AerCap posted a record $1.26bn net profit in the second quarter of the year. This marks a significant jump from its $448 million net income in the same period a year prior.
The lessor raised its full year 2025 guidance again, following its raised guidance from the previous quarter, to approximately $11.60 per share, not including additional gains on sale for the second half of the year.
During the company’s earnings call, AerCap CEO Aengus Kelly said this positive outlook was driven by the continued growth in global passenger demand, particularly with widebody demand. The long haul travel demand, he said, which was led by APAC and Middle East.
“In the US, domestic traffic declined after slower growth in April, but international traffic performed better, demonstrating the resilience of long haul demand,” said Kelly. “This phenomenon of international growth outpacing domestic growth is a trend that we’ve seen throughout the year and around the world.”
He added that the international traffic demand was exemplified by AerCap signing lease agreements for 777 and A330ceos with carriers in Asia, the Middle East and Europe in the second quarter, despite “being older aircraft”.
Kelly said the company now only has two widebodies available for lease between now and the end of 2027 out of a fleet of 250 widebodies.
Revenues and other income totalled $1.9bn for the quarter, down 4% compared to the same period last year. Total lease revenues were up 1% to $1.8bn, with basic lease rents up 5% to $1.7bn. For the first half, revenues were flat at $4bn.
“We continue to see strong demand from our customers, despite the uncertainty regarding tariffs and trade, which is evidenced by our 99% utilisation rate and 97% extension rate in the second quarter,” Kelly added. “These high levels of utilization and extension rates have persisted over recent years, resulting in more options and placements and stronger returns overall.”
During the quarter, the company signed financing transactions for around $2.9bn in the second quarter of 2025. Additionally, AerCap’s capex totalled $734 million, including purchases of 11 aircraft, five engines and five helicopters.
The company was awarded around $1bn in insurance payments by London Commercial Court for aircraft and engines lost in Russia.
In addition, the lessor said expects “minimal impact” from Azul’s bankruptcy in the third quarter.
“They’ve been making progress in the restructuring plan, we don’t see any impact compared to where we were… We’re fully provisioned there for how this restructuring should play out,” said AerCap CFO Peter Juhas.
As of the end of June, the company’s adjusted debt was $42.3bn with adjusted debt to equity ratio at 2.22x.