Air Lease Announces Fourth Quarter and Fiscal Year 2025 Results

LOS ANGELES--( BUSINESS WIRE)--Air Lease (NYSE: AL) announces financial results for the three months and year ended December 31, 2025.

Fourth Quarter and Fiscal Year 2025 Results

The following table summarizes our operating results for the three months and year ended December 31, 2025 and 2024 (in millions, except per share amounts and percentages):

Operating Results

Three Months Ended

December 31,

Year Ended

December 31,

2025

2024

$ change

% change

2025

2024

$ change

% change

Revenues

820.4

712.9

107.5

15.1

3,015.7

2,733.7

282.0

10.3

Operating expenses

(593.9

)

(572.9

)

(21.0

)

3.7

(2,382.5

)

(2,200.4

)

(182.1

)

8.3

Recoveries of Russian fleet write-off

—

736.4

—

736.4

—

Income before taxes

226.5

140.0

86.5

61.8

1,369.7

533.3

836.4

156.8

Net income attributable to common stockholders

169.9

92.5

77.4

83.7

1,044.1

372.1

672.0

180.6

Diluted earnings per share

1.51

0.83

0.68

81.9

9.29

3.33

5.96

179.0

Adjusted net income before income taxes (1)

247.0

150.4

96.6

64.2

718.4

574.2

144.2

25.1

Adjusted diluted earnings per share before income taxes (1)

2.20

1.34

0.86

64.2

6.40

5.13

1.27

24.8

Key Financial Ratios

Three Months Ended

December 31,

Year Ended

December 31,

2025

2024

2025

2024

Pre-tax margin

27.6

19.6

45.4

19.5

Adjusted pre-tax margin (1)

30.1

21.1

23.8

21.0

Pre-tax return on common equity (trailing twelve months)

18.7

7.4

18.7

7.4

Adjusted pre-tax return on common equity (trailing twelve months) (1)

10.1

8.9

10.1

8.9

——————————————————————

(1)

Adjusted net income before income taxes, adjusted diluted earnings per share before income taxes, adjusted pre-tax margin and adjusted pre-tax return on common equity have been adjusted to exclude the effects of certain non-cash items, such as non-cash deemed dividends upon redemption of our Series A preferred stock, one-time or non-recurring items that are not expected to continue in the future, such as retirement compensation, merger related costs and recoveries related to our former Russian fleet, and certain other items. See note 1 under the Consolidated Statements of Operations included in this earnings release for a discussion of the non-GAAP measures and a reconciliation to their most comparable GAAP financial measures.

Highlights

Financial Overview

Fourth Quarter 2025 vs. Fourth Quarter 2024

Our total rental of flight equipment revenue for the three months ended December 31, 2025 increased by approximately 6%, to $680 million, as compared to the three months ended December 31, 2024. The increase is primarily due to the continued growth of our fleet by net book value and an increase in our portfolio lease yield.

Our gain on aircraft sales and trading and other income for the three months ended December 31, 2025 increased by 90%, to $141 million, as compared to the three months ended December 31, 2024, driven by increased sales activity. We recorded $132 million in gains from the sale of 23 aircraft for the three months ended December 31, 2025, compared to $65 million in gains from the sale of 14 aircraft and $3 million from one sales-type lease for the three months ended December 31, 2024.

Our net income attributable to common stockholders for the three months ended December 31, 2025 increased to $170 million, or $1.51 per diluted share, from $93 million, or $0.83 per diluted share, for the three months ended December 31, 2024. Net income attributable to common stockholders increased due to higher revenues, as discussed above, partially offset by an increase in depreciation expense due to the growth of our fleet by net book value and $9.9 million in costs associated with the merger.

Adjusted net income before income taxes during the three months ended December 31, 2025 was $247 million, or $2.20 per adjusted diluted share, as compared to $150 million, or $1.34 per adjusted diluted share, for the three months ended December 31, 2024. Adjusted net income before income taxes increased due to higher revenues partially offset by an increase in depreciation expense, as discussed above.

____________________

Full Year 2025 vs. Full Year 2024

Our total rental of flight equipment revenues for the year ended December 31, 2025 increased by 8%, to $2.7 billion, as compared to the year ended December 31, 2024. The increase is primarily due to the continued growth of our fleet by net book value and an increase in our portfolio lease yield.

