v3.25.4
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Net income $ 3,750,614 $ 2,098,625 $ 3,147,845
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 2,647,168 2,580,037 2,480,578
Net recoveries related to Ukraine Conflict (1,490,431) (194,750) (1,269,471)
Asset impairment 100,838 49,766 86,855
Amortization of debt issuance costs, debt discount, debt premium and lease premium 174,387 223,649 253,003
Maintenance rights write-off [1] 158,059 342,933 328,239
Maintenance liability release to income (227,385) (163,405) (203,440)
Net gain on sale of assets (819,482) (651,142) (489,620)
Deferred tax expense 501,497 250,504 280,069
Share-based compensation 166,239 111,140 97,058
Collections of finance leases 322,025 367,173 407,204
Gain on investments at fair value (13,283) (5,238) (2,334)
Loss on debt extinguishment 4,932 13,450 4,097
Other (225,785) 165,357 (7,392)
Changes in operating assets and liabilities:      
Trade receivables 19,536 5,852 56,442
Other assets 340,175 241,143 (128,459)
Accounts payable, accrued expenses and other liabilities (15,980) 1,549 220,761
Net cash provided by operating activities 5,393,124 5,436,643 5,261,435
Purchase of flight equipment (3,653,925) (5,062,507) (4,662,680)
Proceeds from sale or disposal of assets 2,871,562 2,674,974 2,121,507
Prepayments on flight equipment (2,420,373) (1,553,851) (1,569,706)
Cash proceeds from insurance claim and related settlements 1,488,519 172,000 1,254,400
Net proceeds from loans receivable 105,112 72,458 (300,329)
Other (55,425) (27,281) (26,160)
Net cash used in investing activities (1,664,530) (3,724,207) (3,182,968)
Issuance of debt 5,351,843 7,641,379 6,550,992
Repayment of debt (7,082,721) (8,799,950) (6,568,370)
Debt issuance and extinguishment costs paid, net of debt premium received (55,343) (106,512) (85,408)
Maintenance payments received 969,885 920,932 817,229
Maintenance payments returned (248,634) (248,017) (201,474)
Security deposits received 447,415 344,816 480,950
Security deposits returned (304,869) (224,846) (256,015)
Redemption of non-controlling interest and dividends paid to non-controlling interest holders 0 0 (112,034)
Repurchase of shares and tax withholdings on share-based compensation (2,538,200) (1,520,320) (2,637,589)
Dividends paid on ordinary shares (192,437) (139,991) 0
Net cash used in financing activities (3,653,061) (2,132,509) (2,011,719)
Net increase (decrease) in cash, cash equivalents and restricted cash 75,533 (420,073) 66,748
Effect of exchange rate changes 2,629 (3,811) 1,948
Cash, cash equivalents and restricted cash at beginning of period 1,401,582 1,825,466 1,756,770
Cash, cash equivalents and restricted cash at end of period 1,479,744 1,401,582 1,825,466
Supplemental cash flow information:      
Interest paid, net of amounts capitalized 1,910,645 1,806,214 1,650,319
Ireland 243    
Foreign jurisdictions: 25,864    
Total income taxes paid, net 26,107 34,032 23,219
End-of-lease (“EOL”) and Maintenance Reserve (“MR”) contract maintenance rights expense 71,103 144,726 207,552
MR contract maintenance rights write-off offset by maintenance liability release 19,544 38,525 17,747
EOL contract maintenance rights write-off offset by EOL compensation received 67,412 159,682 102,940
Maintenance rights write-off [1] 158,059 $ 342,933 $ 328,239
China      
Supplemental cash flow information:      
Foreign jurisdictions: 16,596    
The Netherlands      
Supplemental cash flow information:      
Foreign jurisdictions: 3,448    
Bermuda      
Supplemental cash flow information:      
Foreign jurisdictions: 2,651    
Other      
Supplemental cash flow information:      
Foreign jurisdictions: $ 3,169    
[1] Maintenance rights write-off consisted of the following:
End-of-lease (“EOL”) and Maintenance Reserve (“MR”) contract maintenance
rights expense
$71,103 $144,726 $207,552 
MR contract maintenance rights write-off offset by maintenance liability release19,544 38,525 17,747 
EOL contract maintenance rights write-off offset by EOL compensation received67,412 159,682 102,940 
Maintenance rights write-off$158,059 $342,933 $328,239