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Air Lease (AL) Financials

Annual Income Statements for Air Lease

This table shows Air Lease's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	253	375	756	511	575	501	408	-139	573	372	1,044
Consolidated Net Income / (Loss)	253	375	756	511	587	516	437	-97	615	428	1,088
Net Income / (Loss) Continuing Operations	253	375	756	511	587	525	437	-97	615	428	1,088
Total Pre-Tax Income	393	580	610	640	736	647	541	-139	754	533	1,370
Total Operating Income	659	866	897	983	1,170	1,121	1,054	407	1,463	1,370	2,260
Total Gross Profit	1,223	1,419	1,516	1,680	2,017	2,015	2,088	2,317	2,685	2,734	3,016
Total Revenue	1,223	1,419	1,516	1,680	2,017	2,015	2,088	2,317	2,685	2,734	3,016
Operating Revenue	1,223	1,419	1,516	1,680	2,017	2,015	2,088	2,317	2,685	2,734	3,016
Total Cost of Revenue	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Operating Expenses	564	553	619	697	847	894	1,034	1,910	1,222	1,364	755
Selling, General & Admin Expense	77	83	91	97	124	96	125	157	186	186	219
Depreciation Expense	398	453	508	582	703	781	883	966	1,069	1,144	1,224
Other Special Charges / (Income)	89	17	20	17	21	18	27	16	-32	34	-687
Total Other Income / (Expense), net	-266	-286	-287	-343	-429	-466	-513	-546	-709	-837	-891
Interest Expense	266	286	258	310	397	432	462	493	655	782	838
Other Income / (Expense), net	-	-	-29	-33	-31	-34	-51	-53	-54	-55	-53
Income Tax Expense	140	205	-147	129	149	130	104	-42	139	106	281
Preferred Stock Dividends Declared	-	-	-	0.00	12	15	28	42	42	56	44
Basic Earnings per Share	$2.47	$3.65	$7.33	$4.88	$5.14	$4.41	$3.58	($1.24)	$5.16	$3.34	$9.35
Weighted Average Basic Shares Outstanding	102.55M	102.80M	103.19M	104.72M	111.90M	113.68M	114.05M	111.63M	111.01M	111.33M	111.71M
Diluted Earnings per Share	$2.34	$3.44	$6.82	$4.60	$5.09	$4.39	$3.57	($1.24)	$5.14	$3.33	$9.29
Weighted Average Diluted Shares Outstanding	110.63M	110.80M	111.66M	112.36M	113.09M	114.01M	114.45M	111.63M	111.44M	111.87M	112.33M
Weighted Average Basic & Diluted Shares Outstanding	102.60M	102.70M	103.20M	104.70M	113.35M	113.87M	114.05M	110.91M	111.03M	111.38M	112.04M
Cash Dividends to Common per Share	$0.17	$0.23	$0.33	$0.43	$0.54	$0.61	$0.67	$0.76	$0.81	$0.85	$0.88

This table shows Air Lease's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Period end date	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	122	122	211	97	90	92	93	365	374	135	170
Consolidated Net Income / (Loss)	132	132	221	108	103	104	113	376	385	146	181
Net Income / (Loss) Continuing Operations	132	132	221	108	103	104	100	376	385	146	181
Total Pre-Tax Income	164	165	266	135	128	130	140	472	487	185	226
Total Operating Income	350	340	449	330	331	348	361	694	709	413	444
Total Gross Profit	673	659	717	663	667	690	713	738	732	725	820
Total Revenue	673	659	717	663	667	690	713	738	732	725	820
Operating Revenue	673	659	717	663	667	690	713	738	732	725	820
Total Operating Expenses	323	319	267	333	336	342	352	44	23	312	377
Selling, General & Admin Expense	46	43	50	48	45	44	48	59	50	52	58
Depreciation Expense	269	267	273	277	282	290	294	299	304	311	309
Other Special Charges / (Income)	8.72	8.72	11	8.28	8.84	7.92	8.86	-314	-331	-51	9.04
Total Other Income / (Expense), net	-186	-175	-183	-195	-203	-217	-234	-223	-222	-228	-217
Interest Expense	172	162	169	182	190	203	207	209	209	216	205
Other Income / (Expense), net	-14	-14	-14	-13	-13	-14	-	-14	-13	-13	-13
Income Tax Expense	32	33	45	27	25	26	27	96	101	39	46
Preferred Stock Dividends Declared	10	10	10	10	13	12	20	11	11	11	11
Basic Earnings per Share	$1.10	$1.10	$1.89	$0.88	$0.81	$0.82	$0.83	$3.27	$3.35	$1.21	$1.52
Weighted Average Basic Shares Outstanding	111.02M	111.03M	111.01M	111.17M	111.37M	111.38M	111.33M	111.55M	111.76M	111.77M	111.71M
Diluted Earnings per Share	$1.10	$1.10	$1.88	$0.87	$0.81	$0.82	$0.83	$3.26	$3.33	$1.21	$1.49
Weighted Average Diluted Shares Outstanding	111.24M	111.35M	111.44M	111.53M	111.74M	111.80M	111.87M	112.03M	112.23M	112.34M	112.33M
Weighted Average Basic & Diluted Shares Outstanding	111.03M	111.03M	111.03M	111.37M	111.38M	111.38M	111.38M	111.76M	111.77M	111.77M	112.04M

This table details how cash moves in and out of Air Lease's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	-126	118	17	15	15	1,420	-649	-328	-316	12	-6.15
Net Cash From Operating Activities	840	1,020	1,060	1,254	1,392	1,090	1,377	1,382	1,747	1,677	1,735
Net Cash From Continuing Operating Activities	840	1,020	1,060	1,254	1,392	1,090	1,377	1,382	1,747	1,677	1,735
Net Income / (Loss) Continuing Operations	253	375	756	511	587	516	437	-97	615	428	1,088
Consolidated Net Income / (Loss)	253	375	756	511	587	516	437	-97	615	428	1,088
Depreciation Expense	398	453	508	582	703	781	883	966	1,069	1,144	1,224
Amortization Expense	31	49	49	57	70	86	97	101	129	157	146
Non-Cash Adjustments To Reconcile Net Income	-24	-60	-49	-2.26	-45	-21	-20	674	-259	-195	-941
Changes in Operating Assets and Liabilities, net	182	203	-204	106	78	-272	-20	-262	193	144	218
Net Cash From Investing Activities	-2,153	-2,006	-2,144	-3,385	-3,844	-2,527	-3,095	-3,404	-2,778	-3,036	-1,321
Net Cash From Continuing Investing Activities	-2,153	-2,006	-2,144	-3,385	-3,844	-2,527	-3,095	-3,404	-2,778	-3,036	-1,321
Purchase of Property, Plant & Equipment	-2,906	-2,994	-2,149	-2,800	-3,955	-2,678	-3,233	-3,640	-4,528	-4,561	-3,632
Sale of Property, Plant & Equipment	753	988	779	391	995	151	138	235	1,685	1,525	1,583
Other Investing Activities, net	-	-	-774	-976	-884	-	0.00	0.00	65	0.00	728
Net Cash From Financing Activities	1,187	1,103	1,102	2,145	2,467	2,857	1,068	1,694	716	1,371	-420
Net Cash From Continuing Financing Activities	1,187	1,103	1,102	2,145	2,467	2,857	1,068	1,694	716	1,371	-420
Repayment of Debt	-333	-1,099	-1,309	-1,527	-990	-1,736	-3,205	-1,073	-2,526	-4,150	-2,821
Repurchase of Preferred Equity	-	-	-	-	-	-	-	0.00	0.00	-250	0.00
Payment of Dividends	-16	-21	-31	-42	-70	-84	-101	-125	-130	-141	-143
Issuance of Debt	1,383	2,068	2,265	3,534	2,986	4,640	3,656	2,660	2,994	5,202	2,174
Issuance of Preferred Equity	-	-	-	0.00	242	0.00	591	0.00	0.00	295	0.00
Other Financing Activities, net	153	155	168	175	253	30	132	381	379	416	369
Cash Interest Paid	260	294	302	332	442	450	509	534	694	794	916
Cash Income Taxes Paid	-	1.23	5.50	4.26	17	30	5.73	6.36	7.80	57	59