Our aircraft sales, trading and other revenues for the year ended December 31, 2025 increased by 35%, to $331 million, as compared to the year ended December 31, 2024, driven by increased sales activity. We recorded $244 million in gains from the sale of 48 aircraft and $8 million from one sales-type lease, compared to $170 million in gains from the sale of 39 aircraft and $17 million from four sales-type leases for the year ended December 31, 2024.

Our net income attributable to common stockholders for the year ended December 31, 2025, was $1.0 billion, or $9.29 per diluted share, as compared to $372 million, or $3.33 per diluted share, for the year ended December 31, 2024. Net income attributable to common stockholders increased primarily due to a net benefit of $736 million from the settlement of insurance claims with certain insurers related to aircraft detained in Russia, and higher revenues, as discussed above, partially offset by increases in depreciation expense due to the growth of our fleet, interest expense due to higher average cost of funds throughout the year, $18.8 million compensation expense related to the retirement of our Chairman from his executive role, $18.5 million in costs associated with the merger and $9.5 million in costs associated with litigation involving our Russian fleet.

Adjusted net income before income taxes during the year ended December 31, 2025, was $718.4 million, or $6.40 per adjusted diluted share, as compared to $574.2 million, or $5.13 per adjusted diluted share, for the year ended December 31, 2024. Adjusted net income before income taxes increased primarily due to higher revenues partially offset by increases in depreciation expense and interest expense, as discussed above.

Flight Equipment Portfolio

As of December 31, 2025, the net book value of our fleet increased to $29.1 billion, compared to $28.2 billion as of December 31, 2024. As of December 31, 2025, we owned 490 aircraft in our aircraft portfolio, comprised of 352 narrowbody aircraft and 138 widebody aircraft, and we managed 45 aircraft. The weighted average fleet age and weighted average remaining lease term of flight equipment subject to operating lease as of December 31, 2025 was 4.9 years and 7.2 years, respectively. We had a globally diversified customer base comprised of 102 airlines in 53 countries as of December 31, 2025.

The following table summarizes the key portfolio metrics of our fleet as of December 31, 2025 and December 31, 2024:

December 31, 2025

December 31, 2024

Net book value of flight equipment subject to operating lease

29.1 billion

28.2 billion

Weighted-average fleet age (1)

4.9 years

4.6 years

Weighted-average remaining lease term (1)

7.2 years

Owned fleet (2)

490

489

Managed fleet

Aircraft on order (3)

218

269

Total

753

818

Current fleet contracted rentals

19.6 billion

18.3 billion

Committed fleet rentals (3)

9.3 billion

11.2 billion

Total committed rentals

28.9 billion

29.5 billion

(1)

Weighted-average fleet age and remaining lease term calculated based on net book value of our flight equipment subject to operating lease.

(2)

As of December 31, 2025 and December 31, 2024, our owned fleet count included 12 and 30 aircraft classified as flight equipment held for sale, respectively, and 16 and 15 aircraft classified as net investments in sales-type leases, respectively.

(3)

See section “Proposed Merger” under “Part I — Item 1 Business” in our Annual Report on Form 10-K for the year ended December 31, 2025, for more information on the Orderbook Transfer (as defined in the Merger Agreement) and its impact on future committed fleet rentals for aircraft that deliver after the effective time of the Merger.

The following table details the regional concentration of our flight equipment subject to operating leases:

December 31, 2025

December 31, 2024

Region

% of Net Book Value

Europe

39.1 %

41.4 %

Asia Pacific

36.5 %

35.8 %

Central America, South America, and Mexico

10.7 %

9.5 %

The Middle East and Africa

7.8 %

7.0 %

U.S. and Canada

5.9 %

6.3 %

Total

100.0 %

The following table details the composition of our owned fleet by aircraft type:

December 31, 2025

December 31, 2024

Aircraft type

Number of

Aircraft

% of Total

Number of

Aircraft

% of Total

Airbus A220-100

1.6 %

1.4 %

Airbus A220-300

6.7 %

4.5 %

Airbus A320-200

3.5 %

4.7 %

Airbus A320-200neo

4.7 %

Airbus A321-200

3.5 %

3.9 %

Airbus A321-200neo

109

22.2 %

108

22.1 %

Airbus A330-200 (1)

2.7 %

Airbus A330-300

1.0 %

Airbus A330-900neo

5.7 %

Airbus A350-900

3.5 %

Airbus A350-1000

1.6 %

Boeing 737-700

—

0.0 %

0.4 %

Boeing 737-800

7.8 %

12.5 %

Boeing 737-8 MAX

14.5 %

12.1 %

Boeing 737-9 MAX

7.1 %

6.1 %

Boeing 777-200ER

0.2 %

Boeing 777-300ER

4.7 %

4.9 %

Boeing 787-9

5.3 %

Boeing 787-10

3.5 %

2.5 %

Embraer E190

0.2 %

Total (2)

490

100.0 %

489

100.0 %

(1)

As of December 31, 2025 and December 31, 2024, aircraft count includes three and two Airbus A330-200 aircraft classified as freighters, respectively.

