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BUSINESS AVIaTION
MARKET BRIEF

OVERVIEW

The business jet market was on solid footing in Q3 2025.

Against a backdrop of a positive macroeconomic environment, market fundamentals remained strong, including rising business jet usage and transaction activity along with steady aircraft availability and values. These trends underscored the market’s stability and set the stage for continued momentum throughout the remainder of the year.

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Q3 2025 HIGHLIGHTS

  • Following uncertainty earlier this year, the global economy continued to grow in Q3 2025 and many economists increased their expectations for future growth.
  • Growth in business jet departures accelerated in Q3 2025, rising 5.1 percent year over year.
  • OEM backlogs rose 12.1 percent year over year in Q3 2025 as industry-wide orders increased.
  • Transaction activity rebounded strongly in Q3 2025, recovering from a slight slowdown in Q2 2025 and increasing 16.3 percent from the same period in 2024.
  • Aircraft availability remained steady in Q3 2025, declining from 7.8 percent of the fleet in Q3 2024 to 7.6 percent.
  • In Q3 2025, values for older aircraft declined 3.7 percent as they continued to normalize following gains made between 2021 and 2023, while newer aircraft values remained stable, increasing 0.2 percent.

GLOBAL ECONOMY

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Global economic growth slowed to 2.7 percent in Q3 2025 from an average of about 3 percent seen in the first half of the year. Still, growth in the quarter was stronger than expected earlier in the year when economists were concerned about uncertainty following the White House’s announcement of new tariffs on several major U.S. trading partners.ii Since then, growth has been driven by strong consumer spending.iii Interest rate cuts in the U.S. are expected to drive additional economic activity, although inflation remains an issue.iv

Headwinds to future global economic growth remained during the quarter. Potential for new tariffs to be implemented,v slowing job creation in the U.S.,vi and slowing economic growth in Chinavii remain factors to watch.

Despite the headwinds, continued resilience of consumer spending and business investment has convinced many economists to increase their forecasts for future growth.viii In addition, negotiations between the U.S. and its trading partners showed progress, highlighted by recent trade agreements.ix Overall economic growth should therefore remain steady over the remainder of 2025 and into 2026.

FLIGHT OPERATIONS

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The strong demand for business aviation that began during the fall 2024 travel season carried into 2025, driving year-to-date growth of 3.6 percent. Activity accelerated in the third quarter, rising 5.1 percent year over year. This growth was primarily driven by increased flight operations in North America, where departures rose 5.5 percent compared to Q3 2024. Although geopolitical tensions in other regions led to slower growth outside North America, flight activity in such regions still performed well, increasing 4.2 percent in Q3 2025 from the same period in 2024. Fractional operations remained the leading growth segment, showing solid gains throughout the quarter.

Departures in Q3 2025 increased 2.2 percent from Q2 2025, following an 8.4 percent quarter over quarter gain in Q2 2025. In recent years, third quarter sequential growth has been much slower, with an increase of only 0.3 percent in Q3 2024 and no change in Q3 2023. The 2.2 percent rise this year highlights sustained growing demand for business aviation in 2025.

This strong year-to-date performance underscores the continued expansion of the business aviation user base over the past five years. Thanks to the industry’s core value proposition — providing personal safety, flexibility, productivity, and comfort — flight operations are expected to remain resilient despite ongoing economic uncertainty.

OEM BACKLOGS

OEM
 

OEM backlogs rose 12.1 percent year over year in Q3 2025, reaching $51.1 billion. During the quarter, manufacturers continued addressing supply chain and labor constraints while delivery growth remained steady. Revenue increased as manufacturers retained pricing power and, in some cases, expanded deliveries. Strong demand also drove higher order volumes, resulting in a book-to-bill ratio above 1-to-1. Lead times among major manufacturers remained between 18 and 24 months, allowing OEMs to sustain current delivery levels while maintaining a healthy backlog.

TRANSACTIONS ($ VOLUME)

transactions

 

Note that Q3 2025 figures reflect preliminary data and may increase as more transactions are reported to data providers.

Year to date, overall transaction dollar volume increased 12.2 percent compared to the same period in 2024. After a 0.7 percent year-over-year decline in Q2 2025, activity rebounded strongly in Q3 2025, growing 16.3 percent compared to Q3 2024. Growth in business jet transaction dollar volume was split evenly between new deliveries and pre-owned transactions, reflecting the market’s overall stability and health in 2025.

