Aircraft sales proceeds totaled $126 million from 4 aircraft, with a gain on sale margin of approximately 16%, reflecting strong secondary market demand.
Air Lease generated revenues of $732 million in Q2 2025, a 9.7% increase year-over-year, driven by a 13.5% increase in rental revenue due to fleet growth and higher portfolio yield.
Diluted earnings per share were $3.33, boosted by a $344 million net benefit from Russia fleet insurance settlements, representing approximately $2.43 per share.
Fleet net book value and book value per common share reached all-time record levels, with book value per share at $65.53.
Fleet utilization remained at 100%, with weighted average fleet age slightly increasing to 4.8 years and weighted average lease term steady at 7.2 years.
Interest expense increased by $19 million year-over-year due to a 29 basis point rise in composite cost of funds to 4.28%, with 77% of borrowings at fixed rates.
SG&A and stock compensation expenses declined significantly due to nonrecurring retirement expenses recognized in prior quarters, with SG&A stable at 6.8% of revenue.
Adjacent Industries sales rose 10% to $336 million, primarily due to acquisitions of Freedman Seating and Trans/Air, partially offset by softness in the marine market.
Adjusted EBITDA was $121 million or 11% of net sales.
Aftermarket net sales increased 4% to $268 million, driven by product innovation and expanded partnerships, notably with Camping World.
GAAP net income was $58 million or $2.29 per diluted share, adjusted net income was $60 million or $2.39 per diluted share.
Gross margin declined to 24.4% from 25.3% due to executive separation costs and product mix changes.
LCI Industries reported second quarter 2025 net sales of $1.1 billion, a 5% increase year-over-year, driven by organic growth and acquisitions.
OEM segment operating margin was 6.2%, improving 10 basis points excluding separation expenses; Aftermarket margin was 13.5%, down from 15.5% due to mix and investments.
Operating cash flow for the first half of 2025 was $155 million, with $192 million cash on hand and net debt approximately 2x EBITDA.
Operating profit was $88 million or 7.9%, a 70 basis point contraction year-over-year; excluding separation costs, operating margin was nearly flat.
RV OEM net sales were $503 million, up 3% year-over-year, supported by market share gains and higher content in fifth-wheel units despite a shift toward lower content single-axle travel trailers.
Adjusted EBITDA was $76 million, with EBITDA at $66 million for the quarter.
Adjusted homebuilding gross margin was 20%, down from 21.6% in Q1, driven mainly by increased incentives.
Adjusted net income was $42 million or $1.37 per diluted share, with net income at $35 million or $1.14 per diluted share.
Average sales price decreased 3% year-over-year to $378,000, primarily due to higher incentives.
Financial Services revenues were $23.8 million with pretax income of $6.2 million, including a $4 million gain from mortgage servicing rights sale.
In Q2 2025, Century Communities delivered 2,587 homes, a 13% sequential increase and slightly down year-over-year, with home sales revenues of $976 million, up 10% sequentially.
Inventory impairment charge of $7 million was taken related to 5 communities in closeout phase, primarily in Florida.
Net homebuilding debt to net capital ratio was 31%, slightly up from 30.1% in Q1, with homebuilding debt to capital ratio at 33.3%.
SG&A was 13.2% of home sales revenue in Q2, with full year 2025 expected around 13%.
Share repurchases totaled $48 million in Q2, averaging a 37% discount to book value, with 5% of shares repurchased year-to-date.
Dafinchi