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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Operating Activities    
Net income $ 907,455 $ 314,783
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation of flight equipment 914,433 849,374
Recoveries of Russian fleet write-off (736,409) 0
Stock-based compensation expense 39,892 25,031
Deferred taxes 234,840 77,324
Amortization of prepaid lease costs 69,128 77,271
Amortization of discounts and debt issuance costs 40,092 40,772
Gain on aircraft sales, trading and other activity (125,108) (149,018)
Changes in operating assets and liabilities:    
Other assets 40,752 (3,509)
Accrued interest and other payables (60,202) 29,494
Rentals received in advance (4,320) (14,467)
Net cash provided by operating activities 1,320,553 1,247,055
Investing Activities    
Acquisition of flight equipment (1,704,105) (2,816,375)
Payments for deposits on flight equipment purchases (866,888) (461,788)
Proceeds from aircraft sales, trading and other activity 602,686 884,045
Proceeds from settlement of insurance claims 727,572 0
Acquisition of aircraft furnishings, equipment and other assets (165,738) (284,050)
Net cash used in investing activities (1,406,473) (2,678,168)
Financing Activities    
Net proceeds from preferred stock issuance 0 295,532
Cash dividends paid on Class A common stock (73,679) (70,092)
Cash dividends paid on preferred stock (33,244) (35,258)
Tax withholdings on stock-based compensation (12,302) (9,384)
Net change in unsecured revolving facilities 430,000 186,000
Net change in commercial paper balance 1,508,000 0
Proceeds from debt financings 683,074 3,541,706
Payments in reduction of debt financings (2,774,825) (2,781,604)
Debt issuance costs (5,041) (10,626)
Security deposits and maintenance reserve receipts 367,728 328,351
Security deposits and maintenance reserve disbursements (24,138) (12,654)
Net cash provided by financing activities 65,573 1,431,971
Net (decrease)/increase in cash (20,347) 858
Cash, cash equivalents and restricted cash at beginning of period 476,104 464,492
Cash, cash equivalents and restricted cash at end of period 455,757 465,350
Supplemental Disclosure of Cash Flow Information    
Cash paid during the period for interest, including capitalized interest of $31,399 and $32,859 at September 30, 2025 and 2024, respectively 712,557 590,697
Cash paid for income taxes 2,363 22,746
Supplemental Disclosure of Noncash Activities    
Buyer furnished equipment, capitalized interest and deposits on flight equipment purchases applied to acquisition of flight equipment and other assets 693,808 838,170
Flight equipment subject to operating leases reclassified to flight equipment held for sale 140,253 1,143,096
Transfer of flight equipment to investment in sales-type lease 33,778 74,017
Cash dividends declared on Class A common stock, not yet paid $ 24,588 $ 23,389