Earnings Releases·Nov 5, 2026, 4:04 PM ET

Sumisho Air Lease — Third Quarter 2026 Earnings Summary

Total revenues declined 18.3% year-over-year to $592.6 million, while net income attributable to common stockholders fell 31.0% to $93.4 million, driven by a 18.2% drop in rental revenue and a 19.1% decrease in gains on aircraft sales.
Operating expenses decreased 17.9% to $493.1 million, primarily due to revised aircraft depreciation estimates reducing expense by $38.8 million, though this was partially offset by higher interest costs from a composite cost of funds increase to 4.51%.
The company sold 15 aircraft for $761.9 million in proceeds, reducing the net book value of leased flight equipment to $23.7 billion, and received $27.3 million in insurance proceeds from the Russian fleet settlement.
Strategic risks include the absence of an OEM orderbook following the April 2026 merger, which may increase re-leasing and residual value risks, alongside potential increased competition from other lessors.
Total liquidity ended the quarter at $4.2 billion, and management confirmed no pending litigation exists regarding the 2022 Russian fleet write-off as of November 5, 2026.