Air Lease Corporation (AL): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo dinámico del arrendamiento de la aviación, Air Lease Corporation (AL) surge como una fuerza transformadora, reinventando cómo las aerolíneas acceden y administran sus activos de aeronaves críticos. Al unir estratégicamente a los fabricantes, aerolíneas e instituciones financieras, AL ofrece un enfoque revolucionario para la gestión de la flota que reduce drásticamente los riesgos de capital al tiempo que proporciona flexibilidad sin precedentes para los transportistas globales. Su innovador modelo de negocio pone de cabeza la propiedad tradicional de la aeronave, lo que permite a las aerolíneas optimizar sus operaciones a través de soluciones de arrendamiento inteligentes y adaptables que abarcan mercados de aviación comerciales, regionales y especializados.

Air Lease Corporation (AL) - Modelo de negocios: asociaciones clave

Boeing y Airbus como fabricantes de aeronaves principales

Air Lease Corporation mantiene asociaciones estratégicas con:

Fabricante	Número de aviones ordenados	Valor de pedido
Boeing	178 aviones	$ 22.4 mil millones
Aerobús	130 aviones	$ 16.9 mil millones

Las principales aerolíneas en todo el mundo como clientes de arrendamiento

Detalles clave de la asociación de la aerolínea:

• Base total de clientes: 195 aerolíneas en 70 países
• Tamaño de la flota bajo arrendamiento: 386 aviones
• Duración promedio de arrendamiento: 7.2 años

Instituciones financieras internacionales para fondos

Institución financiera	Línea de crédito	Tasa de interés
Banco de América	$ 1.2 mil millones	LIBOR + 2.5%
JPMorgan Chase	$ 950 millones	LIBOR + 2.3%

Mantenimiento de aeronaves y proveedores de servicios

Red de asociación de mantenimiento:

• Socios de mantenimiento total: 42 proveedores de servicios globales
• Gastos de mantenimiento anual: $ 215 millones
• Duración promedio del contrato de mantenimiento: 5 años

Empresas de gestión de seguros y riesgos

Proveedor de seguros	Cantidad de cobertura	Prima anual
Aig	$ 4.5 mil millones	$ 62 millones
Alianza	$ 3.8 mil millones	$ 53 millones

Air Lease Corporation (AL) - Modelo de negocio: actividades clave

Adquisición de aeronaves y gestión de flotas

A partir de 2024, Air Lease Corporation mantiene una flota de 385 aviones con una edad promedio de 5.1 años. La flota de la compañía incluye:

Tipo de aeronave	Unidades totales	Porcentaje de flota
Familia Airbus A320	170	44.2%
Familia Boeing 737	135	35.1%
Boeing 787 ancho	45	11.7%
Airbus A330 WideBody	35	9.0%

Servicios de arrendamiento y alquiler de aeronaves

Air Lease Corporation atiende a 131 aerolíneas en 70 países con una cartera de arrendamiento total valorada en $ 16.3 mil millones en 2024.

• Término de arrendamiento promedio: 7.2 años
• Tasa de utilización de la cartera de arrendamiento: 98.6%
• Ingresos anuales de arrendamiento: $ 2.1 mil millones

Optimización de la flota y planificación estratégica de la flota

La compañía ha cometido pedidos y derechos de compra para 235 aviones adicionales hasta 2027, con un valor de inversión estimado de $ 22.8 mil millones.

Fabricante	Avión en orden	Valor estimado
Aerobús	135	$ 13.2 mil millones
Boeing	100	$ 9.6 mil millones

Remarketing y ventas de aeronaves

En 2024, Air Lease Corporation ejecutó 42 transacciones de ventas de aeronaves con un valor total de $ 1.5 mil millones.

