AerSale Q4 Adjusted EBITDA Rises 17.1% to $15.2M as Engine Sales Decline
Q4 2025 revenue was $90.9M vs $94.7M, GAAP net income rose to $5.4M from $2.7M and adjusted EBITDA was $15.2M (16.7% margin) despite flight equipment sales dropping to four engines at $20.9M. Full-year 2025 revenue was $335.3M, adjusted net income $15.8M and adjusted EBITDA $46.1M, with feedstock acquisitions of $99.6M.
1. Fourth Quarter 2025 Financial Results
AerSale reported Q4 2025 revenue of $90.9 million, down 4.0% year-over-year, with GAAP net income of $5.4 million versus $2.7 million in Q4 2024. Adjusted EBITDA reached $15.2 million, or 16.7% of revenue, driven by improved MRO profitability and cost-cutting measures, while flight equipment sales totaled $20.9 million from four engines and ex-equipment revenue grew 9.8%.
2. Full-Year 2025 Financial Highlights
For the full year, revenue totaled $335.3 million, a 2.8% decline, while GAAP net income increased 46.6% to $8.6 million. Adjusted net income rose 66.2% to $15.8 million and adjusted EBITDA climbed 38.2% to $46.1 million. Feedstock acquisitions amounted to $99.6 million and year-end inventory stood at $363.8 million.
3. Business Segment Performance
Asset Management revenue fell 11.1% to $56.9 million, though ex-equipment revenue rose 9.1% to $36.0 million, supported by 18 engines and two B757 freighters on lease. TechOps revenue increased 10.7% to $34.0 million, led by new aerostructures and landing gear MRO contracts and expanded AerSafe™ Engineered Solutions demand.