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Private company

Aircastle LTD

Equipment rental and leasing services company based in Stamford, Bermuda1

In its 2026 annual report the company says: “Aircastle acquires, leases, and sells commercial jet aircraft to airlines worldwide. We are a leading secondary market investor, sourcing aircraft through a variety of acquisition channels, including other aircraft lessors, airlines through purchase-leaseback transactions, financial institutions and other aircraft owners, and aircraft manufacturers. We have significant experience in successfully managing aircraft throughout their life cycle, including lease and technical management, aircraft redeliveries, transitions, and asset sales or disposals.”5

Last updated Oct 21, 2026.

Overview

$975.1MRevenue, fiscal 20262
$194.0MNet income, fiscal 20262
  • IndustryServices-Equipment Rental & Leasing, NEC1
  • HeadquartersStamford, Connecticut1
  • Incorporated inBermuda3
  • Business addressC/O Aircastle Advisor Llc, 201 Tresser Blvd, Suite 400, Stamford, Ct 069013
  • Filer categoryNon-accelerated filer3

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Aircastle acquires, leases, and sells commercial jet aircraft to airlines worldwide. We are a leading secondary market investor, sourcing aircraft through a variety of acquisition channels, including other aircraft lessors, airlines through purchase-leaseback transactions, financial institutions and other aircraft owners, and aircraft manufacturers. We have significant experience in successfully managing aircraft throughout their life cycle, including lease and technical management, aircraft redeliveries, transitions, and asset sales or disposals. We sell aircraft and engine assets, either with a lease attached or on a part-out basis, with the objective of generating profits and reinvesting sale proceeds. Our aircraft are managed by an experienced team based in the United States, Ireland and Singapore.5 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2026

19.9%Net margin2
18.8%Revenue growth, 20262
7.3%Return on equity2
1.97×Debt to equity2

Where the money goes

Where each dollar of revenue went, fiscal 2026

  • Selling, general and admin9¢$89.5M
  • Other costs38¢$373.3M
  • Interest30¢$289.4M
  • Income tax3¢$28.9M
  • Profit20¢$194.0M

Out of $975.1M in revenue.2

Where each dollar of operating cash went, fiscal 2026

  • Dividends paid13¢$62.8M
  • Kept or used elsewhere87¢$420.3M

Out of $483.1M of cash from operations.2

Financial statements

Revenue67892$975.1M in 2026+6% since 2019
0$250.0M$500.0M$750.0M$1.0B2019: $917.9M$917.9M20192021: $832.3M$832.3M2021−9%2022: $769.8M$769.8M2022−8%2023: $796.0M$796.0M2023+3%2024: $855.4M$855.4M2024+7%2025: $821.0M$821.0M2025−4%2026: $975.1M$975.1M2026+19%
Net income67892$194.0M in 2026+24% since 2019
-$400.0M-$200.0M0$200.0M2019: $156.6M$156.6M20192021: -$333.2M-$333.2M20212022: -$278.2M-$278.2M2022−16%2023: $62.8M$62.8M20232024: $83.3M$83.3M2024+33%2025: $123.6M$123.6M2025+48%2026: $194.0M$194.0M2026+57%
Fiscal year20192020202120222023202420252026
Revenue$917.9M6$832.3M7$769.8M8$796.0M9$855.4M2$821.0M2$975.1M2
Selling, general and admin$77.0M6$88.4M7$66.3M8$76.9M9$82.1M2$86.4M2$89.5M2
Operating expenses$1.1B8$723.5M9$756.6M2$735.0M2$826.0M2
Interest$260.4M6$236.0M7$216.5M8$210.8M9$245.6M2$261.1M2$289.4M2
Income before tax-$289.3M8$86.0M9$104.4M2$142.5M2$220.2M2
Income tax$22.7M6$10.2M7-$8.0M8$25.5M9$23.3M2$21.9M2$28.9M2
Net income$156.6M6-$333.2M7-$278.2M8$62.8M9$83.3M2$123.6M2$194.0M2
Earnings per share$2.0912
Earnings per share (diluted)$2.0612

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Corporate structure

Aircastle LTD sits at the top of its group. 20 entities, 5 countries on record. Switch between the flow chart and the network, and select any entity to see its details.

