Aviation Capital Group (ACG) has reported record financial performance for 2025.
The lessor recorded total revenues of $1.3bn — the highest annual revenue in its history.
Pre-tax income totalled $751 million for the year, including insurance proceeds. Excluding insurance proceeds, pre-tax income totalled $200 million, up 15% on 2024.
Operating cash flow increased 20% to $657 million.
"With aircraft demand remaining strong, continuing to outpace supply, and available liquidity of $5.1 billion, we remain focused on building a strong pipeline of assets and continuing to grow the business profitably and sustainably,” said ACG CEO and president Thomas Baker.
Net debt to equity was 2.0x at the end of 2025. The company invested $3.2bn in aircraft purchases during the year.
As of the end of 2025, the company had $298 million of aircraft held for sale.
The company added 56 aircraft — including 45 new technology narrowbodies — during the year. ACG sold 14 aircraft, three engines, and one airframe for a net gain of $57 million during the fourth quarter.
As of the end of 2025, the company had 446 owned, managed and committed aircraft.
In January 2026, ACG finalised an order for 50 737 MAX jets, including 25 737-8 and 25 737-10 variants scheduled for delivery in 2032 and 2033.
The following month, the company signed a definitive agreement to acquire a 24 aircraft portfolio from Avolon.