Here are 1-3 brief analogies for Air Lease (AL):

• Hertz or Enterprise, but for commercial airplanes.
• Prologis, but instead of warehouses, they own and lease commercial airplanes.

• Aircraft Leasing: Provides commercial aircraft to airlines globally through long-term operating leases.
• Aircraft Sales: Sells new and used aircraft from its fleet, often as part of its portfolio management strategy.

Air Lease Corporation (AL) primarily sells to other companies, specifically airlines across the globe. As an aircraft leasing company, its business model involves purchasing new aircraft from manufacturers like Boeing and Airbus and then leasing them to various passenger and cargo airlines.

The company maintains a highly diversified customer base to mitigate risk, meaning no single airline typically accounts for an outsized portion of its revenue. However, its customer portfolio includes many major and regional airlines worldwide. Some prominent examples of airlines that have leased aircraft from Air Lease Corporation include:

• United Airlines Holdings, Inc. (Symbol: UAL)
• Delta Air Lines, Inc. (Symbol: DAL)
• American Airlines Group Inc. (Symbol: AAL)
• Southwest Airlines Co. (Symbol: LUV)
• Ryanair Holdings plc (Symbol: RYAAY)
• Air France-KLM S.A. (Symbol: AF.PA)
• ANA Holdings Inc. (Symbol: 9202.T)
• Cathay Pacific Airways Limited (Symbol: 0293.HK)
• EasyJet plc (Symbol: EZJ.L)

• Boeing (BA)
• Airbus (AIR)
• Embraer (ERJ)

Steven F. Udvar-Házy, Executive Chairman

Steven F. Udvar-Házy co-founded Air Lease Corporation in February 2010 and served as its Chairman and Chief Executive Officer until July 2016, when he transitioned to Executive Chairman. He is credited with creating the airplane leasing industry. Prior to Air Lease, he co-founded International Lease Finance Corporation (ILFC) in 1973, where he served as Chairman and CEO. ILFC was sold to American International Group (AIG) in 1990 for $1.3 billion. He remained with ILFC until his departure in 2010 to start Air Lease. Mr. Udvar-Házy has over 55 years of experience in the aviation industry. He previously served as a director for SkyWest, Inc. and now acts as a senior strategic advisor to its board.

John L. Plueger, President and Chief Executive Officer

John L. Plueger was appointed Chief Executive Officer and President of Air Lease Corporation in July 2016, and has also served as a Director since 2016. He joined Air Lease in March 2010 as President and Chief Operating Officer, shortly after the company's formation. Mr. Plueger has over 30 years of aviation industry and aircraft leasing experience. Before joining Air Lease, he spent 24 years at International Lease Finance Corporation (ILFC), where he held positions including President and Chief Operating Officer from 2002 to 2010, and Acting Chief Executive Officer from February 2010 to March 2010. He also served on ILFC's Board of Directors from 2002 to 2010.

Gregory B. Willis, Executive Vice President and Chief Financial Officer

Gregory B. Willis has served as Executive Vice President and Chief Financial Officer of Air Lease Corporation since July 2016. He initially joined Air Lease in March 2010 as Vice President of Finance and Chief Accounting Officer. In February 2012, he was promoted to Senior Vice President and Chief Financial Officer. Prior to his time at Air Lease, Mr. Willis was the Director of Accounting Policy at International Lease Finance Corporation (ILFC) from 2007 to 2010. He also worked as an Audit Manager at PricewaterhouseCoopers from 1999 to 2005 and as a Vice President of Alternative Investments at Mellon Financial from 2005 to 2007.

Alex A. Khatibi, Executive Vice President

Alex A. Khatibi has been an Executive Vice President at Air Lease Corporation since April 2010. He previously served as Senior Vice President at International Lease Finance Corporation (ILFC) from September 1995 to April 2010, and as Managing Director of ILFC's Middle East business from 1996 to 2010. Before his tenure at ILFC, Mr. Khatibi worked in an engineering role at Continental Airlines from January 1986 to September 1995.

Carol H. Forsyte, Executive Vice President, General Counsel, Corporate Secretary and Chief Compliance Officer

Carol H. Forsyte is the Executive Vice President, General Counsel, Corporate Secretary, and Chief Compliance Officer at Air Lease Corporation. She joined Air Lease in 2012. Prior to her role at Air Lease, Ms. Forsyte served as Secretary, Chief Governance, and SEC Counsel at Motorola Mobility Inc., and held various senior legal positions, including Corporate Vice President of Law, Corporate, and Securities at Motorola Mobility.

The key risks to Air Lease Corporation (AL) primarily stem from its capital-intensive business model and the dynamic nature of the aviation industry.