(2)

Debt Financing Activities

We ended the fourth quarter of 2025 with total debt financing, net of discounts and issuance costs, of $19.7 billion. As of December 31, 2025, 76.8% of our total debt financing was at a fixed rate and 97.5% was unsecured. As of December 31, 2025, our composite cost of funds was 4.15%. We ended the quarter with total liquidity of $7.5 billion.

As of the end of the periods presented, our debt portfolio was comprised of the following components (dollars in millions, except percentages):

December 31, 2025

December 31, 2024

Unsecured

Senior unsecured securities

13,861

16,047

Term financings

3,847

3,629

Commercial paper

1,361

—

Revolving credit facility

—

170

Other revolving credit facilities

300

—

Total unsecured debt financing

19,369

19,846

Secured

Term financings

318

354

Export credit financing

175

190

Total secured debt financing

493

544

Total debt financing

19,862

20,390

Less: Debt discounts and issuance costs

(132

)

(180

)

Debt financing, net of discounts and issuance costs

19,730

20,210

Selected interest rates and ratios:

Composite interest rate (1)

4.15

4.14

Composite interest rate on fixed-rate debt (1)

3.91

3.74

Percentage of total debt at a fixed-rate

76.85

79.00

(1)

This rate does not include the effect of upfront fees, facility fees, undrawn fees or amortization of debt discounts and issuance costs.

Conference Call

As is customary during the pendency of an acquisition transaction, we will not be hosting a conference call or providing guidance in conjunction with our fourth quarter 2025 earnings release. For further detail and discussion of our financial performance please refer to our annual report on Form 10-K for the year ended December 31, 2025.

About Air Lease (NYSE: AL)

Air Lease is a leading global aircraft leasing company based in Los Angeles, California that has airline customers throughout the world. Air Lease and its team of dedicated and experienced professionals are principally engaged in purchasing new commercial aircraft and leasing them to its airline customers worldwide through customized aircraft leasing and financing solutions. Air Lease routinely posts information that may be important to investors in the “Investors” section of its website at www.airleasecorp.com. Investors and potential investors are encouraged to consult Air Lease’s website regularly for important information. The information contained on, or that may be accessed through, Air Lease’s website is not incorporated by reference into, and is not a part of, this press release.

Forward-Looking Statements

This press release contains statements that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Those statements appear in a number of places in this press release and include statements regarding, among other matters, the proposed acquisition (the “Merger”) of Air Lease pursuant to the Agreement and Plan of Merger, dated September 1, 2025, including any statements regarding the expected closing of the Merger, the ability to complete the Merger, and the expected benefits of the proposed Merger, the state of the airline industry, our ability to access the capital and debt markets (including any restrictions imposed by the proposed Merger), aircraft and engine delivery delays and manufacturing flaws, our aircraft sales pipeline and expectations, changes in inflation and interest rates and other macroeconomic conditions and other factors affecting our financial condition or results of operations. Words such as “can,” “could,” “may,” “predicts,” “potential,” “will,” “projects,” “continuing,” “ongoing,” “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates” and “should,” and variations of these words and similar expressions, are used in many cases to identify these forward-looking statements. Any such forward-looking statements are not guarantees of future performance and involve risks, uncertainties, and other factors that may cause our actual results, performance or achievements, or industry results to vary materially from our future results, performance or achievements, or those of our industry, expressed or implied in such forward-looking statements. Such factors include, among others:

All forward-looking statements are necessarily only estimates of future results, and there can be no assurance that actual results will not differ materially from expectations. You are therefore cautioned not to place undue reliance on such statements. Any forward-looking statement speaks only as of the date on which it is made, and we do not intend and undertake no obligation to update any forward-looking information to reflect actual results or events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events.