This table details how cash moves in and out of Air Lease's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Period end date	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025
Net Change in Cash & Equivalents	-121	-65	-51	91	-100	9.69	11	-15	-1.61	-3.25	14
Net Cash From Operating Activities	532	401	465	371	414	462	430	388	474	459	414
Net Cash From Continuing Operating Activities	532	401	465	371	414	462	430	388	474	459	414
Net Income / (Loss) Continuing Operations	132	132	221	108	103	104	113	376	385	146	181
Consolidated Net Income / (Loss)	132	132	221	108	103	104	113	376	385	146	181
Depreciation Expense	269	267	273	277	282	290	294	299	304	311	309
Amortization Expense	31	33	34	37	40	41	39	37	36	37	37
Non-Cash Adjustments To Reconcile Net Income	-41	-47	-137	-43	-53	-43	-56	-383	-354	-84	-120
Changes in Operating Assets and Liabilities, net	141	16	73	-8.17	42	70	40	60	102	49	6.64
Net Cash From Investing Activities	-142	-253	-1,110	-630	-776	-1,271	-358	-102	-870	-434	85
Net Cash From Continuing Investing Activities	-142	-253	-1,110	-630	-776	-1,271	-358	-102	-870	-434	85
Purchase of Property, Plant & Equipment	-1,382	-560	-1,291	-831	-1,007	-1,725	-999	-838	-1,222	-677	-895
Sale of Property, Plant & Equipment	1,240	307	116	200	230	454	641	408	68	127	980
Net Cash From Financing Activities	-511	-213	594	350	262	819	-61	-302	395	-28	-485
Net Cash From Continuing Financing Activities	-511	-213	594	350	262	819	-61	-302	395	-28	-485
Repayment of Debt	-104	-1,260	-29	-1,479	-1,043	-271	-428	-1,479	-159	-1,142	-41
Payment of Dividends	-33	-33	-33	-34	-36	-36	-36	-36	-36	-36	-36
Issuance of Debt	-468	1,004	532	1,781	1,243	703	544	1,118	481	1,022	-447
Other Financing Activities, net	93	76	124	82	98	127	109	95	109	128	38
Cash Interest Paid	127	208	161	204	187	201	204	238	237	238	203
Cash Income Taxes Paid	2.00	0.68	1.55	3.03	18	1.43	35	0.04	2.17	0.15	57

This table presents Air Lease's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	12,355	13,976	15,614	18,482	21,709	25,215	26,969	28,397	30,452	32,278	32,884
Total Current Assets	10,813	12,042	13,280	300	0.00	0.00	0.00	766	0.00	473	466
Cash & Equivalents	-	-	-	300	-	-	-	766	-	473	466
Plant, Property, & Equipment, net	0.00	0.00	0.00	15,707	18,704	20,380	22,899	24,538	26,231	28,170	29,054
Plant, Property & Equipment, gross	-	-	-	17,985	21,286	23,730	27,102	29,467	31,787	34,169	35,880
Accumulated Depreciation	-	-	-	2,278	2,582	3,349	4,203	4,929	5,556	5,998	6,827
Total Noncurrent Assets	1,542	1,934	2,334	2,475	3,005	4,835	4,070	3,092	4,221	3,635	3,364
Noncurrent Note & Lease Receivables	-	-	-	-	-	-	-	-	-	433	461
Other Noncurrent Operating Assets	1,368	1,643	2,026	2,452	2,667	3,077	2,961	3,092	3,757	3,202	2,903
Total Liabilities & Shareholders' Equity	12,355	13,976	15,614	18,482	21,709	25,215	26,969	28,397	30,452	32,278	32,884
Total Liabilities	9,335	10,593	11,487	13,675	16,086	19,143	19,960	21,750	23,292	24,745	24,411
Total Current Liabilities	216	257	309	382	516	492	612	697	1,164	1,273	1,012
Accounts Payable	216	257	309	382	516	492	612	697	1,164	1,273	1,012
Total Noncurrent Liabilities	9,119	10,337	11,178	13,293	15,569	18,650	19,348	21,053	22,128	23,472	23,399
Long-Term Debt	7,712	8,714	9,699	11,539	13,579	16,518	17,022	18,641	19,183	20,210	19,730
Asset Retirement Reserve & Litigation Obligation	-	-	-	-	-	-	-	-	-	1,181	1,477
Noncurrent Deferred Revenue	91	99	105	120	144	143	139	148	144	137	144
Noncurrent Deferred & Payable Income Tax Liabilities	462	667	518	644	749	916	1,013	971	1,282	1,320	1,425
Other Noncurrent Operating Liabilities	853	856	856	991	1,097	1,073	1,174	1,294	1,520	625	623
Total Equity & Noncontrolling Interests	3,020	3,382	4,127	4,807	5,624	6,072	7,009	6,646	7,160	7,533	8,473
Total Preferred & Common Equity	3,020	3,382	4,127	4,807	5,624	6,072	7,009	6,646	7,160	7,533	8,473
Preferred Stock	0.00	0.00	0.00	0.00	0.10	0.10	0.11	0.11	0.11	0.01	0.01
Total Common Equity	3,019	3,381	4,126	4,807	5,623	6,072	7,008	6,646	7,160	7,533	8,473
Common Stock	2,227	2,238	2,260	2,475	2,779	2,794	3,400	3,257	3,288	3,366	3,385
Retained Earnings	792	1,143	1,866	2,332	2,846	3,278	3,610	3,387	3,870	4,147	5,093
Accumulated Other Comprehensive Income / (Loss)	-	-	-	-	-1.40	0.33	-1.81	2.36	1.78	20	-4.72

