What is Willis Lease's earnings per share (EPS)?

Willis Lease (WLFC) reported diluted earnings per share of $15.39 for fiscal year 2025. This represents a 0.3% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Willis Lease Financials

WLFC

Source SEC Filings (10-K/10-Q) Updated Mar 30, 2026 Currency USD FYE March

This page shows Willis Lease (WLFC) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 17 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Financial Profile 61/100

Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability

Willis Lease has an operating margin of 14.3%, meaning the company retains $14 of operating profit per $100 of revenue. This results in a moderate score of 54/100, indicating healthy but not exceptional operating efficiency. This is down from 25.4% the prior year.

Growth

Willis Lease's revenue surged 28.3% year-over-year to $730.2M, reflecting rapid business expansion. This strong growth earns a score of 80/100.

Leverage

Willis Lease has elevated debt relative to equity (D/E of 4.08), meaning the company relies heavily on borrowed funds. This high leverage results in a low score of 19/100, reflecting increased financial risk.

Cash Flow

100

Willis Lease converts 34.5% of revenue into free cash flow ($252.2M). This strong cash generation earns a score of 100/100.

Returns

Willis Lease's ROE of 17.2% shows moderate profitability relative to equity, earning a score of 49/100. This is down from 19.8% the prior year.

Piotroski F-Score Neutral

5/9

Willis Lease passes 5 of 9 financial strength tests. 3 of 4 profitability signals pass, all 1 leverage/liquidity signals pass, both operating efficiency signals pass.

Earnings Quality Cash-Backed

2.49x

For every $1 of reported earnings, Willis Lease generates $2.49 in operating cash flow ($283.2M OCF vs $113.8M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Interest Coverage At Risk

0.8x

Willis Lease earns $0.8 in operating income for every $1 of interest expense ($104.3M vs $132.1M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

Key Financial Metrics

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Earnings & Revenue

Revenue

$730.2M

YoY+28.3%

5Y CAGR+20.4%

10Y CAGR+13.9%

Willis Lease generated $730.2M in revenue in fiscal year 2025. This represents an increase of 28.3% from the prior year.

EBITDA

$215.8M

YoY-8.9%

5Y CAGR+14.6%

10Y CAGR+10.3%

Willis Lease's EBITDA was $215.8M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 8.9% from the prior year.

Net Income

$113.8M

YoY+4.7%

5Y CAGR+63.5%

10Y CAGR+33.2%

Willis Lease reported $113.8M in net income in fiscal year 2025. This represents an increase of 4.7% from the prior year.

EPS (Diluted)

$15.39

YoY+0.3%

5Y CAGR+71.1%

Willis Lease earned $15.39 per diluted share (EPS) in fiscal year 2025. This represents an increase of 0.3% from the prior year.

Cash & Balance Sheet

Free Cash Flow

$252.2M

YoY-6.2%

5Y CAGR+22.8%

10Y CAGR+10.4%

Willis Lease generated $252.2M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 6.2% from the prior year.

Cash & Debt

$16.4M

YoY+80.5%

5Y CAGR-17.3%

10Y CAGR+5.4%

Willis Lease held $16.4M in cash against $2.7B in long-term debt as of fiscal year 2025.

Dividends Per Share

$1.50

YoY+0.0%

Willis Lease paid $1.50 per share in dividends in fiscal year 2025. This represents an increase of 0.0% from the prior year.

Shares Outstanding

Willis Lease had 7M shares outstanding in fiscal year 2025.

Margins & Returns

Gross Margin

N/A

Operating Margin

14.3%

YoY-11.1pp

5Y CAGR+9.2pp

10Y CAGR+8.4pp

Willis Lease's operating margin was 14.3% in fiscal year 2025, reflecting core business profitability. This is down 11.1 percentage points from the prior year.

Net Margin

15.6%

YoY-3.5pp

5Y CAGR+12.2pp

10Y CAGR+12.3pp

Willis Lease's net profit margin was 15.6% in fiscal year 2025, showing the share of revenue converted to profit. This is down 3.5 percentage points from the prior year.

Return on Equity

17.2%

YoY-2.6pp

5Y CAGR+14.5pp

10Y CAGR+14.1pp

Willis Lease's ROE was 17.2% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 2.6 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

$3.8M

YoY-67.3%

5Y CAGR+20.2%

10Y CAGR-13.7%

Willis Lease spent $3.8M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 67.3% from the prior year.

Capital Expenditures

$31.1M

YoY+98.8%

5Y CAGR+59.9%

10Y CAGR+22.8%

Willis Lease invested $31.1M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 98.8% from the prior year.

