AerCap Holdings N.V. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data AerCap Holdings N.V. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	5,152	5,037	4,800	4,937	4,494	5,224	7,014	7,580	7,997	8,517
Selling, general and administrative	351	348	305	267	242	318	400	464	489	546
Operating expenses	3,952	3,802	3,649	3,597	4,665	4,078	7,998	4,311	5,739	4,438
Interest expense	1,092	1,112	1,174	1,295	1,248	1,230	1,592	1,806
Pre-tax income	1,200	1,236	1,151	1,341	-315	1,148	-1,002	3,272	2,263	4,092
Income tax	173	165	144	168	-17.2	163	-164	291	324	555
Net income to minority interests	-7.11	4.2	1.87	21.1	3.64	8.92	4.88	11.8	-0.01	0
Net income	1,047	1,076	1,016	1,146	-299	1,001	-726	3,136	2,099	3,751
EPS, basic	5.64	6.68	7.00	8.51	-2.34	6.83	-3.02	13.99	11.06	21.78
EPS, diluted	5.52	6.43	6.83	8.43	-2.34	6.71	-3.02	13.78	10.79	21.30
Shares, basic (weighted)	186	161	145	135	128	146	240	224	190	172
Shares, diluted (weighted)	190	167	149	136	128	149	240	228	194	176

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	2,035	1,660	1,204	1,121	1,249	1,729	1,597	1,627	1,209	1,379
Inventory	52.7	39	31	3.16	0	48.6	55.9	85.7	90.9	112
Property, plant and equipment			35,052	35,871	35,156	57,825	55,221	57,091	58,576	57,796
Lease right-of-use assets				43.7	40.6	95.8	82	57	46	39.4
Intangible assets	318	287	262
Total assets	41,620	42,040	43,209	43,749	42,048	74,570	69,727	71,275	71,442	71,672
Total liabilities	33,038	33,401	34,328	34,367	33,116	57,922	53,532	54,686	54,257	53,348
Total debt	27,717	28,421	29,508	29,486	28,742	50,205	46,533	46,484	45,295	43,565
Paid-in capital	4,505	3,715	2,712	2,209	2,078	8,523	8,586	6,595	5,809	3,518
Retained earnings	4,509	5,580	6,592	7,735	7,400	8,410	7,675	10,803	12,756	16,321
Treasury stock	-490	-731	-476	-537	-460	-286	-255	-819	-1,426	-1,467
Other comprehensive income	-1.77	14.3	-1.82	-93.6	-155	-79.3	108	8.3	42.7	-50.2
Shareholders' equity	8,524	8,580	8,828	9,315	8,864	16,571	16,118	16,589	17,185	18,323
Minority interests	57.8	59.1	52.6	67.3	68	76.6	77.5	0.22	0.21	0.21
Total equity	8,582	8,639	8,881	9,382	8,932	16,647	16,195	16,589	17,185	18,323
Total liabilities and equity	41,620	42,040	43,209	43,749	42,048	74,570	69,727	71,275	71,442	71,672
Shares outstanding	176	153	143	132	130	245	246	202	187	167

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	1,040	1,080	1,017	1,167	-295	1,009	-721	3,148	2,099	3,751
Depreciation and amortization	1,791	1,727	1,679	1,676	1,645	1,738	2,390	2,481	2,580	2,647
Stock-based compensation	103	108	95.2	69.4	69.2	96.1	103	97.1	111	166
Deferred income tax	106	180	160	180	-25.9	-17.3	22.5	329	265	510
Change in payables	-32.2	20	-24.9	0.03	-126	130	-542	221	1.55	-16
Cash from operations	3,381	3,140	2,840	3,106	2,130	3,694	5,171	5,261	5,437	5,393
Acquisitions				0	0	-22,493	0	0
Cash from investing	-1,421	-3,392	-4,053	-2,955	-712	-23,459	-2,160	-3,183	-3,724	-1,665
Debt issued	3,642	5,596	5,590	6,539	10,946	26,497	468	6,551	7,641	5,352
Debt repaid	-5,214	-4,695	-4,361	-6,505	-11,560	-5,974	-4,230	-6,568	-8,800	-7,083
Dividends paid							0	0	-140	-192
Cash from financing	-2,417	-87.6	600	-265	-1,225	20,184	-3,161	-2,012	-2,133	-3,653
Exchange rate effect	-0.61	-1.03	2.74	-0.62	2.18	0.78	-7.63	1.95	-3.81	2.63
Net change in cash	-367	-339	-612	-114	193	419	-150	66.7	-420	75.5
Interest paid	1,339	1,232	1,229	1,271	1,196	1,110	1,565	1,650	1,806	1,911
Income taxes paid	61.8	19	0.68	2.35	-3.86	4.93	-0.57	23.2	34	26.1

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $149.21 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Pre-tax margin	48.0%	Pre-tax income / revenue.
Net margin	44.0%	Net income / revenue.
Operating cash flow margin	63.3%	Cash from operations / revenue.
Effective tax rate	13.6%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	21.1%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	5.2%	Net income / average total assets.
SG&A / revenue	6.4%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	2.0%	Stock-based compensation (from the cash flow statement) / revenue.
D&A / revenue	31.1%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	6.5%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	6.7%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	13.6%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	78.7%	Net income vs the same period a year earlier. Only from a positive base.
EPS growth, 1y	97.4%	EPS vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y	-0.8%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	1.4%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	20.4%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	6.6%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	4.4%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	15.6%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	0.3%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	0.9%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	11.3%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-9.4%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-9.9%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	6.6%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Debt / equity	2.38x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	60.8%	Total debt / total assets.
Liabilities / assets	74.4%	Total liabilities / total assets.
Net debt	$42.19B	Total debt - cash - short-term investments. Negative means more cash than debt.
Tangible book value	$18.32B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.12x	Revenue / average total assets.
Fixed asset turnover	0.15x	Revenue / average property, plant and equipment.

Per share

Metric	Value	How it is calculated
EPS, diluted	$21.30	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic	$21.78	Net income per basic share, as reported (split-adjusted).
Revenue per share	$48.36	Revenue / diluted weighted shares.
Operating cash flow per share	$30.62	Cash from operations / diluted weighted shares.
Book value per share	$109.80	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$109.80	Tangible book value / shares outstanding.
Cash per share	$8.26	(Cash + short-term investments) / shares outstanding.
Payout ratio	5.1%	Dividends paid / net income, when net income is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$26.72B	Share price x shares outstanding.
Enterprise value	$68.90B	Market cap + total debt - cash - short-term investments.
P/E	7.12x	Market cap / net income. Only when net income is positive.
P/S	3.14x	Market cap / revenue.
P/B	1.46x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	1.46x	Market cap / tangible book value, when positive.
P/OCF	4.95x	Market cap / cash from operations, when positive.
EV/Sales	8.09x	Enterprise value / revenue.
Earnings yield	14.0%	Net income / market cap (the inverse of P/E).
Dividend yield	0.7%	Dividends paid over the period / market cap.
Shareholder yield	0.7%	(Dividends paid + share buybacks) / market cap.

What was AerCap Holdings N.V.'s revenue in fiscal 2025?

AerCap Holdings N.V. reported revenue of $8.52B for fiscal 2025, 6.5% higher than the year before.

Was AerCap Holdings N.V. profitable in fiscal 2025?

Yes. Net income was $3.75B, a net margin of 44%.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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