This table presents Air Lease's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025
Total Assets	28,224	29,363	29,758	29,672	30,912	31,018	32,154	32,362	33,295	33,386
Total Current Assets	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	455	452
Cash & Equivalents	-	-	-	-	-	-	-	-	455	452
Plant, Property, & Equipment, net	23,929	25,750	25,516	25,595	26,545	26,789	27,895	28,607	29,132	29,527
Plant, Property & Equipment, gross	28,656	30,925	30,624	30,961	32,274	32,643	33,853	34,875	35,668	36,374
Accumulated Depreciation	4,727	5,175	5,108	5,366	5,729	5,854	5,958	6,268	6,536	6,847
Total Noncurrent Assets	4,295	3,614	4,242	4,077	4,368	4,229	4,259	3,755	3,709	3,407
Noncurrent Note & Lease Receivables	-	-	-	-	-	-	-	-	478	469
Other Noncurrent Operating Assets	3,178	2,912	3,662	3,561	3,812	3,773	3,794	3,294	3,230	2,938
Total Liabilities & Shareholders' Equity	28,224	29,363	29,758	29,672	30,912	31,018	32,154	32,362	33,295	33,386
Total Liabilities	21,696	22,619	22,905	22,711	23,681	23,711	24,478	24,497	25,071	25,045
Total Current Liabilities	604	681	1,428	1,401	1,160	917	1,072	1,167	1,095	1,050
Accounts Payable	604	681	1,428	1,401	1,160	917	1,072	1,167	1,095	1,050
Total Noncurrent Liabilities	21,091	21,937	21,478	21,310	22,520	22,794	23,406	23,330	23,976	23,996
Long-Term Debt	18,769	19,448	18,896	18,646	19,480	19,679	20,162	19,891	20,320	20,195
Asset Retirement Reserve & Litigation Obligation	-	-	-	-	-	-	-	-	1,376	1,480
Noncurrent Deferred Revenue	150	154	141	141	138	129	129	128	134	132
Noncurrent Deferred & Payable Income Tax Liabilities	937	999	1,030	1,062	1,308	1,332	1,358	1,412	1,513	1,550
Other Noncurrent Operating Liabilities	1,236	1,337	1,411	1,461	1,594	1,654	1,757	1,899	634	639
Total Equity & Noncontrolling Interests	6,528	6,745	6,853	6,961	7,232	7,307	7,676	7,865	8,224	8,341
Total Preferred & Common Equity	6,528	6,745	6,853	6,961	7,232	7,307	7,676	7,865	8,224	8,341
Preferred Stock	0.11	0.11	0.11	0.11	0.11	0.11	0.11	0.01	0.01	0.01
Total Common Equity	6,528	6,744	6,853	6,961	7,232	7,307	7,676	7,865	8,224	8,341
Common Stock	3,251	3,260	3,268	3,277	3,287	3,296	3,600	3,371	3,384	3,393
Retained Earnings	3,274	3,483	3,583	3,683	3,944	4,011	4,079	4,487	4,837	4,948
Accumulated Other Comprehensive Income / (Loss)	2.94	1.82	1.52	1.39	0.66	0.15	-3.11	6.62	3.53	0.04

