PRESS RELEASE         aercaplogobluecropped.jpg
For Investors: Adi Padva
Head of Investor Relations
InvestorRelations@aercap.com
For Media: Gillian Culhane
Head of Corporate Communications and Marketing
gculhane@aercap.com


AerCap Holdings N.V. Reports Strong Financial Results
for the Second Quarter 2026 and Raises 2026 Guidance
•Net income for the second quarter of 2026 of $726 million, or $4.59 per share.
•Adjusted net income for the second quarter of 2026 of $811 million, or $5.14 per share.
•Raising full-year 2026 adjusted earnings per share guidance to approximately $16.80, not including any additional gains on sale for the remainder of the year.
DUBLIN – July 29, 2026 – AerCap Holdings N.V. (NYSE: AER), the industry leader across all areas of aviation leasing, today reported strong financial results for the second quarter and raised guidance for full-year 2026.
“AerCap delivered another quarter of strong results, reflecting the power of our business model and the continued demand for high-quality aviation assets. Our global platform, consistent execution, disciplined capital allocation and active portfolio management continue to position us to capitalize on opportunities across the market. As a result, we are raising our full-year 2026 adjusted EPS guidance to $16.80. Looking ahead, we remain confident that the combination of sustained demand for air travel, ongoing aircraft supply constraints and our disciplined approach to capital deployment will continue to drive long-term value for our shareholders,” said Aengus Kelly, Chief Executive Officer of AerCap.
Highlights:
•Return on equity of 16% and adjusted return on equity of 18% for the second quarter of 2026.
•$1.4 billion of asset sales in the second quarter with $223 million of gains on sale, representing an unlevered gain-on-sale margin of 20%, or 1.7x book value on an equity basis.
•Cash flow from operating activities of $1.5 billion for the second quarter of 2026.
•Capex of $1.9 billion in the second quarter of 2026, including the purchase of 25 aircraft, five engines and three helicopters.
•Repurchased 4.9 million shares for a total of $691 million during the second quarter of 2026, taking total share repurchases to over $1.4 billion for 2026 year-to-date.
•Adjusted debt/equity ratio of 2.05 to 1 as of June 30, 2026.
•Book value per share of $119.21 as of June 30, 2026, an increase of approximately 16% from June 30, 2025.
•Placed an order in July 2026 for 15 Boeing 787 aircraft, with deliveries from 2030 to 2033.




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


AerCap Holdings N.V. Reports Strong Financial Results for the Second Quarter 2026 and Raises 2026 Guidance
Page 2 of 11



Revenue and Net Spread
Three Months Ended June 30,Six Months Ended June 30,
20262025% increase/ (decrease)20262025% increase/ (decrease)
(U.S. Dollars in millions)(U.S. Dollars in millions)
Lease revenue:
   Basic lease rents$1,677 $1,653 1%$3,360 $3,302 2%
   Maintenance rents and other receipts177 115 54%367 261 40%
Total lease revenue1,854 1,768 5%3,727 3,563 5%
Net gain on sale of assets223 57 291%514 234 120%
Other income90 62 45%169 167 1%
Total Revenues and other income$2,167 $1,887 15%$4,409 $3,964 11%
Basic lease rents were $1,677 million for the second quarter of 2026, compared with $1,653 million for the same period in 2025. Basic lease rents for the second quarter of 2026 reflected $26 million of lease premium amortization.

Maintenance rents and other receipts were $177 million for the second quarter of 2026, compared with $115 million for the same period in 2025. Maintenance rents for the second quarter of 2026 reflected $36 million of maintenance rights asset amortization.

Net gain on sale of assets for the second quarter of 2026 was $223 million, relating to 38 owned assets sold for $1.4 billion, compared with $57 million for the same period in 2025, relating to 18 owned assets sold for $374 million.

