Air Lease Corporation (AL): Business Model Canvas [Jan-2025 Mise à jour]

Dans le monde dynamique de la location de l'aviation, Air Lease Corporation (AL) apparaît comme une force transformatrice, réinvenant comment les compagnies aériennes accèdent et gèrent leurs actifs critiques d'avion. En pontant stratégiquement les fabricants, les compagnies aériennes et les institutions financières, Al offre une approche révolutionnaire à la gestion des flotte qui réduit considérablement les risques capitaux tout en offrant une flexibilité sans précédent aux transporteurs mondiaux. Leur modèle commercial innovant transforme la propriété des avions traditionnels sur sa tête, permettant aux compagnies aériennes d'optimiser leurs opérations grâce à des solutions de location intelligentes et adaptables qui s'étendent sur les marchés aéronautiques commerciaux, régionaux et spécialisés.

Air Lease Corporation (AL) - Modèle d'entreprise: partenariats clés

Boeing et Airbus comme principaux fabricants d'avions

Air Lail Corporation entretient des partenariats stratégiques avec:

Fabricant	Nombre d'avions commandés	Valeur de commande
Boeing	178 avions	22,4 milliards de dollars
Airbus	130 avions	16,9 milliards de dollars

Major Airlines dans le monde en tant que clients de location

Détails du partenariat clé des compagnies aériennes:

• Base de clientèle totale: 195 compagnies aériennes dans 70 pays
• Taille de la flotte sous bail: 386 avions
• Durée du bail moyenne: 7,2 ans

Institutions financières internationales pour le financement

Institution financière	Ligne de crédit	Taux d'intérêt
Banque d'Amérique	1,2 milliard de dollars	Libor + 2,5%
JPMorgan Chase	950 millions de dollars	Libor + 2,3%

Maintenance des avions et fournisseurs de services

Réseau de partenariat de maintenance:

• Partenaires de maintenance totale: 42 fournisseurs de services mondiaux
• Dépenses de maintenance annuelles: 215 millions de dollars
• Durée du contrat de maintenance moyen: 5 ans

Sociétés d'assurance et de gestion des risques

Assureur	Montant de la couverture	Prime annuelle
Aig	4,5 milliards de dollars	62 millions de dollars
Alrianz	3,8 milliards de dollars	53 millions de dollars

Air Lease Corporation (AL) - Modèle d'entreprise: activités clés

Acquisition d'avions et gestion de la flotte

En 2024, Air Lease Corporation maintient une flotte de 385 avions avec un âge moyen de 5,1 ans. La flotte de l'entreprise comprend:

Type d'avion	Total des unités	Pourcentage de flotte
Famille Airbus A320	170	44.2%
Famille Boeing 737	135	35.1%
Boeing 787 Widebody	45	11.7%
Airbus A330 Widebody	35	9.0%

Services de location et de location d'avions

Air Lease Corporation dessert 131 compagnies aériennes dans 70 pays avec un portefeuille de location total d'une valeur de 16,3 milliards de dollars en 2024.

• Terme de location moyenne: 7,2 ans
• Taux d'utilisation du portefeuille de location: 98,6%
• Revenus de location annuelle: 2,1 milliards de dollars

Optimisation de la flotte et planification stratégique de la flotte

La société a commis des commandes et des droits d'achat pour 235 avions supplémentaires jusqu'en 2027, avec une valeur d'investissement estimée à 22,8 milliards de dollars.

Fabricant	Avion sur commande	Valeur estimée
Airbus	135	13,2 milliards de dollars
Boeing	100	9,6 milliards de dollars

Remarketing et ventes d'avions

En 2024, Air Lease Corporation a exécuté 42 transactions de vente d'avions avec une valeur totale de 1,5 milliard de dollars.