This table displays calculated financial ratios and metrics derived from Air Lease's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	16.41%	16.05%	6.86%	10.77%	20.08%	-0.07%	3.62%	10.96%	15.87%	1.81%	10.32%
EBITDA Growth	10.98%	25.79%	4.15%	11.58%	20.22%	2.28%	1.46%	-28.32%	83.42%	0.34%	36.77%
EBIT Growth	7.11%	31.46%	0.12%	9.54%	19.82%	-4.48%	-7.75%	-64.69%	297.72%	-6.62%	67.83%
NOPAT Growth	6.51%	31.73%	98.74%	-29.51%	19.02%	-4.09%	-4.98%	-66.47%	318.25%	-7.87%	63.44%
Net Income Growth	-1.02%	47.96%	101.68%	-32.44%	14.93%	-12.07%	-15.42%	-122.22%	733.47%	-30.41%	154.47%
EPS Growth	-1.68%	47.01%	98.26%	-32.55%	10.65%	-13.75%	-18.68%	-134.73%	514.52%	-35.21%	178.98%
Operating Cash Flow Growth	9.20%	21.47%	3.89%	18.34%	11.03%	-21.71%	26.29%	0.39%	26.39%	-4.00%	3.44%
Free Cash Flow Firm Growth	-47.16%	32.82%	12.57%	-186.74%	-10.90%	43.75%	-15.46%	-5.96%	87.48%	-78.23%	553.84%
Invested Capital Growth	15.87%	11.80%	14.51%	18.53%	17.73%	10.44%	10.03%	6.97%	5.53%	5.38%	1.71%
Revenue Q/Q Growth	3.45%	3.18%	1.88%	3.16%	5.14%	-2.87%	6.08%	-0.31%	4.47%	-0.13%	3.70%
EBITDA Q/Q Growth	4.18%	4.58%	-1.30%	1.38%	3.53%	76.74%	-38.68%	40.99%	3.79%	-4.29%	2.79%
EBIT Q/Q Growth	4.34%	3.48%	-1.87%	-0.40%	2.36%	322.90%	-56.12%	1,061.81%	5.02%	-9.80%	3.95%
NOPAT Q/Q Growth	4.22%	3.62%	95.47%	-38.23%	5.00%	18.19%	-36.71%	1,206.44%	10.15%	-7.22%	3.71%
Net Income Q/Q Growth	4.44%	4.48%	97.93%	-39.44%	4.73%	-9.44%	10.28%	-7.14%	14.06%	-20.18%	6.67%
EPS Q/Q Growth	4.00%	4.56%	95.42%	-39.31%	3.67%	-9.86%	9.51%	-11.71%	17.35%	-23.97%	7.65%
Operating Cash Flow Q/Q Growth	7.06%	0.53%	4.90%	6.44%	2.72%	-4.24%	5.75%	-1.70%	2.40%	-2.02%	-0.91%
Free Cash Flow Firm Q/Q Growth	-31.54%	8.69%	-25.24%	-22.27%	28.02%	-261.27%	-16.47%	30.14%	-195.44%	73.29%	30.34%
Invested Capital Q/Q Growth	2.44%	1.78%	6.88%	4.56%	0.00%	4.59%	2.67%	1.41%	3.14%	-0.37%	-1.24%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
EBITDA Margin	88.92%	96.39%	93.94%	94.63%	94.74%	96.97%	94.95%	61.33%	97.09%	95.68%	118.62%
Operating Margin	53.90%	61.06%	59.15%	58.51%	57.99%	55.64%	50.47%	17.58%	54.47%	50.12%	74.95%
EBIT Margin	53.90%	61.06%	57.21%	56.57%	56.45%	53.95%	48.03%	15.28%	52.46%	48.11%	73.20%
Profit (Net Income) Margin	20.72%	26.42%	49.87%	30.41%	29.11%	25.62%	20.91%	-4.19%	22.89%	15.65%	36.09%
Tax Burden Percent	64.48%	64.62%	124.05%	79.80%	79.81%	79.83%	80.71%	69.92%	81.55%	80.21%	79.46%
Interest Burden Percent	59.62%	66.97%	70.27%	67.37%	64.62%	59.47%	53.93%	-39.18%	53.50%	40.54%	62.05%
Effective Tax Rate	35.52%	35.38%	-24.05%	20.20%	20.19%	20.17%	19.29%	0.00%	18.45%	19.79%	20.54%
Return on Invested Capital (ROIC)	4.32%	5.01%	8.79%	5.31%	5.35%	4.51%	3.89%	1.20%	4.73%	4.14%	6.53%
ROIC Less NNEP Spread (ROIC-NNEP)	1.85%	2.69%	4.79%	2.66%	2.52%	1.80%	1.19%	-1.06%	1.57%	0.64%	2.90%
Return on Net Nonoperating Assets (RNNOA)	4.43%	6.71%	11.35%	6.13%	5.91%	4.32%	2.79%	-2.62%	4.17%	1.69%	7.07%
Return on Equity (ROE)	8.75%	11.71%	20.14%	11.44%	11.26%	8.83%	6.68%	-1.42%	8.90%	5.82%	13.60%
Cash Return on Invested Capital (CROIC)	-10.39%	-6.14%	-4.74%	-11.65%	-10.94%	-5.41%	-5.66%	-5.54%	-0.65%	-1.10%	4.83%
Operating Return on Assets (OROA)	5.72%	6.58%	5.86%	5.57%	5.67%	4.63%	3.84%	1.28%	4.79%	4.19%	6.78%
Return on Assets (ROA)	2.20%	2.85%	5.11%	3.00%	2.92%	2.20%	1.67%	-0.35%	2.09%	1.36%	3.34%
Return on Common Equity (ROCE)	8.75%	11.71%	20.13%	11.43%	11.26%	8.83%	6.68%	-1.42%	8.90%	5.82%	13.60%
Return on Equity Simple (ROE_SIMPLE)	8.39%	11.09%	18.32%	10.63%	10.44%	8.50%	6.23%	-1.46%	8.58%	5.68%	0.00%
Net Operating Profit after Tax (NOPAT)	425	560	1,113	784	933	895	851	285	1,193	1,099	1,796
NOPAT Margin	34.76%	39.45%	73.38%	46.70%	46.28%	44.42%	40.73%	12.31%	44.43%	40.20%	59.56%
Net Nonoperating Expense Percent (NNEP)	2.47%	2.32%	4.00%	2.65%	2.83%	2.71%	2.70%	2.26%	3.16%	3.49%	3.63%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	1.13%	4.53%	3.96%	6.37%
Cost of Revenue to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SG&A Expenses to Revenue	6.29%	5.85%	6.02%	5.80%	6.13%	4.75%	6.00%	6.77%	6.93%	6.80%	7.28%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	46.10%	38.94%	40.85%	41.49%	42.01%	44.36%	49.53%	82.42%	45.53%	49.88%	25.05%
Earnings before Interest and Taxes (EBIT)	659	866	867	950	1,138	1,087	1,003	354	1,409	1,315	2,207
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	1,087	1,368	1,425	1,589	1,911	1,954	1,983	1,421	2,607	2,616	3,577
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.99	0.92	1.07	0.59	0.87	0.78	0.69	0.62	0.64	0.71	0.85
Price to Tangible Book Value (P/TBV)	0.99	0.92	1.07	0.59	0.87	0.78	0.69	0.62	0.64	0.71	0.85
Price to Revenue (P/Rev)	2.44	2.20	2.92	1.69	2.42	2.35	2.30	1.77	1.70	1.96	2.38
Price to Earnings (P/E)	11.79	8.33	5.85	5.54	8.50	9.47	11.76	0.00	7.98	14.43	6.88
Dividend Yield	0.58%	0.74%	0.76%	1.58%	1.24%	1.46%	1.58%	2.04%	1.97%	1.76%	1.71%
Earnings Yield	8.48%	12.01%	17.08%	18.04%	11.76%	10.56%	8.50%	0.00%	12.53%	6.93%	14.54%
Enterprise Value to Invested Capital (EV/IC)	1.00	0.98	1.02	0.88	0.96	0.94	0.90	0.90	0.90	0.92	0.95
Enterprise Value to Revenue (EV/Rev)	8.61	8.14	9.11	8.36	8.99	9.68	9.92	9.48	8.67	9.18	8.77
Enterprise Value to EBITDA (EV/EBITDA)	9.68	8.44	9.70	8.84	9.49	9.98	10.45	15.46	8.93	9.60	7.39
Enterprise Value to EBIT (EV/EBIT)	15.97	13.33	15.93	14.79	15.93	17.93	20.65	62.05	16.54	19.09	11.98
Enterprise Value to NOPAT (EV/NOPAT)	24.77	20.62	12.42	17.91	19.42	21.78	24.35	77.05	19.53	22.85	14.72
Enterprise Value to Operating Cash Flow (EV/OCF)	12.53	11.32	13.04	11.20	13.02	17.89	15.05	15.90	13.33	14.97	15.24
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	19.89
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	2.55	2.58	2.35	2.40	2.41	2.72	2.43	2.80	2.68	2.68	2.33
Long-Term Debt to Equity	2.55	2.58	2.35	2.40	2.41	2.72	2.43	2.80	2.68	2.68	2.33
Financial Leverage	2.40	2.49	2.37	2.31	2.34	2.39	2.35	2.47	2.65	2.62	2.44
Leverage Ratio	3.98	4.11	3.94	3.82	3.85	4.01	3.99	4.05	4.26	4.27	4.07