Air Lease Corporation and Subsidiaries

CONSOLIDATED BALANCE SHEETS

(In thousands, except share and par value amounts)

December 31, 2025

December 31, 2024

(in thousands, except share and par value amounts)

Assets

Cash and cash equivalents

466,410

472,554

Restricted cash

3,540

3,550

Flight equipment subject to operating leases

35,880,458

34,168,919

Less accumulated depreciation

(6,826,828

)

(5,998,453

)

29,053,630

28,170,466

Net investment in sales-type leases

460,806

433,048

Deposits on flight equipment purchases

1,052,141

761,438

Flight equipment held for sale

529,016

951,181

Other assets

1,318,150

1,485,659

Total assets

32,883,693

32,277,896

Liabilities and Stockholders’ Equity

Accrued interest and other payables

1,012,345

1,272,984

Debt financing, net of discounts and issuance costs

19,730,129

20,209,985

Security deposits on flight equipment leases

622,556

624,597

Maintenance reserves on flight equipment leases

1,477,046

1,180,741

Rentals received in advance

143,631

136,566

Deferred tax liability

1,425,230

1,320,397

Total liabilities

24,410,937

24,745,270

Stockholders’ Equity

Preferred Stock, $0.01 par value; 50,000,000 shares authorized; 900,000 (aggregate liquidation preference of $900,000) shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively

Class A common stock, $0.01 par value; 500,000,000 shares authorized; 112,035,408 and 111,376,884 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively

1,120

1,114

Class B Non-Voting common stock, $0.01 par value; authorized 10,000,000 shares; no shares issued or outstanding

—

Paid-in capital

3,383,414

3,364,712

Retained earnings

5,092,929

4,147,218

Accumulated other comprehensive (loss)/income

(4,716

)

19,573

Total stockholders’ equity

8,472,756

7,532,626

Total liabilities and stockholders’ equity

32,883,693

32,277,896

Air Lease Corporation and Subsidiaries

CONSOLIDATED STATEMENTS OF INCOME

(In thousands, except share, per share amounts and percentages)

Three Months Ended

December 31,

Year Ended

December 31,

2025

2024

2025

2024

(unaudited)

Revenues and other income

Rental of flight equipment revenue

Lease rentals

664,894

615,945

2,615,364

2,407,506

Maintenance rentals and other receipts

14,645

22,996

69,155

80,449

Total rental of flight equipment revenue

679,539

638,941

2,684,519

2,487,955

Gain on aircraft sales and trading and other income

140,839

73,954

331,230

245,702

Total revenues and other income

820,378

712,895

3,015,749

2,733,657

Expenses

Interest

204,599

207,305

837,761

781,996

Amortization of debt discounts and issuance costs

12,707

14,051

52,799

54,823

Interest expense

217,306

221,356

890,560

836,819

Depreciation of flight equipment

309,099

294,387

1,223,532

1,143,761

Recoveries of Russian fleet write-off

—

(736,409

)

—

Selling, general and administrative

58,460

48,340

219,443

185,933

Stock-based compensation expense

9,037

8,856

48,930

33,887

Total expenses

593,902

572,939

1,646,056

2,200,400

Income before taxes

226,476

139,956

1,369,693

533,257

Income tax expense

(45,544

)

(27,035

)

(281,306

)

(105,553

)

Net income

180,932

112,921

1,088,387

427,704

Preferred stock dividends

(11,081

)

(20,373

)

(44,325

)

(55,631

)

Net income attributable to common stockholders

169,851

92,548

1,044,062

372,073

Earnings per share of common stock:

Basic

1.52

0.83

9.35

3.34

Diluted

1.51

0.83

9.29

3.33

Weighted-average shares of common stock outstanding

Basic

111,767,971

111,376,884

111,712,160

111,325,481

Diluted

112,403,983

111,901,756

112,330,337

111,869,386

Other financial data

Pre-tax margin

27.6

19.6

45.4

19.5

Pre-tax return on common equity (trailing twelve months)

18.7

7.4

18.7

7.4

Adjusted net income before income taxes (1)

247,030

150,359

718,449

574,205

Adjusted diluted earnings per share before income taxes (1)

2.20

1.34

6.40

5.13

Adjusted pre-tax margin (1)

30.1

21.1

23.8

21.0

Adjusted pre-tax return on common equity (trailing twelve months) (1)

10.1

8.9

10.1

8.9

(1)

Adjusted net income before income taxes (defined as net income attributable to common stockholders excluding the effects of certain non-cash items, such as non-cash deemed dividends upon redemption of our Series A preferred stock, one-time or non-recurring items that are not expected to continue in the future, such as retirement compensation, merger related costs and recoveries related to our former Russian fleet, and certain other items), adjusted pre-tax margin (defined as adjusted net income before income taxes divided by total revenues), adjusted diluted earnings per share before income taxes (defined as adjusted net income before income taxes divided by the weighted average diluted common shares outstanding) and adjusted pre-tax return on common equity (defined as adjusted net income before income taxes divided by average common stockholders’ equity) are measures of operating performance that are not defined by GAAP and should not be considered as an alternative to net income attributable to common stockholders, pre-tax margin, earnings per share, diluted earnings per share and pre-tax return on common equity, or any other performance measures derived in accordance with GAAP. Adjusted net income before income taxes, adjusted pre-tax margin, adjusted diluted earnings per share before income taxes and adjusted pre-tax return on common equity are presented as supplemental disclosure because management believes they provide useful information on our earnings from ongoing operations.

