Aircastle LTD
Aircastle filed its Q2 FY2026 10-Q showing revenue of $283M (+24.4% YoY) and net income of $69.3M, up 21% from $57.2M in Q2 FY2025. For the six months ended August 31, 2026, revenue reached $518M (+6.4% YoY) and net income was $103M, down 3.4% from $107M. The company redeemed all 400 outstanding preference shares (aggregate liquidation preference $400M) during Q2, reducing additional paid-in capital by $400M.
- Q2 revenue $283M, up 24.4% YoY; net income $69.3M, up 21% YoY
- Maintenance revenue surged to $43M in Q2 from $9.7M prior year, driving lease revenue growth
- Redeemed $400M of preference shares in Q2, eliminating $5.4M quarterly dividend obligation
- Six-month net income $103M, down 3.4% YoY despite 6.4% revenue growth to $518M
- Fleet of 263 owned aircraft at quarter-end; top customer IndiGo represents 12.6% of net book value
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Private aircraft lessor delivered double-digit quarterly revenue and earnings growth while executing a $400M capital-structure simplification.
Aircraft lessors are benefiting from tight supply and strong demand for narrowbody jets. Aircastle's top customer concentration (IndiGo at 12.6%, United at 6.7%) is typical for the sector, though exposure to emerging-market carriers (IndiGo, LATAM, Viva Aerobus) adds credit risk.
Impairment charges of $7.7M in Q2 and $11.1M for six months signal asset-quality pressure. Early lease terminations from two customers that filed for bankruptcy or ceased operations reduced rental revenue by $9.7M in Q2 and $12.4M for six months.
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