Further information concerning issues that could materially affect performance can be found in AerCap's earnings release dated February the 6th, 2026. A copy of the earnings release and conference call presentation are available on our website at aercap.com. We will shortly run through our earnings presentation and will allow time at the end for Q&A. This was a record year for AerCap, with exceptional financial and operating performance driven by disciplined execution across all of our business lines.
In 2025, we reported record GAAP net income of $3.8 billion, or $21.30 per share, and adjusted net income of $2.7 billion, or $15.37 per share. Full-year revenues reached an all-time high of $8.5 billion, while sales volumes totaled a record $3.9 billion. During the year, we had Cash CapEx of $6.1 billion, and we generated $5.4 billion of operating cash flow for the full year 2025. Demand remains robust, with recent industry-wide load factors at record highs, while delivery delays and maintenance backlogs have kept supply constrained.
To that point, it is encouraging to see increases in OEM production rates in recent months, which should start to alleviate some of the backlog for new aircraft. That said, we do not expect to see a normalization of the supply-demand imbalance until sustained higher monthly production rates are achieved. So while demand dynamics may evolve, we remain confident that the current structural shortage of aircraft will persist at least through the end of this decade. This included the sale of 189 assets, delivering a gain-on-sale margin of 27%, or 2x the book equity on our owned assets.