AL earnings analysis
What we found in AL's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
Air Lease Corporation's Q1 2026 results reflect a marginal revenue increase of 0.1% year-over-year to $739.2 million, but earnings per share dropped significantly to $1.02 from $3.26, largely due to a lack of extraordinary gains from the previous year. The company completed a merger with Sumisho and saw leveraged portfolio growth in a challenging market environment, with a noted 100% fleet utilization rate. While operating cash flows improved by 29.6%, the overall outlook remains cautious due to geopolitical and macroeconomic factors that could impact future performance.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue Maintained Year-over-Year
- Total revenues slightly increased to $739.2 million, up 0.1% from $738.3 million in Q1 2025.
- Significant EPS Decline
- Diluted EPS for Q1 2026 fell to $1.02, down from $3.26 in Q1 2025, primarily due to a lack of one-time gains.
- Increased Operating Cash Flow
- Cash flows from operations increased by 29.6% to $503.3 million compared to $388.3 million last year.
- Strong Lease Utilization
- Fleet utilization remained at 100%, indicating robust demand for the company's aircraft.
- $19.9 Billion Debt Load
- Total outstanding debt increased to $20.8 billion as of April 30, 2026, highlighting financial leverage post-merger.
- Successful Aircraft Sales Pipeline
- The company has $5.6 billion in aircraft sales pipeline, indicating potential liquidity.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Loss of Extraordinary Earnings
- In Q1 2025, the company benefited from $331.9 million in insurance settlements, absent in Q1 2026.
- Market Risks Due to Geopolitical Tensions
- Continued geopolitical risks, especially related to the Russian-Ukrainian conflict, may impact operations and revenues.
- Higher Financial Leverage Post-Merger
- Debt increased to $20.8 billion, raising concerns about servicing costs and financial stability.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $1.02
What they said about what is next.
Outlook deferred to earnings press release / call.
The filing reads worse than the one before it.
What came before.
- 10-K · April 30, 2026
- Air Lease Corporation reported strong Q4 results, exceeding estimates with an actual EPS of $2.20 against an estimate of $1.22 and revenue of $820 million surpassing expectations of $795 million. The company…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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