Air Lease Announces Third Quarter 2025 Results

LOS ANGELES--( BUSINESS WIRE)--Air Lease (NYSE: AL) announces financial results for the three and nine months ended September 30, 2025.

Third Quarter 2025 Results

The following table summarizes our operating results for the three and nine months ended September 30, 2025 and 2024 (in millions, except per share amounts and percentages):

Operating Results

Three Months Ended

September 30,

Nine Months Ended

September 30,

2025

2024

$ change

% change

2025

2024

$ change

% change

Revenues

725.4

690.2

35.2

5.1

2,195.4

2,020.8

174.6

8.6

Operating expenses

(600.9

)

(559.9

)

(41.0

)

7.3

(1,788.6

)

(1,627.5

)

(161.1

)

9.9

Recoveries of Russian fleet write-off

60.5

—

60.5

—

736.4

—

736.4

—

Income before taxes

185.0

130.2

54.8

42.1

1,143.2

393.3

749.9

190.7

Net income attributable to common stockholders

135.4

91.6

43.8

47.8

874.2

279.5

594.7

212.8

Diluted earnings per share

1.21

0.82

0.39

47.6

7.79

2.50

5.29

211.6

Adjusted net income before income taxes (1)

144.5

140.2

4.3

3.1

471.4

423.8

47.6

11.2

Adjusted diluted earnings per share before income taxes (1)

1.29

1.25

0.04

3.2

4.20

3.79

0.41

10.8

Key Financial Ratios

Three Months Ended

September 30,

Nine Months Ended

September 30,

2025

2024

2025

2024

Pre-tax margin

25.5%

18.9%

52.1%

19.5%

Adjusted pre-tax margin (1)

19.9%

20.3%

21.5%

21.0%

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

17.6%

9.7%

17.6%

9.7%

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

8.9%

10.1%

8.9%

10.1%

____________________________________

(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 net write-offs 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

Merger Agreement

On September 2, 2025, AL announced that it entered into an agreement and plan of merger to be acquired by Sumisho Air Lease Corporation Designated Activity Company (formerly known as Gladiatora Designated Activity Company), a newly formed holding company established in connection with the proposed transaction. If the transaction is consummated, Sumisho Air Lease Corporation Designated Activity Company will be owned by Sumitomo Corporation, SMBC Aviation Capital Limited, and affiliates of Apollo Capital Management, L.P. and affiliates of Brookfield Asset Management Ltd. Under the terms of the merger agreement, AL’s Class A common stockholders will be entitled to receive $65.00 per share cash consideration, without interest and less any applicable withholding taxes, for each share of Class A Common Stock they own, representing a total valuation of approximately $7.4 billion, or approximately $28.2 billion including debt obligations to be assumed or refinanced net of cash.

Financial Overview

Our total rental of flight equipment revenue for the three months ended September 30, 2025 increased by approximately 9%, to $681 million, as compared to the three months ended September 30, 2024. The increase is primarily due to the continued growth of our fleet and an increase in our portfolio lease yield.

Our gain on aircraft sales and trading and other income for the three months ended September 30, 2025 decreased by 32%, to $44 million, as compared to the three months ended September 30, 2024, primarily driven by lower sales activity. We recorded $35.0 million in gains from the sale of five aircraft for the three months ended September 30, 2025, compared to $50 million in gains from the sale of nine aircraft and two sales-type leases for the three months ended September 30, 2024.

Our net income attributable to common stockholders for the three months ended September 30, 2025 was $135 million, or $1.21 per diluted share, as compared to $92 million, or $0.82 per diluted share, for the three months ended September 30, 2024. Net income attributable to common stockholders increased from the prior year period primarily due to higher rental revenues and a net benefit of $60 million from the settlement of insurance claims with certain insurers related to aircraft detained in Russia. This was partially offset by lower sales activity, an increase in our selling, general and administrative expenses due to approximately $9 million in costs associated with the merger and higher interest expense driven by the increase in our composite cost of funds.

Adjusted net income before income taxes during the three months ended September 30, 2025 was $145 million, or $1.29 per adjusted diluted share, as compared to $140 million, or $1.25 per adjusted diluted share, for the three months ended September 30, 2024. The increase is primarily due to an increase in our total rental of flight equipment revenues as discussed above, partially offset by lower sales activity and higher interest expense.