  • Aircastle LTD Stamford, Connecticut
    • 10. Subsidiary · Ireland
    • 64. Subsidiary · Singapore
    • 66. Subsidiary · Bermuda
    • 69. Subsidiary · Ireland
    • 70. Subsidiary · France
    • 71. Subsidiary · Ireland
    • 72. Subsidiary · Ireland
    • 73. Subsidiary · Ireland
    • 74. Subsidiary · Ireland
    • 75. Subsidiary · Ireland
    • 76. Subsidiary · Ireland
    • 78. Subsidiary · Ireland
    • 79. Subsidiary · Ireland
    • 81. Subsidiary · Bermuda
    • 82. Subsidiary · France
    • 83. Subsidiary · Ireland
    • 85. Subsidiary · Bermuda
    • 86. Subsidiary · United Kingdom
    • 87. Subsidiary · France

Built from subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What Aircastle LTD reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Operating-lease assets (leased space)$13.3M2 Feb 28, 2026$14.7M2 Feb 28, 2025−9.4%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$179.9M2 Feb 28, 2026$279.1M2 Feb 28, 2025−35.5%
Stakes in other companies (equity method)$47.5M2 Feb 28, 2026$45.8M2 Feb 28, 2025+3.8%

Properties, in its own words

We lease office space in Stamford, Connecticut, Dublin, Ireland and Singapore. The lease for our current office in Stamford, Connecticut expires in August 2028. The lease for our Dublin office expires in September 2042 and the lease on our Singapore office expires in August 2030. None of these leases are individually material to the Company’s consolidated financial statements.

We believe our current facilities are adequate for our current needs and that suitable additional space will be available as and when needed.

Item 2 of the 10-K filed Apr 21, 2026.5

Leadership

Who has led Aircastle LTD, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Ron Wainshal2006–2017
  2. Michael Inglese2017–2020

Chief financial officer

  1. Mark S. Zeidman2006–2007
  2. Michael Inglese2007–2017
  3. Aaron Dalhke2018–2020

Chief operating officer

  1. David Ryan Walton2006–2014
2010201520202025
Board members and other officers (27)

Subsidiaries and ownership

Subsidiaries (Exhibit 21)

  • 10. Ireland4
  • 64. Singapore4
  • 66. Bermuda4
  • 69. Ireland4
  • 70. France4
  • 71. Ireland4
  • 72. Ireland4
  • 73. Ireland4
  • 74. Ireland4
  • 75. Ireland4
  • 76. Ireland4
  • 78. Ireland4
  • 79. Ireland4
  • 81. Bermuda4
  • 82. France4
  • 83. Ireland4
  • 85. Bermuda4
  • 86. United Kingdom4
  • 87. France4

The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Timeline

  1. Oct 14, 20268-K Results of operations47
  2. Jul 9, 20268-K Results of operations48
  3. Jun 1, 20268-K Entered a material agreement; New debt or obligation49
  4. Apr 28, 20268-K Entered a material agreement; New debt or obligation; Other events50
  5. Apr 22, 20268-K Results of operations51
  6. Apr 21, 20268-K Results of operations52
  7. Apr 16, 20268-K Executive or director change53
  8. Apr 1, 20268-K Executive or director change54
  9. Jan 13, 20268-K Results of operations55
  10. Oct 9, 20258-K Financial statements and exhibits56
  11. Jul 17, 20258-K Entered a material agreement; New debt or obligation; Other events57
  12. Jul 10, 20258-K Results of operations58
  13. Feb 13, 2017New chief executive Michael Inglese becomes CEO15
  14. Aug 7, 2006New chief executive Ron Wainshal becomes CEO16

Calendar

Coming up

  1. Around Jan 19, 2027Next results, estimated About a quarter after its last report. The company hasn't announced the date.

When it reported results

  1. Oct 14, 2026Reported quarterly or annual results47
  2. Jul 9, 2026Reported quarterly or annual results48
  3. Apr 22, 2026Reported quarterly or annual results51
  4. Apr 21, 2026Reported quarterly or annual results52
  5. Jan 13, 2026Reported quarterly or annual results55
  6. Jul 10, 2025Reported quarterly or annual results58
  7. Apr 24, 2025Reported quarterly or annual results59
  8. Jan 15, 2025Reported quarterly or annual results60

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

60 filings to the SEC since October 2021: 5 annual reports, 16 quarterly reports, 39 major events. The latest 20:

  1. Oct 14, 20268-K EDGAR
  2. Oct 14, 202610-Q EDGAR
  3. Jul 9, 20268-K EDGAR
  4. Jul 9, 202610-Q EDGAR
  5. Jun 1, 20268-K EDGAR
  6. Apr 28, 20268-K EDGAR
  7. Apr 22, 20268-K/A EDGAR
  8. Apr 21, 20268-K EX-99.1 EDGAR
  9. Apr 21, 202610-K EDGAR
  10. Apr 16, 20268-K EDGAR
  11. Apr 1, 20268-K EDGAR
  12. Jan 13, 20268-K EDGAR
  13. Jan 13, 202610-Q EDGAR
  14. Oct 9, 20258-K AYR Q2 2025 EARNINGS RELEASE EDGAR
  15. Oct 9, 202510-Q EDGAR
  16. Jul 17, 20258-K EDGAR
  17. Jul 10, 20258-K AYR Q1 2025 EARNINGS RELEASE EDGAR
  18. Jul 10, 202510-Q EDGAR
  19. May 2, 20258-K EDGAR
  20. Apr 24, 20258-K EDGAR

