Aviation Capital Group (ACG) grew total assets to $15.5 billion at September 30, 2026, and reported pre-tax net income of $170 million for the first nine months of the year, up 36% on the same period of 2025 after excluding Russia-related insurance recoveries.

The Newport Beach, California, lessor published the unaudited figures in a press release dated November 10, 2026. Nine-month revenue reached $1.0 billion, up 10%. The results arrive with ACG’s orderbook above 200 aircraft and its ownership about to change: the transfer of a 50% interest in ACG’s direct parent company from Tokyo Century Corporation to ITOCHU Corporation is expected to close in November 2026, subject to conditions including regulatory approvals.

“Our third quarter results reflect continued momentum across the business,” said Thomas Baker, Chief Executive Officer and President of ACG. Baker said the 2026 orders, 75 Airbus A320neo Family aircraft in October and 50 Boeing 737 MAX aircraft in January, secure a delivery pipeline that will drive ACG’s growth into the mid-2030s.

What changed between June and September

At the half-year mark, ACG had reported $668 million in first-half revenue and $99 million of pre-tax net income. Comparing that August 12, 2026, release with the new one shows total assets rising from $14.6 billion at June 30 to $15.5 billion at September 30. Aircraft held for sale fell from $1.0 billion to $847 million, and the count of owned, managed and committed aircraft moved from 504 to 494.

Available liquidity stood at $5.4 billion at September 30, against $6.6 billion at June 30, when the June figure included $1.48 billion available under a term loan facility signed on July 3, 2026. That unsecured loan was syndicated to 33 lenders across multiple countries and matures in July 2031. ACG drew $1.0 billion of it in September 2026 and repaid $750 million of senior notes at maturity the same month.

The net debt to equity ratio, which ACG reports as a non-GAAP measure, moved from 2.1x at June 30 to 2.2x at September 30. Coverage of unsecured debt by unencumbered assets eased from 1.6x to 1.5x over the same period.

Aircraft trading in the third quarter

In the third quarter, ACG acquired 15 aircraft: eight Airbus A320neo Family aircraft, five Boeing 737 MAX aircraft and two Airbus A330-900s. It sold 11 aircraft for a net gain of $27 million. In the second quarter, it had added 13 aircraft and sold eight for a net gain of $13 million, according to the August release.

Over the nine months, ACG invested $1.9 billion in aircraft purchases, compared with $1.2 billion at the six-month mark, and generated $546 million of cash flow from operations, up 9%. The weighted average age of the owned portfolio was 5.4 years, the same as at June 30, and the weighted average remaining lease term was 7.1 years, against 7.0 years at June 30.

An orderbook that runs into the mid-2030s

“With more than 200 aircraft on order, ACG has established a top five position among global aircraft lessor orderbooks,” Baker said.

The 75-jet A320neo Family order with Airbus, which ACG announced on October 16, 2026, is the largest in its history, according to the company. Deliveries are scheduled between 2032 and 2035, and the agreement includes conversion rights to other A320neo Family variants. ACG said it had 118 A320neo Family aircraft in its fleet at June 30, 2026, and that the new order brings its outstanding A320neo Family orders to 115.

On the Boeing side, ACG announced a finalized order for 50 737 MAX jets on January 13, 2026: 25 737-8s and 25 737-10s for delivery in 2032 and 2033, which took its 737 MAX order book to 121 aircraft at the time. In an October 20, 2026, statement welcoming the FAA’s certification of the 737-10, ACG said it has 63 of the type on order as a launch customer and is scheduled to deliver the first one to WestJet.

Tokyo Century and ITOCHU move to joint ownership

ACG is a wholly owned subsidiary of Tokyo Century Corporation. On September 2, 2026, Tokyo Century and ITOCHU entered into a definitive Sale and Purchase Agreement under which Tokyo Century will transfer a 50% ownership interest in TC Skyward Aviation U.S., Inc., ACG’s direct parent, to ITOCHU. Closing is expected in November 2026, subject to conditions including regulatory approvals, after which ACG will be jointly owned by the two Tokyo-based companies.

The definitive agreement follows the binding memorandum of understanding announced on August 3, 2026, covering ITOCHU’s planned stake in ACG’s parent. In its own release that day, ITOCHU put the total acquisition cost at approximately US$1,946 million and said it would also subscribe for 10.0 billion yen of Bond-Type Class Shares issued by Tokyo Century, linked to ACG’s recapitalization.

ITOCHU described ACG as the world’s ninth-largest aircraft lessor by number of aircraft owned and managed. It said it plans to use ACG as a core platform for its aerospace business, with a value chain covering mid-life aircraft trading, engine and parts sales, and maintenance, repair and overhaul (MRO).

