Aircraft lessor SMBC Aviation Capital secured a massive dual-manufacturer commitment at the Farnborough International Airshow on July 20, 2026, placing firm orders for 100 Airbus A320neo family aircraft and 100 Boeing 737 MAX jets.

The 200-aircraft acquisition guarantees the lessor a steady stream of narrowbody deliveries into the mid-2030s. This strategic move comes as the broader aviation industry continues to grapple with persistent supply-chain bottlenecks that have constrained production rates at both major airframers.

Airbus narrowbody commitments

In a press release issued during the airshow, Airbus confirmed the firm order consists of 65 Airbus A321neo and 35 Airbus A320neo aircraft. The agreement pushes the total number of direct Airbus commitments from SMBC Aviation Capital and its parent company, Sumitomo Corporation, past 900 aircraft.

Airbus Executive Vice President of Sales for Commercial Aircraft Benoît de Saint-Exupéry highlighted the long-standing relationship between the manufacturer and the lessor.

“We are honoured to stand with SMBC Aviation Capital as they place this order for additional A320neo family aircraft, the world’s most leased and most traded aircraft making it the benchmark for airlines, lessors and investors alike,” de Saint-Exupéry stated.

Boeing 737 MAX and CFM engine agreements

Concurrently, SMBC Aviation Capital announced a matching commitment with Boeing for 100 narrowbody aircraft. The lessor’s official statement detailed a split of 60 Boeing 737 MAX 10 and 40 Boeing 737 MAX 8 jets.

To power the newly ordered Airbus fleet, SMBC Aviation Capital also secured an agreement for up to 90 CFM International LEAP-1A engines.

SMBC Aviation Capital Chief Executive Officer Peter Barrett emphasized the necessity of securing long-term availability for the company’s airline clients.

“This significant new order will give our airline customers access to a continuous delivery pipeline of the latest technology A320neo family aircraft into the mid-2030s,” Barrett said.

He added that the order reflects the lessor’s confidence in the sustained demand for the A320neo family. Deliveries for the newly ordered Airbus aircraft are expected to commence in the first half of the 2030s.

AirPro News analysis

We view SMBC Aviation Capital’s balanced 200-aircraft acquisition as a direct response to the current manufacturing environment. By splitting the order evenly between the Airbus A320neo family and the Boeing 737 MAX, the lessor is effectively hedging its delivery risks. Industry reporting from the 2026 Farnborough International Airshow indicates that total dealmaking may fall short of the ambitious 800-aircraft expectations held by some analysts, largely due to ongoing production bottlenecks at both Airbus and Boeing.

In an environment where near-term delivery slots are virtually nonexistent, securing a pipeline that stretches into the mid-2030s is critical for major lessors. Airline customers are increasingly reliant on lessors to provide capacity growth and fleet renewal options when direct manufacturer orders face multi-year backlogs. The inclusion of 60 Boeing 737 MAX 10s and 65 Airbus A321neos also underscores a continued market shift toward the largest variants of both narrowbody families, maximizing seat capacity in slot-constrained airports.

Sources: Airbus

Philippine Airlines (PAL) has selected the Boeing 787-10 Dreamliner to anchor its future widebody fleet, announcing a commitment for up to 20 of the aircraft on July 20, 2026, at the Farnborough International Airshow. The agreement includes 15 firm commitments and five purchase options, marking the largest widebody order in the 85-year history of the carrier.

In a press release issued by The Boeing Company, the manufacturer confirmed the selection will support the airline’s fleet modernization and expansion strategy. The 787-10s are slated to replace older widebody aircraft, increasing capacity on medium- and long-haul routes while reducing fuel consumption by 25 percent compared to the jets they will replace.

Fleet modernization and delivery timeline

The new Boeing 787-10s will replace roughly equal numbers of Boeing 777-300ERs and Airbus A330-300s currently operating in the Philippine Airlines fleet, according to reporting by Aviation Week. Deliveries of the new Dreamliners are scheduled to begin in 2031 and continue through the early to mid-2030s.

Aviation Week reported that Philippine Airlines CEO Richard Nuttall noted the 2031 delivery timeline aligns with the lifecycle of the carrier’s current widebody assets.

“If you look at our current medium-haul and long-haul aircraft, they gradually get to the end of their second 12-year period in that time,” Nuttall said.

The 787-10 offers a passenger capacity of 300 to 375 and a maximum range of 13,890 kilometers (7,500 nautical miles). Philippine Airlines currently operates 10 Boeing 777 jets, which will eventually be phased out as the new Boeing aircraft arrive.

Strategic widebody expansion

The Boeing commitment is part of a broader dual-fleet strategy for the Manila-based carrier. On July 21, 2026, Philippine Airlines signed a Memorandum of Understanding for nine additional Airbus A350-1000s. Aviation Week reported that the airline evaluated the Airbus A330neo but ultimately selected the larger Boeing 787-10 and Airbus A350-1000 models to meet higher passenger demand and cargo capacity requirements.

