in 2025. Leasing expenses for the first quarter of 2026 were negatively impacted by $21 million of maintenance rights amortization.
Effective Tax Rate
AerCap’s effective tax rate for the first quarter of 2026 was 15.5%, the same as the first quarter of 2025. The effective tax rate is impacted by the source and amount of earnings among our different tax jurisdictions as well as the amount of permanent tax differences relative to pre-tax income or loss, and certain other discrete items.
Book Value Per Share
March 31, 2026March 31, 2025
(U.S. Dollars in millions,
except share and per share data)
Total AerCap Holdings N.V. shareholders' equity$18,398 $17,192 
Ordinary shares outstanding161,670,164 181,274,006 
Unvested restricted stock(3,985,063)(4,707,440)
Ordinary shares outstanding (excl. unvested restricted stock)157,685,101 176,566,566 
Book value per ordinary share outstanding (excl. unvested restricted stock)$116.67 $97.37 
Cumulative dividends declared per ordinary share$2.23 $1.02 
AerCap Holdings N.V.
65 St. Stephen’s Green, Dublin D02 YX20, Ireland
www.aercap.com


AerCap Holdings N.V. Reports Record Financial Results for the First Quarter 2026, Raises 2026 Guidance and Announces New $1.0 Billion Share Repurchase Program
Page 4 of 11



Financial Position
March 31, 2026December 31, 2025% increase/
(decrease) over
December 31, 2025
(U.S. Dollars in millions)
Total cash, cash equivalents and restricted cash$1,582 $1,480 7%
Total assets71,421 71,672 —%
Debt43,042 43,565 (1%)
Total liabilities53,024 53,348 (1%)
Total AerCap Holdings N.V. shareholders' equity18,398 18,323 —%
Flight Equipment
As of March 31, 2026, AerCap’s portfolio consisted of 3,569 aircraft, engines and helicopters that were owned, on order or managed. The average age of the company’s owned passenger aircraft fleet as of March 31, 2026 was 7.4 years (5.5 years for new technology aircraft and 15.4 years for current technology aircraft) and the average remaining contracted lease term was 7.1 years.
Dividend
In April 2026, AerCap’s Board of Directors declared a quarterly cash dividend of $0.40 per share, with a payment date of June 4, 2026, to shareholders of record of AerCap ordinary shares as of the close of business on May 13, 2026.
Share Repurchase Program
In April 2026, our Board of Directors approved a new share repurchase program authorizing total repurchases of up to $1.0 billion of AerCap ordinary shares through December 31, 2026. Repurchases under the program may be made through open market purchases or privately negotiated transactions in accordance with applicable U.S. federal securities laws. The timing of repurchases and the exact number of ordinary shares to be purchased will be determined by the Company’s management, in its discretion, and will depend upon market conditions and other factors. The program will be funded using the Company’s cash on hand and cash generated from operations. The program may be suspended or discontinued at any time.
AerCap Holdings N.V.
65 St. Stephen’s Green, Dublin D02 YX20, Ireland
www.aercap.com


AerCap Holdings N.V. Reports Record Financial Results for the First Quarter 2026, Raises 2026 Guidance and Announces New $1.0 Billion Share Repurchase Program
Page 5 of 11



Notes Regarding Financial Information Presented in This Press Release
The financial information presented in this press release is not audited.
Due to rounding, numbers presented throughout this document may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures.
The following are definitions of non-GAAP measures and metrics used in this press release. We believe these measures and metrics may further assist investors in their understanding of our performance. These measures and metrics should not be viewed in isolation and should only be used in conjunction with and as a supplement to our U.S. GAAP financial measures. Non-GAAP measures and metrics are not uniformly defined by all companies, including those in our industry, and so this additional information may not be comparable with similarly-titled measures and metrics and disclosures by other companies.