1 Aircraft in our sales pipeline is as of September 30, 2025, and includes letters of intent and sale agreements signed through November 3, 2025.

Flight Equipment Portfolio

As of September 30, 2025, the net book value of our fleet increased to $29.5 billion, compared to $28.2 billion as of December 31, 2024. As of September 30, 2025, we owned 503 aircraft in our aircraft portfolio, comprised of 365 narrowbody aircraft and 138 widebody aircraft, and we managed 50 aircraft. The weighted average fleet age and weighted average remaining lease term of flight equipment subject to operating lease as of September 30, 2025 was 4.9 years and 7.2 years, respectively. We had a globally diversified customer base comprised of 108 airlines in 55 countries as of September 30, 2025.

The following table summarizes the key portfolio metrics of our fleet as of September 30, 2025 and December 31, 2024:

September 30, 2025

December 31, 2024

Net book value of flight equipment subject to operating lease

$ 29.5 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)

503

489

Managed fleet

Aircraft on order

228

269

Total

781

818

Current fleet contracted rentals

$ 19.6 billion

$ 18.3 billion

Committed fleet rentals

$ 9.7 billion

$ 11.2 billion

Total committed rentals

$ 29.3 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 September 30, 2025 and December 31, 2024, our owned fleet count included 11 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.

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

September 30, 2025

December 31, 2024

Region

% of Net Book Value

Europe

39.7

41.4

Asia Pacific

36.2

35.8

Central America, South America, and Mexico

10.1

9.5

The Middle East and Africa

8.1

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:

September 30, 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

6.3

4.5

Airbus A320-200

3.4

4.7

Airbus A320-200neo

4.6

4.7

Airbus A321-200

3.5

3.9

Airbus A321-200neo

109

21.7

108

22.1

Airbus A330-200 (1)

2.6

2.7

Airbus A330-300

1.0

Airbus A330-900neo

5.6

5.7

Airbus A350-900

3.4

3.5

Airbus A350-1000

1.6

Boeing 737-700

0.4

Boeing 737-800

9.2

12.5

Boeing 737-8 MAX

14.7

12.1

Boeing 737-9 MAX

6.8

6.1

Boeing 777-200ER

0.2

Boeing 777-300ER

4.8

4.9

Boeing 787-9

5.4

5.3

Boeing 787-10

3.0

2.5

Embraer E190

0.2

Total (2)

503

100.0

489

100.0

(1) As of September 30, 2025 and December 31, 2024, aircraft count includes three and two Airbus A330-200 aircraft classified as freighters, respectively.

Debt Financing Activities

We ended the third quarter of 2025 with total debt financing, net of discounts and issuance costs, of $20.2 billion. As of September 30, 2025, 75.7% of our total debt financing was at a fixed rate and 97.5% was unsecured. As of September 30, 2025, our composite cost of funds was 4.29%. 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):

September 30, 2025

December 31, 2024

Unsecured

Senior unsecured securities

13,850

16,047

Term financings

3,870

3,629

Commercial paper

1,508

—

Revolving credit facility

—

170

Other revolving credit facilities

600

—

Total unsecured debt financing

19,828

19,846

Secured

Term financings

333

354

Export credit financing

179

190

Total secured debt financing

512

544

Total debt financing

20,340

20,390

Less: Debt discounts and issuance costs

(145

)

(180

)

Debt financing, net of discounts and issuance costs

20,195

20,210

Selected interest rates and ratios:

Composite interest rate (1)

4.29

4.14

Composite interest rate on fixed-rate debt (1)

3.95

3.74

Percentage of total debt at a fixed-rate

75.74

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 third quarter 2025 earnings release. For further detail and discussion of our financial performance please refer to our quarterly report on Form 10-Q for the quarter ended September 30, 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), the impact of Russia’s invasion of Ukraine and the impact of sanctions imposed on Russia, 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)

September 30, 2025

December 31, 2024

(unaudited)

Assets

Cash and cash equivalents

452,215

472,554

Restricted cash

3,542

3,550

Flight equipment subject to operating leases

36,374,329

34,168,919

Less accumulated depreciation

(6,846,920

)

(5,998,453

)