Management and our board of directors use adjusted net income before income taxes, adjusted pre-tax margin, adjusted diluted earnings per share before income taxes and adjusted pre-tax return on common equity to assess our consolidated financial and operating performance. Management believes these measures are helpful in evaluating the operating performance of our ongoing operations and identifying trends in our performance, because they remove the effects of certain non-cash items, one-time or non-recurring items that are not expected to continue in the future and certain other items. Adjusted net income before income taxes, adjusted pre-tax margin, adjusted diluted earnings per share before income taxes and adjusted pre-tax return on common equity, however, should not be considered in isolation or as a substitute for analysis of our operating results or cash flows as reported under GAAP. Adjusted net income before income taxes, adjusted pre-tax margin, adjusted diluted earnings per share before income taxes and adjusted pre-tax return on common equity do not reflect our cash expenditures or changes in our cash requirements for our working capital needs. In addition, our calculation of adjusted net income before income taxes, adjusted pre-tax margin, adjusted diluted earnings per share before income taxes and adjusted pre-tax return on common equity may differ from the adjusted net income before income taxes, adjusted pre-tax margin, adjusted diluted earnings per share before income taxes and adjusted pre-tax return on common equity or analogous calculations of other companies in our industry, limiting their usefulness as a comparative measure.

The following table shows the reconciliation of the numerator for adjusted pre-tax margin (in thousands, except percentages):

Three Months Ended

December 31,

Year Ended

December 31,

2025

2024

2025

2024

(unaudited)

Reconciliation of the numerator for adjusted pre-tax margin (net income attributable to common stockholders to adjusted net income before income taxes):

Net income attributable to common stockholders

169,851

92,548

1,044,062

372,073

Amortization of debt discounts and issuance costs

12,707

14,051

52,799

54,823

Recoveries of Russian fleet write-off

—

(736,409

)

—

Stock-based compensation expense

9,037

8,856

48,930

33,887

Retirement compensation expense

—

9,230

—

Merger related costs

9,891

—

18,531

—

Income tax expense

45,544

27,035

281,306

105,553

Deemed dividend adjustment (a)

—

7,869

—

7,869

Adjusted net income before income taxes

247,030

150,359

718,449

574,205

Denominator for adjusted pre-tax margin:

Total revenues

820,378

712,895

3,015,749

2,733,657

Adjusted pre-tax margin (b)

30.1

21.1

23.8

21.0

(a)

This adjustment consists of a deemed dividend related to the redemption of our Series A preferred stock. The deemed dividend relates to initial costs related to the issuance of our Series A Preferred Stock.

(b)

Adjusted pre-tax margin is adjusted net income before income taxes divided by total revenues.

The following table shows the reconciliation of the numerator for adjusted diluted earnings per share before income taxes (in thousands, except share and per share amounts):

Three Months Ended

December 31,

Year Ended

December 31,

2025

2024

2025

2024

(unaudited)

Reconciliation of the numerator for adjusted diluted earnings per share (net income attributable to common stockholders to adjusted net income before income taxes):

Net income attributable to common stockholders

169,851

92,548

1,044,062

372,073

Amortization of debt discounts and issuance costs

12,707

14,051

52,799

54,823

Recoveries of Russian fleet write-off

—

(736,409

)

—

Stock-based compensation expense

9,037

8,856

48,930

33,887

Retirement compensation expense

—

9,230

—

Merger related costs

9,891

—

18,531

—

Income tax expense

45,544

27,035

281,306

105,553

Deemed dividend adjustment

—

7,869

—

7,869

Adjusted net income before income taxes

247,030

150,359

718,449

574,205

Denominator for adjusted diluted earnings per share:

Weighted-average diluted common shares outstanding

112,403,983

111,901,756

112,330,337

111,869,386

Adjusted diluted earnings per share before income taxes (c)

2.20

1.34

6.40

5.13

(c)

Adjusted diluted earnings per share before income taxes is adjusted net income before income taxes divided by weighted-average diluted common shares outstanding.