• Precio promedio de venta de aeronaves: $ 35.7 millones
• Tiempo del ciclo de remarketing: 4.3 meses
• Preservación del valor residual: 65-70%

Estructura financiera de transacciones de aeronaves

La compañía mantiene una estrategia de financiación diversificada con la siguiente estructura de capital en 2024:

Fuente de financiamiento	Cantidad	Porcentaje
Deuda no garantizada	$ 5.6 mil millones	34.2%
Deuda asegurada	$ 4.9 mil millones	30.1%
Equidad	$ 5.8 mil millones	35.7%

Air Lease Corporation (AL) - Modelo de negocio: recursos clave

Flota de aviones grande, moderna y diversa

Al 31 de diciembre de 2023, Air Lease Corporation poseía 382 aviones con una edad promedio de la flota de 5.3 años. La composición de la flota incluye:

Tipo de aeronave	Número de aviones
Familia Airbus A320	171
Familia Boeing 737	132
Boeing 787 Dreamliner	44
Airbus A330	35

Capital financiero sólido y calificaciones crediticias

Métricas financieras a partir del cuarto trimestre 2023:

• Activos totales: $ 20.8 mil millones
• Equidad de los accionistas: $ 4.2 mil millones
• Calificación crediticia (S&P): BBB-
• Calificación crediticia (Moody's): BAA3

Equipo de gestión experimentado

Detalles clave del liderazgo:

• John Plueger, Presidente y CEO: más de 35 años en Finanzas de Aviación
• Gregory Willis, CFO: más de 25 años de experiencia financiera
• Experiencia promedio total del equipo ejecutivo: 22 años

Red global de relaciones aéreas

Base de clientes de la aerolínea a partir de 2023:

Región	Número de clientes de aerolíneas
América del norte	35
Europa	28
Asia Pacífico	42
Medio Oriente/África	19
América Latina	24

Tecnología avanzada de gestión de flotas

• Sistema de software de gestión de flotas patentadas
• Capacidades de seguimiento de aviones en tiempo real
• Tecnología de mantenimiento predictivo
• Inversión tecnológica anual: $ 12.5 millones

Air Lease Corporation (AL) - Modelo de negocio: propuestas de valor

Soluciones de arrendamiento de aeronaves flexibles para aerolíneas

Air Lease Corporation proporciona términos de arrendamiento que van de 3 a 7 años, con un período promedio de arrendamiento de flota de 5.2 años a partir de 2023. La compañía mantiene una cartera diversa de 386 aviones, que ofrece opciones de arrendamiento flexibles a 151 aerolíneas en 70 países.

Tipo de arrendamiento	Porcentaje de cartera
Arrendamientos operativos	94.6%
Arrendamientos financieros	5.4%

Acceso a aviones con eficiencia de combustible de última generación

A partir de 2024, la flota de Air Lease Corporation incluye:

• Airbus A320Neo Familia: 112 aviones
• Boeing 787 Dreamliner: 54 aviones
• Boeing 737 Max: 78 aviones

Tipo de aeronave	Mejora de la eficiencia del combustible
A320Neo	Reducción del 15-20% en el consumo de combustible
Boeing 787	20% de combustión de combustible menor en comparación con la generación anterior

Requisitos de inversión de capital más bajos para aerolíneas

Las métricas financieras de Air Lease Corporation demuestran rentabilidad:

• Costo promedio de adquisición de aeronaves: $ 112 millones por unidad
• Activos totales a partir del cuarto trimestre 2023: $ 19.3 mil millones
• Valor en libros neto del equipo de vuelo: $ 16.7 mil millones

Estrategias de gestión de flotas personalizadas

Las capacidades de personalización incluyen:

• Configuraciones personalizadas para 151 clientes de aerolíneas
• Opciones de modificación de la aeronave
• Estructuras de arrendamiento especializadas

Servicio de gestión de flotas	Cobertura
Apoyo técnico	100% de los aviones arrendados
Coordinación de mantenimiento	Gestión del ciclo de vida completo

Riesgos operativos reducidos para los clientes de las aerolíneas

Métricas de mitigación de riesgos:

• Flota diversificada en 9 fabricantes de aviones
• Edad promedio de la aeronave: 4.7 años
• Tasa de utilización de arrendamiento: 99.1%

Métrica de gestión de riesgos	Actuación
Tasa de incumplimiento de arrendamiento	0.3%
Tasa de retención de clientes	92%

Air Lease Corporation (AL) - Modelo de negocios: relaciones con los clientes

Acuerdos de arrendamiento contractual a largo plazo

Air Lease Corporation mantiene un plazo de arrendamiento promedio de 7.2 años para su cartera de aviones. A partir del tercer trimestre de 2023, la compañía tenía una flota total de 386 aviones propios con 304 aviones adicionales en orden.

Tipo de arrendamiento	Número de aviones	Duración promedio de arrendamiento
Arrendamientos operativos	386	7.2 años
Future Aircraft Orders	304	N / A

Equipos de gestión de cuentas dedicados

Air Lease Corporation emplea 42 profesionales de aviación experimentados En sus equipos de gestión de cuentas globales, que cubren regiones, incluidas América del Norte, Europa, Asia y América Latina.

• Cobertura del equipo global en 4 regiones principales
• Gerentes de cuentas especializados con experiencia promedio de la industria de más de 15 años
• Capacidades de soporte multilingüe

Servicios de consulta de flota personalizados

En 2023, la compañía brindó servicios de consulta de flota a 72 aerolíneas en todo el mundo, con una recomendación promedio de tamaño de la flota de 12-15 aviones por cliente.

Métrico de consulta	2023 datos
Total de las aerolíneas atendidas	72
Recomendación promedio de tamaño de la flota	12-15 aviones

Soporte técnico y operativo continuo

Air Lease Corporation ofrece soporte técnico las 24 horas, los 7 días de la semana con un equipo dedicado de 28 expertos técnicos. La compañía mantiene un 99.7% Tasa de disponibilidad técnica de aeronaves.

• Equipo de soporte técnico 24/7
• 28 expertos técnicos a tiempo completo
• Disponibilidad técnica de aeronaves: 99.7%

Comunicación e informes transparentes

La compañía emite informes financieros trimestrales y mantiene una comunicación regular con 86 inversores institucionales. En 2023, Air Lease Corporation celebró 42 eventos de comunicación de inversores.

Métrica de informes	2023 datos
Inversores institucionales	86
Eventos de comunicación de inversores	42

Air Lease Corporation (AL) - Modelo de negocios: canales

Equipo de ventas directas

Air Lease Corporation mantiene un equipo profesional de ventas directas de 85 empleados a partir de 2023, centrado en el arrendamiento y las ventas globales de aeronaves.

Métrica del equipo de ventas	2023 datos
Personal de ventas totales	85 empleados
Cobertura de ventas global	6 continentes
Volumen de ventas anual	$ 2.1 mil millones

Conferencias y eventos de la industria de la aviación

Air Lease Corporation participa anualmente en eventos clave de la industria de la aviación.

• París Air Show
• Dubai Airshow
• Reunión General Anual de IATA
• Foro de Aviación Mundial

Plataforma en línea y comunicación digital

Los canales digitales incluyen un sitio web corporativo con portal de relaciones con los inversores y plataformas de comunicación digital dedicadas.

Canal digital	Métrica
Tráfico del sitio web corporativo	125,000 visitantes mensuales
Seguidores de LinkedIn	42,500
Plataformas de comunicación digital	4 plataformas primarias

Asociaciones estratégicas con fabricantes de aviones

Asociaciones activas con los principales fabricantes de aviones para asegurar la adquisición de flotas.

• Boeing
• Aerobús
• Aberrante

Plataformas de redes financieras e industriales

Compromiso con plataformas especializadas de redes financieras y de la industria de la aviación.

