AerCap Holdings NV
NYSE: AER · INDUSTRIALS · RENTAL & LEASING SERVICES
Updated 2026-06-05
AerCap Holdings NV (AER) Financial statements
SEC filings — annual and quarterly data.
Income statement — annual
| Item | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $800.35M | $1.16B | $1.24B | $634.53M | $946.30M | $1.07B | $972.52M | $1.05B | $3.57B | $5.29B | $5.04B | $5.04B | $4.80B | $4.94B | $4.49B | $4.59B | $7.01B | $7.58B | $8.00B | $8.19B |
| Revenue growth (YoY) | — | +45.2% | +7.1% | -49.0% | +49.1% | +13.6% | -9.5% | +8.0% | +240.1% | +48.0% | -4.6% | -0.1% | -4.7% | +2.9% | -9.0% | +2.1% | +52.8% | +8.1% | +5.5% | +2.4% |
| Cost of revenue | $535.59M | $847.03M | $964.96M | $345.49M | $609.48M | $724.20M | $435.59M | $386.75M | $1.42B | $2.37B | $2.37B | $2.27B | $2.13B | $1.96B | $1.97B | $2.06B | $3.21B | $3.24B | $3.39B | $3.29B |
| Gross profit | $264.75M | $315.15M | $279.55M | $289.04M | $336.82M | $350.67M | $536.93M | $663.31M | $2.15B | $2.92B | $2.67B | $2.77B | $2.67B | $2.97B | $2.52B | $2.53B | $3.80B | $4.34B | $4.61B | $4.89B |
| Gross margin | 33.1% | 27.1% | 22.5% | 45.6% | 35.6% | 32.6% | 55.2% | 63.2% | 60.1% | 55.3% | 52.9% | 55.0% | 55.7% | 60.2% | 56.2% | 55.2% | 54.2% | 57.3% | 57.6% | 59.8% |
| R&D | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| SG&A | $139.70M | $100.34M | $105.56M | $59.65M | $62.32M | $69.80M | $70.84M | $75.74M | $255.88M | $334.82M | $307.08M | $312.48M | $266.92M | $230.25M | $211.41M | $290.79M | $338.59M | $371.33M | $390.93M | $469.06M |
| Operating income | $269.95M | $447.19M | $378.45M | $203.61M | $513.56M | $230.05M | $453.52M | $574.23M | $1.85B | $2.54B | $2.32B | $2.42B | $2.37B | $2.71B | $2.28B | $2.21B | $3.40B | $3.88B | $4.12B | $4.25B |
| Operating margin | 33.7% | 38.5% | 30.4% | 32.1% | 54.3% | 21.4% | 46.6% | 54.7% | 51.7% | 48.1% | 46.0% | 48.1% | 49.4% | 54.8% | 50.8% | 48.2% | 48.5% | 51.2% | 51.5% | 51.9% |
| EBITDA | $242.17M | $364.32M | $346.19M | $466.25M | $623.30M | $655.78M | $465.10M | $582.95M | $1.87B | $2.57B | $2.41B | $2.45B | $2.39B | $2.73B | $3.93B | $3.95B | $5.79B | $3.91B | $4.15B | $8.72B |
| EBITDA margin | 30.3% | 31.3% | 27.8% | 73.5% | 65.9% | 61.0% | 47.8% | 55.5% | 52.3% | 48.7% | 47.9% | 48.5% | 49.8% | 55.2% | 87.4% | 86.1% | 82.6% | 51.6% | 51.9% | 106.5% |
| EBIT | $129.65M | $212.42M | $162.18M | $229.56M | $267.48M | $253.61M | $453.52M | $574.23M | $1.85B | $2.54B | $2.38B | $2.42B | $2.37B | $2.71B | $2.28B | $2.21B | $3.40B | $3.88B | $4.12B | $6.07B |
| Interest expense | $166.22M | $234.77M | $219.17M | $92.15M | $240.26M | $292.49M | $286.02M | $226.33M | $780.35M | $1.10B | $1.09B | $1.11B | $1.17B | $1.30B | $1.25B | $1.23B | $1.68B | $1.87B | $2.07B | $1.98B |
| Income tax | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Effective tax rate | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Net income | $108.99M | $188.45M | $151.81M | $165.17M | $207.57M | $172.22M | $163.66M | $292.41M | $810.45M | $1.18B | $1.05B | $1.08B | $1.02B | $1.15B | $-298.57M | $1.00B | $-726.04M | $3.14B | $2.10B | $3.75B |
| Net income growth (YoY) | — | +72.9% | -19.4% | +8.8% | +25.7% | -17.0% | -5.0% | +78.7% | +177.2% | +45.4% | -11.2% | +2.8% | -5.6% | +12.8% | -126.1% | +435.1% | -172.6% | +531.9% | -33.1% | +78.7% |
| Profit margin | 13.6% | 16.2% | 12.2% | 26.0% | 21.9% | 16.0% | 16.8% | 27.8% | 22.7% | 22.3% | 20.8% | 21.4% | 21.2% | 23.2% | -6.6% | 21.8% | -10.4% | 41.4% | 26.2% | 45.8% |
Frequently asked questions
What is AerCap Holdings NV's revenue?
AerCap Holdings NV's trailing twelve-month revenue is $8.68B, and consensus projects about $8.65B by 2030. Revenue is the top line the whole model builds on, and at this scale the question shifts from how fast it grows to whether margins hold as it compounds.
How profitable is AER?
In its most recent fiscal year, AER ran a gross margin of 59.77%, an operating margin of 51.87%, and a net margin of 45.80%. Margins this high mean most of each extra dollar of revenue drops through to profit, which is the signature of real pricing power.
How much free cash flow does AER generate?
AER produced $-681.17M in free cash flow in its most recent fiscal year. Free cash flow is what is left after running and reinvesting in the business, and it is the cash that actually funds buybacks, dividends, and a stronger balance sheet.
Is AER's balance sheet healthy?
AER holds $1.48B in cash and equivalents against $43.57B in long-term debt, on $18.32B of shareholder equity. That debt is best read against the cash flow the business throws off each year.