v3.25.4

Income taxes (Tables) | 12 Months Ended
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Dec. 31, 2025
Income Tax Disclosure [Abstract] |
Schedule of Components of Income Tax Expense (Benefit) | The following table presents our income tax expense (benefit) by significant tax jurisdiction for the years ended December 31, 2025, 2024 and 2023:
| Year Ended December 31,
| 2025 |  | 2024 |  | 2023
Deferred tax expense, excluding the net change in valuation allowance |  |  |  |  |
Ireland | $ | 486,825 |  |  | $ | 261,669 |  |  | $ | 300,646 |
Other | 23,120 |  |  | 3,691 |  |  | 28,572 |
| 509,945 |  |  | 265,360 |  |  | 329,218 |
Deferred tax (benefit) expense related to the net change in valuation allowance |  |  |  |  |
Ireland | (9,572) |  |  | 16,360 |  |  | 957 |
Other | 1,124 |  |  | (31,216) |  |  | (50,106) |
| (8,448) |  |  | (14,856) |  |  | (49,149) |
Current tax expense (benefit) |  |  |  |  |
Ireland | 25,055 |  |  | 41,838 |  |  | 13,147 |
Other | 28,694 |  |  | 31,362 |  |  | (2,160) |
| 53,749 |  |  | 73,200 |  |  | 10,987 |
Total income tax expense (benefit) |  |  |  |  |
Ireland | 502,308 |  |  | 319,867 |  |  | 314,750 |
Other | 52,938 |  |  | 3,837 |  |  | (23,694) |
| 555,246 |  |  | 323,704 |  |  | 291,056 |
Schedule of Effective Income Tax Rate Reconciliation | The following table provides a reconciliation of income tax expense at the domestic trading statutory income tax rate of 12.5% in Ireland, where the Company is tax resident, to income tax expense for the year ended December 31, 2025:
| Year Ended December 31, 2025
Income tax expense at statutory income tax rate of 12.5% | $ | 511,502 |  | 12.5 | %
Domestic reconciling items: |  |
Non-taxable and non-deductible items | 5,256 |  | 0.1 | %
Tax credits | (2,786) |  | (0.1 | %)
Changes in valuation allowances | (9,572) |  | (0.2 | %)
Other reconciling items | 21,347 |  | 0.6 | %
Foreign reconciling items | 29,484 |  | 0.7 | %
Changes in worldwide unrecognized tax benefits | 15 |  | — |
| 43,744 |  | 1.1 | %
Income tax expense | $ | 555,246 |  | 13.6 | %
The following table provides a reconciliation of income tax expense at the domestic trading statutory income tax rate of 12.5% in Ireland, where the Company is tax resident, to income tax expense for the years ended 2024 and 2023, as previously disclosed prior to the adoption of ASU 2023-09:
| Year Ended December 31, |
| 2024 |  | 2023 |
Income tax expense at statutory income tax rate of 12.5% | $ | 282,922 |  | 12.5 | % |  | $ | 409,023 |  | 12.5 | % |
Foreign rate differential | 14,412 |  | 0.6 | % |  | 6,025 |  | 0.2 | % |
Pillar Two top-up taxes | 42,598 |  | 1.9 | % | (a) | — |  | — |  |
Withholding tax borne | 22,557 |  | 1.0 | % | (b) | 12,716 |  | 0.4 | % |
Entities taxable at a higher Irish rate | (16,321) |  | (0.7 | %) | (c) | (1,788) |  | (0.1 | %) |
Other reconciling items | (7,608) |  | (0.3 | %) | (d) | 3,347 |  | 0.1 | % | (f)
Remeasurement of deferred taxes | — |  | — |  |  | (43,806) |  | (1.3 | %) | (g)
Gains not taxable | — |  | — |  |  | (45,312) |  | (1.4 | %) | (h)
Valuation allowance | (14,856) |  | (0.7 | %) | (e) | (49,149) |  | (1.5 | %) |
| 40,782 |  | 1.8 | % |  | (117,967) |  | (3.6 | %) |
Income tax expense | $ | 323,704 |  | 14.3 | % |  | $ | 291,056 |  | 8.9 | % |
(a)This amount relates to 2024 top-up taxes arising in respect of Pillar Two in Ireland. (b)Withholding taxes relate to cross-border payments made to group entities that are subject to withholding taxes. (c)A higher rate of taxation of 25% applies to certain Irish tax resident entities. Some of our entities with a 25% Irish tax rate incurred a loss during the year and therefore their losses have been valued at 25%. (d)The 2024 other reconciling items included the following tax-effected amounts: non-deductible interest expense of $10 million, unrecognized tax benefit release of $8 million which is discussed further below and other items of $10 million. (e)See note below table presenting the movements in the valuation allowance for deferred tax assets for further detail. (f)The 2023 other reconciling items included the following tax-effected amounts: non-deductible expenses of $6 million and other items of $3 million. (g)The 2023 remeasurement of deferred taxes relates to the reversal of a deferred tax liability for undistributed profits that may now be recovered in a tax-free manner. (h)The 2023 gains not taxable arises due to tax-exempt gains realized by group companies on the release of intra-group liabilities.