1. Interest Rate Risks and Access to Capital: Air Lease Corporation relies heavily on debt financing to acquire new aircraft and refinance existing obligations. Rising interest rates directly increase the company's borrowing costs, impacting its net income and potentially hindering its competitiveness. ALC's composite cost of funds has already increased, and further increases could limit financing options and raise borrowing expenses.
2. Operational Risks: Aircraft Delivery Delays: Air Lease faces significant risks related to ongoing production issues and delivery delays from major aircraft manufacturers like Boeing and Airbus. These delays can hinder the company's fleet growth, slow the deployment of capital into new, high-yield leases, and complicate its strategy of maximizing residual values by owning aircraft during the initial phase of their useful life.
3. Geopolitical, Economic, and Airline Industry Cyclicality Risks: The company is exposed to broad geopolitical and economic risks, as evidenced by significant asset write-offs due to the Russia-Ukraine conflict. Furthermore, ALC has concentrated customer exposure in economically sensitive regions such as Taiwan and China, where economic or political instability could affect lessees' ability to make lease payments. The cyclical nature of the airline industry, influenced by global economic conditions, fuel prices, and air travel demand, can lead to reduced demand for aircraft leases, increased lessee defaults, and downward pressure on lease rates and aircraft values.

null

The addressable market for Air Lease Corporation's main products and services, primarily the purchasing and leasing of commercial jet aircraft to airlines, is the global aircraft leasing market.

The global aircraft leasing market was valued at approximately USD 192.45 billion in 2024. This market is projected to grow significantly, with estimates suggesting it could reach USD 551.47 billion by 2034, demonstrating a compound annual growth rate (CAGR) of 11.1% during the forecast period. Other estimates for the global aircraft leasing market in 2024 range from USD 183.13 billion to USD 187.1 billion. By 2034, the market is expected to reach between USD 397.21 billion and USD 565.1 billion, with CAGRs ranging from 8.05% to 11.8% over various forecast periods.

Here are 3-5 expected drivers of future revenue growth for Air Lease (AL) over the next 2-3 years:

1. Fleet Expansion and New Aircraft Deliveries: Air Lease anticipates continued growth in its fleet through new aircraft acquisitions and deliveries. For instance, the company added 20 new aircraft to its fleet in Q3 2024, representing approximately $1.9 billion in investments. Air Lease projects $3 billion to $3.5 billion in aircraft order book deliveries for 2025, which is expected to drive increased rental revenue. The company had 287 new aircraft on order from Airbus and Boeing set to deliver through 2029 as of September 30, 2024. As of November 2025, Air Lease has 228 new aircraft on order, reflecting a commitment to growth and modernization.
2. Strong Demand for Leased Aircraft and High Utilization Rates: A robust demand environment for aircraft has led to strong lease extensions and high utilization rates for Air Lease's existing fleet. For example, 100% of its expected orderbook for aircraft deliveries through the end of 2025 and 95% through 2026 were already placed on long-term leases. By the end of Q3 2025, 100% of the expected orderbook for aircraft deliveries through 2026 and 96% through 2027 were on long-term leases, ensuring stable future rental income. This strong leasing activity is a direct result of ongoing global air travel recovery and airline fleet modernization plans.
3. Increased Lease Rates: The strong demand for aircraft, coupled with persistent aircraft shortages, is positioning Air Lease to secure higher lease rates. Air Lease's Q3 2025 revenue growth was partially driven by an increase in its portfolio lease yield. Management expects lease rates and aircraft valuations to rise, supporting the value of their business due to anticipated aircraft shortages persisting for several years.
4. Strategic Aircraft Sales and Trading: Air Lease actively engages in aircraft sales and trading, which contributes to its revenue. In Q3 2024, the company sold nine aircraft for approximately $340 million in sales proceeds, generating $42 million in gains. The company anticipates healthy gain on sale margins towards the upper end of its historical range of 8% to 10%. As of September 30, 2025, Air Lease had an estimated $1.6 billion in its aircraft sales pipeline.
5. Merger with Sumisho Air Lease: The planned merger with Sumisho Air Lease, expected to close in the first half of 2026, is anticipated to boost Air Lease's presence in Asia and add another layer of security to its revenue streams by expanding its territorial reach and buffering against global uncertainty.

Share Repurchases

• In February 2022, Air Lease completed a share buyback of 3,420,874 shares for $150 million.
• In November 2020, the company authorized a share repurchase program for up to $100 million of its Class A common stock, which expired in June 2021.
• As of late 2025, there have been no significant share repurchases in the last twelve months (LTM).

Share Issuance

• In September 2024, Air Lease priced a public offering of 300,000 shares of 6.00% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series D, with a liquidation preference of $1,000.00 per share, totaling $300 million. The proceeds were intended for the redemption of Series A preferred stock and general corporate purposes.

Inbound Investments

• In September 2025, Air Lease announced a definitive merger agreement to be acquired by a new Dublin-based holding company, valuing Air Lease at approximately $7.4 billion, or $28.2 billion including debt. Shareholders are expected to receive $65.00 in cash per share.
• This acquisition is backed by Sumitomo Corporation, SMBC Aviation Capital, Apollo, and Brookfield.

Capital Expenditures

• Air Lease's capital expenditures are primarily focused on purchasing new commercial jet aircraft from manufacturers like Airbus and Boeing.
• In the third quarter of 2025, Air Lease delivered 13 new aircraft and invested approximately $685 million in aircraft.
• For the full year 2025, the company expects to make between $3.0 billion to $3.5 billion in aircraft investments.
• As of September 30, 2025, Air Lease had 228 new aircraft on order from Airbus and Boeing scheduled for delivery through 2031.