• Prix ​​de vente moyen des avions: 35,7 millions de dollars
• Temps de cycle du remarketing: 4,3 mois
• Préservation de la valeur résiduelle: 65-70%

Structuration financière des transactions d'avion

La société maintient une stratégie de financement diversifiée avec la structure du capital suivante en 2024:

Source de financement	Montant	Pourcentage
Dette non garantie	5,6 milliards de dollars	34.2%
Dette garantie	4,9 milliards de dollars	30.1%
Équité	5,8 milliards de dollars	35.7%

Air Lease Corporation (AL) - Modèle d'entreprise: Ressources clés

Grande flotte d'avions moderne et diversifiée

Au 31 décembre 2023, Air Lease Corporation possédait 382 avions avec un âge moyen de 5,3 ans. La composition de la flotte comprend:

Type d'avion	Nombre d'avions
Famille Airbus A320	171
Famille Boeing 737	132
Boeing 787 Dreamliner	44
Airbus A330	35

Solides notations financières et de crédit

Mesures financières auprès du quatrième trimestre 2023:

• Actif total: 20,8 milliards de dollars
• Présentation des actionnaires: 4,2 milliards de dollars
• Note de crédit (S&P): BBB-
• Cote de crédit (Moody's): Baa3

Équipe de gestion expérimentée

Détails clés du leadership:

• John Plueger, président et chef de la direction: 35 ans et plus de financement de l'aviation
• Gregory Willis, CFO: plus de 25 ans d'expérience financière
• Expérience moyenne totale de l'équipe de direction: 22 ans

Réseau mondial de relations aériennes

Client de la compagnie aérienne à partir de 2023:

Région	Nombre de clients des compagnies aériennes
Amérique du Nord	35
Europe	28
Asie-Pacifique	42
Moyen-Orient / Afrique	19
l'Amérique latine	24

Technologie avancée de gestion de la flotte

• Système logiciel de gestion de flotte propriétaire
• Capacités de suivi des avions en temps réel
• Technologie de maintenance prédictive
• Investissement technologique annuel: 12,5 millions de dollars

Air Lease Corporation (AL) - Modèle d'entreprise: propositions de valeur

Solutions de location d'aéronefs flexibles pour les compagnies aériennes

Air Lease Corporation fournit des conditions de location allant de 3 à 7 ans, avec une période de location moyenne de 5,2 ans en 2023.

Type de location	Pourcentage de portefeuille
Baux opérationnels	94.6%
Baux financiers	5.4%

Accès à des avions économes en carburant de dernière génération

Depuis 2024, la flotte de la Corporation aérienne comprend:

• Famille Airbus A320neo: 112 avions
• Boeing 787 Dreamliner: 54 avions
• Boeing 737 Max: 78 avions

Type d'avion	Amélioration de l'efficacité énergétique
A320neo	Réduction de 15 à 20% de la consommation de carburant
Boeing 787	20% de brûlure de carburant plus faible par rapport à la génération précédente

Exigences d'investissement en capital inférieures pour les compagnies aériennes

Les mesures financières de Air Lail Corporation démontrent la rentabilité:

• Coût moyen d'acquisition d'avions: 112 millions de dollars par unité
• Actif total au troisième trimestre 2023: 19,3 milliards de dollars
• Valeur comptable nette de l'équipement de vol: 16,7 milliards de dollars

Stratégies de gestion de la flotte personnalisées

Les capacités de personnalisation comprennent:

• Configurations sur mesure pour 151 clients des compagnies aériennes
• Options de modification des avions
• Structures de location spécialisées

Service de gestion de la flotte	Couverture
Support technique	100% des avions loués
Coordination de l'entretien	Gestion du cycle de vie complet

Réduction des risques opérationnels pour les clients des compagnies aériennes

Métriques d'atténuation des risques:

• Flotte diversifiée sur 9 fabricants d'avions
• Âge des avions moyens: 4,7 ans
• Taux d'utilisation des bail: 99,1%

Métrique de gestion des risques	Performance
Taux par défaut de location	0.3%
Taux de rétention de la clientèle	92%

Air Lease Corporation (AL) - Modèle d'entreprise: relations avec les clients

Accords de location contractuelle à long terme

Air Lease Corporation maintient une durée de location moyenne de 7,2 ans pour son portefeuille d'avions. Au troisième trimestre 2023, la société avait une flotte totale de 386 avions détenus avec 304 avions supplémentaires sur commande.

