United Airlines has signed a purchase and leaseback arrangement with lessor SMBC Aviation Capital over 20 Boeing 737 MAXs, set to arrive by the end of 2026.
On December 11, 2025, SMBC Aviation confirmed that the company and United Airlines had entered their “third major deal” together.
Previously, United Airlines and SMBC Aviation have reached agreements covering the lease of 20 Airbus A321neo aircraft and a previous purchase and leaseback transaction for 20 Boeing 737 MAX 8 jets.
“We appreciate the thoughtful approach SMBC Aviation Capital brought to structure a transaction that supports our fleet strategy and allows us to deliver even better experiences for our customers,” said Michael Leskinen, United’s Chief Financial Officer. “We value our strong, longstanding relationship with SMBC Aviation Capital and their role in our ongoing fleet modernization.”
Barry Flannery, Chief Commercial Officer at SMBC Aviation Capital, said: “We are delighted to expand our relationship with United Airlines. These aircraft will play an important role in advancing United’s fleet strategy with the latest fuel-efficient aircraft. This transaction reflects the deep trust and collaboration between our teams. We look forward to building on our relationship and supporting United’s fleet ambitions for many years to come.”
In July 2025, United Airlines also entered into a purchase and leaseback agreement with Dubai Aerospace Enterprise (DAE) for 10 new Boeing 737 MAX 9 aircraft.
Those jets were scheduled to join the airline between August 2025 and February 2026, according to DAE.
A purchase and leaseback (also known as sale and leaseback) arrangement allows an airline to sell new or used aircraft to financial organizations and immediately lease it back.
The agreement helps to generate funds for the airline and free up cash for other areas of the business.
