AerCap
AerCap Holdings N.V. is the world's largest aircraft leasing company, operating a portfolio of 1,611 aircraft, over 1,200 engines, and 300+ helicopters leased to approximately 300 commercial, cargo, and helicopter operator customers worldwide through long-term operating leases.
- Company typePublic
- Founded2006
- HeadquartersDublin, Ireland
- Headcount501–1,000
- GTM typeB2B
- OfferingServices
What AerCap does
AerCap Holdings N.V. (NYSE: AER) is the world's largest aircraft leasing company, incorporated in the Netherlands and headquartered in Dublin, Ireland, with a portfolio of 1,611 aircraft, over 1,200 engines, and more than 300 helicopters as of March 31, 2026, serving approximately 300 airline and cargo operator customers worldwide. The company generates the majority of revenue through multi-year operating leases of commercial aircraft (predominantly Airbus A320/A321neo family and Boeing 737 MAX / 787 platforms) supplemented by maintenance rents, end-of-lease revenues, and gains on sale of owned assets, with FY2025 lease and related activity supporting reported revenue of $8.5B and record net income of $3.8B.
The operating platform spans four integrated business lines: commercial aircraft leasing, engine leasing through the Shannon Engine Support joint venture with Safran Aircraft Engines, helicopter leasing, and the AerCap Materials business for aircraft disassembly and parts recycling (ISO-certified, AFRA-accredited facility in Memphis, Tennessee). AerCap also participates in passenger-to-freighter conversion programs, notably as launch customer for the IAI Boeing 777-300ERSF program, and provides GE9X engine lease pool management under a seven-year agreement with GE Aerospace. Technology assets include the AerCap Portal digital client platform and proprietary end-of-life aircraft processing capabilities, but the business is fundamentally a financial and asset-management franchise rather than a technology one.
Revenue mechanics combine recurring subscription-like basic lease rents, transactional gains on the active management of a $71B asset base (with $3.9B in asset sales generating $819M of gains in 2025 alone), and episodic insurance recoveries tied to aircraft stranded in Russia following the 2022 invasion of Ukraine, which have totaled approximately $2.5B in pre-tax recoveries including a $1B London High Court award in June 2025. The company accesses capital markets through senior notes, junior subordinated notes, and a $500M Sukuk issued in October 2025, and returned approximately $2.6B to shareholders in 2025 through dividends and buybacks while maintaining $18B of equity and approximately $21B of total liquidity.
AerCap firmographics
Firmographics- Name
- AerCap
- Legal name
- AerCap Holdings N.V.
- Website
- https://aercap.com
- Company type
- Public
- Founded year
- 2006
- Operating status
- Operating
- Headcount range
- 501–1,000 employees
- Short description
- AerCap Holdings N.V. is the world's largest aircraft leasing company, operating a portfolio of 1,611 aircraft, over 1,200 engines, and 300+ helicopters leased to approximately 300 commercial, cargo, and helicopter operator customers worldwide through long-term operating leases.
- Ownership category
- akta.pro rank
Where AerCap is headquartered
LocationHeadquarters
- HQ city
- Dublin
- HQ country
- Ireland
- HQ region
- Europe
Offices11 records
Markets served
AerCap business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Infrastructure, Operations, Personnel, Technology or R&D
Revenue model
- Aircraft Operating Lease Revenue: AerCap generates the majority of its revenue from operating leases on commercial aircraft, engines, and helicopters. Airlines pay regular lease rentals for the right to use aircraft, with typical lease terms of several years. Basic lease revenue (basic rents) is supplemented by maintenance rents and end-of-lease revenues.
- Asset Sales and Gain on Sale: AerCap generates significant gains from the sale of owned aircraft, engines, and helicopters. In 2025, the company sold $3.9 billion in assets for record gains of $819 million, with a ~24% unlevered gain on sale margin in Q1 2026 ($1.5B in sales revenue for $291M in gains). Asset sales are a recurring value driver as the company actively manages its portfolio.
- Engine Lease Management (Shannon Engine Support): Through its Shannon Engine Support joint venture with Safran Aircraft Engines, AerCap provides lease pool management services for CFM LEAP-1A engines and other GE engines, generating fee and lease revenue from engine leasing.