The following table shows the reconciliation of pre-tax return on common equity to adjusted pre-tax return on common equity (in thousands, except percentages):

Trailing Twelve Months Ended

December 31,

2025

2024

(unaudited)

Reconciliation of the numerator for adjusted pre-tax return on common equity (net income attributable to common stockholders to adjusted net income before income taxes):

Net income attributable to common stockholders

1,044,062

372,073

Amortization of debt discounts and issuance costs

52,799

54,823

Recoveries of Russian fleet write-off

(736,409

)

—

Stock-based compensation expense

48,930

33,887

Retirement compensation expense

9,230

—

Merger related costs

18,531

—

Income tax expense

281,306

105,553

Deemed dividend adjustment

—

7,869

Adjusted net income before income taxes

718,449

574,205

Reconciliation of the denominator for pre-tax return on common equity to adjusted pre-tax return on common equity:

Common stockholders’ equity as of beginning of the period

6,632,626

6,310,038

Common stockholders’ equity as of end of the period

7,572,756

6,632,626

Average common stockholders’ equity

7,102,691

6,471,332

Adjusted pre-tax return on common equity (d)

10.1

8.9

(d)

Adjusted pre-tax return on common equity is adjusted net income before income taxes divided by average common stockholders’ equity.

Air Lease Corporation and Subsidiaries

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

Year Ended

December 31,

2025

2024

(unaudited)

Operating Activities

Net income

1,088,387

427,704

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation of flight equipment

1,223,532

1,143,761

Recoveries of Russian fleet write-off

(736,409

)

—

Stock-based compensation expense

48,930

33,887

Deferred taxes

150,998

63,021

Amortization of prepaid lease costs

93,546

101,800

Amortization of discounts and debt issuance costs

52,799

54,823

Gain on aircraft sales, trading and other activity

(261,085

)

(228,466

)

Changes in operating assets and liabilities:

Other assets

100,331

12,521

Accrued interest and other payables

(33,618

)

75,172

Rentals received in advance

7,218

(7,204

)

Net cash provided by operating activities

1,734,629

1,677,019

Investing Activities

Acquisition of flight equipment

(2,348,253

)

(3,727,416

)

Payments for deposits on flight equipment purchases

(1,045,667

)

(446,343

)

Proceeds from aircraft sales, trading and other activity

1,582,970

1,524,711

Proceeds from settlement of insurance claims

727,572

—

Acquisition of aircraft furnishings, equipment and other assets

(237,683

)

(387,255

)

Net cash used in investing activities

(1,321,061

)

(3,036,303

)

Financing Activities

Net proceeds from preferred stock issuance

—

295,012

Redemption of preferred stock

—

(250,000

)

Cash dividends paid on Class A common stock

(98,267

)

(93,481

)

Cash dividends paid on preferred stock

(44,325

)

(47,762

)

Tax withholdings on stock-based compensation

(30,221

)

(9,387

)

Net change in unsecured revolving facilities

130,000

(930,000

)

Net change in commercial paper balance

1,361,400

—

Proceeds from debt financings

683,074

5,201,695

Payments in reduction of debt financings

(2,816,359

)

(3,210,028

)

Debt issuance costs

(4,665

)

(10,277

)

Security deposits and maintenance reserve receipts

489,668

452,022

Security deposits and maintenance reserve disbursements

(90,027

)

(26,898

)

Net cash (used in)/provided by financing activities

(419,722

)

1,370,896

Net (decrease)/increase in cash

(6,154

)

11,612

Cash, cash equivalents and restricted cash at beginning of period

476,104

464,492

Cash, cash equivalents and restricted cash at end of period

469,950

476,104

Supplemental Disclosure of Cash Flow Information

Cash paid during the period for interest, including capitalized interest of $43,411 and $42,390 at December 31, 2025 and 2024, respectively

915,815

794,330

Cash paid for income taxes

59,330

57,433

Supplemental Disclosure of Noncash Activities

Buyer furnished equipment, capitalized interest and deposits on flight equipment purchases applied to acquisition of flight equipment and other assets

969,210

1,192,974

Flight equipment subject to operating leases reclassified to flight equipment held for sale

1,230,864

1,821,084

Transfer of flight equipment to investment in sales-type lease

33,778

106,043

Cash dividends declared on Class A common stock, not yet paid

24,588

24,503