The Boeing agreement coincides with a historic milestone for the airline. Lucio C. Tan III, President and Chief Operating Officer of PAL Holdings, Inc., highlighted the 80-year partnership between the airline and the US manufacturer.

“This investment manifests our confidence in the future of Philippine Airlines and the continued growth of air travel. The Boeing 787-10 will strengthen our medium and long-haul fleet, allowing us to provide an even better travel experience for our customers while improving operational efficiency and supporting our long-term sustainability goals,” Tan said.

Stephanie Pope, President and CEO of Boeing Commercial Airplanes, stated the manufacturer looks forward to delivering the advanced-technology airplanes to deepen connections across Asia and beyond.

AirPro News analysis

We note that Boeing’s press release carefully characterizes this agreement as a “commitment” rather than a finalized firm order. While the commercial selection is clear, the deal will not officially appear on Boeing’s backlog until the final purchase agreements are signed.

Philippine Airlines’ decision to bypass the Airbus A330neo in favor of the Boeing 787-10 and Airbus A350-1000 underscores a distinct pivot toward maximizing payload and cargo volume on slot-constrained routes. As the airline prepares to join the oneworld Alliance following its 2026 invitation, this upgauged widebody fleet will provide the necessary capacity to integrate more deeply into the alliance’s global network.

Sources: The Boeing Company

AerCap Holdings N.V. has placed a firm order for 15 Boeing 787-9 Dreamliner aircraft, extending the lessor’s delivery pipeline for the widebody family through 2033.

Announced on July 21, 2026, at the Farnborough International Airshow, the agreement includes substitution rights allowing the lessor to convert orders to the larger Boeing 787-10 Dreamliner variant. The transaction, detailed in press releases from both companies, solidifies AerCap’s position as the largest global owner of the Boeing 787 Dreamliner family, bringing its total portfolio to approximately 140 of the type.

Fleet expansion and Delivery timeline

Prior to this agreement, AerCap held 125 commitments for the Boeing 787 Dreamliner. According to reporting by Aviation Week, the lessor had only nine aircraft remaining to be delivered from that previous backlog, with those final handovers scheduled to conclude by the third quarter of 2028.

The new order provides AerCap with a continuous stream of widebody capacity extending into the next decade. AerCap Holdings N.V. Chief Executive Officer Aengus Kelly stated that the addition of the 15 aircraft strengthens the company’s market position.

“As demand for modern, fuel-efficient widebody airplanes continues to grow, this transaction enables us to provide our customers with greater access to one of the industry’s most versatile and sought-after airplane families,” Kelly said. “The 787 has consistently demonstrated strong operating economics and exceptional performance across a wide range of route networks.”

Engine selection and variant flexibility

AerCap selected GE Aerospace GEnx-1B engines to power the 15 newly ordered aircraft. Mohamed Ali, President and CEO of GE Aerospace Commercial Engines & Service, noted that the engine delivers proven reliability and time on wing for operators.

The contract’s substitution rights offer AerCap the ability to adjust its future fleet composition based on airline customer needs. The Boeing 787-10 Dreamliner variant provides 50 additional seats compared to the Boeing 787-9 Dreamliner. The Boeing Company states that the larger variant achieves a 25 percent reduction in fuel use and emissions relative to the older generation airplanes it is designed to replace.

Stephanie Pope, President and CEO of Boeing Commercial Airplanes, highlighted the importance of the lessor’s ongoing investment in the program.

“AerCap’s continued investment in the 787 Dreamliner family underscores the airplane’s role in enabling long-haul connectivity and superior economics for airlines,” Pope said. “We deeply value this partnership and look forward to supporting AerCap and its customers as they open and sustain new long-haul routes to further connect the world.”

Widebody leasing market dynamics

The Farnborough International Airshow 2026 has featured multiple widebody orders, reflecting a broader industry focus on long-haul fleet renewal. Aviation Week reports that the widebody leasing market is currently experiencing strong demand. Airlines are actively seeking to expand capacity but face ongoing supply chain constraints and delays in new aircraft deliveries from manufacturers.

To bypass these direct-order backlogs, carriers are increasingly turning to lessors that have secured future delivery slots. AerCap’s existing Boeing 787 Dreamliner fleet is currently leased to major global operators across multiple alliances and regions. Current operators of AerCap’s 787s include Virgin Atlantic (VS), Thai Airways (TG), LATAM Airlines (LA), KLM Royal Dutch Airlines (KL), EgyptAir (MS), and Air Europa (UX).

AirPro News analysis

We view this order as a strategic move by AerCap to maintain its dominance in the widebody leasing sector amid prolonged original equipment manufacturer (OEMs) supply chain constraints. By securing delivery slots through 2033, AerCap positions itself to capitalize on airlines’ urgent need for capacity. The inclusion of substitution rights for the Boeing 787-10 Dreamliner provides crucial flexibility, allowing the lessor to adapt to shifting airline requirements for higher-density long-haul routes over the next decade. As carriers continue to face delivery delays for direct orders, lessors with guaranteed near-term and medium-term widebody pipelines will hold significant pricing power in the market.

Sources: The Boeing Company