v3.25.4

Income taxes (Tables)

12 Months Ended

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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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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Tabular disclosure of the change in unrecognized tax benefits.

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Tabular disclosure of valuation allowances to reduce deferred tax assets to net realizable value, including identification of the deferred tax asset more likely than not will not be fully realized and the corresponding amount of the valuation allowance.

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