Adjusted net income / earnings per share, adjusted return on equity and adjusted earnings per share guidance
Adjusted net income is calculated as net income excluding the after-tax impact of the amortization of maintenance rights and lease premium assets recognized under purchase accounting. Adjusted earnings per share is calculated by dividing adjusted net income by the weighted average of our diluted ordinary shares outstanding. Adjusted return on equity is calculated by dividing adjusted net income by average shareholders’ equity. Given the relative significance of these items during 2026, we have chosen to present this measure in order to assist investors in their understanding of the changes and trends related to our earnings.

Three Months Ended March 31, 2026
Net incomeEarnings
per share
(U.S. Dollars in millions,
except per share data)
Net income / earnings per share$818$4.96
Adjusted for:
   Amortization of maintenance rights and lease premium assets recognized under purchase accounting (*)
84 0.51 
   Income tax effect of above adjustments(13)(0.08)
Adjusted net income / earnings per share$889$5.39
Average AerCap Holdings N.V. shareholders’ equity$18,360
Return on equity18%
Adjusted return on equity19%
(*) Includes $26 million adjustment to basic lease rents, $37 million adjustment to maintenance revenues and $21 million adjustment to leasing expenses for the three months ended March 31, 2026.

AerCap Holdings N.V.
65 St. Stephen’s Green, Dublin D02 YX20, Ireland
www.aercap.com


AerCap Holdings N.V. Reports Record Financial Results for the First Quarter 2026, Raises 2026 Guidance and Announces New $1.0 Billion Share Repurchase Program
Page 6 of 11



Adjusted earnings per share guidance for full-year 2026 is calculated as projected net income excluding the after-tax impact of the amortization of maintenance rights and lease premium assets recognized under purchase accounting, divided by the weighted average of our projected diluted ordinary shares outstanding.

Projected FY 2026
Net income / Earnings
per Share
(U.S. Dollars in billions,
except per share data)
Net income$1.8 
Amortization of maintenance rights and lease premium assets recognized under purchase accounting0.3 
Income tax effect of above adjustments(0.0)
Adjusted net income$2.0 
Adjusted earnings per share~$14.50
Adjusted debt/equity ratio
This measure is the ratio obtained by dividing adjusted debt by adjusted equity.
•Adjusted debt means consolidated total debt less cash and cash equivalents, and less a 50% equity credit with respect to certain long-term subordinated debt.
•Adjusted equity means total equity, plus the 50% equity credit relating to the long-term subordinated debt.

Adjusted debt and adjusted equity are adjusted by the 50% equity credit to reflect the equity nature of those financing arrangements and to provide information that is consistent with definitions under certain of our debt covenants. We believe this measure may further assist investors in their understanding of our capital structure and leverage.

March 31, 2026December 31, 2025
(U.S. Dollars in millions,
except debt/equity ratio)
Debt$43,042 $43,565 
Adjusted for:
   Unrestricted cash and cash equivalents(1,480)(1,379)
   50% equity credit for long-term subordinated debt(1,125)(1,125)
Adjusted debt$40,437 $41,061 
Equity$18,398 $18,323 
Adjusted for:
   50% equity credit for long-term subordinated debt1,125 1,125 
Adjusted equity$19,523 $19,448 
Adjusted debt/equity ratio2.1 to 12.1 to 1

AerCap Holdings N.V.
65 St. Stephen’s Green, Dublin D02 YX20, Ireland
www.aercap.com


AerCap Holdings N.V. Reports Record Financial Results for the First Quarter 2026, Raises 2026 Guidance and Announces New $1.0 Billion Share Repurchase Program
Page 7 of 11



Adjusted net interest margin, annualized net spread, annualized net spread less depreciation and amortization and average cost of debt
Adjusted net interest margin is calculated as the difference between basic lease rents, excluding the impact of the amortization of lease premium/deficiency recognized under purchase accounting, and interest expense, excluding the impact of the mark-to-market of interest rate derivatives. Annualized net spread is adjusted net interest margin expressed as a percentage of average lease assets. Annualized net spread less depreciation and amortization is adjusted net interest margin less depreciation and amortization, expressed as a percentage of average lease assets.
Average cost of debt is calculated as interest expense, excluding mark-to-market on interest rate derivatives, debt issuance costs, upfront fees and other impacts, divided by average debt balance.

