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Debt Financing
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Debt Financing Debt Financing
The Company’s consolidated debt as of March 31, 2026 and December 31, 2025 is summarized below:

March 31, 2026December 31, 2025
(in thousands)
Unsecured
Senior unsecured securities$12,389,769 $13,860,558 
Term financings 3,606,950 3,846,800 
Commercial paper1,046,300 1,361,400 
Revolving Credit Facility2,470,000 — 
Other revolving credit facilities— 300,000 
        Total unsecured debt financing19,513,019 19,368,758 
Secured
Term financings 254,677 318,348 
Export credit financing 171,353 175,238 
        Total secured debt financing426,030 493,586 
Total debt financing 19,939,049 19,862,344 
Less: Debt discounts and issuance costs(119,854)(132,215)
Debt financing, net of discounts and issuance costs$19,819,195 $19,730,129 

As of March 31, 2026, management of the Company believes it is in compliance in all material respects with the covenants in its debt agreements, including minimum consolidated stockholders’ equity, minimum consolidated unencumbered assets, and an interest coverage ratio test. At March 31, 2026 and December 31, 2025, the composite interest rate (excluding amortization of debt discounts and issuance costs) was 4.29% and 4.15%, respectively.

Senior unsecured securities (including Medium-Term Note Program)

As of March 31, 2026 and December 31, 2025, the Company had $12.4 billion and $13.9 billion in senior unsecured securities outstanding, respectively. The Company did not issue any senior unsecured securities during the three months ended March 31, 2026.

In connection with the Merger, on March 24, 2026, Merger Sub issued $800,000,000 aggregate principal amount of 4.400% Senior Notes due 2028, $1,200,000,000 aggregate principal amount of 4.500% Senior Notes due 2029, $1,500,000,000 aggregate principal amount of 4.850% Senior Notes due 2031 and $500,000,000 aggregate principal amount of 5.500% Senior Notes due 2036 (collectively, the “Notes”) pursuant to an indenture, dated as of March 24, 2026, among Merger Sub and Computershare Trust Company, N.A., as trustee. Upon consummation of the Merger and in accordance with the indenture governing the Notes and related agreements, the Notes became the Company’s obligations.

On April 8, 2026, in connection with the completion of the Merger, the Company notified the New York Stock Exchange (“NYSE”) of the completion of the Merger and requested that trading in the 3.700% Medium-Term Notes, Series A, due April 15, 2030 (the “Euro Medium-Term Notes”) be suspended and the Euro Medium-Term Notes be withdrawn from listing on the NYSE.

The Company did not redeem any of our medium term notes in connection with the closing of the Merger.
Unsecured syndicated revolving credit facility

As of March 31, 2026, the Company had $2.5 billion outstanding under its unsecured syndicated revolving credit facility (the “Legacy Revolving Credit Facility”). As of December 31, 2025, the Company did not have any amounts outstanding under the Legacy Revolving Credit Facility. Borrowings under the Legacy Revolving Credit Facility were used to finance the Company’s working capital needs in the ordinary course of business and for other general corporate purposes. The Company repaid in full all outstanding loans and other amounts due under its Legacy Revolving Credit Facility in an aggregate amount of $3.0 billion at the closing of the Merger.

In connection with the Merger, the Company assumed the revolving credit agreement entered into among Merger Sub, the several banks and other financial institutions or entities from time to time as parties thereto and Sumitomo Mitsui Banking Corporation, as administrative agent, dated November 14, 2025, as amended by the First Amendment, dated March 25, 2026 (as amended, the “New Revolving Credit Agreement”). As a result of the Merger, the benefits and obligations of Merger Sub under the New Revolving Credit Agreement became the Company’s obligations as the surviving corporation in the Merger. The New Revolving Credit Agreement provides the Company access to up to $3.5 billion in revolving loans (the “New Revolving Credit Facility”) for working capital purposes and other general corporate purposes. The New Revolving Credit Facility bears interest at Adjusted Term SOFR plus a margin of 1.25% and matures on April 8, 2029. The Company is required to pay a facility fee of 0.20% per year in respect of total commitments under the New Revolving Credit Facility. The interest rate and facility fees are subject to changes in the Company’s credit ratings.

Other unsecured revolving credit facilities

As of March 31, 2026, the Company did not have any outstanding balances under its other unsecured revolving credit facilities. As of December 31, 2025, the Company had an outstanding balance of $300.0 million that bears interest at one-month SOFR plus 1.05%. These facilities were not guaranteed and are available at the sole discretion of the lender, who has the right to modify or terminate the facilities at any time. All of these facilities were terminated in connection with the closing of the Merger.

Unsecured term financings

As of March 31, 2026 and December 31, 2025, the outstanding balance on the Company’s unsecured term financings was $3.6 billion and $3.8 billion, respectively.

In connection with the Merger, the Merger Sub entered into a term loan credit agreement by and among Merger Sub, the several banks and other financial institutions or entities from time to time as parties thereto and Sumitomo Mitsui Banking Corporation, as administrative agent, as amended by the First Amendment to the Term Loan Credit Agreement, dated as of March 25, 2026 (as amended, the “Acquisition Term Loan Agreement”), pursuant to which the lenders provided a $1.0 billion term loan (the “Acquisition Term Loan”), which was used to fund a portion of the consideration in the Merger. The Acquisition Term Loan bears interest at Adjusted Term SOFR plus a margin of 1.25% subject to adjustment based on the Company’s credit rating and matures on October 8, 2027. As a result of the Merger, the obligations of Merger Sub under the Acquisition Term Loan became obligations of the Company as the surviving corporation in the Merger. The Company repaid $350.4 million in unsecured debt financings in connection with the Merger.

Secured debt financings

As of March 31, 2026, the Company had an outstanding balance of $426.0 million in secured debt financings, and had pledged nine aircraft as collateral, with a net book value of $620.2 million. As of December 31, 2025, the Company had an outstanding balance of $493.6 million in secured debt financings and had pledged ten aircraft as collateral, with a net book value of $728.6 million. All of the Company’s secured obligations as of March 31, 2026 and December 31, 2025 were recourse in nature. The Company repaid $254.2 million in secured debt financings in connection with the Merger.
Commercial paper program

On January 21, 2025, the Company established a commercial paper program under which it could issue unsecured commercial paper up to a total of $2.0 billion outstanding at any time, with maturities of up to 397 days from the date of issue. The net proceeds from the issuance of commercial paper were used for general corporate purposes, which included, among other things, the purchase of commercial aircraft and the repayment of existing indebtedness. As of March 31, 2026 and December 31, 2025, the Company had an outstanding balance of $1.0 billion and $1.4 billion, respectively with a weighted average interest rate of 4.41% and 4.26%, respectively and a weighted average maturity of less than one month.

Maturities

Maturities of debt outstanding as of March 31, 2026 are as follows (in thousands):
Years ending December 31,
2026$5,591,630 
20274,133,520 
20283,157,636 
20293,436,006 
20302,113,410 
Thereafter 1,506,847 
Total$19,939,049