Compound Leverage Factor	2.37	2.75	2.77	2.57	2.49	2.39	2.15	-1.59	2.28	1.73	2.53
Debt to Total Capital	71.86%	72.04%	70.15%	70.59%	70.71%	73.12%	70.84%	73.72%	72.82%	72.85%	69.96%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	71.86%	72.04%	70.15%	70.59%	70.71%	73.12%	70.84%	73.72%	72.82%	72.85%	69.96%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	28.13%	27.95%	29.84%	29.41%	29.29%	26.88%	29.16%	26.28%	27.18%	27.15%	30.04%
Debt to EBITDA	7.09	6.37	6.81	7.26	7.11	8.45	8.58	13.12	7.36	7.73	5.52
Net Debt to EBITDA	6.93	6.16	6.59	7.06	6.93	7.55	8.03	12.58	7.18	7.55	5.38
Long-Term Debt to EBITDA	7.09	6.37	6.81	7.26	7.11	8.45	8.58	13.12	7.36	7.73	5.52
Debt to NOPAT	18.15	15.56	8.72	14.71	14.55	18.45	20.01	65.36	16.08	18.39	10.99
Net Debt to NOPAT	17.74	15.05	8.44	14.30	14.18	16.49	18.71	62.68	15.69	17.96	10.73
Long-Term Debt to NOPAT	18.15	15.56	8.72	14.71	14.55	18.45	20.01	65.36	16.08	18.39	10.99
Altman Z-Score	1.59	1.61	1.68	0.56	0.60	0.53	0.50	0.41	0.49	0.50	0.69
Noncontrolling Interest Sharing Ratio	0.03%	0.03%	0.03%	0.01%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	50.07	46.90	42.95	0.79	0.00	0.00	0.00	1.10	0.00	0.37	0.46
Quick Ratio	0.00	0.00	0.00	0.79	0.00	0.00	0.00	1.10	0.00	0.37	0.46
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-1,022	-686	-600	-1,721	-1,908	-1,073	-1,239	-1,313	-164	-293	1,330
Operating Cash Flow to CapEx	39.01%	50.86%	77.35%	52.07%	47.05%	43.14%	44.49%	40.60%	61.44%	55.23%	84.67%
Free Cash Flow to Firm to Interest Expense	-3.84	-2.40	-2.33	-5.55	-4.80	-2.49	-2.68	-2.66	-0.25	-0.37	1.59
Operating Cash Flow to Interest Expense	3.16	3.56	4.11	4.05	3.50	2.53	2.98	2.80	2.67	2.14	2.07
Operating Cash Flow Less CapEx to Interest Expense	-4.93	-3.44	-1.20	-3.72	-3.94	-3.33	-3.72	-4.10	-1.67	-1.74	-0.37
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.11	0.11	0.10	0.10	0.10	0.09	0.08	0.08	0.09	0.09	0.09
Accounts Receivable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.00	0.00	0.00	0.00	0.12	0.10	0.10	0.10	0.11	0.10	0.11
Accounts Payable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Sales Outstanding (DSO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Cash Conversion Cycle (CCC)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	10,559	11,805	13,518	16,023	18,864	20,833	22,923	24,521	25,878	27,270	27,736
Invested Capital Turnover	0.12	0.13	0.12	0.11	0.12	0.10	0.10	0.10	0.11	0.10	0.11
Increase / (Decrease) in Invested Capital	1,447	1,246	1,713	2,505	2,842	1,969	2,090	1,598	1,357	1,392	466
Enterprise Value (EV)	10,526	11,546	13,817	14,048	18,131	19,502	20,716	21,974	23,291	25,107	26,442
Market Capitalization	2,987	3,123	4,427	2,832	4,890	4,741	4,801	4,100	4,573	5,369	7,179
Book Value per Share	$29.72	$32.88	$39.97	$46.19	$49.90	$53.37	$61.48	$59.93	$64.49	$67.63	$75.81
Tangible Book Value per Share	$29.72	$32.88	$39.97	$46.19	$49.90	$53.37	$61.48	$59.93	$64.49	$67.63	$75.81
Total Capital	10,732	12,096	13,826	16,346	19,202	22,591	24,031	25,287	26,343	27,743	28,203
Total Debt	7,712	8,714	9,699	11,539	13,579	16,518	17,022	18,641	19,183	20,210	19,730
Total Long-Term Debt	7,712	8,714	9,699	11,539	13,579	16,518	17,022	18,641	19,183	20,210	19,730
Net Debt	7,539	8,423	9,391	11,216	13,241	14,761	15,914	17,875	18,718	19,737	19,264
Capital Expenditures (CapEx)	2,153	2,006	1,370	2,409	2,960	2,527	3,095	3,404	2,843	3,036	2,049
Debt-free, Cash-free Net Working Capital (DFCFNWC)	10,597	11,785	12,971	-382	-516	-492	-612	-697	-1,164	-1,273	-1,012
Debt-free Net Working Capital (DFNWC)	10,597	11,785	12,971	-82	-516	-492	-612	70	-1,164	-800	-546
Net Working Capital (NWC)	10,597	11,785	12,971	-82	-516	-492	-612	70	-1,164	-800	-546
Net Nonoperating Expense (NNE)	172	185	356	274	346	379	414	382	578	671	708
Net Nonoperating Obligations (NNO)	7,539	8,423	9,391	11,216	13,241	14,761	15,914	17,875	18,718	19,737	19,264
Total Depreciation and Amortization (D&A)	428	501	557	639	772	867	980	1,067	1,198	1,300	1,370
Debt-free, Cash-free Net Working Capital to Revenue	866.63%	830.49%	855.40%	-22.75%	-25.61%	-24.44%	-29.29%	-30.07%	-43.36%	-46.57%	-33.57%
Debt-free Net Working Capital to Revenue	866.63%	830.49%	855.40%	-4.88%	-25.61%	-24.44%	-29.29%	3.00%	-43.36%	-29.28%	-18.10%
Net Working Capital to Revenue	866.63%	830.49%	855.40%	-4.88%	-25.61%	-24.44%	-29.29%	3.00%	-43.36%	-29.28%	-18.10%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$2.47	$3.65	$7.33	$4.88	$5.14	$4.41	$3.58	($1.24)	$5.16	$3.34	$9.35
Adjusted Weighted Average Basic Shares Outstanding	102.55M	102.80M	103.19M	104.72M	111.90M	113.68M	114.05M	111.63M	111.01M	111.33M	111.71M
Adjusted Diluted Earnings per Share	$2.34	$3.44	$6.82	$4.60	$5.09	$4.39	$3.57	($1.24)	$5.14	$3.33	$9.29
Adjusted Weighted Average Diluted Shares Outstanding	110.63M	110.80M	111.66M	112.36M	113.09M	114.01M	114.45M	111.63M	111.44M	111.87M	112.33M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	205.17M	102.84M	103.62M	110.95M	113.35M	113.87M	114.05M	110.91M	111.03M	111.38M	112.04M
Normalized Net Operating Profit after Tax (NOPAT)	482	571	642	798	950	909	872	296	1,221	1,126	1,250
Normalized NOPAT Margin	39.45%	40.22%	42.32%	47.53%	47.10%	45.12%	41.76%	12.78%	45.48%	41.19%	41.44%
Pre Tax Income Margin	32.13%	40.89%	40.20%	38.11%	36.48%	32.09%	25.91%	-5.99%	28.07%	19.51%	45.42%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	2.48	3.03	3.36	3.06	2.87	2.52	2.17	0.72	2.15	1.68	2.63
NOPAT to Interest Expense	1.60	1.96	4.31	2.53	2.35	2.07	1.84	0.58	1.82	1.41	2.14
EBIT Less CapEx to Interest Expense	-5.61	-3.98	-1.95	-4.70	-4.58	-3.33	-4.52	-6.19	-2.19	-2.20	0.19
NOPAT Less CapEx to Interest Expense	-6.49	-5.05	-1.00	-5.24	-5.10	-3.78	-4.85	-6.33	-2.52	-2.48	-0.30
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	6.47%	5.48%	4.09%	8.14%	11.92%	16.19%	23.24%	-128.79%	21.23%	33.02%	13.10%
Augmented Payout Ratio	6.47%	5.48%	4.09%	8.14%	11.92%	16.19%	24.56%	-283.39%	21.23%	33.02%	13.10%