Three Months Ended March 31,
20262025
(U.S. Dollars in millions)
Interest expense$467 $503 
Adjusted for:
   Mark-to-market on interest rate derivatives3 (5)
   Debt issuance costs, upfront fees and other impacts(21)(28)
Interest expense, excluding mark-to-market on interest rate derivatives, debt issuance
costs, upfront fees and other impacts
$448 $470 
Average debt balance$43,800 $46,160 
Average cost of debt4.1%4.1%

Lease assets
Lease assets include flight equipment held for operating leases, flight equipment held for sale, net investment in finance leases and maintenance rights assets.
Aviation assets
Aviation assets include aircraft, engines and helicopters.

AerCap Holdings N.V.
65 St. Stephen’s Green, Dublin D02 YX20, Ireland
www.aercap.com


AerCap Holdings N.V. Reports Record Financial Results for the First Quarter 2026, Raises 2026 Guidance and Announces New $1.0 Billion Share Repurchase Program
Page 8 of 11



Conference Call
In connection with its report of first quarter 2026 results, management will host a conference call with members of the investment community today, Wednesday, April 29, 2026, at 8:30 am Eastern Time. The call can be accessed live via webcast by AerCap’s website at www.aercap.com under “Investors”, or by dialing (U.S./Canada) +1 646 769 9200 or (International) +353 1 553 8798 and referencing code 2303074 at least 5 minutes before start time.

The webcast replay will be archived in the “Investors” section of the company’s website for one year.

For further information, contact Norah Morgan: +353 1 810 2010 (InvestorRelations@aercap.com).
About AerCap
AerCap is the global leader in aviation leasing with one of the most attractive order books in the industry. AerCap serves approximately 300 customers around the world with comprehensive fleet solutions. AerCap is listed on the New York Stock Exchange (AER) and is headquartered in Dublin with offices in Shannon, Memphis, Singapore, Miami, London, Dubai, Shanghai, Amsterdam and other locations around the world.

Forward-Looking Statements
This press release contains certain statements, estimates and forecasts with respect to future performance and events. These statements, estimates and forecasts are “forward-looking statements”. In some cases, forward-looking statements can be identified by the use of forward-looking terminology such as “may,” “might,” “should,” “expect,” “plan,” “intend,” “will,” “aim,” “estimate,” “anticipate,” “believe,” “predict,” “potential” or “continue” or the negatives thereof or variations thereon or similar terminology. All statements other than statements of historical fact included in this press release are forward-looking statements and are based on various underlying assumptions and expectations and are subject to known and unknown risks, uncertainties and assumptions, and may include projections of our future financial performance based on our growth strategies and anticipated trends in our business. These statements are only predictions based on our current expectations and projections about future events. There are important factors that could cause our actual results, level of activity, performance or achievements to differ materially from the results, level of activity, performance or achievements expressed or implied in the forward-looking statements, including but not limited to the availability of capital to us and to our customers and changes in interest rates; the ability of our lessees and potential lessees to make lease payments to us; our ability to successfully negotiate flight equipment (which includes aircraft, engines and helicopters) purchases, sales and leases, to collect outstanding amounts due and to repossess flight equipment under defaulted leases, and to control costs and expenses; changes in the overall demand for commercial aviation leasing and aviation asset management services; the impact of the ongoing conflict in the Middle East, and any escalation thereof, as well as instability in Latin America, on the aviation industry or our business; the continued impacts of the Ukraine Conflict, including the resulting sanctions by the United States, the European Union, the United Kingdom and other countries, on our business and results of operations, financial condition and cash flows; the effects of terrorist attacks on the aviation industry and on our operations; the economic condition of the global airline and cargo industry and economic and political conditions; trade tensions, including actual or threatened U.S. tariffs and retaliatory measures by some countries, and the resulting geopolitical uncertainty; development of increased government regulation, including travel restrictions, sanctions, regulation of trade and the imposition of import and export controls, tariffs and other trade barriers; a downgrade in any of our credit ratings; competitive pressures within the industry; regulatory changes affecting commercial flight equipment operators, flight equipment maintenance, engine standards, accounting standards and taxes; and disruptions and security breaches affecting our information systems or the information systems of our third-party providers.