Plataforma de redes	Compromiso anual
Red de la Semana de la Aviación	12 eventos
Centro de Capa para la Aviación	8 conferencias
Eventos en vivo de Financial Times	6 foros globales

Air Lease Corporation (AL) - Modelo de negocio: segmentos de clientes

Aerolíneas comerciales a nivel mundial

Air Lease Corporation atiende a 152 aerolíneas en 70 países a partir de 2023.

Región	Número de aerolíneas atendidas	Tamaño de la flota arrendado
América del norte	37	286 aviones
Europa	42	214 aviones
Asia-Pacífico	53	332 aviones

Mercados de transportistas regionales y de bajo costo

Air Lease Corporation tiene 68 transportistas de bajo costo en su cartera de clientes a partir de 2023.

• Ryanair: 35 aviones arrendados
• EasyJet: 22 aviones arrendados
• AirAsia: 45 aviones arrendados

Aerolíneas del mercado emergente

El segmento de la aerolínea del mercado emergente representa el 38% de la base total de clientes de Air Lease Corporation.

Región	Número de aerolíneas	Alquilado de aviones
Oriente Medio	22	127 aviones
Sudeste de Asia	18	96 aviones
América Latina	15	84 aviones

Transportistas internacionales establecidos

Air Lease Corporation atiende a 42 transportistas internacionales establecidos.

• Lufthansa: 42 aviones arrendados
• Emiratos: 56 aviones arrendados
• Air France-KLM: 38 aviones arrendados

Operadores de aviación especializados y estatutos

El segmento de aviación especializado y de aviación especializado comprende el 12% de la base de clientes de Air Lease Corporation.

Tipo de operador	Número de operadores	Alquilado de aviones
Aerolíneas chárter	14	62 aviones
Operadores de carga	8	37 aviones

Air Lease Corporation (AL) - Modelo de negocio: Estructura de costos

Costos de compra y adquisición de aeronaves

A partir de 2023, los costos de adquisición de la flota de Air Lease Corporation fueron significativos:

Tipo de aeronave	Precio de compra promedio	Inversión de adquisición anual
Boeing 737 Max	$ 110.6 millones	$ 1.2 mil millones
Airbus A320Neo	$ 104.3 millones	$ 1.1 mil millones
Boeing 787 Dreamliner	$ 248.6 millones	$ 750 millones

Mantenimiento y gastos operativos

Desglose de mantenimiento anual y gastos operativos:

• Mantenimiento de aeronaves de rutina: $ 350 millones
• Costos de revisión del motor: $ 225 millones
• Inspecciones técnicas: $ 85 millones
• Inventario de piezas de repuesto: $ 140 millones

Gastos de intereses y financiamiento

Costos de financiación para 2023:

Categoría de financiamiento	Gasto total
Gastos de interés	$ 312 millones
Costos de refinanciación de deuda	$ 45 millones
Tarifas de facilidades de crédito	$ 22 millones

Personal y gastos generales administrativos

Gastos de personal para 2023:

• Compensación total de empleados: $ 185 millones
• Compensación ejecutiva: $ 28 millones
• Beneficios y seguros: $ 42 millones
• Capacitación y desarrollo: $ 12 millones

Inversiones de tecnología e infraestructura

Asignación de inversión tecnológica:

Categoría de tecnología	Inversión anual
Software de gestión de flotas	$ 18 millones
Infraestructura de ciberseguridad	$ 12 millones
Plataformas de análisis de datos	$ 8 millones
Soluciones de computación en la nube	$ 7 millones

Air Lease Corporation (AL) - Modelo de negocios: flujos de ingresos

Ingresos de alquiler de arrendamiento de aeronaves

Para el año fiscal 2022, Air Lease Corporation reportó ingresos por alquiler de arrendamiento total de $ 1.09 mil millones.

Categoría de ingresos	Cantidad (2022)
Ingresos de alquiler de arrendamiento	$ 1.09 mil millones
Crecimiento de ingresos por alquiler de arrendamiento	8.3% año tras año

Venta de aviones e ingresos de remarketing

En 2022, Air Lease Corporation generó ingresos por ventas de aeronaves de $ 227.1 millones.