This table displays calculated financial ratios and metrics derived from Air Lease's official financial filings.

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Period end date	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	20.66%	17.46%	19.11%	4.27%	-0.83%	4.67%	-0.51%	11.30%	9.65%	5.10%	15.08%
EBITDA Growth	24.03%	15.98%	22.29%	7.26%	0.50%	6.02%	-6.53%	60.85%	62.05%	12.59%	14.27%
EBIT Growth	32.34%	19.55%	32.82%	6.45%	-5.47%	2.00%	-17.06%	114.64%	118.94%	20.14%	24.14%
NOPAT Growth	26.95%	24.85%	40.98%	0.15%	-5.55%	1.57%	-21.82%	110.29%	110.34%	17.91%	21.62%
Net Income Growth	13.87%	19.99%	52.12%	-16.20%	-22.25%	-21.50%	-48.92%	248.42%	274.14%	40.86%	60.23%
EPS Growth	15.79%	22.22%	67.86%	-17.92%	-26.36%	-25.45%	-55.85%	274.71%	311.11%	47.56%	79.52%
Operating Cash Flow Growth	22.63%	48.82%	9.68%	6.55%	-22.28%	15.07%	-7.45%	4.58%	14.45%	-0.72%	-3.70%
Free Cash Flow Firm Growth	32.22%	61.01%	26.20%	84.20%	4.18%	-214.34%	-11.79%	-45.79%	8.93%	80.82%	89.83%
Invested Capital Growth	6.01%	3.77%	5.53%	2.61%	5.41%	9.09%	5.38%	4.36%	5.88%	2.60%	1.71%
Revenue Q/Q Growth	5.78%	-2.01%	8.68%	-7.43%	0.60%	3.43%	3.29%	3.56%	-0.89%	-0.86%	13.09%
EBITDA Q/Q Growth	5.82%	-1.47%	18.51%	-16.25%	-0.85%	3.95%	4.48%	46.33%	1.96%	-27.78%	3.89%
EBIT Q/Q Growth	8.42%	-2.78%	33.30%	-28.67%	-3.72%	4.90%	8.40%	88.27%	2.27%	-42.43%	7.64%
NOPAT Q/Q Growth	7.54%	-3.25%	36.45%	-29.46%	1.42%	4.05%	5.02%	89.76%	1.44%	-41.67%	8.33%
Net Income Q/Q Growth	2.86%	0.04%	66.89%	-51.20%	-4.56%	1.00%	8.61%	232.83%	2.48%	-61.98%	23.54%
EPS Q/Q Growth	3.77%	0.00%	70.91%	-53.72%	-6.90%	1.23%	1.22%	292.77%	2.15%	-63.66%	23.14%
Operating Cash Flow Q/Q Growth	52.78%	-24.61%	15.74%	-20.07%	11.44%	11.62%	-6.92%	-9.68%	21.96%	-3.17%	-9.71%
Free Cash Flow Firm Q/Q Growth	55.07%	44.27%	-54.44%	59.29%	-172.47%	-82.82%	45.08%	46.71%	-70.21%	61.49%	70.89%
Invested Capital Q/Q Growth	-1.27%	-0.31%	3.14%	1.06%	1.43%	3.17%	-0.37%	0.09%	2.91%	-0.02%	-1.24%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
EBITDA Margin	94.53%	95.06%	103.66%	97.20%	95.80%	96.28%	97.39%	137.61%	141.58%	103.14%	94.75%
Operating Margin	51.98%	51.64%	62.71%	49.76%	49.61%	50.38%	50.68%	94.03%	96.88%	56.98%	54.09%
EBIT Margin	49.95%	49.56%	60.79%	49.76%	47.62%	48.30%	50.68%	92.14%	95.08%	55.21%	52.55%
Profit (Net Income) Margin	19.68%	20.09%	30.85%	16.26%	15.43%	15.06%	15.84%	50.91%	52.64%	20.19%	22.05%
Tax Burden Percent	80.76%	80.26%	82.98%	79.71%	80.59%	79.84%	80.68%	79.68%	79.16%	79.18%	79.89%
Interest Burden Percent	48.78%	50.50%	61.16%	41.00%	40.20%	39.07%	38.74%	69.34%	69.94%	46.19%	52.54%
Effective Tax Rate	19.24%	19.74%	17.02%	20.29%	19.41%	20.16%	19.32%	20.32%	20.84%	20.82%	20.11%
Return on Invested Capital (ROIC)	4.24%	4.32%	5.54%	4.17%	4.19%	4.20%	4.21%	7.87%	8.07%	4.73%	4.74%
ROIC Less NNEP Spread (ROIC-NNEP)	3.40%	3.54%	4.71%	3.34%	3.31%	3.28%	3.28%	6.95%	7.17%	3.82%	3.85%
Return on Net Nonoperating Assets (RNNOA)	9.11%	9.38%	12.50%	9.01%	8.78%	8.47%	8.58%	17.66%	18.04%	9.39%	9.38%
Return on Equity (ROE)	13.36%	13.70%	18.04%	13.17%	12.97%	12.67%	12.79%	25.53%	26.11%	14.13%	14.12%
Cash Return on Invested Capital (CROIC)	-1.63%	0.70%	-0.65%	2.05%	-0.71%	-4.18%	-1.10%	0.93%	0.45%	3.68%	4.83%
Operating Return on Assets (OROA)	4.30%	4.40%	5.55%	4.48%	4.24%	4.28%	4.42%	8.18%	8.49%	4.90%	4.86%
Return on Assets (ROA)	1.69%	1.78%	2.81%	1.46%	1.37%	1.33%	1.38%	4.52%	4.70%	1.79%	2.04%
Return on Common Equity (ROCE)	13.35%	13.70%	18.04%	13.17%	12.97%	12.67%	12.79%	25.53%	26.11%	14.13%	14.12%
Return on Equity Simple (ROE_SIMPLE)	7.54%	7.74%	0.00%	8.21%	7.72%	6.98%	0.00%	8.84%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	282	273	373	263	267	278	292	553	561	327	355
NOPAT Margin	41.98%	41.45%	52.04%	39.66%	39.98%	40.22%	40.89%	74.93%	76.69%	45.12%	43.22%
Net Nonoperating Expense Percent (NNEP)	0.84%	0.79%	0.83%	0.82%	0.87%	0.92%	0.93%	0.92%	0.90%	0.92%	0.89%
Return On Investment Capital (ROIC_SIMPLE)	-	-	1.42%	-	-	-	1.05%	1.99%	1.97%	1.15%	1.26%
Cost of Revenue to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SG&A Expenses to Revenue	6.81%	6.49%	6.95%	7.20%	6.81%	6.44%	6.78%	8.04%	6.81%	7.14%	7.13%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	48.02%	48.36%	37.29%	50.24%	50.39%	49.62%	49.32%	5.97%	3.12%	43.02%	45.91%
Earnings before Interest and Taxes (EBIT)	336	327	436	330	318	333	361	680	696	400	431
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	636	627	743	645	639	665	694	1,016	1,036	748	777
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.67	0.62	0.64	0.79	0.72	0.66	0.71	0.68	0.79	0.85	0.85
Price to Tangible Book Value (P/TBV)	0.67	0.62	0.64	0.79	0.72	0.66	0.71	0.68	0.79	0.85	0.85
Price to Revenue (P/Rev)	1.84	1.67	1.70	2.10	1.96	1.84	1.96	1.92	2.28	2.45	2.38
Price to Earnings (P/E)	9.59	8.64	7.98	10.30	10.17	10.29	14.43	8.42	7.08	7.36	6.88
Dividend Yield	1.91%	2.07%	1.97%	1.60%	1.75%	1.85%	1.76%	1.78%	1.49%	1.38%	1.71%
Earnings Yield	10.42%	11.58%	12.53%	9.71%	9.83%	9.72%	6.93%	11.88%	14.12%	13.59%	14.54%
Enterprise Value to Invested Capital (EV/IC)	0.91	0.89	0.90	0.94	0.92	0.90	0.92	0.91	0.94	0.96	0.95
Enterprise Value to Revenue (EV/Rev)	9.25	8.73	8.67	9.07	9.06	9.04	9.18	8.83	9.19	9.23	8.77
Enterprise Value to EBITDA (EV/EBITDA)	9.75	8.93	8.93	9.14	9.10	9.05	9.60	8.27	7.77	7.72	7.39
Enterprise Value to EBIT (EV/EBIT)	18.92	16.72	16.54	16.75	16.90	16.97	19.09	14.78	12.84	12.65	11.98
Enterprise Value to NOPAT (EV/NOPAT)	22.24	20.71	19.53	20.61	20.79	20.89	22.85	17.88	15.70	15.51	14.72
Enterprise Value to Operating Cash Flow (EV/OCF)	14.53	13.14	13.33	13.91	14.85	14.45	14.97	14.65	15.05	15.34	15.24
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	130.18	0.00	46.52	0.00	0.00	0.00	100.10	216.12	26.33	19.89
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	2.76	2.68	2.68	2.69	2.69	2.63	2.68	2.53	2.47	2.42	2.33
Long-Term Debt to Equity	2.76	2.68	2.68	2.69	2.69	2.63	2.68	2.53	2.47	2.42	2.33