The 60 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

SEC filer profile

How Aircastle LTD is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARAircastle LTD1
  • CIK0001362988
  • Employer ID (EIN)98-04440355
  • Filer statusNon-accelerated filer not an emerging growth company; not a smaller reporting company; not a shell company5
  • Incorporated inBermuda5
  • Fiscal year endsFebruary 281
  • Industry code (SIC)7359 Services-Equipment Rental & Leasing, NEC1
  • SEC reviewing officeOffice of Trade & Services, Division of Corporation Finance1
  • Business addressC/O Aircastle Advisor Llc, 201 Tresser Blvd, Suite 400, Stamford, CT 069011
  • Phone(203) 504-10201
  • Shares outstanding17,840 as of Oct 9, 202611
  • Public float$0 as of Aug 31, 20252
  • AuditorErnst & Young LLP, Stamford, CT PCAOB ID 42; no auditor attestation of internal control over financial reporting5
  • On EDGAR sinceJun 2, 20061
  • Filings1,322 in all: 4 (577), 8-K (356), 10-Q (61), SC 13G/A (36), 3 (32), UPLOAD (23), CORRESP (22), 10-K (20)1
    All 52 form types

    SC 13D/A (20), SC 13G (19), DEFA14A (16), DEF 14A (13), 4/A (12), 424B5 (12), CT ORDER (9), 424B3 (8), EFFECT (7), FWP (7), 424B2 (6), S-1/A (5), DFAN14A (4), PRE 14A (4), S-3/A (4), S-3ASR (4), S-4 (4), SC 13E3/A (4), 10-K/A (3), 5 (3), 8-K/A (3), 10-Q/A (2), 424B4 (2), S-1 (2), S-4/A (2), S-8 (2), 10-QT (1), 15-12B (1), 25-NSE (1), 424B1 (1), 424B7 (1), 5/A (1), 8-A12B (1), CERTNYS (1), DEFM14A (1), NT 10-Q (1), POSASR (1), PREM14A (1), PRER14A (1), S-1MEF (1), S-3 (1), S-8 POS (1), SC 13D (1), SC 13E3 (1)

  • Latest filingsAnnual report (10-K) Apr 21, 2026
    Quarterly report (10-Q) Oct 14, 2026
    Proxy statement (DEF 14A) Apr 4, 2019
    Latest 8-K (8-K) Oct 14, 2026

Securities registered for trading

ClassSymbolExchange
Common Shares, par value $0.01 per share
Preference Shares, par value $0.01 per share

From the cover page of the 10-K filed Apr 21, 2026 (Section 12(b) of the Exchange Act).5

Risk factors and legal proceedings

The risks Aircastle LTD names in Item 1A of its 10-K filed Apr 21, 2026: 48 risks under these headings, as written.5