Other income for the second quarter of 2026 was $90 million, compared with $62 million for the same period in 2025.
Three Months Ended June 30,Six Months Ended June 30,
20262025% increase/ (decrease)20262025% increase/ (decrease)
(U.S. Dollars in millions)(U.S. Dollars in millions)
Basic lease rents$1,677$1,6531%$3,360$3,3022%
Adjusted for:
   Amortization of lease premium/deficiency2626(1%)5153(3%)
Basic lease rents excluding amortization of lease premium/
deficiency
$1,703$1,6781%$3,411$3,3552%
Interest expense468519(10%)9361,022(8%)
Adjusted for:
   Mark-to-market of interest rate derivatives2(11)NA5(15)NA
Interest expense excluding mark-to-market of interest rate derivatives471508(7%)9401,006(7%)
Adjusted net interest margin (*)$1,232$1,1705%$2,470$2,3485%
Depreciation and amortization(642)(669)(4%)(1,281)(1,329)(4%)
Adjusted net interest margin, less depreciation and amortization$590$50118%$1,189$1,01917%
Average lease assets (*)$61,227$62,032(1%)$61,377$62,042(1%)
Annualized net spread (*)8.0%7.5%8.0%7.6%
Annualized net spread less depreciation and amortization (*)3.9%3.2%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 Strong Financial Results for the Second Quarter 2026 and Raises 2026 Guidance
Page 3 of 11



Interest expense excluding mark-to-market of interest rate derivatives was $471 million for the second quarter of 2026, compared with $508 million for the same period in 2025. AerCap’s average cost of debt was 4.2% for the second quarter of 2026 and 4.1% for the same period in 2025, in each case excluding debt issuance costs, upfront fees and other impacts.
Recoveries Related to Ukraine Conflict
During the second quarter of 2026, we recognized recoveries related to the Ukraine Conflict of $28 million, consisting of cash insurance settlement proceeds received from a Russian airline and its Russian insurer in respect of two aircraft lost in Russia.
Selling, General and Administrative Expenses
Three Months Ended June 30,Six Months Ended June 30,
20262025% increase/ (decrease)20262025% increase/ (decrease)
(U.S. Dollars in millions)(U.S. Dollars in millions)
Selling, general and administrative expenses (excluding share-based
compensation expenses)
$97 $98 (1%)$191 $184 4%
Share-based compensation expenses33 73 (55%)64 100 (36%)
Selling, general and administrative expenses$129 $171 (24%)$256 $284 (10%)
Selling, general and administrative expenses were $129 million for the second quarter of 2026, compared with $171 million for the same period in 2025.
Other Expenses
Leasing expenses were $150 million for the second quarter of 2026, compared with $95 million for the same period in 2025. Leasing expenses for the second quarter of 2026 included $67 million of maintenance rights amortization.
Effective Tax Rate
AerCap’s effective tax rate for the second quarter of 2026 was 15.5%, compared to an effective tax rate of 12.2% for the second 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
June 30, 2026June 30, 2025
(U.S. Dollars in millions,
except share and per share data)
Total AerCap Holdings N.V. shareholders' equity$18,409 $17,947 
Ordinary shares outstanding157,184,065 178,309,768 
Unvested restricted stock(2,754,000)(4,051,509)
Ordinary shares outstanding (excluding unvested restricted stock)154,430,065 174,258,259 
Book value per ordinary share outstanding (excluding unvested restricted stock)$119.21 $102.99 
Cumulative dividends declared per ordinary share$2.63 $1.29 
AerCap Holdings N.V.
65 St. Stephen’s Green, Dublin D02 YX20, Ireland
www.aercap.com


AerCap Holdings N.V. Reports Strong Financial Results for the Second Quarter 2026 and Raises 2026 Guidance
Page 4 of 11



