BOC Aviation reported a net profit of $787 million for 2025, down from $924 million in the prior year due to the absence of insurance recoveries recognised in 2024, while underlying net profit rose 18% year-on-year to a record $746 million.
The results underline the continued strength of the company’s core leasing business, supported by steady aircraft deliveries, full fleet utilisation and sustained airline demand for new technology aircraft.
Total revenues and other income increased 2% to $2.6 billion, while operating free cash flow net of interest rose 17% to a record $2.2 billion, reflecting strong lease rental inflows and disciplined capital deployment.
Chief executive Steven Townend said the company had delivered “strong underlying earnings growth in 2025” as it executed on its investment strategy and took delivery of aircraft as scheduled.
BOC Aviation’s balance sheet expanded to $26.3 billion in total assets, with total equity rising to $6.8 billion. The lessor raised $4.3 billion in new debt during the year, comprising $3.3 billion in loans and $1.0 billion in bonds, while maintaining liquidity of $6.9 billion. Net debt-to-equity remained stable at 2.5x.
Reflecting its earnings performance and cash generation, the company increased its dividend payout ratio to 40% of net profit, up from 35%, resulting in a total dividend of $0.45371 per share for 2025.
On the fleet side, BOC Aviation surpassed its investment target with $4.2 billion in capital expenditure and ended the year with a total portfolio of 815 aircraft and engines owned, managed and on order. The company also committed to acquire 160 aircraft during the year, bringing its orderbook to 337 aircraft and total committed capital expenditure to $19 billion.
The portfolio remains focused on modern, fuel-efficient narrowbody aircraft, with significant exposure to the Airbus A320neo and Boeing 737 MAX families, aligning with airline demand for efficiency and lower emissions.
Operationally, the company maintained 100% utilisation across its owned fleet and executed 333 transactions in 2025, including 51 aircraft deliveries, 35 aircraft sales and 74 lease commitments.
Looking ahead, BOC Aviation said its record orderbook and strong liquidity position provide a solid foundation for continued growth, as airlines increasingly turn to lessors to support fleet expansion amid ongoing supply constraints at manufacturers.
BOC Aviation’s record cash flow, full utilisation and expanding orderbook reinforce the strength of the operating leasing model, with well-capitalised lessors continuing to benefit from persistent aircraft supply constraints and sustained airline demand.