Following a large jump in 2024, new deliveries grew at more moderate rates in the first nine months of 2025. OEMs continued to address supply chain disruptions and labor shortages, which limited their ability to significantly increase production. As a result, new unit volume rose 1.2 percent year to date. The share of OEM deliveries that were heavy aircraft have increased in 2025, however, resulting in a 12.1 percent increase in the total dollar volume of new aircraft deliveries compared to the same period in 2024.

The pre-owned market also performed well in 2025 through the third quarter, expanding 9.4 percent in Q3 2025 and 11.1 percent year to date. Growth was especially strong among younger aircraft, with transactions involving models 12 years old and newer increasing 22 percent in Q3 2025. Momentum in the pre-owned market has remained steady since late 2024, underscoring the continued demand for business jets. Strong market activity is expected to extend into Q4 2025 as buyers upgrade their fleets and new bonus depreciation incentives encourage additional purchases.

FOR SALE INVENTORY

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After declining 9.2 percent in the first half of 2025, aircraft listings stabilized in Q3 2025, rising 0.8 percent. Still, year-to-date listings at the end of Q3 2025 remained 5.8 percent lower than during the same period in 2024.

In 2021, strong market activity led to many transactions involving unlisted aircraft, supporting a 25.3 percent drop in public listings when compared to 2019. From early 2022 through mid-2024, however, sellers gradually returned to publicly listing their aircraft, bringing activity back in line with historical norms and driving an increase in new listings.

As the market stabilized in late 2024 and early 2025, listings began to decline once again. The composition of those listings has also shifted since 2019. In the first three quarters of 2019, aircraft aged 13 years or older accounted for 59.1 percent of listings; by Q3 2025, that share had risen to 69.7 percent. Meanwhile, listings for aircraft aged 12 years or younger fell 20.8 percent over the same period and made up just 30.3 percent of total listings in Q3 2025.

biz fleet for sale

In Q3 2025, aircraft availability rose slightly, increasing from 7.3 percent of the total fleet in Q2 2025 to 7.6 percent. Despite this sequential increase, availability declined from 7.8 percent in Q3 2024 and remained below the long-term average of roughly 10 percent. Low availability was driven by declining listings and sustained strength in the pre-owned market through late 2024 and 2025. This period of stability followed a stretch of rising availability as more aircraft became publicly listed throughout 2023 and 2024.

Availability of aircraft 12 years and younger was lower than that of older models in Q3 2025, standing at 5.1 percent of the fleet compared with 5.6 percent in Q3 2024. In contrast, availability for aircraft aged 13 years and older was 8.9 percent, a slight decline from 9 percent a year earlier.

Overall, the relationship between supply and market activity is expected to remain balanced for the foreseeable future, with steady listings and availability continuing to track below historical averages.

RESIDUAL VALUE

residual value

 

The above chart compares the year-over-year percentage change in the bluebook value of like-aged aircraft over time (e.g., the difference between the value of an eight-year-old aircraft from one year to the next). Global Jet Capital analyzes a basket of aircraft as a proxy for the overall market. Values vary on a model-by-model basis and observed increases or decreases in value are not necessarily applicable to any specific aircraft make/model. For the value of a specific aircraft, please contact a licensed aircraft appraiser.

In Q3 2025, aircraft bluebook values for like-aged aircraft declined 0.9 percent from Q3 2024, extending a trend of relative stability that began in Q4 2023. Between Q2 and Q3 2025, aggregate values fell 1.3 percent, remaining broadly in line with historical patterns.

This period of relative stability followed significant value gains between 2021 and 2023, driven by strong demand and limited availability for business jets. By 2023, availability began to normalize, reaching a near-term peak of 7.8 percent in Q3 2024 and holding near that level at 7.6 percent in Q3 2025. The rebound from post-pandemic lows helped restore balance between buyers and sellers, contributing to the current phase of price stability.

Despite the overall steadiness in values, differences emerged across the installed base in Q3 2025. As noted earlier, the increase in availability was concentrated in the older aircraft segment. As a result, values for aircraft aged 13 years and older declined 3.7 percent during the quarter as they continued to normalize following gains made between 2021 and 2023, while values for aircraft 12 years and younger remained stable, edging up 0.2 percent.

