AerCap Q3 2026: EPS Beats Expectations, Guidance Raised to $20.70

AerCap posted adjusted earnings per share of $6.56 for the third quarter of 2026, missing nothing and instead exceeding expectations against the $4.56 consensus estimate. The company raised its full-year 2026 adjusted EPS guidance to approximately $20.70, before any fourth-quarter gains on sale.

The earnings beat was built on several distinct pillars rather than a single windfall, led by maintenance rents that rose 31% year-over-year to $267 million. Asset sales, a lower effective tax rate, and a stronger book value per share all added further lift.

Revenue of roughly $1.97 billion rose 3.8% year-over-year while missing expectations. That shortfall matters less in context because the company's earnings power increasingly runs through asset sales, maintenance receipts, and capital allocation, all of which performed well this quarter.

Share buybacks are a meaningful part of the story. AerCap repurchased approximately $783 million worth of shares in Q3 alone, and year-to-date repurchases have retired roughly 10% of the shares outstanding as of the end of 2025. A repurchase program approved in September 2026 still had $913 million remaining as of September 30, signaling the buyback pace is unlikely to slow.

CEO Aengus Kelly pointed to the durability of the earnings model, citing global scale, information advantages, and ownership of what he described as the most valuable aviation assets, particularly engines and next-generation aircraft. He acknowledged that higher fuel prices are pressuring airline profitability but said supply-demand dynamics in commercial aviation remain favorable. Investors keeping an eye on the stock into year-end will watch whether fourth-quarter gains on sale push full-year results above the $20.70 guidance figure.