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Financial research concept

Aircraft Lessor Owned Aircraft Utilization

measures how much of an aircraft lessor's owned fleet is on lease over time, with issuer methodology determining whether aircraft are weighted by count, value, or another base.

By Lee BaileyPublished Sep 28, 2026
Research context

See what supports this page, how current it is, and where comparable or historical context is available.

Research date
Sep 28, 2026Use the dated article and cited sources for the definition, examples, and stated limitations.
Operating-model context
13 connected conceptsPart of the reviewed Aircraft Leasing Economics; issuer definitions remain distinct where disclosed.
Company examples
1 reviewed companyRelationships reflect supported examples, not a normalized cross-company KPI ranking.
  1. AerCap weights aircraft days by net book value
  2. Cargo conversions are outside the utilized pool
  3. Utilization needs rent economics beside it
  4. Part of the Aircraft Leasing Economics
  5. See It in Company Research
  6. Continue Research

Aircraft lessor owned aircraft utilization measures how consistently the owned aircraft portfolio is deployed on lease rather than sitting idle. AerCap reported 99% weighted-average utilization for its owned aircraft in 2025.

AerCap weights aircraft days by net book value

The methodology is more specific than a simple count of leased aircraft. AerCap calculates utilization from the number of days each aircraft was on lease during the year and weights those days by the aircraft's net book value.

A high-value aircraft off lease therefore has more influence on the metric than a lower-value aircraft off lease for the same number of days.

That weighting makes the measure more closely aligned with capital deployment than an unweighted tail count.

Cargo conversions are outside the utilized pool

About 1% of AerCap's owned aircraft were undergoing or designated for cargo conversion during 2025 and were not counted as utilized.

So a 99% utilization rate doesn't mean every aircraft was leased for 99% of the calendar. It is a weighted portfolio measure with specific exclusions.

Utilization needs rent economics beside it

High utilization is generally useful because aircraft only generate ordinary basic lease rents when deployed under leases. But utilization alone doesn't reveal the rate earned, credit quality of the lessee, maintenance condition, or residual value.

The combination is more informative: utilization tells you whether the asset base is working, while annualized net spread helps show the adjusted lease margin being earned on that capital.

Primary source: AerCap 2025 Form 20-F.

Part of the Aircraft Leasing Economics

Connect aircraft deployment and recurring lease revenue with financing spread, depreciation, maintenance obligations, residual-value realization, and fleet renewal.

Browse the full operating model in Company Analysis →
Where this concept fits
  • Asset deployment, recurring rent, and financing spreadCurrent relationship
    Utilization shows how much owned aircraft value is deployed, basic and maintenance rents separate recurring lease economics from maintenance-related receipts, average lease assets supply the capital denominator, and the two net-spread measures show financing economics before and after depreciation and amortization.
    Annualized Net SpreadAverage Lease AssetsBasic Lease RentsMaintenance RentsNet Spread After DepreciationOwned Aircraft UtilizationCurrent concept
  • Fleet renewal and residual-value realization
    The order book supplies the future aircraft pipeline, value-weighted fleet age shows how renewal changes the owned passenger portfolio, and gains on asset sales show realized residual-value outcomes from aircraft and other flight-equipment disposals.
    Aircraft Order BookNet Gain on Sale of AssetsWeighted Average Fleet Age
  • Maintenance condition and acquired-lease accounting
    Maintenance rights capture acquired contractual maintenance condition, accrued maintenance liabilities capture timing and reimbursement obligations, end-of-lease compensation settles aircraft condition at redelivery, and lease premium captures acquired above-market rents that are amortized against lease revenue.
    Accrued Maintenance LiabilityEnd-of-Lease CompensationLease PremiumMaintenance Rights

See It in Company Research

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