AerCap Holdings N.V. (AER) Cash Flow Statement
Where AER’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $5.39B −0.8% vs 2024
- Capital expenditures
- $6.07B 74.2% of revenue
- Free cash flow
- −$681.2M −8.3% margin
- Returned to shareholders
- $2.73B
- Change in cash
- $78.2M cash at year-end $1.48B
Drawn to scale: where the cash came from and how it was used. Hover for values.
AER operating cash flow, capex and free cash flow
AER cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $3.38B2016 | $5.39B2025 | +5.3%/yr | |
| Capital expenditures | $3.84B2016 | $6.07B2025 | +5.2%/yr | |
| Free cash flow | −$458.9M2016 | −$681.2M2025 | — | |
| Free cash flow margin | −9.1%2016 | −8.3%2025 | +0.8 pts | |
| Operating cash flow / net income | 3.232016 | 1.442025 | −1.79 | |
| Stock-based compensation | $102.8M2016 | $166.2M2025 | +5.5%/yr | |
| Dividends paid | $10.5M2016 | $192.4M2025 | +38.1%/yr | |
| Share buybacks (net) | $1.02B2016 | $2.54B2025 | +10.6%/yr | |
| Capex / revenue | 76.1%2016 | 74.2%2025 | −2.0 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
AER cash flow by activity
AER net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
AER cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $3.75B | $2.10B | $3.14B | −$721.2M | $1.01B | −$294.9M | $1.15B | $1.02B | $1.08B | $1.05B |
| Depreciation & amortization | $2.65B | $2.58B | $2.48B | $2.39B | $1.74B | $1.65B | $1.68B | $1.68B | $1.73B | $1.81B |
| Stock-based compensation | $166.2M | $111.1M | $97.1M | $102.8M | $96.1M | $69.2M | $69.4M | $95.2M | $107.7M | $102.8M |
| Change in working capital | $343.7M | $248.5M | $148.7M | −$389.5M | $475.2M | −$654.7M | −$82.4M | $4.8M | $64.7M | $265.1M |
| Other non-cash items | −$1.51B | $398.3M | −$601.0M | $3.79B | $375.1M | $1.37B | $296.8M | $43.8M | $160.1M | $155.5M |
| Cash from operating activities | $5.39B | $5.44B | $5.26B | $5.17B | $3.69B | $2.13B | $3.11B | $2.84B | $3.14B | $3.38B |
| Investing activities | ||||||||||
| Capital expenditures | −$6.07B | −$6.62B | −$6.23B | −$3.87B | −$1.79B | −$1.18B | −$4.73B | −$5.95B | −$5.23B | −$3.84B |
| Investments (net) | — | −$3.72B | −$3.18B | −$2.16B | −$23.46B | −$712.3M | −$2.95B | −$4.05B | −$3.43B | −$1.33B |
| Acquisitions & other investing | $4.41B | $6.62B | $6.23B | $3.87B | $1.79B | $1.18B | $4.73B | $5.95B | $5.23B | $3.84B |
| Cash from investing activities | −$1.66B | −$3.72B | −$3.18B | −$2.16B | −$23.46B | −$712.3M | −$2.95B | −$4.05B | −$3.43B | −$1.33B |
| Financing activities | ||||||||||
| Dividends paid | −$192.4M | −$140.0M | $0 | $0 | — | — | — | — | −$266,000 | −$10.5M |
| Share repurchases & issuance (net) | −$2.54B | −$1.52B | −$2.64B | −$17.4M | −$76.2M | −$127.8M | −$639.9M | −$834.4M | −$1.14B | −$1.02B |
| Net borrowing (repayment) | −$1.73B | −$1.16B | −$17.4M | −$3.76B | $20.52B | −$613.7M | $34.5M | $1.23B | $900.9M | −$1.57B |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $808.5M | $686.4M | $643.2M | $618.7M | −$263.1M | −$483.9M | $340.5M | $205.5M | $150.5M | $186.0M |
| Cash from financing activities | −$3.65B | −$2.13B | −$2.01B | −$3.16B | $20.18B | −$1.23B | −$265.0M | $600.4M | −$87.6M | −$2.42B |
| Summary | ||||||||||
| Net change in cash | $78.2M | −$423.9M | $68.7M | −$158.0M | $419.5M | $194.9M | −$114.7M | −$609.1M | −$375.8M | −$367.7M |
| Cash at end of period | $1.48B | $1.40B | $1.83B | $1.76B | $1.91B | $1.50B | $1.30B | $1.42B | $1.66B | $2.04B |
| Free cash flow | −$681.2M | −$1.18B | −$971.0M | $1.30B | $1.90B | $946.7M | −$1.62B | −$3.11B | −$2.09B | −$458.9M |
| Free cash flow margin | −8.3% | −14.8% | −12.8% | 18.5% | 41.5% | 21.1% | −32.9% | −64.8% | −41.4% | −9.1% |
| Capex / revenue | 74.2% | 82.7% | 82.2% | 55.2% | 39.0% | 26.3% | 95.8% | 123.9% | 103.7% | 76.1% |
| Operating cash flow / net income | 1.44 | 2.59 | 1.68 | — | 3.66 | — | 2.71 | 2.79 | 2.91 | 3.23 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $725.7M | $818.1M | $632.8M | $1.22B | $1.26B | $642.9M | $671.2M | $375.0M | $448.2M | $604.2M | $1.11B | $1.11B |
| Depreciation & amortization | $641.7M | $639.0M | $653.0M | $665.5M | $668.9M | $659.7M | $657.1M | $653.0M | $636.4M | $633.5M | $631.4M | $623.0M |