It is worth noting that business jets are depreciating assets and a steady decline in the price of an aircraft over its lifespan is to be expected. The current consensus among industry players is that supply and demand are well-balanced and should support stable aircraft values in the foreseeable future, economic uncertainty notwithstanding.

\ CONCLUSION

Q3 2025 was a solid quarter for the business jet market.

Although uncertainty and volatility defined the broader macroeconomic environment earlier in the year, global growth continued and many economists raised their forecasts during the quarter. Against this backdrop, the business jet market remained strong, with usage increasing year over year through most of 2025 and accelerating in Q3 2025. Transactions also rebounded following a slight decline in Q2 2025, while availability and values remained stable. Overall, the market appears well positioned for a strong finish to 2025.

 

DID YOU KNOW AN OPERATING LEASE PROVIDES AN OWNERSHIP EXPERIENCE WITHOUT BEING IN THE FULL BUSINESS OF OWNING AN AIRCRAFT?

GLOBAL JET CAPITAL RECENT TRANSACTIONS

Global Jet Capital is a leader in the business jet financing market, providing leases and loans for both new and used aircraft. Our clients are diverse but all value flexible financing solutions for their aircraft. Below is a brief overview of a few recent transactions that Global Jet Capital has facilitated.

RECENT TRANSACTIONS

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Jet-icon

RECENT TRANSACTIONS

This deal is a great example of how Global Jet Capital provides value beyond financing aircraft.

A new client sought a larger, longer-range aircraft to support their expanding business operations—while preserving capital to continue investing in core growth initiatives. That’s where Global Jet Capital stepped in. We had a high-quality asset coming off a lease with another client who had upgraded into a newer aircraft. By presenting this immediately available, well-maintained jet, we enabled our new client to move forward quickly and with confidence. We designed a tailored operating lease structure that conserved the client’s cash and delivered disposition certainty at lease end. Furthermore, our operational efficiency enabled a very quick documentation and closing process so the client could meet an imminent international lift requirement.

 

AIRCRAFT CLASS
Ultra Long Range

NEW/PRE-OWNED
Pre-Owned

REGION
Americas

FINANCIAL PRODUCT(S)
Operating Lease



RECENT TRANSACTIONS

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Jet-icon

RECENT TRANSACTIONS

When a client’s planned aircraft operating lease with another financial services firm fell through, Global Jet Capital stepped in to deliver a solution that met their needs.

Leveraging our ability to act quickly and tailor financing to a client’s specific requirements, we offered more flexible terms that aligned with our client’s objectives. Most importantly, we provided a structure that included progress payments financing that will convert seamlessly into an operating lease when the aircraft delivers. By understanding our client’s priorities and executing them efficiently, we ensured our client could proceed confidently with the acquisition of the new aircraft.

AIRCRAFT CLASS
Ultra Long Range

NEW/PRE-OWNED
New

REGION
Americas

FINANCIAL PRODUCT(S)
PDP with Operating Lease



RECENT TRANSACTIONS

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Jet-icon

RECENT TRANSACTIONS

A long-standing client that had historically operated a two-aircraft flight department identified the need for a third aircraft following an M&A transaction.

Originally planning to dispose of one of their two existing leased aircraft, the client’s plans evolved and they turned to Global Jet Capital for support. Leveraging our ability to move quickly and structure solutions with future flexibility, we extended our lease of the existing aircraft to meet the client’s near-term lift requirements while providing an option to upgrade as their needs continue to evolve.

 

AIRCRAFT CLASS
Super-mid

NEW/PRE-OWNED
Pre-Owned

REGION
Americas

FINANCIAL PRODUCT(S)
Operating Lease Extension

Notes

iOxford Economics,  iiWhite House,  iiiWells Fargo,  ivWells Fargo,  vTruth Social,  viU.S. Bureau of Labor Statistics,  viiNational Bureau of Statistics of China,  viiiWells Fargo;  ixWhite House Agreement with Japan; White House Agreement with Indonesia; White House Agreement with EU;  xWingX and Global Jet Capital analysis,  xiCompany financial reports and GJC analysis,  xiiJetNet and Global Jet Capital Analysis. Units are in parentheses.,  xiiiAmstat and Global Jet Capital Analysis,  xivJetNet and Global Jet Capital analysis,  xvAircraft Bluebook and Global Jet Capital analysis

PREVIOUS MARKET BRIEFS

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