Schedule of Deferred Tax Assets and Liabilities | The following tables provide details regarding the principal components of our deferred tax assets and liabilities by significant jurisdiction as of December 31, 2025 and 2024:
| As of December 31, 2025
| Ireland |  |  |  | Other |  | Total
Deferred tax assets |  |  |  |  |  |  |
Flight equipment | $ | 7,103 |  |  |  |  | $ | 792 |  |  | $ | 7,895 |
Other intangibles | — |  |  |  |  | 66,707 |  |  | 66,707 |
Deferred losses on sale of assets | — |  |  |  |  | 3,891 |  |  | 3,891 |
Operating loss and tax credit carryforwards | 1,429,696 |  |  |  |  | 123,144 |  |  | 1,552,840 |
Other | 619 |  |  |  |  | 9,104 |  |  | 9,723 |
Total deferred tax assets | 1,437,418 |  |  |  |  | 203,638 |  |  | 1,641,056 |
Valuation allowance | (24,030) |  |  |  |  | (23,478) |  |  | (47,508) |
Deferred tax assets, net of valuation allowance | $ | 1,413,388 |  |  |  |  | $ | 180,160 |  |  | $ | 1,593,548 |
Deferred tax liabilities |  |  |  |  |  |  |
Flight equipment | $ | (4,454,453) |  |  |  |  | $ | (103,510) |  |  | $ | (4,557,963) |
Other intangibles | (14,724) |  |  |  |  | — |  |  | (14,724) |
Other | (8,288) |  |  |  |  | (5,861) |  |  | (14,149) |
Total deferred tax liabilities | $ | (4,477,465) |  |  |  |  | $ | (109,371) |  |  | $ | (4,586,836) |
Total net deferred tax (liabilities) assets | $ | (3,064,077) |  |  |  |  | $ | 70,789 |  |  | $ | (2,993,288) |
| As of December 31, 2024
| Ireland |  |  |  | Other |  | Total
Deferred tax assets |  |  |  |  |  |  |
Flight equipment | $ | 7,285 |  |  |  |  | $ | 3,639 |  |  | $ | 10,924 |
Other intangibles | — |  |  |  |  | 72,702 |  |  | 72,702 |
Deferred losses on sale of assets | — |  |  |  |  | 8,137 |  |  | 8,137 |
Operating loss and tax credit carryforwards | 1,713,394 |  |  |  |  | 108,108 |  |  | 1,821,502 |
Other | 1,332 |  |  |  |  | 16,056 |  |  | 17,388 |
Total deferred tax assets | 1,722,011 |  |  |  |  | 208,642 |  |  | 1,930,653 |
Valuation allowance | (33,601) |  |  |  |  | (22,355) |  |  | (55,956) |
Deferred tax assets, net of valuation allowance | $ | 1,688,410 |  |  |  |  | $ | 186,287 |  |  | $ | 1,874,697 |
Deferred tax liabilities |  |  |  |  |  |  |
Flight equipment | $ | (4,264,191) |  |  |  |  | $ | (86,207) |  |  | $ | (4,350,398) |
Other intangibles | (17,458) |  |  |  |  | — |  |  | (17,458) |
Other | (6,421) |  |  |  |  | (7,290) |  |  | (13,711) |
Total deferred tax liabilities | $ | (4,288,070) |  |  |  |  | $ | (93,497) |  |  | $ | (4,381,567) |
Total net deferred tax (liabilities) assets | $ | (2,599,660) |  |  |  |  | $ | 92,790 |  |  | $ | (2,506,870) |
Schedule of Valuation Allowance | The following table presents the movements in the valuation allowance for deferred tax assets during the years ended December 31, 2025, 2024 and 2023:
| Year Ended December 31, |  |
| 2025 |  | 2024 |  | 2023 |  |
Valuation allowance at beginning of period | $ | 55,956 |  |  | $ | 70,812 |  |  | $ | 119,961 |  |  |
Increase of allowance included in income tax expense | 5,811 |  |  | 21,396 |  |  | 2,035 |  |  |
Decrease of allowance included in income tax expense | (14,259) |  |  | (36,252) |  |  | (51,184) |  |  |
Net decrease in valuation allowance | (8,448) |  |  | (14,856) |  |  | (49,149) |  |  |
Valuation allowance at end of period | $ | 47,508 |  |  | $ | 55,956 |  |  | $ | 70,812 |  |  |
Schedule of Unrecognized Tax Benefits Roll Forward | A reconciliation of the beginning to ending amount of unrecognized tax benefits is as follows:
| Year Ended December 31,
| 2025 |  | 2024 |  | 2023
Balance at beginning of period | $ | 120 |  |  | $ | 16,740 |  |  | $ | 31,838 |
Increases related to prior year tax positions | 15 |  |  | 7 |  |  | — |
Decreases related to prior year tax positions | — |  |  | (7,860) |  |  | (5,648) |
Increases related to current year tax positions | — |  |  | — |  |  | 113 |
Settlements | — |  |  | (8,767) |  |  | — |
Lapse of statute | — |  |  | — |  |  | (9,563) |
Balance at end of period | $ | 135 |  |  | $ | 120 |  |  | $ | 16,740 |

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