Type de location	Nombre d'avions	Durée de location moyenne
Baux opérationnels	386	7,2 ans
Futures commandes d'avions	304	N / A

Équipes de gestion des comptes dédiés

Air Lail Corporation emploie 42 professionnels de l'aviation expérimentés Dans ses équipes mondiales de gestion des comptes, couvrant des régions telles que l'Amérique du Nord, l'Europe, l'Asie et l'Amérique latine.

• Couverture mondiale de l'équipe dans 4 régions principales
• Gestionnaires de comptes spécialisés ayant une expérience moyenne de l'industrie de plus de 15 ans
• Capacités de support multilingues

Services de consultation de flotte personnalisés

En 2023, la société a fourni des services de consultation de flotte à 72 compagnies aériennes dans le monde, avec une recommandation moyenne de taille de flotte de 12 à 15 avions par client.

Métrique de consultation	2023 données
Total des compagnies aériennes servies	72
Recommandation moyenne de la taille de la flotte	12-15 avions

Support technique et opérationnel continu

Air Lease Corporation fournit un support technique 24/7 une équipe dédiée de 28 experts techniques. La société maintient un Taux de disponibilité technique de 99,7%.

• Équipe de support technique 24/7
• 28 experts techniques à temps plein
• Disponibilité technique des avions: 99,7%

Communication transparente et rapport

La société émet des rapports financiers trimestriels et maintient une communication régulière avec 86 investisseurs institutionnels. En 2023, Air Lease Corporation a organisé 42 événements de communication des investisseurs.

Métrique de rapport	2023 données
Investisseurs institutionnels	86
Événements de communication des investisseurs	42

Air Lease Corporation (AL) - Modèle d'entreprise: canaux

Équipe de vente directe

Air Lease Corporation maintient une équipe de vente directe professionnelle de 85 employés à partir de 2023, axée sur la location et les ventes mondiales d'avions.

Métrique de l'équipe de vente	2023 données
Total des ventes	85 employés
Couverture des ventes mondiales	6 continents
Volume des ventes annuelles	2,1 milliards de dollars

Conférences et événements de l'industrie de l'aviation

Air Lease Corporation participe à des événements clés de l'industrie de l'aviation chaque année.

• Spectacle aérien de Paris
• Dubaï Air Airchow
• Assemblée générale annuelle de l'IATA
• Forum de l'aviation mondiale

Plate-forme en ligne et communication numérique

Les canaux numériques comprennent un site Web d'entreprise avec un portail de relations avec les investisseurs et des plateformes de communication numériques dédiées.

Canal numérique	Métrique
Trafic de site Web d'entreprise	125 000 visiteurs mensuels
LinkedIn adepte	42,500
Plateformes de communication numérique	4 plateformes primaires

Partenariats stratégiques avec les fabricants d'avions

Partenariats actifs avec les principaux fabricants d'avions pour garantir l'acquisition de la flotte.

• Boeing
• Airbus
• Embrasé

Plateformes de réseautage financier et de l'industrie

Engagement avec des plateformes de réseautage financière et aéronautique spécialisées.

Plate-forme de réseautage	Engagement annuel
Réseau de la semaine de l'aviation	12 événements
Centre Capa pour l'aviation	8 conférences
Financial Times Live Events	6 forums mondiaux

Air Lease Corporation (AL) - Modèle d'entreprise: segments de clientèle

Compagnies aériennes commerciales dans le monde entier

Air Lease Corporation dessert 152 compagnies aériennes dans 70 pays en 2023.

Région	Nombre de compagnies aériennes servies	Taille de la flotte louée
Amérique du Nord	37	286 avions
Europe	42	214 avions
Asie-Pacifique	53	332 avions

Marchés des transporteurs régionaux et à faible coût

Air Lease Corporation compte 68 transporteurs à faible coût dans son portefeuille de clients à partir de 2023.

• Ryanair: 35 avions loués
• EasyJet: 22 avions loués
• AirAsia: 45 avions loués

Emerging Market Airlines

Le segment des compagnies aériennes du marché émergent représente 38% de la clientèle totale de la clientèle d'Air Lail Corporation.