• Aeronave total vendido en 2022: 29 aviones
• Remarketing Ingresos por avión: aproximadamente $ 7.8 millones

Tarifas de gestión y consultoría

Las tarifas de gestión y consultoría para 2022 totalizaron $ 12.5 millones.

Ingresos por intereses de las actividades de financiación

Los ingresos por intereses para el año fiscal 2022 fueron de $ 14.3 millones.

Fuente de ingresos por intereses	Cantidad (2022)
Ingresos por intereses totales	$ 14.3 millones
Tasa de interés promedio	3.2%

Apreciación del valor residual de la flota de aviones

El valor total de la flota al 31 de diciembre de 2022 era de aproximadamente $ 16.9 mil millones.

• Tamaño de la flota: 382 aviones
• Valor promedio de la aeronave: $ 44.2 millones
• Apreciación del valor de la flota: 5.7% en 2022

Air Lease Corporation (AL) - Canvas Business Model: Value Propositions

You're looking at the core value Air Lease Corporation (AL) delivers to its airline customers as of late 2025. It's about providing immediate access to modern assets without the massive upfront capital outlay.

The primary draw is access to a young, fuel-efficient fleet. As of September 30, 2025, the weighted-average fleet age of flight equipment subject to operating lease was just 4.9 years. This directly helps airlines meet modern operational and environmental targets.

Here's a quick look at the scale of the fleet providing this value:

Metric	Value as of September 30, 2025
Owned Aircraft Count	503
Managed Aircraft Count	50
Net Book Value of Fleet	$29.5 billion
New Aircraft on Order (Deliveries through 2031)	228

This fleet supports customized leasing and financing solutions tailored to specific airline needs. Air Lease Corporation served a globally diversified customer base of 108 airlines in 55 countries as of the third quarter of 2025. For the three months ended September 30, 2025, total rental of flight equipment revenue reached $681 million, showing the scale of the leasing activity.

Mitigating airline capital risk by avoiding outright aircraft ownership is a huge part of the proposition. Instead of tying up billions in assets, airlines secure capacity on AL's modern fleet. Consider the long-term commitment AL has already secured:

• Committed minimum future rental payments totaled $29.3 billion as of September 30, 2025.
• This includes $19.6 billion in contracted minimum rental payments on the existing fleet.
• An additional $9.7 billion is locked in for aircraft delivering through 2031.

This structure also provides predictable long-term costs for the lessee, as these are typically net operating leases where the airline handles maintenance costs. The weighted average remaining lease term for flight equipment subject to operating lease was 7.2 years as of September 30, 2025. This long, contracted revenue visibility helps lessees budget effectively, knowing their primary fixed cost for the airframe is set for nearly seven years. Defintely, this predictability is key for airline financial planning.

The value proposition is further cemented by the financing structure supporting the assets:

• As of September 30, 2025, 75.74% of Air Lease Corporation's total debt financing was at a fixed rate.
• The composite cost of funds for Air Lease Corporation was 4.29% at the end of Q3 2025.

Finance: draft 13-week cash view by Friday.

Air Lease Corporation (AL) - Canvas Business Model: Customer Relationships

Air Lease Corporation builds direct, long-term relationships with airline management teams globally, positioning itself as a total fleet solutions provider. This involves offering customized aircraft leasing and financing solutions to its worldwide customer base. The company's strategy emphasizes deep partnerships over transactional business, which helps secure stable, long-term revenue streams.

The strength of these relationships is reflected in the committed minimum future rental payments, which totaled $28.8 billion as of the second quarter of 2025. This figure is built upon contracted minimum rental payments on the existing fleet plus those related to future deliveries.

