BOC Aviation has posted its audited results for the year ended December 31, 2025, reporting a net profit after tax (NPAT) of US$787 million.
Performance was driven by an 18% increase in underlying earnings, which rose to US$746 million from US$633 million in the previous year.
Reflecting its earnings strength, robust balance sheet and record cash flows, the Board has recommended a final dividend of US$0.3061 per share. This represents the company’s highest-ever final dividend and, when combined with the interim distribution, brings total dividends to US$0.45371 per share. The company has also increased its dividend policy payout ratio to up to 40% of NPAT, compared with 35% previously.
BOC Aviation’s balance sheet expanded to more than US$26 billion, with total equity reaching US$6.8 billion. The company generated a record US$2.2 billion in operating cash flow net of interest expense.
Investment activity remained strong, with US$4.2 billion in new capital expenditure in 2025, exceeding the company’s target. During the year, BOC Aviation also committed to acquiring a further 160 aircraft, ending the period with total committed capital expenditure of US$19 billion and an order book of 337 aircraft.
“We achieved strong underlying earnings growth in 2025 as we took delivery of aircraft as scheduled and hit our investment goals,” said Steven Townend, Chief Executive Officer and Managing Director, BOC Aviation. “Looking ahead, we have our company’s largest ever orderbook and ended the year with the largest ever amount of committed liquidity, providing us with a strong base to achieve our long-term growth targets.”
