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Air Lease Announces First Quarter 2025 Results

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

鈥淎L had a strong quarter with fleet expansion, healthy sales gains, significant insurance settlements related to our aircraft in Russia, and achieving our target debt to equity ratio which now allows us to consider all capital allocation opportunities. To date, we have no aircraft delivering to any country that has announced reciprocal tariffs applicable to aircraft. We continue to benefit from robust global aircraft demand in both leasing and aircraft trading as significant aircraft supply constraints persist,鈥� said John L. Plueger, Chief Executive Officer and President.

First Quarter 2025 Results

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

Operating Results

Key Financial Ratios

Highlights

• During the first quarter, we took delivery of 14 aircraft from our orderbook, representing over $800 million in aircraft investments, ending the period with 487 aircraft in our owned fleet and over $32 billion in total assets.
• In March 2025, we recognized a net benefit of $332 million from the settlement with certain insurers of insurance claims related to our former Russian fleet.
• In addition, subsequent to March 31, 2025, we received $226.7 million in cash insurance settlement proceeds. As of May 5, 2025, we have recovered approximately 82% of our write-off.
• Sold 16 aircraft during the first quarter for $521 million in sales proceeds.
• We have approximately $741 million of aircraft in our sales pipeline¹, which includes approximately $552 million in flight equipment held for sale as of March 31, 2025 and $189 million of aircraft subject to letters of intent.
• Placed 100% and 89% of our expected orderbook on long-term leases for aircraft delivering through the end of 2026 and 2027, respectively, and placed approximately 58% of our entire orderbook delivering through 2031.
• Ended the quarter with $29.2 billion in committed minimum future rental payments consisting of $18.9 billion in contracted minimum rental payments on the aircraft in our existing fleet and $10.3 billion in minimum future rental payments related to aircraft which will deliver between 2025 through 2031.
• On April 30, 2025, we increased the capacity of our syndicated unsecured revolving credit facility to $8.2 billion with the support of 52 financial institutions and extended the final maturity to May 5, 2029.
• On May 2, 2025, our board of directors approved a quarterly cash dividend of $0.22 per share on our outstanding Class A common stock. This quarterly dividend of $0.22 per share will be paid on July 9, 2025 to holders of record of our Class A common stock as of June 4, 2025.

Financial Overview

Our rental revenues for the three months ended March 31, 2025 increased by approximately 5%, to $645 million, as compared to the three months ended March 31, 2024. Our rental revenues increased primarily due to the continued growth of our fleet, partially offset by a decrease in end of lease revenue of approximately $12.7 million as compared to the prior period primarily due to fewer lease terminations.

Our aircraft sales, trading and other revenues for the three months ended March 31, 2025 increased by 90%, to $93 million, as compared to the three months ended March 31, 2024, primarily driven by an increase in sales activity. We recorded $61 million in gains from the sale of 16 aircraft for the three months ended March 31, 2025, compared to $23 million in gains from the sale of five aircraft for the three months ended March 31, 2024.

Our net income attributable to common stockholders for the three months ended March 31, 2025 was $365 million, or $3.26 per diluted share, as compared to $97 million, or $0.87 per diluted share, for the three months ended March 31, 2024. Net income attributable to common stockholders increased from the prior year period primarily due to a net benefit of $332 million from the settlement of insurance claims with certain insurers related to aircraft detained in Russia, along with higher revenues as discussed above. These were slightly offset by higher interest expense, driven by the increase in our composite cost of funds, as well as a $17.1 million increase in compensation expense, primarily consisting of $9.2 million in selling, general and administrative expense and $7.4 million in stock-based compensation expense, related to the announced retirement of our Executive Chairman.

Adjusted net income before income taxes during the three months ended March 31, 2025 was $169 million, or $1.51 per adjusted diluted share, as compared to $146 million, or $1.31 per adjusted diluted share, for the three months ended March 31, 2024. The increase is primarily due to an increase in our rental revenue and aircraft sales, trading and other revenue as discussed above, partially offset by higher interest expense, driven by the increase in our composite cost of funds.

Flight Equipment Portfolio

As of March 31, 2025, the net book value of our fleet increased to $28.6 billion, compared to $28.2 billion as of December 31, 2024. As of March 31, 2025, we owned 487 aircraft in our aircraft portfolio, comprised of 352 narrowbody aircraft and 135 widebody aircraft, and we managed 57 aircraft. The weighted average fleet age and weighted average remaining lease term of flight equipment subject to operating lease as of March 31, 2025 was 4.7 years and 7.2 years, respectively. We had a globally diversified customer base comprised of 112 airlines in 57 countries as of March 31, 2025.