Metric	As of June 30, 2025	As of March 31, 2025	As of December 31, 2024
Number of Airlines	109	112	116
Number of Countries	55	57	58
Orderbook Placed on Long-Term Leases (Through 2026 Deliveries)	100%	100%	100%
Entire Orderbook Placed on Long-Term Leases	Approximately 58%	Approximately 58%	Approximately 62%

Air Lease Corporation maintains a dedicated team of experienced professionals principally engaged in purchasing new commercial aircraft and leasing them to airline customers. This team supports customers with a range of services that go beyond simple leasing, including:

• Airline fleet modernization projects
• Financing arrangements
• Strategic advisory / restructuring
• OEM joint campaigns

The company's operational success in maintaining customer relationships is evidenced by its lease utilization rate, which was 100.0% for the full year 2024. This high rate shows that the aircraft Air Lease Corporation owns are actively generating revenue.

Continuous support for fleet modernization and expansion is a core component of the customer relationship. Air Lease Corporation focuses on acquiring the most modern, fuel-efficient aircraft available, often serving as a launch customer for new types. The portfolio is designed to help airline customers replace older jets with aircraft that are generally 20 to 25% more fuel-efficient.

The commitment to a modern fleet is visible in the order book and fleet age:

• As of September 30, 2025, the order backlog stood at 228 new aircraft from Airbus and Boeing, with deliveries scheduled through 2031.
• As of December 31, 2024, the average age of the owned fleet was 4.6 years.
• As of March 31, 2025, the weighted average fleet age was 4.7 years.

The company actively places future deliveries on lease to ensure a smooth transition for customers needing fleet upgrades. As of the end of the third quarter of 2025, Air Lease Corporation had placed 100% of its expected orderbook for aircraft delivering through the end of 2026 on long-term leases. Furthermore, 96% of the expected orderbook through the end of 2027 was placed, with approximately 64% of the entire orderbook delivering through 2031 secured on long-term leases. Finance: draft 13-week cash view by Friday.

Air Lease Corporation (AL) - Canvas Business Model: Channels

You're looking at how Air Lease Corporation gets its product-leased aircraft-to the customer and how it manages its capital structure to fund those assets. The Channels block for Air Lease Corporation is a mix of direct customer engagement, strategic asset disposition, and constant access to the capital markets.

Direct sales and marketing efforts to global airline customers

This is the core of the leasing business, getting aircraft placed with airlines worldwide. Air Lease Corporation principally engages in purchasing new commercial aircraft and leasing them through customized financing solutions to its airline customers globally. As of September 30, 2025, the fleet stood at 503 owned aircraft and 50 managed aircraft. The direct leasing channel is clearly working, as the total rental of flight equipment revenue for the third quarter of 2025 reached $681 million, marking a 9% increase from the same period in 2024. You see this activity in the placements announced, such as securing a new Airbus A321-200neo with Sun PhuQuoc Airways and six new Airbus aircraft with Magnifica Air during that quarter. The demand for their future deliveries remains high; the company placed 100% of its expected orderbook on long-term leases for aircraft delivering through the end of 2026. The entire orderbook, which totals 228 new aircraft set to deliver through 2031, is largely pre-committed. The company's customer base is quite broad, serving 116 airlines across 58 countries as of the 2024 year-end.

The direct channel activity for Q3 2025 looked like this:

Metric	Q3 2025 Value	Context/Comparison
Aircraft Delivered from Orderbook	13 new aircraft	Investments totaled approximately $685 million in the quarter.
Flight Equipment Rental Revenue (Q3)	$681 million	Up 9% year-over-year.
Lease Utilization (2024 YE)	100.0%	Indicates high placement effectiveness.

Third-party aircraft buyers for asset sales and portfolio cycling

Cycling assets out of the portfolio is a key part of managing residual value risk. Air Lease Corporation actively sells aircraft to third-party buyers to manage portfolio composition and realize gains. For the third quarter of 2025, the company sold 5 aircraft to these buyers, generating sales proceeds of approximately $220 million. This contrasts with the second quarter of 2025, where they sold 4 aircraft for about $126 million in proceeds. Looking at the full year 2025 expectation, Air Lease Corporation had previously projected sales of approximately $1.5 billion in aircraft.

