AerCap Holdings N.V. (NYSE:AER) shares fell on Friday after the aircraft leasing group issued a weaker-than-expected outlook for 2026, tempering investor enthusiasm despite a strong fourth quarter and record results for full-year 2025.
The world’s largest aircraft lessor saw its stock drop 3.12% in pre-market trading following the announcement.
AerCap reported fourth-quarter adjusted earnings of $3.95 per share, well ahead of analyst expectations of $3.36, while revenue climbed to $2.24 billion, beating the $2.08 billion consensus forecast. For the full year 2025, the company delivered record net income of $3.8 billion, equivalent to $21.30 per share, and adjusted earnings of $15.37 per share. However, market attention shifted quickly to the company’s softer guidance for the year ahead.
For fiscal 2026, AerCap guided for adjusted earnings of $12.00 to $13.00 per share, notably below the analyst consensus of $14.76. The forecast excludes potential gains from asset sales, which were a meaningful contributor in 2025, when the company booked $819 million in gains from selling $3.9 billion of assets.
“We are pleased to announce another strong quarter for AerCap, completing a year of record net income and earnings per share. These results reflect a robust performance across all our business lines,” said Aengus Kelly, Chief Executive Officer of AerCap. “As we have always done, in 2026 we will continue to look for opportunities to deploy capital attractively and create long-term value for our shareholders.”
Operationally, fourth-quarter basic lease rents increased 4% year over year to $1.69 billion, while maintenance rents more than doubled to $225 million. The company also raised its quarterly dividend to $0.40 per share, signaling confidence in cash generation despite the conservative earnings outlook.
Over the course of 2025, AerCap returned $2.6 billion to shareholders through dividends and share buybacks and ended the year with book value per share of $112.59, up 19% from the prior year.