Financial Leverage	2.68	2.65	2.65	2.70	2.65	2.58	2.62	2.54	2.52	2.46	2.44
Leverage Ratio	4.32	4.29	4.26	4.31	4.29	4.22	4.27	4.19	4.14	4.09	4.07
Compound Leverage Factor	2.11	2.17	2.61	1.77	1.73	1.65	1.65	2.91	2.90	1.89	2.14
Debt to Total Capital	73.39%	72.82%	72.82%	72.93%	72.92%	72.43%	72.85%	71.66%	71.19%	70.77%	69.96%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	73.39%	72.82%	72.82%	72.93%	72.92%	72.43%	72.85%	71.66%	71.19%	70.77%	69.96%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	26.61%	27.18%	27.18%	27.07%	27.08%	27.57%	27.15%	28.34%	28.81%	29.23%	30.04%
Debt to EBITDA	8.05	7.42	7.36	7.24	7.30	7.38	7.73	6.63	5.98	5.80	5.52
Net Debt to EBITDA	7.81	7.22	7.18	7.03	7.13	7.21	7.55	6.48	5.85	5.67	5.38
Long-Term Debt to EBITDA	8.05	7.42	7.36	7.24	7.30	7.38	7.73	6.63	5.98	5.80	5.52
Debt to NOPAT	18.37	17.22	16.08	16.31	16.69	17.02	18.39	14.34	12.09	11.66	10.99
Net Debt to NOPAT	17.81	16.74	15.69	15.85	16.31	16.63	17.96	14.00	11.82	11.40	10.73
Long-Term Debt to NOPAT	18.37	17.22	16.08	16.31	16.69	17.02	18.39	14.34	12.09	11.66	10.99
Altman Z-Score	0.35	0.35	0.39	0.40	0.40	0.38	0.40	0.44	0.49	0.48	0.51
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.00	0.00	0.00	0.00	0.00	0.00	0.37	0.00	0.42	0.43	0.46
Quick Ratio	0.00	0.00	0.00	0.00	0.00	0.00	0.37	0.00	0.42	0.43	0.46
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-1,144	-637	-984	-402	-1,096	-2,003	-1,100	-586	-998	-384	-112
Operating Cash Flow to CapEx	374.61%	158.54%	39.56%	58.91%	53.29%	36.33%	120.06%	90.16%	41.06%	83.39%	0.00%
Free Cash Flow to Firm to Interest Expense	-6.64	-3.94	-5.81	-2.21	-5.77	-9.86	-5.31	-2.81	-4.77	-1.78	-0.55
Operating Cash Flow to Interest Expense	3.09	2.48	2.74	2.04	2.18	2.27	2.07	1.86	2.27	2.13	2.02
Operating Cash Flow Less CapEx to Interest Expense	2.27	0.92	-4.19	-1.43	-1.91	-3.99	0.35	-0.20	-3.25	-0.42	2.44
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.09	0.09	0.09	0.09	0.09	0.09	0.09	0.09	0.09	0.09	0.09
Accounts Receivable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.10	0.10	0.11	0.10	0.10	0.10	0.10	0.10	0.10	0.10	0.11
Accounts Payable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Sales Outstanding (DSO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Cash Conversion Cycle (CCC)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	25,168	25,091	25,878	26,156	26,531	27,372	27,270	27,295	28,090	28,084	27,736
Invested Capital Turnover	0.10	0.10	0.11	0.11	0.10	0.10	0.10	0.11	0.11	0.10	0.11
Increase / (Decrease) in Invested Capital	1,426	911	1,357	665	1,363	2,281	1,392	1,140	1,559	712	466
Enterprise Value (EV)	22,873	22,423	23,291	24,610	24,517	24,741	25,107	24,811	26,402	26,857	26,442
Market Capitalization	4,558	4,293	4,573	5,686	5,293	5,044	5,369	5,381	6,537	7,114	7,179
Book Value per Share	$61.73	$62.70	$64.49	$65.05	$65.61	$68.92	$67.63	$70.62	$73.59	$74.63	$75.81
Tangible Book Value per Share	$61.73	$62.70	$64.49	$65.05	$65.61	$68.92	$67.63	$70.62	$73.59	$74.63	$75.81
Total Capital	25,748	25,607	26,343	26,712	26,986	27,838	27,743	27,756	28,545	28,536	28,203
Total Debt	18,896	18,646	19,183	19,480	19,679	20,162	20,210	19,891	20,320	20,195	19,730
Total Long-Term Debt	18,896	18,646	19,183	19,480	19,679	20,162	20,210	19,891	20,320	20,195	19,730
Net Debt	18,315	18,130	18,718	18,924	19,223	19,697	19,737	19,430	19,866	19,743	19,264
Capital Expenditures (CapEx)	142	253	1,174	630	776	1,271	358	431	1,153	550	-85
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-1,428	-1,401	-1,164	-1,160	-917	-1,072	-1,273	-1,167	-1,095	-1,050	-1,012
Debt-free Net Working Capital (DFNWC)	-1,428	-1,401	-1,164	-1,160	-917	-1,072	-800	-1,167	-640	-597	-546
Net Working Capital (NWC)	-1,428	-1,401	-1,164	-1,160	-917	-1,072	-800	-1,167	-640	-597	-546
Net Nonoperating Expense (NNE)	150	141	152	155	164	174	179	177	176	181	174
Net Nonoperating Obligations (NNO)	18,315	18,130	18,718	18,924	19,223	19,697	19,737	19,430	19,866	19,743	19,264
Total Depreciation and Amortization (D&A)	300	300	307	315	322	331	333	336	340	348	346
Debt-free, Cash-free Net Working Capital to Revenue	-57.75%	-54.51%	-43.36%	-42.78%	-33.88%	-39.16%	-46.57%	-41.56%	-38.10%	-36.09%	-33.57%
Debt-free Net Working Capital to Revenue	-57.75%	-54.51%	-43.36%	-42.78%	-33.88%	-39.16%	-29.28%	-41.56%	-22.27%	-20.54%	-18.10%
Net Working Capital to Revenue	-57.75%	-54.51%	-43.36%	-42.78%	-33.88%	-39.16%	-29.28%	-41.56%	-22.27%	-20.54%	-18.10%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.10	$1.10	$1.89	$0.88	$0.81	$0.82	$0.83	$3.27	$3.35	$1.21	$1.52
Adjusted Weighted Average Basic Shares Outstanding	111.02M	111.03M	111.01M	111.17M	111.37M	111.38M	111.33M	111.55M	111.76M	111.77M	111.71M
Adjusted Diluted Earnings per Share	$1.10	$1.10	$1.88	$0.87	$0.81	$0.82	$0.83	$3.26	$3.33	$1.21	$1.49
Adjusted Weighted Average Diluted Shares Outstanding	111.24M	111.35M	111.44M	111.53M	111.74M	111.80M	111.87M	112.03M	112.23M	112.34M	112.33M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	111.03M	111.03M	111.03M	111.37M	111.38M	111.38M	111.38M	111.76M	111.77M	111.77M	112.04M
Normalized Net Operating Profit after Tax (NOPAT)	290	280	382	270	274	284	299	303	299	287	362
Normalized NOPAT Margin	43.02%	42.51%	53.35%	40.65%	41.05%	41.14%	41.89%	41.00%	40.85%	39.57%	44.10%
Pre Tax Income Margin	24.36%	25.03%	37.18%	20.40%	19.14%	18.87%	19.63%	63.89%	66.50%	25.50%	27.61%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	1.95	2.02	2.57	1.82	1.67	1.64	1.74	3.26	3.33	1.86	2.11
NOPAT to Interest Expense	1.64	1.69	2.20	1.45	1.40	1.37	1.41	2.65	2.68	1.52	1.73
EBIT Less CapEx to Interest Expense	1.13	0.46	-4.36	-1.65	-2.41	-4.62	0.02	1.20	-2.19	-0.69	2.52
NOPAT Less CapEx to Interest Expense	0.82	0.12	-4.73	-2.02	-2.68	-4.89	-0.32	0.59	-2.83	-1.03	2.15
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	24.60%	23.90%	21.23%	22.17%	23.90%	25.75%	33.02%	20.57%	14.61%	14.00%	13.10%
Augmented Payout Ratio	24.60%	23.90%	21.23%	22.17%	23.90%	25.75%	33.02%	20.57%	14.61%	14.00%	13.10%