ACG also changed its finance leadership during the quarter. On September 14, 2026, it named Jilinda Crowley Executive Vice President and Chief Financial Officer. Crowley spent 14 years in senior finance roles at Rolls-Royce before serving as CFO of Electra Aero, magniX and Skydweller Aero. She succeeded Jaime Crear, who had served as interim CFO and remains Chief Administrative Officer.

What comes next for ACG

Founded in 1989, ACG had about 500 owned, managed and committed aircraft at September 30, 2026, leased to roughly 85 airlines in about 50 countries. The milestones ahead include the closing of the ITOCHU transaction, expected in November 2026, the first 737-10 delivery to WestJet, for which the October 20 statement gave no date, and the A320neo Family deliveries scheduled from 2032.

ACG said its financial statements and investor presentation for the quarter are available on its investor website, with a reconciliation of the non-GAAP net debt to equity measure in the investor presentation.

Archer Aviation’s Midnight aircraft has received a Market Survey Special Airworthiness Certificate from the FAA, the company said on November 9, 2026, opening the way for piloted operations in Los Angeles in the coming weeks. The update came with third-quarter 2026 results showing revenue of $5.1 million, a net loss of $274.6 million and $1.4 billion in liquidity.

In its results release, Archer said its acquisition of Boeing’s Wisk, Insitu and SkyGrid businesses is nearing close, subject to certain regulatory approvals and other closing conditions. The company, listed on the New York Stock Exchange as ACHR, also reported that it has begun testing the turboshaft engine for the Halo/Thunder platform it is developing with Anduril, and that it is forming a multi-year alliance with Formula 1.

Midnight’s path to Los Angeles

Archer said the certificate allows piloted operations in Los Angeles as it prepares to carry passengers in the electric vertical takeoff and landing (eVTOL) Integration Pilot Program (eIPP) and at the LA28 Olympic Games. In the release’s own words, the certificate is “unlocking operations in Los Angeles in coming weeks as Archer prepares for carrying passengers.”

The certificate follows the completion in October 2026 of the Northern California leg of Archer’s tour, part of what the company calls its “No Roads” flight tour. Archer said that portion included more than 300 miles of piloted flights across the Bay Area, including flights in and out of Oakland International Airport.

Archer already operates at Hawthorne Airport in Los Angeles. In its second-quarter release of August 10, 2026, the company said revenue rose to $5.0 million as it expanded operations at Hawthorne Airport, and that it used $25.0 million to acquire the fixed-base operator (FBO) business there. The same release said Archer planned to launch Midnight operations later in 2026 under the eIPP.

Where Archer sits in the federal pilot program

Transportation Secretary Sean P. Duffy and the FAA announced eight eIPP selections on March 9, 2026, chosen from more than 30 proposals. The FAA lists Archer as a partner on three of them: the Port Authority of New York and New Jersey project, which includes eVTOL passenger operations at the Manhattan heliport; the Texas Department of Transportation project, which plans regional flights connecting Dallas, Austin, San Antonio and eventually Houston; and the Florida Department of Transportation’s statewide project. The FAA said the eight projects span 26 states and that the agency will use the data to develop new regulations.

Boeing transaction nears close

Archer announced the Boeing deal in August alongside its second-quarter results, describing the goal as an end-to-end physical AI platform for aerospace and defense. Archer said in the third-quarter release that Insitu alone is expected to add more than $200 million in annual revenue, with operations across 35 countries, based on Insitu’s current financial statements and estimates.

Boeing would become a strategic partner and Archer’s largest shareholder. The August release added that the arrangement includes ongoing collaboration and technology sharing. Among the risk factors in its November 9 release, Archer lists the possibility that closing conditions, including regulatory approvals, are not met on time.

“I started Archer to unlock the skies, and we are now doing that across both commercial and defense,” founder and CEO Adam Goldstein said. He said that with the first aircraft in Los Angeles and Boeing to become the largest shareholder after the transaction closes, he believes Archer is building an end-to-end aerospace and defense platform that very few companies could assemble.

Halo, Thunder and Formula 1

Archer said testing has begun on the turboshaft engine for its Halo/Thunder autonomous, hybrid-electric vertical takeoff and landing platform, and that the turbo-generator is one of the central new technologies in the design. The same airframe, powertrain and core systems support the Halo commercial variant and the Thunder defense variant, both unveiled in July at the Farnborough International Airshow. Full-scale flight testing with Anduril remains on track for 2027.