- Insurance and Legal Recoveries: AerCap has recovered significant proceeds from insurance claims and legal actions related to assets lost in the Russia-Ukraine conflict, including a $1 billion London High Court award in 2025 and approximately $2.5 billion in total pre-tax recoveries. These are non-recurring but material revenue events.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Other | Multi-year contract | Aircraft operating leases are individually negotiated bespoke transactions, not tiered pricing. |
Go-to-market motion1 record
Distribution channels1 record
Marketing channels6 records
AerCap product offering
Product offeringCore offering
AerCap provides operating leases for commercial aircraft (narrowbody and widebody from Airbus and Boeing), engines (CFM LEAP and GE platforms), and helicopters to approximately 300 airline customers worldwide. The company complements aircraft leasing with cargo conversion programs (Boeing 777-300ERSF via the IAI partnership) and end-of-life aircraft dismantling and parts recycling services through AerCap Materials. AerCap also manages engine lease pools through the Shannon Engine Support joint venture with Safran Aircraft Engines.
Product overview
AerCap is the world's largest aircraft leasing company offering a comprehensive portfolio of aviation assets and services. The company provides commercial aircraft leasing (narrowbody and widebody from Boeing and Airbus), engine leasing (over 1,200 engines including CFM LEAP and GE engines via the Shannon Engine Support joint venture), and helicopter leasing (over 300 helicopters). Supporting services include AerCap Cargo for freighter conversion programs (Boeing 777-300ERSF), AerCap Materials for aircraft dismantling and parts recycling (AFRA accredited), and engine lease pool management. The company serves approximately 300 customers globally with offices in Dublin, Shannon, Miami, Singapore, Memphis, Amsterdam, Shanghai, Abu Dhabi, Seattle, and Toulouse, maintaining an order book of over 280 new technology aircraft with over 90% being fuel-efficient narrowbody jets.
Differentiator
Problem solved
Functional benefit
Brands
- AerCap Materials: Aircraft dismantling and parts recycling services with over 50 years of experience, ISO certified and AFRA accredited facility in Memphis, Tennessee.
Quantifiable outcome
- Aircraft lessors including AerCap posted EBIT margins above 30%, capturing nearly 90% of the commercial aerospace sector's total profit pool in 2024
- +4 more outcomes
Companies that use AerCap
Customer profileNamed customers10 records
Segments4 records
Ideal customer profiles3 records
AerCap technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature3 records
AerCap partnerships and signals
Strategic signalPartnerships
18 partnerships are on record, tiered strategic, core, major, new and flagship.
- Thai Airways InternationalstrategicAerCap delivered the first new GE-powered Boeing 787-9 to Thai Airways at Boeing's Delivery Center in Everett, Seattle. First of ten aircraft scheduled for delivery through 2028. Partnership dates back to mid-1990s. Aircraft supports Thai Airways' fleet renewal program.
- Azerbaijan Airlines (AZAL)strategicAerCap delivered the first of three new Airbus A321neo aircraft to Azerbaijan Airlines (AZAL) at Airbus Delivery Centre in Hamburg, as part of a 2024 agreement covering three A321neo and three A320neo aircraft. The partnership has grown from two aircraft to six, with AZAL seeking to expand its route network using Baku's strategic geographic location.
- Ethiopian AirlinesstrategicAerCap signed lease agreements with Ethiopian Airlines for two Boeing 777-300ERSF converted freighters, scheduled for Q2 2028 delivery. First of their kind to operate in Africa, offering 25% more capacity than current smaller twin-engine long-haul freighters. Deepens long-standing partnership.
- AirbuscoreAerCap placed its largest-ever direct order with Airbus for 100 A320neo family aircraft (45 exercised options + 55 new firm orders), with deliveries 2028-2034. The deal also included commitments through the existing A320neo program, bringing AerCap's total A320neo commitment to over 600 units. AerCap also announced long-term LEAP-1A engine lease agreements with CFM International for 48 engines tied to this order.
- CFM International (GE Aerospace / Safran)coreAerCap entered into long-term lease agreements with CFM International for 48 LEAP-1A engines through its Shannon Engine Support joint venture with Safran Aircraft Engines. Engine deliveries begin Q2 2026. This supports AerCap's engine leasing platform and is tied to the Frontier Airlines fleet restructuring.