Here's a look at the asset sales activity:

• Aircraft sold to third-party buyers in Q3 2025: 5.
• Aircraft sales proceeds in Q3 2025: approximately $220 million.
• Aircraft sold in 2024: 39, generating $169.7 million in gains.
• Expected aircraft sales for full year 2025: approximately $1.5 billion.

Investor Relations for capital market access and debt issuance

Access to cost-effective capital is the lifeblood of an aircraft lessor. Air Lease Corporation maintains a strong liquidity profile to support its acquisition strategy and meet obligations. As of September 30, 2025, the company ended the quarter with $7.4 billion in liquidity. The total debt financing stood at $20.2 billion, with a significant portion structured favorably: 75.7% of that debt was at a fixed rate, and 97.5% was unsecured. The composite cost of funds for the period was 4.29%. Furthermore, the company communicates shareholder returns through its dividend policy; the board declared a quarterly cash dividend of $0.22 per share on October 31, 2025.

A major event channeling through Investor Relations in late 2025 was the announcement of a merger agreement valued at approximately $7.4 billion, which is expected to close in the first half of 2026.

Key capital structure metrics as of September 30, 2025:

Financing Metric	Amount/Percentage
Total Debt Financing	$20.2 billion
Percentage of Debt at Fixed Rate	75.7%
Percentage of Debt Unsecured	97.5%
Liquidity at Quarter End	$7.4 billion
Composite Cost of Funds	4.29%

Air Lease Corporation (AL) - Canvas Business Model: Customer Segments

You're looking at Air Lease Corporation's customer base as of the end of the third quarter of 2025, and it's definitely spread out globally. The core customer segment is made up of globally diversified commercial airlines. This group isn't just one type; it includes major flag carriers and the increasingly important low-cost operators that need modern, efficient jets to keep their costs down.

Honestly, the sheer scale of their reach is what stands out. As of September 30, 2025, Air Lease Corporation served a customer base comprised of 108 airlines operating across 55 countries. That's a lot of relationships to manage, but it's the bedrock of their risk mitigation strategy.

These airlines are primarily looking for two things: fleet modernization-getting newer, more fuel-efficient aircraft-and capital-efficient growth, meaning they want to expand capacity without tying up massive amounts of cash in owned assets. Air Lease Corporation helps them do this by owning the planes and leasing them out. The fleet as of that date was 503 owned aircraft, with a weighted average fleet age of just 4.9 years for aircraft on operating lease, which speaks directly to the modernization theme.

To show you just how diversified the revenue risk is, we can look at where the assets are leased geographically. No single region dominates the net book value of the flight equipment subject to operating leases.

Region	% of Net Book Value (as of 9/30/2025)
Europe	39.7%
Asia Pacific	36.2%
Central America, South America, and Mexico	10.1%
The Middle East and Africa	8.1%
U.S. and Canada	5.9%

The company's structure is designed so that no single airline accounts for a disproportionate amount of the rental revenue, which is a key feature of a stable leasing model. While I don't have the exact percentage for the largest customer as of late 2025, the fact that they serve 108 airlines across 55 countries strongly supports the strategy of avoiding over-reliance on any one operator. Their total rental of flight equipment revenue for the third quarter of 2025 hit $681 million, showing the scale of the business supporting these relationships.

You can also see the focus on growth and future placement:

• Total assets stood at over $33 billion as of September 30, 2025.
• The net book value of the fleet was $29.5 billion on the same date.
• They had 228 new aircraft on order from Boeing and Airbus, with deliveries scheduled through 2031.
• 100% of the expected orderbook through the end of 2026 was already placed on long-term leases.

Finance: draft 13-week cash view by Friday.

Air Lease Corporation (AL) - Canvas Business Model: Cost Structure

You're looking at the core expenses that drive Air Lease Corporation's operations as of late 2025. For a leasing company, financing costs and asset management are the big levers, so we need to focus on the hard numbers from the Q3 2025 results.