| Stock-based compensation | $32.8M | $31.6M | $35.8M | $30.3M | $73.0M | $27.3M | $29.4M | $24.1M | $32.3M | $25.4M | $27.0M | $21.4M |
| Change in working capital | −$48.5M | −$56.8M | $44.6M | $220.4M | $73.7M | $5.1M | $72.8M | $36.5M | $73.5M | $65.2M | $83.8M | $33.2M |
| Other non-cash items | $106.3M | −$278,000 | −$145.6M | −$625.7M | −$743.4M | $69,000 | −$146.2M | $279.2M | $218.5M | $47.4M | −$448.5M | −$481.4M |
| Cash from operating activities | $1.46B | $1.43B | $1.22B | $1.51B | $1.33B | $1.34B | $1.28B | $1.37B | $1.41B | $1.38B | $1.40B | $1.31B |
| Investing activities | ||||||||||||
| Capital expenditures | −$1.32B | −$1.50B | −$2.08B | −$1.02B | −$470.1M | −$2.50B | −$1.63B | −$1.73B | −$1.62B | −$1.63B | −$1.58B | −$1.57B |
| Investments (net) | — | — | — | $550.8M | $706.2M | −$2.01B | −$659.2M | −$1.37B | −$850.7M | −$841.8M | −$628.6M | −$303.1M |
| Acquisitions & other investing | $1.08B | $1.32B | $1.17B | $1.02B | $470.1M | $2.50B | $1.63B | $1.73B | $1.62B | $1.63B | $1.58B | $1.57B |
| Cash from investing activities | −$240.7M | −$183.2M | −$916.3M | $550.8M | $706.2M | −$2.01B | −$659.2M | −$1.37B | −$850.7M | −$841.8M | −$628.6M | −$303.1M |
| Financing activities | ||||||||||||
| Dividends paid | −$61.8M | −$64.9M | −$50.7M | −$46.4M | −$89.8M | −$5.6M | −$50.2M | −$48.0M | −$41.6M | — | — | $0 |
| Share repurchases & issuance (net) | −$739.6M | −$744.2M | −$466.4M | −$967.6M | −$541.9M | −$562.3M | −$299.9M | −$497.5M | −$375.0M | −$347.9M | −$671.2M | −$1.18B |
| Net borrowing (repayment) | −$275.5M | −$519.7M | −$452.2M | −$2.10B | −$80.6M | $899.8M | −$3.07B | $2.69B | — | — | — | $1.26B |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $75.4M | $182.2M | $232.5M | $121.7M | $251.7M | $202.6M | $243.6M | $199.3M | −$14.9M | −$524.7M | −$883.4M | $209.5M |
| Cash from financing activities | −$1.00B | −$1.15B | −$736.7M | −$2.99B | −$460.6M | $534.5M | −$3.17B | $2.34B | −$431.6M | −$872.7M | −$1.55B | $289.0M |
| Summary | ||||||||||||
| Net change in cash | $217.1M | $102.6M | −$432.7M | −$933.7M | $1.58B | −$132.3M | −$2.55B | $2.34B | $126.7M | −$340.0M | −$781.2M | $1.29B |
| Cash at end of period | $1.80B | $1.58B | $1.48B | $1.91B | $2.85B | $1.27B | $1.40B | $3.95B | $1.61B | $1.49B | $1.83B | $2.61B |
| Free cash flow | $139.3M | −$69.9M | −$861.4M | $484.7M | $861.3M | −$1.17B | −$343.5M | −$365.9M | −$214.5M | −$255.8M | −$180.6M | −$267.5M |
| Free cash flow margin | 6.7% | −3.2% | −39.8% | 25.6% | 45.7% | −56.1% | −16.6% | −18.8% | −11.0% | −12.7% | −9.5% | −14.1% |
| Capex / revenue | 63.5% | 69.4% | 96.1% | 53.9% | 24.9% | 120.4% | 78.6% | 89.0% | 82.9% | 80.8% | 83.2% | 83.1% |
| Operating cash flow / net income | 2.01 | 1.75 | 1.93 | 1.24 | 1.06 | 2.08 | 1.91 | 3.65 | 3.14 | 2.28 | 1.27 | 1.18 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
AER cash generation
In fiscal 2025 (ended December 31, 2025), AerCap generated $5.4 billion of cash from operations (down 0.8%) and spent $6.1 billion on capital expenditures, leaving free cash flow of -$681.2 million, −8.3% of revenue. It returned $2.7 billion to shareholders through dividends ($192.4 million) and net share buybacks ($2.5 billion). Cash and equivalents rose by $78.2 million over the year.
Related: AER income statement, AER balance sheet, AER dividend history. See the AER stock overview for the latest quote and news.
AER cash flow FAQ
What is AerCap's free cash flow?
AerCap's free cash flow was -$681.2 million in fiscal 2025: $5.4 billion of operating cash flow minus $6.1 billion of capital expenditures It was -$1.2 billion a year earlier..
How much cash does AerCap generate from operations?
AerCap generated $5.4 billion of cash from operating activities in fiscal 2025, 1.44 times its net income of $3.8 billion.
How much does AerCap spend on capital expenditures?
AerCap spent $6.1 billion on capital expenditures in fiscal 2025, 74.2% of revenue, compared with $6.6 billion the year before.
How much stock does AerCap buy back?
AerCap spent $2.5 billion on net share repurchases in fiscal 2025.
How much does AerCap pay in dividends?
AerCap paid $192.4 million in dividends in fiscal 2025.