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Aircastle earnings and revenue breakdown
Latest: Q2 FY27 · 10-Q filed Oct 14, 2026
Q2 FY27 Revenue up 24% year over year to $283M · 25¢ of every $1 of revenue kept as net profit · operating margin 28.4%
Aircastle made $283M in Q2 FY27 (+24% Y/Y). Operating margin 28.4%, net earnings $69.3M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Oct 14, 2026.
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What changed this quarter
Revenue was $283.0M in Q2 FY27, up 24% year over year and up 20% from the previous quarter.
Operating profit was $80.5M, a 28.4% margin (up 1.0 points year over year). Of the extra revenue versus Q2 FY26, 33% reached operating profit, above the 27% margin then. Total costs grew 23% against revenue growth of 24%. The fastest-growing cost line was Other operating costs (+29%). Net earnings were $69.3M, up 21% year over year. The effective tax rate was 13.9%.
Operating cash flow was $140.6M (up 55% year over year), 203% of net earnings. Non-cash charges added back $91.7M of depreciation. Working capital and other items used $20.4M. Capital expenditures of $269.0M exceeded it, leaving free cash flow of −$128.4M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q2 FY27 | 10-Q | Oct 14, 2026 | $283M | +24% | 28.4% | $69.3M | $141M |
| Q1 FY27 | 10-Q | Jul 9, 2026 | $236M | -9% | 17.5% | $33.6M | $97.7M |
| Q3 FY26 | 10-Q | Jan 13, 2026 | $236M | +22% | 15.3% | $30.7M | $149M |
| Q2 FY26 | 10-Q | Oct 9, 2025 | $228M | +5% | 27.5% | $57.2M | $90.8M |
| Q1 FY26 | 10-Q | Jul 10, 2025 | $260M | +27% | 23.9% | $49.3M | $128M |
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About Aircastle
Unless the context suggests otherwise, references in this Annual Report to “Aircastle,” the “Company,” “we,” “us,” or “our” refer to Aircastle Limited and its subsidiaries. Throughout this Annual Report, when we refer to our aircraft, we include aircraft that we have transferred into grantor trusts or similar entities for purposes of financing such assets through term financings. These grantor trusts or similar entities are consolidated for purposes of our financial statements. All amounts in this Annual Report are expressed in U.S. dollars and the financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”).
In its own words, from its 10-K, filed Apr 21, 2026.
Aircastle against its Services-Equipment Rental & Leasing, NEC peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +24% against the peers' median +12%. Operating margin: 28.4% against the peers' median 21.4%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| Aircastle | Q2 FY27 | $283M | +24% | 28.4% |
| URI United Rentals | Q3 2026 | $4.9B | +16% | 28.8% |
| United Rentals North America | Q2 2026 | $4.4B | +12% | 25.8% |
| SUNB Sunbelt Rentals Holdings | Q1 FY27 | $3.1B | +11% | 22.2% |
| EQPT EquipmentShare.com | Q2 2026 | $1.4B | +26% | 6.4% |
| UPBD Upbound Group | Q3 2026 | $1.1B | -2% | 6.2% |
| PRG Prog Holdings | Q3 2026 | $726M | +26% | 9.1% |
| Sumisho Air Lease | Q3 2026 | $593M | -18% | 21.4% |
| CTOS Custom Truck One Source | Q3 2026 | $495M | +3% | 7.7% |
Source: Aircastle 10-Q on SEC EDGAR · CIK 1362988 · Services-Equipment Rental & Leasing, NEC