  • In addition to the other information set forth in this Annual Report, you should carefully consider the following factors, which could materially adversely affect our business, financial condition, results of operations in future periods or our ability to meet our debt obligations. The risks described below are not the only risks facing our Company. Additional risks not currently known to us or that we currently deem to be immaterial also may materially adversely affect our business, financial condition, or results of operations.
  • Risks Related to Our Lessees
  • Risks Related to Our Aviation Assets
  • Risks Related to Our Leases
  • Risks Related to Our Operations
  • Risks Related to Our Organization and Structure
  • Risks Related to Taxation
  • Risks affecting the airline industry may materially adversely affect our customers.
  • Adverse currency movements could negatively impact the profitability of our lessees.
  • Increases in fuel prices could negatively impact the profitability of our lessees.
  • Lessee defaults could materially adversely affect our business, financial condition and results of operations.
  • Significant costs resulting from lease defaults could have a material adverse effect on our business.
The other 42 risks
  • If our lessees encounter financial difficulties and we decide to restructure our leases with those lessees, this could result in less favorable leases and significant reductions in our cash flow.
  • Airline reorganizations could have an adverse effect on our financial results.
  • If our lessees fail to appropriately discharge aircraft liens, we might find it necessary to pay such claims.
  • Risks associated with the concentration of our lessees in certain geographical regions could harm our business or financial results.
  • Many of our lessees operate in emerging markets and we are indirectly subject to the economic and political risks associated with such markets.
  • The variability of supply and demand for aircraft could depress lease rates for our aircraft.
  • Other factors that could cause a decline in aircraft value and lease rates.
  • Climate change may have a long-term impact on our business.
  • The introduction of new technology aircraft types and higher production levels could cause our existing aircraft portfolio to become outdated and therefore less desirable.
  • The effects of emissions and noise regulations and policies may challenge the current growth trajectory of the airline industry. Sustainability regulations and initiatives could increase the operating costs of our customers.
  • Corporate responsibility, specifically related to ESG matters, could expose us to additional risks and costs.
  • The older age of some of our aircraft may expose us to higher maintenance-related expenses.
  • The concentration of aircraft or engine types in our portfolio could lead to adverse effects on our business should any difficulties specific to a particular type of aircraft or engine occur.
  • We operate in a highly competitive market for investment opportunities and for the leasing and sale of aircraft.
  • If lessees are unable to fund their maintenance obligations on our aircraft, we may incur increased costs at the conclusion of the applicable lease.
  • Failure to pay certain potential additional operating costs could result in the grounding or arrest of our aircraft and prevent the re-lease, sale or other use of our aircraft.
  • Our lessees may have inadequate insurance coverage or fail to fulfill their respective indemnity obligations, which could result in us not being covered for claims asserted against us.
  • Failure to obtain certain required licenses and approvals could negatively affect our ability to re-lease or sell aircraft.
  • Escalating tariffs, trade tensions, and protectionist measures may adversely affect our business, financial condition and results of operations.
  • Events outside of our control, including economic downturns, the threat or realization of epidemic or pandemic diseases, terrorist attacks, war or armed hostilities between countries or non-state actors, and natural disasters may adversely affect the demand for air travel, the financial condition of our lessees and of the aviation industry more broadly, and may ultimately impact our business.
  • Volatile financial market conditions may adversely impact our liquidity, our access to capital and our cost of capital and may adversely impact the airline industry and the financial condition of our lessees.
  • We bear the risk of re-leasing and selling our aircraft.
  • We own and lease long-lived assets, and adverse market conditions or customer defaults may require us to write down the value of some of our assets.
  • Departure of key officers could harm our business and financial results.
  • We are subject to risks related to our indebtedness that may limit our operational flexibility and our ability to compete with our competitors.
  • Our ability to obtain debt financing and our cost of debt financing is, in part, dependent upon our credit ratings and a credit downgrade or being put on negative watch could adversely impact our financial results.
  • An increase in our borrowing costs may adversely affect our earnings.
  • The provisions of our long-term financings require us to comply with financial and other covenants. Our compliance with these ratios, tests and covenants depends upon, among other things, the timely receipt of lease payments from our lessees and upon our overall financial performance.
  • We are subject to various risks and requirements associated with foreign laws, rules and regulations.
  • We are dependent upon information technology systems, which are subject to disruption, damage, failure and risks associated with implementation and integration.
  • We are a holding company with no operations and rely on our operating subsidiaries to provide us with funds necessary to meet our financial obligations.
  • If Aircastle were treated as engaged in a trade or business in the United States, it would be subject to U.S. federal income taxation on a net income basis, which would adversely affect our business.
  • The U.S. Corporate Alternative Minimum Tax (“AMT”) proposals may impact our effective tax rate in future periods.
  • If there is not sufficient trading in shares of our ultimate parent company, or if 50% of such shares are held by certain 5% shareholders, we could lose our eligibility for an exemption from U.S. federal income taxation on rental income from our aircraft used in “international traffic” and could be subject to U.S. federal income taxation, which would adversely affect our business.
  • We are subject to risks related to the Bermuda Economic Substance Act 2018.
  • We are subject to a Corporate Income Tax Regime in Bermuda.
  • We may become subject to an increased rate of Irish taxation which would adversely affect our business.
  • We may become subject to income or other taxes in the non-U.S. jurisdictions in which our aircraft operate, where our lessees are located or where we perform certain services which would adversely affect our business.
  • The introduction of Base Erosion and Profit Shifting by the Organization for Economic Cooperation and Development may impact our effective tax rate in future periods.
  • It is expected that Pillar Two will increase the effective tax rate of the group.
  • The E.U. Anti-tax Avoidance proposals may impact our effective rate of tax in future periods.
  • We operate in multiple jurisdictions and may become subject to a wide range of income and other taxes that could have a material adverse effect on our financial condition, cash flow and results of operations.

Legal proceedings

The Company is not a party to any material legal or adverse regulatory proceedings.

The opening of Item 3, Legal Proceedings.5

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