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

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

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

Debt Financing Activities

We ended the first quarter of 2025 with total debt financing, net of discounts and issuance costs, of $19.9 billion. As of March 31, 2025, 77.6% of our total debt financing was at a fixed rate and 97.3% was unsecured. As of March 31, 2025, our composite cost of funds was 4.26%. We ended the quarter with total liquidity of $7.4 billion.

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

Conference Call

In connection with this earnings release, Air Lease will host a conference call on May 5, 2025 at 4:30 PM Eastern Time to discuss the Company's financial results for the first quarter of 2025.

Investors can participate in the conference call by dialing 1 (800) 715-9871 domestic or 1 (646) 307-1963 international. The passcode for the call is 4869598.

The conference call will also be broadcast live through a link on the Investors page of the Air Lease website at . Please visit the website at least 15 minutes prior to the call to register, download and install any necessary audio software. A replay of the broadcast will be available on the Investors page of the Air Lease website.

For your convenience, the conference call can be replayed in its entirety beginning on May 5, 2025 until 11:59 PM ET on May 12, 2025. If you wish to listen to the replay of this conference call, please dial 1 (800) 770-2030 domestic or 1 (647) 362-9199 international and enter passcode 4869598.

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 鈥淚nvestors鈥� section of its website at . Investors and potential investors are encouraged to consult Air Lease鈥檚 website regularly for important information. The information contained on, or that may be accessed through, Air Lease鈥檚 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, our future aircraft deliveries and rental revenues, which may be impacted by aircraft and engine delivery delays and manufacturing flaws, our aircraft sales pipeline and expectations, and payment of our future dividends. Words such as 鈥渃an,鈥� 鈥渃ould,鈥� 鈥渕ay,鈥� 鈥減redicts,鈥� 鈥減otential,鈥� 鈥渨ill,鈥� 鈥減rojects,鈥� 鈥渃ontinuing,鈥� 鈥渙ngoing,鈥� 鈥渆xpects,鈥� 鈥渁nticipates,鈥� 鈥渋ntends,鈥� 鈥減lans,鈥� 鈥渂elieves,鈥� 鈥渟eeks,鈥� 鈥渆stimates鈥� and 鈥渟hould,鈥� 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:

• our inability to obtain additional capital on favorable terms, or at all, to acquire aircraft, service our debt obligations and refinance maturing debt obligations;
• increases in our cost of borrowing, decreases in our credit ratings, or changes in interest rates;
• our inability to generate sufficient returns on our aircraft investments through strategic aircraft acquisitions and profitable leasing;
• the failure of an aircraft or engine manufacturer to meet its contractual obligations to us, including or as a result of labor strikes, aviation supply chain constraints, manufacturing flaws or technical or other difficulties with aircraft or engines before or after delivery;
• our ability to recover losses related to aircraft detained in Russia, including through insurance claims and related litigation;
• obsolescence of, or changes in overall demand for, our aircraft;
• changes in the value of, and lease rates for, our aircraft, including as a result of aircraft oversupply, manufacturer production levels, our lessees鈥� failure to maintain our aircraft, inflation, and other factors outside of our control;
• impaired financial condition and liquidity of our lessees, including due to lessee defaults and reorganizations, bankruptcies or similar proceedings;
• increased competition from other aircraft lessors;
• the failure by our lessees to adequately insure our aircraft or fulfill their contractual indemnity obligations to us, or the failure of such insurers to fulfill their contractual obligations;
• increased tariffs and other restrictions on trade;
• changes in the regulatory environment, including changes in tax laws and environmental regulations;
• other events affecting our business or the business of our lessees and aircraft manufacturers or their suppliers that are beyond our or their control, such as the threat or realization of epidemic diseases, natural disasters, terrorist attacks, war or armed hostilities between countries or non-state actors; and
• any additional factors discussed under 鈥淧art I 鈥� Item 1A. Risk Factors鈥� in our Annual Report on Form 10-K for the year ended December 31, 2024, 鈥淧art II 鈥� Item 1A. Risk Factors鈥� in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2025, and other Securities and Exchange Commission (鈥淪EC鈥�) filings, including future SEC filings.

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.

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

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):

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):

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Investors:

Jason Arnold

Vice President, Investor Relations

Email: [email protected]

Media:

Ashley Arnold

Senior Manager, Media and Investor Relations

Email: [email protected]

Source: Air Lease