Financial Position
June 30, 2026December 31, 2025% increase/
(decrease) over
December 31, 2025
(U.S. Dollars in millions)
Total cash, cash equivalents and restricted cash$1,799 $1,480 22%
Total assets71,184 71,672 (1%)
Debt42,774 43,565 (2%)
Total liabilities52,774 53,348 (1%)
Total AerCap Holdings N.V. shareholders' equity18,409 18,323 —%
Flight Equipment
As of June 30, 2026, AerCap’s portfolio consisted of 3,567 aircraft, engines and helicopters that were owned, on order or managed. The average age of the company’s owned passenger aircraft fleet as of June 30, 2026 was 7.4 years (5.5 years for new technology aircraft and 15.6 years for current technology aircraft) and the average remaining contracted lease term was 7.2 years.
Dividend
In July 2026, AerCap’s Board of Directors declared a quarterly cash dividend of $0.40 per share, with a payment date of September 3, 2026, to shareholders of record of AerCap ordinary shares as of the close of business on August 12, 2026.
AerCap Holdings N.V.
65 St. Stephen’s Green, Dublin D02 YX20, Ireland
www.aercap.com


AerCap Holdings N.V. Reports Strong Financial Results for the Second Quarter 2026 and Raises 2026 Guidance
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 and net recoveries related to the Ukraine Conflict. 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 June 30, 2026Six Months Ended June 30, 2026
Net incomeEarnings
per share		Net incomeEarnings
per share
(U.S. Dollars in millions,
except per share data)
Net income / earnings per share$726$4.59 $1,544$9.56 
Adjusted for:
   Net recoveries related to Ukraine Conflict(28)(0.18)(28)(0.18)
   Amortization of maintenance rights and lease premium
   assets recognized under purchase accounting (*)
1290.82 2131.32 
   Income tax effect of above adjustments(15)(0.10)(28)(0.17)
Adjusted net income / earnings per share$811$5.14 $1,700$10.53 
Average AerCap Holdings N.V. shareholders’ equity$18,403$18,377
Return on equity16%17%
Adjusted return on equity18%19%
(*) Includes $26 million adjustment to basic lease rents, $36 million adjustment to maintenance revenues and $67 million adjustment to leasing expenses for the three months ended June 30, 2026 and $51 million adjustment to basic lease rents, $73 million adjustment to maintenance revenues and $88 million adjustment to leasing expenses for the six months ended June 30, 2026.

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


AerCap Holdings N.V. Reports Strong Financial Results for the Second Quarter 2026 and Raises 2026 Guidance
Page 6 of 11



Adjusted earnings per share guidance for full-year 2026 is calculated as projected net income (including gains on sale in the first half of 2026, but not including any gains on sale in the second half of 2026) excluding the after-tax impact of the amortization of maintenance rights and lease premium assets recognized under purchase accounting and net recoveries related to the Ukraine Conflict, 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 (including 1H gains on sale)$2.4 
Amortization of maintenance rights and lease premium assets recognized under purchase accounting0.4 
Net recoveries related to Ukraine Conflict(0.0)
Income tax effect of above adjustments(0.1)
Adjusted net income (including 1H gains on sale)$2.6 
Adjusted earnings per share (including 1H gains on sale)~$16.80
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.

June 30, 2026December 31, 2025
(U.S. Dollars in millions,
except debt/equity ratio)
Debt$42,774 $43,565 
Adjusted for:
   Unrestricted cash and cash equivalents(1,686)(1,379)
   50% equity credit for long-term subordinated debt(1,125)(1,125)
Adjusted debt$39,963 $41,061 
Equity$18,410 $18,323 
Adjusted for:
   50% equity credit for long-term subordinated debt1,125 1,125 
Adjusted equity$19,535 $19,448 
Adjusted debt/equity ratio2.05 to 12.11 to 1

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


AerCap Holdings N.V. Reports Strong Financial Results for the Second Quarter 2026 and Raises 2026 Guidance
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 June 30,
20262025
(U.S. Dollars in millions)
Interest expense$468 $519 
Adjusted for:
   Mark-to-market on interest rate derivatives2 (11)
   Debt issuance costs, upfront fees and other impacts(22)(26)
Interest expense, excluding mark-to-market on interest rate derivatives, debt issuance
costs, upfront fees and other impacts
$448 $482 
Average debt balance$43,139 $46,667 
Average cost of debt4.2%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 Strong Financial Results for the Second Quarter 2026 and Raises 2026 Guidance
Page 8 of 11