- Frontier AirlinesmajorNon-binding agreement for early return of 24 A320neo aircraft (Q2 2026) in exchange for 10 future sale-leaseback transactions for aircraft deliveries in 2028-2029. Part of Frontier's fleet optimization to save ~$200M annually by 2027. AerCap will remarket the returned aircraft.
- Azul S.A.majorAerCap was a major creditor in Azul's Chapter 11 restructuring, providing $950 million in equity commitments as part of Azul's $2.5 billion debt and lease obligation reduction. Azul emerged from bankruptcy in February 2026 with the lowest leverage in its history, maintaining ~800 daily flights.
- United AirlinesmajorUnited Airlines committed $200 million as part of Azul's Chapter 11 restructuring alongside AerCap and American Airlines, demonstrating coordinated airline and lessor participation in Latin American airline restructuring.
- American AirlinesmajorAmerican Airlines committed $200 million as part of Azul's Chapter 11 restructuring alongside AerCap and United Airlines.
- Spirit AirlinesmajorSpirit Airlines reached an agreement with AerCap to reject 27 new Airbus A320neo family aircraft as part of its Chapter 11 restructuring. AerCap paid Spirit $150 million while taking over commitments for 52 Airbus planes and options for 10 more. This resolves outstanding disputes including terminated lease agreements for 36 aircraft and notices of default on 37 aircraft.
- Virgin AtlanticmajorAerCap signed purchase and leaseback agreements for six new Airbus A330-900 aircraft with Virgin Atlantic, with deliveries from Q2 2026 through Q4 2027. This is part of Virgin Atlantic's widebody fleet renewal program. Virgin Atlantic is Britain's only Global Five Star Airline.
- Thai Airways InternationalstrategicFirst of ten new Airbus A321neo aircraft delivered to Thai Airways under lease agreement, with remaining nine aircraft scheduled for delivery through 2028. Supports Thai Airways' fleet modernization with energy-efficient aircraft reducing fuel consumption and carbon emissions.
- My FreighternewLease agreements for two Airbus A321neo aircraft with Uzbekistan-based cargo airline My Freighter. Aircraft scheduled for delivery late 2027, supporting expansion into European markets.
- Fly MetastrategicAerCap delivered its first Boeing 777-300ERSF to Fly Meta in November 2025. Partnership involves AerCap, Fly Meta, Air Atlanta Icelandic, and Hungary Airlines to develop widebody freighter capacity across Asia, Europe, Middle East, Africa, and North America.
- FlySafairnewLease agreements signed at Dubai Airshow 2025 for three Boeing 737 MAX 8 aircraft and two Boeing 737-800NG aircraft. 737-800NGs arriving summer 2026, 737 MAX jets starting 2028. FlySafair is South Africa's largest low-cost carrier, adding 737 MAX to its all-Boeing fleet for the first time.
- GE AerospacecoreAerCap signed a seven-year agreement with GE Aerospace to provide lease pool management services for the GE9X engine. This extends AerCap's support for various GE engines and ensures support for the GE9X as it enters service on Boeing 777X aircraft.
- Spirit AirlinesmajorCourt-approved agreement as part of Spirit's Chapter 11: AerCap provided $150 million as part of $475 million debtor-in-possession financing and agreed to take over commitments for Spirit's Airbus aircraft orders (52 planes + 10 options).
- Israel Aerospace Industries (IAI)flagshipAerCap is the launch customer for IAI's Boeing 777-300ERSF (Big Twin) passenger-to-cargo conversion program, the world's first such conversion. This enables extended useful life for older 777-300ER aircraft through freighter conversion. AerCap is the first customer and Kalitta is the first operator.
Scale indicators23 records
Recent moves7 records
Expansion highlights6 records
AerCap competitors and assessment
Company assessmentDirect peers
- SMBC Aviation Capital: Second-largest aircraft lessor globally and AerCap's closest direct competitor. Operates a similar narrowbody-and-widebody portfolio to airlines worldwide with comparable scale, OEM relationships with Airbus and Boeing, and operating lease economics — making it the most direct benchmark for AerCap's market share and lease pricing power.