Financials Breakdown Chart

Key Financial Trends

Here are the key trends for Air Lease (NYSE: AL) based on the latest four years of quarterly statements. The bullets are ordered with positives first, then neutral, then negatives.

Revenue strength in the latest quarter: Q4 2025 operating revenue reached 820,378,000, up from ~725–738 million in the preceding quarters of 2025, signaling improving demand.
Profitability showing progress in Q4 2025: Net income attributable to common shareholders rose to 169,851,000 in Q4 2025, higher than Q3 2025’s 135,374,000.
Steady operating cash flow generation: Net cash from continuing operating activities was 414,076,000 in Q4 2025, with 388,346,000–473,611,000 in other 2025 quarters, indicating solid cash generation.
Solid equity base: Total Common Equity hovered around 8.34 billion in 2025, with total equity near 8.34–8.37 billion, reflecting a healthy capital base to support financing and liquidity.
Asset monetization activity in the quarter: Q4 2025 included a sale of PPE totaling about 980,284,000 and a net cash from continuing investing activities of 85,412,000, showing opportunistic asset monetization.
Dividend support remains steady: Quarterly cash dividends per share were in the 0.21–0.22 USD range, providing a predictable income stream for shareholders.
Earnings volatility across quarters: Net income to common fluctuates (e.g., 374,086,000 in Q2 2025 vs 135,374,000 in Q3 2025 and 169,851,000 in Q4 2025), reflecting quarterly variability in items like other income/expense and taxes.
Swinging investing cash flows due to capex vs. asset sales: Cash flow from investing is volatile (e.g., net investing cash flow of -870,168,000 in Q2 2025 versus +85,412,000 in Q4 2025) driven by PPE spend and asset dispositions.
Capex pressure on near-term free cash flow: Large PPE purchases in several quarters (e.g., ~1.22B in Q2 2025, ~676.7M in Q3 2025, ~894.9M in Q4 2025) reduce near-term free cash flow generation.
Interest expenses remain meaningful: Quarterly interest expense runs around 208–216 million in 2025, contributing to ongoing financing costs and pressure on pretax income.

05/05/26 04:47 PM ETAI Generated. May Contain Errors.

Frequently Asked Questions About Air Lease's Financials

When does Air Lease's financial year end?

According to the most recent income statement we have on file, Air Lease's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

How has Air Lease's net income changed over the last 10 years?

Air Lease's net income appears to be on an upward trend, with a most recent value of $1.09 billion in 2025, rising from $253.39 million in 2015. The previous period was $427.70 million in 2024. Check out Air Lease's forecast to explore projected trends and price targets.

What is Air Lease's operating income?

Air Lease's total operating income in 2025 was $2.26 billion, based on the following breakdown:

Total Gross Profit: $3.02 billion
Total Operating Expenses: $755.50 million

How has Air Lease's revenue changed over the last 10 years?

Over the last 10 years, Air Lease's total revenue changed from $1.22 billion in 2015 to $3.02 billion in 2025, a change of 146.6%.

How much debt does Air Lease have?

Air Lease's total liabilities were at $24.41 billion at the end of 2025, a 1.4% decrease from 2024, and a 161.5% increase since 2015.

How much cash does Air Lease have?

In the past 10 years, Air Lease's cash and equivalents has ranged from $0.00 in 2015 to $766.42 million in 2022, and is currently $466.41 million as of their latest financial filing in 2025.

How has Air Lease's book value per share changed over the last 10 years?

Over the last 10 years, Air Lease's book value per share changed from 29.72 in 2015 to 75.81 in 2025, a change of 155.1%.

Related Companies

Financial statements for NYSE:AL last updated on 2/17/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Air Lease (AL) Financials

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