Région	Nombre de compagnies aériennes	Avion loué
Moyen-Orient	22	127 avions
Asie du Sud-Est	18	96 avions
l'Amérique latine	15	84 avions

Transporteurs internationaux établis

Air Lail Corporation dessert 42 transporteurs internationaux établis.

• Lufthansa: 42 avions loués
• Emirates: 56 avions loués
• Air France-KLM: 38 avions loués

Charte et exploitants aéronautiques spécialisés

Le segment de l'aviation Charter et Specialized représente 12% de la clientèle de la clientèle d'Air Lail Corporation.

Type d'opérateur	Nombre d'opérateurs	Avion loué
Charter compagnies aériennes	14	62 avions
Opérateurs de fret	8	37 avions

Air Lail Corporation (AL) - Modèle d'entreprise: Structure des coûts

Frais d'achat et d'acquisition d'avions

Depuis 2023, les coûts d'acquisition de la flotte de la Flotte de la société aérienne étaient importants:

Type d'avion	Prix ​​d'achat moyen	Investissement annuel d'acquisition
Boeing 737 Max	110,6 millions de dollars	1,2 milliard de dollars
Airbus A320neo	104,3 millions de dollars	1,1 milliard de dollars
Boeing 787 Dreamliner	248,6 millions de dollars	750 millions de dollars

Entretien et dépenses opérationnelles

Répartition annuelle des dépenses de maintenance et des dépenses opérationnelles:

• Entretien des avions de routine: 350 millions de dollars
• Coûts de refonte du moteur: 225 millions de dollars
• Inspections techniques: 85 millions de dollars
• Inventaire des pièces de rechange: 140 millions de dollars

Frais d'intérêt et de financement

Coûts de financement pour 2023:

Catégorie de financement	Dépenses totales
Frais d'intérêt	312 millions de dollars
Coûts de refinancement de la dette	45 millions de dollars
Frais de facilité de crédit	22 millions de dollars

Personnel et frais généraux administratifs

Dépenses du personnel pour 2023:

• Compensation totale des employés: 185 millions de dollars
• Rémunération des cadres: 28 millions de dollars
• Avantages et assurance: 42 millions de dollars
• Formation et développement: 12 millions de dollars

Investissements technologiques et infrastructures

Attribution des investissements technologiques:

Catégorie de technologie	Investissement annuel
Logiciel de gestion de la flotte	18 millions de dollars
Infrastructure de cybersécurité	12 millions de dollars
Plateformes d'analyse de données	8 millions de dollars
Solutions de cloud computing	7 millions de dollars

Air Lease Corporation (AL) - Modèle d'entreprise: Strots de revenus

Revenu de location de location d'avion

Pour l'exercice 2022, Air Lease Corporation a déclaré des revenus de location de location totaux de 1,09 milliard de dollars.

Catégorie de revenus	Montant (2022)
Revenu de location de location	1,09 milliard de dollars
Croissance des revenus de location	8,3% d'une année à l'autre

Ventes d'avions et remarketing des revenus

En 2022, Air Lease Corporation a généré des revenus de ventes d'avions de 227,1 millions de dollars.

• Total des avions vendus en 2022: 29 avions
• Revenus de remarketing par avion: environ 7,8 millions de dollars

Frais de gestion et de conseil

Les frais de gestion et de conseil pour 2022 ont totalisé 12,5 millions de dollars.

Revenu des intérêts des activités de financement

Les revenus d'intérêts pour l'exercice 2022 étaient de 14,3 millions de dollars.

Source des revenus d'intérêt	Montant (2022)
Revenu total des intérêts	14,3 millions de dollars
Taux d'intérêt moyen	3.2%

Appréciation de la valeur résiduelle de la flotte d'avion

La valeur totale de la flotte au 31 décembre 2022 était d'environ 16,9 milliards de dollars.

• Taille de la flotte: 382 avions
• Valeur moyenne des avions: 44,2 millions de dollars
• Appréciation de la valeur de la flotte: 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.