- Air Lease Corporation: Publicly listed US-based aircraft lessor with a young, predominantly new-technology fleet serving commercial airlines globally. Competes head-to-head with AerCap on narrowbody and widebody lease placements and on portfolio rotation/asset sales economics.
- Avolon Aerospace Leasing: Dublin-headquartered global aircraft lessor (backed by Bohai Leasing/CITIC) operating a similar new-technology fleet across passenger and freighter aircraft. Directly competes with AerCap for airline customers and order-book positioning at Airbus and Boeing.
- BOC Aviation: Singapore-headquartered aircraft lessor owned by Bank of China, operating a portfolio of over 700 aircraft to airlines globally. Comparable to AerCap in scale and customer diversity, with strong Asia-Pacific positioning that directly overlaps AerCap's regional growth strategy.
- Aircastle: US-listed mid-sized aircraft lessor with a focused narrowbody and widebody portfolio. Direct competitor in operating leases to airlines and co-litigant with AerCap in Russia-related disputes, making it a peer in both business model and risk exposure.
- Aviation Capital Group: Tokyo Century-owned aircraft lessor with a fleet of approximately 500 aircraft serving commercial airlines. Direct competitor for narrowbody lease placements and secondary market asset trades, comparable in customer mix and lease structure.
- Jackson Square Aviation: Mid-sized global aircraft lessor focused on narrowbody aircraft to passenger airlines. Comparable in business model and customer type to AerCap's core operating lease business, competing for similar airline mandates.
- BBAM Aircraft Management: Independent aircraft lessor and servicer managing over 500 aircraft for institutional investors. Direct competitor in narrowbody lease placements and secondary market transactions, with a comparable institutional customer base.
Emerging players
- Nordic Aviation Capital: Specialist turboprop and regional jet lessor with a growing narrowbody portfolio. Overlaps with AerCap on smaller commercial aircraft categories and aircraft transitions to cargo, providing a peer for lessor economics on non-mainline jet types.
Broad incumbents
- ICBC Financial Leasing: China-based subsidiary of Industrial and Commercial Bank of China engaged in aircraft, ship, and equipment leasing. Overlaps with AerCap in commercial aircraft leasing to global airlines and represents a major Asia-based incumbent comparable in scale of capital deployment.
Market position
Strengths5 records
Weaknesses4 records
Competitive moat5 records
Key risks5 records
Key highlights7 records
Customer concentration
AerCap social profiles
Digital presenceAerCap compliance and trust
Trust signalCompliance4 records
AerCap financial estimates
Financial estimateRevenue estimate
Valuation estimate
AerCap leadership team
Management profileNumber of profiles
AerCap subsidiaries and ownership
Company hierarchySubsidiaries4 records
AerCap funding detail
Funding detailFunding overview
Funding rounds15 records
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
AerCap M&A and investment
M&A and investmentM&A3 records
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about AerCap
What does AerCap do?
AerCap provides operating leases for commercial aircraft (narrowbody and widebody from Airbus and Boeing), engines (CFM LEAP and GE platforms), and helicopters to approximately 300 airline customers worldwide. The company complements aircraft leasing with cargo conversion programs (Boeing 777-300ERSF via the IAI partnership) and end-of-life aircraft dismantling and parts recycling services through AerCap Materials. AerCap also manages engine lease pools through the Shannon Engine Support joint venture with Safran Aircraft Engines.
Is AerCap a public or private company?
AerCap is a public company. It is currently operating.
When was AerCap founded?
AerCap was founded in 2006. It employs 501 to 1,000 people.
Where is AerCap based?
AerCap is headquartered in Dublin, Ireland, in the Europe region.
How does AerCap make money?
Four revenue lines are on record. Aircraft Operating Lease Revenue is the primary driver. The others are asset Sales and Gain on Sale, engine Lease Management (Shannon Engine Support) and insurance and Legal Recoveries.
Who are AerCap's main competitors?
Direct peers on record are SMBC Aviation Capital, Air Lease Corporation, Avolon Aerospace Leasing, BOC Aviation, Aircastle, Aviation Capital Group, Jackson Square Aviation and BBAM Aircraft Management. Nordic Aviation Capital is listed as an emerging player. ICBC Financial Leasing is listed as a broad incumbent.
Does AerCap have an API?
No public API is recorded for AerCap.