Aircastle Limited (NYSE: AYR) is a commercial aviation leasing company that acquires and leases jet aircraft to airlines worldwide. Revenue comes primarily from lease rentals collected under net leases, supplemented by maintenance payments recognized at lease expiration and gains on aircraft sales. As of February 28, 2026, Aircastle owned 277 aircraft leased to carriers across more than 40 countries, with a fleet mix of 175 Airbus, 79 Boeing, and 23 Embraer aircraft by net book value. Total revenues were $975.1 million for the fiscal year ended February 28, 2026, up from $821.0 million in fiscal year ended February 28, 2025. Adjusted EBITDA was $945.1 million in fiscal year ended February 28, 2026. The business is capital-intensive: Aircastle has raised $2.6 billion in equity and $25.0 billion in debt since inception, funding aircraft acquisitions through unsecured bonds, bank facilities, securitizations, and JOLCO financings. During fiscal year ended February 28, 2026, the company acquired 46 aircraft for $1.7 billion and sold 33 aircraft, generating $95.9 million in gains.

Revenue model

Net lease rentals (primary), maintenance payments recognized at lease expiration and engine redelivery ($95.7 million in fiscal year ended February 28, 2026), and gains on aircraft sales ($95.9 million in fiscal year ended February 28, 2026). Under net leases, lessees bear operating costs including maintenance, fuel, and crew.

Products and services

Commercial jet aircraft on operating lease: narrow-body current technology (Airbus A319/A320/A321, Boeing 737-700/800), narrow-body new technology (Airbus A320neo/A321neo, Boeing 737 MAX 8/MAX 9), wide-body (Airbus A330-200/300), regional jets (Embraer E195, E2-195), and freighters. Fleet totaled 277 owned aircraft as of February 28, 2026.

Customers and end markets

Commercial airlines globally, operating across more than 40 countries as of February 28, 2026. Regional distribution by net book value as of February 28, 2026: North America 30%, Asia and Pacific 27%, Europe 23%, South America 12%, Middle East and Africa 5%, off-lease 3%. End demand driven by global passenger air travel.

Value-chain role

Aircraft lessor sitting between aircraft manufacturers (Airbus, Boeing, Embraer) and airline operators. Acquires aircraft directly from OEMs and through secondary market purchases, then leases them to airlines on net lease terms. Also provides contingent insurance recovery on aircraft formerly on lease to Russian airlines.

Geographic exposure

Operations span more than 40 countries. As of February 28, 2026, fleet net book value was distributed across North America (30%), Asia and Pacific (27%), Europe (23%), South America (12%), and Middle East and Africa (5%). Company is incorporated in Bermuda and subject to tax in multiple jurisdictions including the United States.

Source: SEC 10-K, filed 2026-04-21

Industry: Services-Equipment Rental & Leasing, NEC