Aircastle Limited

Overview

Aircastle acquires, leases, and sells commercial jet aircraft worldwide. It operates as a secondary market investor, sourcing aircraft through other lessors, airlines via purchase‑leaseback, financial institutions, other aircraft owners, and manufacturers. The company manages assets across their life cycle—including lease management, redeliveries, transitions, and asset sales/part‑outs—to generate returns and reinvest proceeds. It sells aircraft and engines, with or without a lease, to realize value and fund new investments.

Aircastle reports a single operating segment: leasing, financing, selling, and managing commercial flight equipment. The company augments its portfolio and revenue through a global servicing platform and makes opportunistic investments in related aviation assets (aircraft engines, spare parts, etc.). It also provides asset‑management and marketing services to a joint venture, with those fees recorded as other revenue. The fleet strategy emphasizes mid‑life and newer technology aircraft to meet airline demand and respond to OEM delivery dynamics and supply constraints.

Customers

• 76 lessees across 45 countries
• 50 lessees domiciled or based in emerging markets

Fleet and utilization (as of February 28, 2026)

• 282 aircraft owned and managed
• Net book value of fleet: $8.5 billion (up 8% from $7.9 billion as of February 28, 2025)
• Weighted average fleet age: 9.0 years
• Weighted average remaining lease term: 5.4 years
• Fleet utilization: 99% for the year ended February 28, 2026

As of April 14, 2026, the fleet schedule includes lease expirations and placements across several aircraft types.

Acquisitions, disposals, and placements (year ended February 28, 2026)

• Acquired 46 aircraft for $1.7 billion
• Sold 33 aircraft and other flight equipment for net proceeds of $729.5 million
• Recognized gains on sale of $95.9 million

Capital deployment and liquidity

• Commitments to purchase: 17 aircraft with delivery through November 2028 for $829.5 million (including deposits, escalations, and adjustments)
• Liquidity as of April 1, 2026: approximately $2.6 billion, consisting of:
  • $2.0 billion undrawn credit facilities (100% unsecured; maturities 2028–2029)
  • $0.5 billion of projected adjusted operating cash flows and sales through April 1, 2027
  • $0.1 billion of unrestricted cash through April 1, 2027
• Unsecured revolving facilities available: about $1.9 billion (all unsecured; not scheduled to mature before 2028–2029)
• Total indebtedness: $5.3 billion as of February 28, 2026 (66% of total capitalization)
• Maintains an investment‑grade corporate credit rating (since 2018)

Financial highlights

Fiscal year ended February 28, 2026:

• Total revenues: $975.1 million
• Net income: $194.0 million
• Adjusted EBITDA: $945.1 million
• Cash flow from operating activities: $483.1 million

Fiscal year ended February 28, 2025:

• Total revenues: $821.0 million
• Net income: $123.6 million
• Adjusted EBITDA: $789.9 million
• Cash flow from operating activities: $464.0 million

People and governance

• Employees: 119 (as of February 28, 2026)
• No collective bargaining agreements for employees
• Executive leadership emphasizes risk management, liquidity, and disciplined capital allocation; CEO Michael Inglese leads a team with extensive industry experience

Strategy and risk posture

Aircastle follows a disciplined, differentiated acquisition strategy with flexibility to source opportunities globally across multiple channels. The company maintains a balanced and diversified lease portfolio with risk guardrails for geography, lessee concentration, aircraft type, and lease maturity distribution. It actively manages asset sales and redeployments to optimize risk‑adjusted returns and maintains liquidity and access to diverse funding sources to pursue opportunistic acquisitions while managing leverage.