Archer said the first engines for Omen were delivered to Anduril in the third quarter of 2026. With Formula 1, Archer said it is forming a strategic alliance through a multi-year relationship to explore eVTOL air taxi services at Grand Prix events, with the goal of flying VIPs and fans to and from circuits aboard Midnight.

Third-quarter figures and outlook

Revenue of $5.1 million compares with $5.0 million in the second quarter of 2026 and none in the third quarter of 2025. Total operating expenses were $294.3 million, against $284.2 million in the second quarter and $174.8 million a year earlier. Research and development accounted for $198.3 million and general and administrative expenses for $91.0 million.

The net loss of $274.6 million, or $0.35 per share, compares with $263.2 million in the second quarter and $129.9 million in the third quarter of 2025. For the nine months to September 30, 2026, Archer reported a net loss of $755.5 million and net cash used in operating activities of $470.1 million.

Archer said cash, cash equivalents and short-term investments fell $207 million from the second quarter, mainly because of $164.6 million in operating cash use, $31.7 million in property and equipment purchases and a $10.0 million investment in a private company. At the end of the second quarter the figure stood at $1,560.6 million.

For the fourth quarter of 2026, Archer expects revenue of $5 million to $6 million and an Adjusted EBITDA loss of $185 million to $205 million. The company issued a shareholder letter from Goldstein with the results and held its earnings call at 2:00 p.m. Pacific Time on November 9, 2026.

This is original reporting and analysis by AirPro News.

The AirPro News Aviation and Aerospace Events Calendar lists four events for December 2026, and every one of them falls between December 8 and December 11, 2026. Three of the four are in Milan, Italy. The fourth, the MEBAA Show 2026, takes place at Dubai South (DWC) in the United Arab Emirates.

The listings cover a mix of subjects: business aviation, airport investment and development, airline industry awards, and airline strategy and leadership. On December 10, 2026, all four events are on the calendar at the same time.

These figures describe the calendar, not the whole industry. The count of four is the number of December 2026 listings on the AirPro News calendar as of November 5, 2026. It is not a complete record of every aviation or aerospace gathering held that month. Dates and venues appear as the organizers list them, and readers should check each organizer’s site before making plans.

Dubai South opens the month with the MEBAA Show

The first December listing on the calendar is the MEBAA Show 2026, from December 8 to 10, 2026, at Dubai South (DWC) in the UAE. The calendar gives its focus as business aviation in the Middle East and North Africa, and notes that the show is biennial, held every other year rather than annually.

It is the only December 2026 event on the calendar outside Italy, and the only one whose listed focus is business aviation. The other three listings center on airports and airlines, and all three are in the same city.

Milan hosts three events from December 9 to 11

Milan carries most of the month’s calendar. GAD World (Global Airport Development) runs on December 9 and 10, 2026, with a focus on airport investment and development. It is the only December listing that centers on airports rather than on airlines or business aviation.

The ATW Airline Industry Achievement Awards follow on December 10, 2026, listed as airline industry awards. The CAPA Airline Leader Summit – World then runs on December 10 and 11, 2026, with a focus on airline strategy and leadership. The calendar entries for the awards and for the summit both link to pages on the same events website.

Taken together, the three Milan events run from December 9 to December 11, 2026, and move in sequence from airport development to airline awards to airline strategy. For airline and airport readers, that places most of the month’s listed program in one city.

December 10 is the busiest date

The dates overlap. December 10, 2026, is the final day of the MEBAA Show and of GAD World, the date of the ATW awards, and the opening day of the CAPA summit. It is the only December date on which all four listed events are running.

For anyone who follows both business aviation in the Middle East and North Africa and the airline and airport meetings in Milan, that overlap means a choice. The MEBAA Show’s closing day falls on the same date as the ATW awards and the first day of the CAPA summit, in a different country.

AirPro News analysis

The December 2026 calendar is short and tightly grouped. Four listings sit inside the span of December 8 to 11, 2026, and Italy accounts for three of them against one for the United Arab Emirates. The Milan events cover airports, airline awards and airline strategy on back-to-back dates, which gives that city most of the month’s airline and airport program on the calendar. The MEBAA Show stands apart in both place and subject: it is the only listing in the Middle East and the only one focused on business aviation.

The overlap on December 10, 2026, is the clearest planning point in the data. A reader who wants to stay at the MEBAA Show through its closing day and also be in Milan for the ATW awards or the opening of the CAPA summit faces a direct clash of dates, so the order of travel matters. Because the calendar lists what organizers have published, the count of four can change if new events are added, and the dates shown here are those on the calendar as of November 5, 2026.

Each listing can be explored on the events layer of the AirPro Atlas, where the December 2026 events sit beside the rest of the calendar’s upcoming listings.