As a result, we cannot assure you that the forward-looking statements included in this press release will prove to be accurate or correct. These and other important factors and risks are discussed in AerCap’s annual report on Form 20-F and other filings with the United States Securities and Exchange Commission. In light of these risks, uncertainties and assumptions, the future performance or events described in the forward-looking statements in this press release might not occur. Accordingly, you should not rely upon forward-looking statements as a prediction of actual results and we do not assume any responsibility for the accuracy or completeness of any of these forward-looking statements. Except as required by applicable law, we do not undertake any obligation to, and will not, update any forward-looking statements, whether as a result of new information, future events or otherwise.
For more information regarding AerCap and to be added to our email distribution list, please visit www.aercap.com.
AerCap Holdings N.V.
65 St. Stephen’s Green, Dublin D02 YX20, Ireland
www.aercap.com


AerCap Holdings N.V. Reports Record Financial Results for the First Quarter 2026, Raises 2026 Guidance and Announces New $1.0 Billion Share Repurchase Program
Page 9 of 11



AerCap Holdings N.V.
Unaudited Consolidated Balance Sheets
(U.S. Dollars in thousands, except share data)
March 31, 2026December 31, 2025
Assets
Cash and cash equivalents$1,479,659 $1,379,180 
Restricted cash102,660 100,564 
Trade receivables55,761 48,499 
Flight equipment held for operating leases, net57,246,124 57,796,320 
Investment in finance leases, net1,785,364 1,807,494 
Flight equipment held for sale899,172 1,104,310 
Maintenance rights and lease premium, net1,583,032 1,677,407 
Prepayments on flight equipment4,702,549 4,272,766 
Other intangibles, net112,320 117,789 
Deferred tax assets171,498 172,877 
Associated companies1,361,108 1,315,306 
Other assets1,922,166 1,879,278 
Total Assets$71,421,413 $71,671,790 
Liabilities and Equity
Accounts payable, accrued expenses and other liabilities$1,816,452 $1,897,392 
Accrued maintenance liability3,629,904 3,534,388 
Lessee deposit liability1,244,869 1,185,033 
Debt43,041,681 43,565,321 
Deferred tax liabilities3,290,774 3,166,165 
Total Liabilities53,023,680 53,348,299 
Ordinary share capital, €0.01 par value, 450,000,000 ordinary shares authorized as of March 31, 2026 and December 31, 2025; 174,043,739 and 179,043,739 ordinary shares issued and 161,670,164 and 166,876,547 ordinary shares outstanding (including 3,985,063 and 4,135,620 shares of unvested restricted stock) as of March 31, 2026 and December 31, 2025, respectively
2,209 2,267 
Additional paid-in capital2,933,560 3,517,963 
Treasury shares, at cost (12,373,575 and 12,167,192 ordinary shares as of March 31, 2026 and December 31, 2025, respectively)
(1,592,237)(1,467,321)
Accumulated other comprehensive loss(17,560)(50,210)
Accumulated retained earnings17,071,552 16,320,581 
Total AerCap Holdings N.V. shareholders' equity18,397,524 18,323,280 
Non-controlling interest209 211 
Total Equity18,397,733 18,323,491 
Total Liabilities and Equity$71,421,413 $71,671,790 
AerCap Holdings N.V.
65 St. Stephen’s Green, Dublin D02 YX20, Ireland
www.aercap.com


AerCap Holdings N.V. Reports Record Financial Results for the First Quarter 2026, Raises 2026 Guidance and Announces New $1.0 Billion Share Repurchase Program
Page 10 of 11