Conference Call
In connection with its report of second quarter 2026 results, management will host a conference call with members of the investment community today, Wednesday July 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 9720931 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 Adi Padva: 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 Miami, Shannon, Memphis, Singapore, 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 conflict in the Middle East, including the Iran conflict, or any escalation thereof, 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 Strong Financial Results for the Second Quarter 2026 and Raises 2026 Guidance
Page 9 of 11



AerCap Holdings N.V.
Unaudited Consolidated Balance Sheets
(U.S. Dollars in thousands, except share data)
June 30, 2026December 31, 2025
Assets
Cash and cash equivalents$1,686,367 $1,379,180 
Restricted cash113,052 100,564 
Trade receivables76,749 48,499 
Flight equipment held for operating leases, net57,885,907 57,796,320 
Investment in finance leases, net1,809,917 1,807,494 
Flight equipment held for sale404,082 1,104,310 
Maintenance rights and lease premium, net1,443,318 1,677,407 
Prepayments on flight equipment4,106,902 4,272,766 
Other intangibles, net106,851 117,789 
Deferred tax assets170,330 172,877 
Associated companies1,414,079 1,315,306 
Other assets1,966,258 1,879,278 
Total Assets$71,183,812 $71,671,790 
Liabilities and Equity
Accounts payable, accrued expenses and other liabilities$1,759,511 $1,897,392 
Accrued maintenance liability3,656,836 3,534,388 
Lessee deposit liability1,184,401 1,185,033 
Debt42,773,528 43,565,321 
Deferred tax liabilities3,399,956 3,166,165 
Total Liabilities52,774,232 53,348,299 
Ordinary share capital, €0.01 par value, 450,000,000 ordinary shares authorized as of June 30, 2026 and December 31, 2025; 170,043,739 and 179,043,739 ordinary shares issued and 157,184,065 and 166,876,547 ordinary shares outstanding (including 2,754,000 and 4,135,620 shares of unvested restricted stock) as of June 30, 2026 and December 31, 2025, respectively
2,163 2,267 
Additional paid-in capital2,432,636 3,517,963 
Treasury shares, at cost (12,859,674 and 12,167,192 ordinary shares as of June 30, 2026 and December 31, 2025, respectively)
(1,758,066)(1,467,321)
Accumulated other comprehensive income (loss)12,954 (50,210)
Accumulated retained earnings17,719,686 16,320,581 
Total AerCap Holdings N.V. shareholders' equity18,409,373 18,323,280 
Non-controlling interest207 211 
Total Equity18,409,580 18,323,491 
Total Liabilities and Equity$71,183,812 $71,671,790 
AerCap Holdings N.V.
65 St. Stephen’s Green, Dublin D02 YX20, Ireland
www.aercap.com