29,527,409

28,170,466

Net investment in sales-type leases

469,112

433,048

Deposits on flight equipment purchases

1,100,160

761,438

Flight equipment held for sale

341,846

951,181

Other assets

1,492,137

1,485,659

Total assets

33,386,421

32,277,896

Liabilities and Stockholders’ Equity

Accrued interest and other payables

1,049,590

1,272,984

Debt financing, net of discounts and issuance costs

20,194,930

20,209,985

Security deposits on flight equipment leases

638,610

624,597

Maintenance reserves on flight equipment leases

1,480,071

1,180,741

Rentals received in advance

132,093

136,566

Deferred tax liability

1,549,996

1,320,397

Total liabilities

25,045,290

24,745,270

Stockholders’ Equity

Preferred Stock, $0.01 par value; 50,000,000 shares authorized at each of September 30, 2025 and December 31, 2024; 900,000 (aggregate liquidation preference of $900,000) shares issued and outstanding at September 30, 2025 and December 31, 2024, respectively

Class A common stock, $0.01 par value; 500,000,000 shares authorized; 111,765,032 and 111,376,884 shares issued and outstanding at September 30, 2025 and December 31, 2024, respectively

1,118

1,114

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

—

Paid-in capital

3,392,298

3,364,712

Retained earnings

4,947,666

4,147,218

Accumulated other comprehensive income

19,573

Total stockholders’ equity

8,341,131

7,532,626

Total liabilities and stockholders’ equity

33,386,421

32,277,896

Air Lease Corporation and Subsidiaries

CONSOLIDATED STATEMENTS OF INCOME

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

Three Months Ended

September 30,

Nine Months Ended

September 30,

2025

2024

2025

2024

(unaudited)

Revenues and other income

Rental of flight equipment revenue

Lease rentals

665,576

606,239

1,950,469

1,791,561

Maintenance rentals and other receipts

15,325

18,941

54,509

57,453

Total rental of flight equipment revenue

680,901

625,180

2,004,978

1,849,014

Gain on aircraft sales and trading and other income

44,492

64,984

190,392

171,748

Total revenues and other income

725,393

690,164

2,195,370

2,020,762

Expenses

Interest

215,501

203,092

633,162

574,691

Amortization of debt discounts and issuance costs

12,880

14,371

40,092

40,772

Interest expense

228,381

217,463

673,254

615,463

Depreciation of flight equipment

311,126

290,132

914,433

849,374

Recoveries of Russian fleet write-off

(60,469

)

—

(736,409

)

—

Selling, general and administrative

51,784

44,418

160,983

137,592

Stock-based compensation expense

9,603

7,919

39,892

25,031

Total expenses

540,425

559,932

1,052,153

1,627,460

Income before taxes

184,968

130,232

1,143,217

393,302

Income tax expense

(38,512

)

(26,261

)

(235,762

)

(78,519

)

Net income

146,456

103,971

907,455

314,783

Preferred stock dividends

(11,082

)

(12,325

)

(33,244

)

(35,258

)

Net income attributable to common stockholders

135,374

91,646

874,211

279,525

Earnings per share of common stock:

Basic

1.21

0.82

7.83

2.51

Diluted

1.21

0.82

7.79

2.50

Weighted-average shares of common stock outstanding

Basic

111,765,032

111,376,884

111,693,352

111,308,222

Diluted

112,341,139

111,804,113

112,274,435

111,801,757

Other financial data

Pre-tax margin

25.5

18.9

52.1

19.5

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

17.6

9.7

17.6

9.7

Adjusted net income before income taxes (1)

144,540

140,197

471,418

423,847

Adjusted diluted earnings per share before income taxes (1)

1.29

1.25

4.20

3.79

Adjusted pre-tax margin (1)

19.9

20.3

21.5

21.0

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

8.9

10.1

8.9

10.1

(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 net write-offs 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 shareholders' 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

September 30,

Nine Months Ended

September 30,

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

135,374

91,646

874,211

279,525

Amortization of debt discounts and issuance costs

12,880

14,371

40,092

40,772

Recoveries of Russian fleet write-off

(60,469

)

—

(736,409

)

—

Stock-based compensation expense

9,603

7,919

39,892

25,031

Retirement compensation expense

—

9,230

—

Merger related costs

8,640

—

8,640

—

Income tax expense

38,512

26,261

235,762

78,519

Adjusted net income before income taxes

144,540

140,197

471,418

423,847

Denominator for adjusted pre-tax margin:

Total revenues

725,393

690,164

2,195,370

2,020,762

Adjusted pre-tax margin (a)