AerCap Holdings N.V.
Unaudited Consolidated Income Statements
(U.S. Dollars in thousands, except share and per share data)
Three Months Ended March 31,
20262025
Revenues and other income
Lease revenue:
Basic lease rents$1,682,151 $1,649,061 
Maintenance rents and other receipts190,341 146,491 
Total lease revenue1,872,492 1,795,552 
Net gain on sale of assets290,520 176,918 
Other income78,715 104,562 
Total Revenues and other income2,241,727 2,077,032 
Expenses
Depreciation and amortization639,019 659,735 
Asset impairment5,872 3,240 
Interest expense467,088 502,860 
Gain on debt extinguishment(2,010)— 
Leasing expenses110,229 80,745 
Selling, general and administrative expenses126,292 113,101 
Total Expenses1,346,490 1,359,681 
Loss on investments at fair value(926)(1,395)
Income before income taxes and income of investments
accounted for under the equity method894,311 715,956 
Income tax expense(138,618)(110,973)
Equity in net earnings of investments accounted for under
the equity method
62,434 37,878 
Net income$818,127 $642,861 
Net loss (income) attributable to non-controlling interest2 (1)
Net income attributable to AerCap Holdings N.V.$818,129 $642,860 
Basic earnings per share$5.06 $3.58 
Diluted earnings per share$4.96 $3.48 
Weighted average shares outstanding - basic161,633,204 179,521,844 
Weighted average shares outstanding - diluted164,895,113 184,605,431 
AerCap Holdings N.V.
65 St. Stephen’s Green, Dublin D02 YX20, Ireland
www.aercap.com


AerCap Holdings N.V. Reports Record Financial Results for the First Quarter 2026, Raises 2026 Guidance and Announces New $1.0 Billion Share Repurchase Program
Page 11 of 11



AerCap Holdings N.V.
Unaudited Consolidated Statements of Cash Flows
(U.S. Dollars in thousands)
Three Months Ended March 31,
20262025
Net income$818,127 $642,861 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization639,019 659,735 
Asset impairment5,872 3,240 
Amortization of debt issuance costs, debt discount, debt premium and lease premium41,191 47,185 
Maintenance rights write-off57,908 16,034 
Maintenance liability release to income(41,365)(45,528)
Net gain on sale of assets(290,520)(176,918)
Deferred tax expense120,630 97,235 
Share-based compensation31,632 27,256 
Collections of finance leases151,402 83,260 
Loss on investments at fair value926 1,395 
Gain on debt extinguishment(2,010)— 
Other(44,312)(25,834)
Changes in operating assets and liabilities:
   Trade receivables(8,239)9,833 
   Other assets(36,064)36,823 
   Accounts payable, accrued expenses and other liabilities(12,470)(41,540)
Net cash provided by operating activities1,431,727 1,335,037 
Purchase of flight equipment(701,145)(1,310,617)
Proceeds from sale or disposal of assets1,308,072 520,281 
Prepayments on flight equipment(800,487)(1,190,217)
Other10,319 (24,625)
Net cash used in investing activities(183,241)(2,005,178)
Issuance of debt1,837,812 1,930,469 
Repayment of debt(2,357,478)(1,030,659)
Debt issuance and extinguishment costs paid, net of debt premium received(17,232)(19,751)
Maintenance payments received247,932 223,184 
Maintenance payments returned(58,497)(39,891)
Security deposits received272,821 99,983 
Security deposits returned(262,847)(60,901)
Repurchase of shares and tax withholdings on share-based compensation(744,211)(562,311)
Dividends paid on ordinary shares(64,904)(5,595)
Net cash (used in) provided by financing activities(1,146,604)534,528 
Net increase (decrease) in cash, cash equivalents and restricted cash101,882 (135,613)
Effect of exchange rate changes693 3,324 
Cash, cash equivalents and restricted cash at beginning of period1,479,744 1,401,582 
Cash, cash equivalents and restricted cash at end of period$1,582,319 $1,269,293 

AerCap Holdings N.V.
65 St. Stephen’s Green, Dublin D02 YX20, Ireland
www.aercap.com