AerCap Holdings N.V. Reports Strong Financial Results for the Second Quarter 2026 and Raises 2026 Guidance
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 June 30,Six Months Ended June 30,
2026202520262025
Revenues and other income
Lease revenue:
Basic lease rents$1,677,357 $1,652,669 $3,359,508 $3,301,730 
Maintenance rents and other receipts176,826 114,969 367,167 261,460 
Total lease revenue1,854,183 1,767,638 3,726,675 3,563,190 
Net gain on sale of assets223,198 57,098 513,718 234,016 
Other income89,832 62,016 168,547 166,578 
Total Revenues and other income2,167,213 1,886,752 4,408,940 3,963,784 
Expenses
Depreciation and amortization641,743 668,932 1,280,762 1,328,667 
Net recoveries related to Ukraine Conflict(28,380)(972,822)(28,380)(972,822)
Asset impairment8,685 2,369 14,557 5,609 
Interest expense468,469 518,866 935,557 1,021,726 
(Gain) loss on debt extinguishment(813)1,982 (2,823)1,982 
Leasing expenses149,868 94,539 260,097 175,284 
Selling, general and administrative expenses129,450 170,830 255,742 283,931 
Total Expenses1,369,022 484,696 2,715,512 1,844,377 
Loss on investments at fair value(2,941)(22,533)(3,867)(23,928)
Income before income taxes and income of investments
accounted for under the equity method795,250 1,379,523 1,689,561 2,095,479 
Income tax expense(123,122)(168,366)(261,740)(279,339)
Equity in net earnings of investments accounted for under
the equity method
53,590 48,052 116,024 85,930 
Net income$725,718 $1,259,209 $1,543,845 $1,902,070 
Net loss (income) attributable to non-controlling interest2 — 4 (1)
Net income attributable to AerCap Holdings N.V.$725,720 $1,259,209 $1,543,849 $1,902,069 
Basic earnings per share$4.65 $7.24 $9.72 $10.76 
Diluted earnings per share$4.59 $7.09 $9.56 $10.51 
Weighted average shares outstanding - basic156,060,929 173,960,277 158,831,674 176,725,697 
Weighted average shares outstanding - diluted157,962,558 177,541,220 161,430,610 181,062,000 
AerCap Holdings N.V.
65 St. Stephen’s Green, Dublin D02 YX20, Ireland
www.aercap.com


AerCap Holdings N.V. Reports Strong Financial Results for the Second Quarter 2026 and Raises 2026 Guidance
Page 11 of 11



AerCap Holdings N.V.
Unaudited Consolidated Statements of Cash Flows
(U.S. Dollars in thousands)
Six Months Ended June 30,
20262025
Net income$1,543,845 $1,902,070 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization1,280,762 1,328,667 
Net recoveries related to Ukraine Conflict(28,380)(972,822)
Asset impairment14,557 5,609 
Amortization of debt issuance costs, debt discount, debt premium and lease premium81,503 90,471 
Maintenance rights write-off161,466 72,473 
Maintenance liability release to income(76,461)(76,389)
Net gain on sale of assets(513,718)(234,016)
Deferred tax expense226,065 266,748 
Share-based compensation64,434 100,214 
Collections of finance leases341,039 157,021 
Loss on investments at fair value3,867 23,928 
(Gain) loss on debt extinguishment(2,823)1,982 
Other(101,066)(78,319)
Changes in operating assets and liabilities:
   Trade receivables(31,127)13,749 
   Other assets(4,083)90,233 
   Accounts payable, accrued expenses and other liabilities(70,074)(25,169)
Net cash provided by operating activities2,889,806 2,666,450 
Purchase of flight equipment(1,560,042)(1,684,831)
Proceeds from sale or disposal of assets2,394,199 875,073 
Prepayments on flight equipment(1,260,326)(1,286,084)
Cash proceeds from insurance claim settlements related to Ukraine Conflict28,380 824,167 
Other(26,195)(27,328)
Net cash used in investing activities(423,984)(1,299,003)
Issuance of debt2,032,312 3,585,969 
Repayment of debt(2,827,508)(2,766,797)
Debt issuance and extinguishment costs paid, net of debt premium received(24,925)(28,847)
Maintenance payments received456,395 462,937 
Maintenance payments returned(125,689)(81,268)
Security deposits received301,866 198,465 
Security deposits returned(350,060)(96,961)
Repurchase of shares and tax withholdings on share-based compensation(1,483,769)(1,104,219)
Dividends paid on ordinary shares(126,693)(95,363)
Net cash (used in) provided by financing activities(2,148,071)73,916 
Net increase in cash, cash equivalents and restricted cash317,751 1,441,363 
Effect of exchange rate changes1,924 3,204 
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$1,799,419 $2,846,149 

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