19.9

20.3

21.5

21.0

(a) 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

September 30,

Nine Months Ended

September 30,

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

135,374

91,646

874,211

279,525

Amortization of debt discounts and issuance costs

12,880

14,371

40,092

40,772

Recoveries of Russian fleet write-off

(60,469

)

—

(736,409

)

—

Stock-based compensation expense

9,603

7,919

39,892

25,031

Retirement compensation expense

—

9,230

—

Merger related costs

8,640

—

8,640

—

Income tax expense

38,512

26,261

235,762

78,519

Adjusted net income before income taxes

144,540

140,197

471,418

423,847

Denominator for adjusted diluted earnings per share:

Weighted-average diluted common shares outstanding

112,341,139

111,804,113

112,274,435

111,801,757

Adjusted diluted earnings per share before income taxes (b)

1.29

1.25

4.20

3.79

(b) 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

September 30,

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

966,759

490,151

Amortization of debt discounts and issuance costs

54,143

54,410

Recoveries of Russian fleet write-off

(736,409

)

(67,022

)

Stock-based compensation expense

48,749

36,316

Retirement compensation expense

9,230

—

Merger related costs

8,640

—

Income tax expense

262,797

123,868

Deemed dividend adjustment (c)

7,869

—

Adjusted net income before income taxes

621,778

637,723

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

6,525,697

6,111,053

Common stockholders' equity as of end of the period

7,441,131

6,525,697

Average common stockholders' equity

6,983,414

6,318,375

Adjusted pre-tax return on common equity (d)

8.9

10.1

(c) 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.

(d) Adjusted pre-tax return on common equity is adjusted net income before income taxes divided by average common shareholders’ equity.

Air Lease Corporation and Subsidiaries

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

Nine Months Ended

September 30,

2025

2024

(unaudited)

Operating Activities

Net income

907,455

314,783

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

Depreciation of flight equipment

914,433

849,374

Recoveries of Russian fleet write-off

(736,409

)

—

Stock-based compensation expense

39,892

25,031

Deferred taxes

234,840

77,324

Amortization of prepaid lease costs

69,128

77,271

Amortization of discounts and debt issuance costs

40,092

40,772

Gain on aircraft sales, trading and other activity

(125,108

)

(149,018

)

Changes in operating assets and liabilities:

Other assets

40,752

(3,509

)

Accrued interest and other payables

(60,202

)

29,494

Rentals received in advance

(4,320

)

(14,467

)

Net cash provided by operating activities

1,320,553

1,247,055

Investing Activities

Acquisition of flight equipment

(1,704,105

)

(2,816,375

)

Payments for deposits on flight equipment purchases

(866,888

)

(461,788

)

Proceeds from aircraft sales, trading and other activity

602,686

884,045

Proceeds from settlement of insurance claims

727,572

—

Acquisition of aircraft furnishings, equipment and other assets

(165,738

)

(284,050

)

Net cash used in investing activities

(1,406,473

)

(2,678,168

)

Financing Activities

Net proceeds from preferred stock issuance

—

295,532

Cash dividends paid on Class A common stock

(73,679

)

(70,092

)

Cash dividends paid on preferred stock

(33,244

)

(35,258

)

Tax withholdings on stock-based compensation

(12,302

)

(9,384

)

Net change in unsecured revolving facilities

430,000

186,000

Net change in commercial paper balance

1,508,000

—

Proceeds from debt financings

683,074

3,541,706

Payments in reduction of debt financings

(2,774,825

)

(2,781,604

)

Debt issuance costs

(5,041

)

(10,626

)

Security deposits and maintenance reserve receipts

367,728

328,351

Security deposits and maintenance reserve disbursements

(24,138

)

(12,654

)

Net cash provided by financing activities

65,573

1,431,971

Net (decrease)/increase in cash

(20,347

)

858

Cash, cash equivalents and restricted cash at beginning of period

476,104

464,492

Cash, cash equivalents and restricted cash at end of period

455,757

465,350

Supplemental Disclosure of Cash Flow Information

Cash paid during the period for interest, including capitalized interest of $31,399 and $32,859 at September 30, 2025 and 2024, respectively

712,557

590,697

Cash paid for income taxes

2,363

22,746

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

693,808

838,170

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

140,253

1,143,096

Transfer of flight equipment to investment in sales-type lease

33,778

74,017

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

24,588

23,389