AerCap (AER): Pullback a buying opportunity; raising 2026 - 2028 forecast; reiterate Buy rating

研报英文原文证据摘录

AerCap (AER): Pullback a buying opportunity; raising 2026 - 2028 forecast; reiterate Buy rating

Equity Research

29 July 2026 | 7:45PM EDT

AerCap (AER): Pullback a buying opportunity; raising 2026 - 2028

forecast; reiterate Buy rating

What happened: AerCap reported a significant 2Q beat and raised its FY 2026 EPS Catherine O’Brien

+1(212)357-8285 |

ex-gains outlook (note here). AER shares were down 3.5% in Wednesday’s trading catherine.m.obrien@gs.com

Goldman Sachs & Co. LLC

session, underperforming the S&P 500 -1.5%.

David Kim

+1(212)902-7169 | david.z.kim@gs.com

Our view: AER shares underperformed the market today despite beating 2Q 2026 Goldman Sachs & Co. LLC

FactSet consensus by ~25%, raising the FY 2026 guide by ~8% (with a well Radhika Shintre

documented history of raising the FY outlook multiple times per year), what we +1(332)245-7982radhika.shintre@gs.com|

viewed as a solid gain on sale margin roughly in-line with recent quarters, and net Goldman Sachs India SPL

spread flat to 1Q despite the incremental aircraft on the ground from Spirit’s May

liquidation. We have yet to hear a bearish tilt on today’s print or the guide, and

higher oil does not explain the underperformance in our view, as our US Airlines

coverage universe only moderately underperformed AER shares (US Airlines ~-4.5%)

despite significantly more earnings volatility tied to jet fuel prices.

It is possible investors focused on assessing any signs that we may be past peak

supply/demand of aircraft took a more negative stance on the above mentioned net

spread and gain on sale data points. However, we are raising our 2026 to 2028 EPS

forecast by ~10% as we expect net spread expansion and significant share

repurchases to drive earnings growth over this period. The net spread expansion is