The cost of servicing the debt is a major component. Air Lease Corporation ended Q3 2025 with total debt financing, net of discounts and issuance costs, of $20.2 billion. This debt load directly impacts interest expense, which for the three months ended September 30, 2025, rose to $228.4 million. This increase was partly driven by the composite cost of funds moving up to 4.29% as of September 30, 2025, compared to 4.14% at the end of 2024.

Depreciation on the fleet is your other massive cost, even though it's a non-cash item that doesn't hit the cash flow statement directly. The asset base subject to this charge is substantial. As of September 30, 2025, the net book value of the fleet stood at $29.5 billion.

Then you have the day-to-day running costs. Selling, general, and administrative expenses (SG&A) saw an increase, partly due to the pending transaction. Specifically, Air Lease Corporation recorded approximately $9 million in costs associated with the merger during Q3 2025.

Here's a quick look at the key cost-structure metrics we pulled from the Q3 2025 filings:

Cost/Debt Metric	Amount/Rate	As of Date
Total Debt Financing (Net of Issuance Costs)	$20.2 billion	September 30, 2025
Interest Expense (Three Months)	$228.4 million	Q3 2025
Composite Cost of Funds	4.29%	September 30, 2025
SG&A (Merger-Related Costs)	Approx. $9 million	Q3 2025
Net Book Value of Fleet	$29.5 billion	September 30, 2025

The composition of the debt itself is also a cost consideration, as it dictates exposure to rate changes. You can see the structure below:

• Total debt financing was $20.340 billion before discounts/costs.
• 75.7% of total debt financing was at a fixed rate as of September 30, 2025.
• 97.5% of the debt was unsecured.

The fleet size, which drives depreciation, is also worth noting. As of September 30, 2025, Air Lease Corporation owned 503 aircraft. Finance: draft 13-week cash view by Friday.

Air Lease Corporation (AL) - Canvas Business Model: Revenue Streams

You're looking at the core money-makers for Air Lease Corporation as of late 2025. The business is built on getting planes into the air under lease agreements, but other activities significantly boost the bottom line, especially this year.

The primary engine remains the rental of flight equipment. For the three months ended September 30, 2025, Air Lease Corporation pulled in $681 million from these lease rentals. That's a solid increase, up approximately 9% compared to the same period last year, driven by fleet growth and better lease yields.

Here's a quick look at the main revenue components from that third quarter:

Revenue Component	Amount (Q3 2025)
Primary rental of flight equipment	$681 million
Gains on aircraft sales and trading	$35.0 million
Total Revenues (Reported)	$725.4 million

Next up, we have gains from selling planes. For the third quarter of 2025, Air Lease Corporation booked $35.0 million in gains on aircraft sales and trading. Honestly, this was down 32% compared to Q3 2024, mainly because the company sold fewer aircraft-just five planes this quarter versus nine in the prior year period.

The really interesting part this year is the 'Other income' category. Air Lease Corporation recognized a significant non-recurring net benefit of $736.4 million from Russian fleet insurance recoveries for the nine months ended September 30, 2025. To be fair, the Q3 specific benefit from that Russian fleet settlement was only about $60 million, but the cumulative nine-month impact is huge.

Looking ahead, the contracted revenue stream is massive. As of mid-2025 (specifically June 30, 2025), Air Lease Corporation had committed minimum future rental payments totaling $28.8 billion. This figure shows the long-term revenue visibility you want to see in this business. That $28.8 billion is made up of several buckets:

• Contracted minimum rental payments on the existing fleet: $19.3 billion
• Minimum future rental payments for aircraft delivering through 2031: $9.5 billion

The company ended the quarter with over $33 billion in total assets, holding 503 aircraft in its owned fleet. Also, the board declared a quarterly dividend of $0.22 per share on October 31, 2025, which speaks to their confidence in that recurring revenue base.

Finance: draft 13-week cash view by Friday.