WLFC Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$730.2M+28.3%	$569.2M+36.0%	$418.6M+34.2%	$311.9M+13.8%	$274.2M-5.0%	$288.7M
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$194.7M+32.7%	$146.8M+26.8%	$115.7M+25.1%	$92.5M+22.8%	$75.3M+11.0%	$67.9M
Operating Income	$104.3M-27.8%	$144.4M+124.8%	$64.2M+551.7%	$9.9M+18.2%	$8.3M-43.2%	$14.7M
Interest Expense	$132.1M+26.1%	$104.8M+33.0%	$78.8M+18.1%	$66.7M-1.8%	$68.0M+7.9%	$63.0M
Income Tax	$46.8M+6.4%	$44.0M+88.6%	$23.3M+436.3%	$4.4M-24.8%	$5.8M-23.7%	$7.6M
Net Income	$113.8M+4.7%	$108.6M+148.1%	$43.8M+704.9%	$5.4M+62.3%	$3.4M-65.6%	$9.7M
EPS (Diluted)	$15.39+0.3%	$15.34+146.2%	$6.23+1787.9%	$0.33	$0.00-100.0%	$1.05

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Revenue	$183.4M-6.2%	$195.5M+23.9%	$157.7M+3.2%	$152.8M+4.5%	$146.2M-3.2%	$151.1M+26.9%	$119.1M+4.2%	$114.3M
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$49.2M-2.5%	$50.4M+5.7%	$47.7M+12.4%	$42.5M+6.0%	$40.0M+15.4%	$34.7M+17.3%	$29.6M-0.2%	$29.6M
Operating Income	$38.0M+34.5%	$28.3M+18.2%	$23.9M-18.7%	$29.4M-12.8%	$33.7M-37.7%	$54.1M+98.7%	$27.2M+62.2%	$16.8M
Interest Expense	$34.2M+1.8%	$33.6M+4.6%	$32.1M+9.2%	$29.4M+5.7%	$27.8M+13.2%	$24.6M+6.8%	$23.0M+3.3%	$22.3M
Income Tax	$18.9M+35.7%	$13.9M+66.0%	$8.4M-10.1%	$9.3M-10.0%	$10.4M-32.3%	$15.3M+69.8%	$9.0M-10.0%	$10.0M
Net Income	$24.3M-59.7%	$60.4M+257.9%	$16.9M-19.9%	$21.1M-12.6%	$24.1M-43.4%	$42.6M+104.1%	$20.9M+90.5%	$11.0M
EPS (Diluted)	$3.25-61.4%	$8.43+281.4%	$2.21	N/A	$3.37-45.7%	$6.21+107.0%	$3.00	N/A

WLFC Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$3.9B+19.4%	$3.3B+24.3%	$2.7B+3.0%	$2.6B+4.6%	$2.5B+4.1%	$2.4B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$16.4M+80.5%	$9.1M+28.8%	$7.1M-41.8%	$12.1M-15.2%	$14.3M-66.3%	$42.5M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$35.7M-6.7%	$38.3M-34.5%	$58.5M+24.6%	$47.0M+18.5%	$39.6M+40.2%	$28.3M
Goodwill	$300K-70.0%	$1.0M	N/A	N/A	N/A	N/A
Total Liabilities	$3.2B+19.6%	$2.7B+24.1%	$2.2B+2.0%	$2.1B+4.1%	$2.0B+4.4%	$2.0B
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	$2.7B+19.2%	$2.3B+25.6%	$1.8B-2.4%	$1.8B+3.2%	$1.8B+5.7%	$1.7B
Total Equity	$662.1M+20.5%	$549.3M+25.1%	$439.0M+8.5%	$404.7M+7.7%	$375.9M+3.3%	$364.0M
Retained Earnings	$590.8M+20.2%	$491.4M+23.5%	$397.8M+11.3%	$357.5M+0.6%	$355.4M0.0%	$355.4M

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Total Assets	$3.4B-13.3%	$3.9B+20.5%	$3.3B-0.7%	$3.3B+8.3%	$3.0B+4.2%	$2.9B+9.2%	$2.7B+0.8%	$2.7B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$12.9M-65.4%	$37.3M+15.2%	$32.4M+255.2%	$9.1M+57.3%	$5.8M+14.8%	$5.0M-33.8%	$7.6M+7.8%	$7.1M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$42.3M+12.3%	$37.6M-9.3%	$41.5M+8.4%	$38.3M+3.3%	$37.1M-31.5%	$54.1M-12.6%	$61.9M+5.8%	$58.5M
Goodwill	N/A	N/A	N/A	$1.0M	N/A	N/A	N/A	N/A
Total Liabilities	$2.7B-17.1%	$3.3B+23.4%	$2.6B-1.4%	$2.7B+9.0%	$2.5B+3.5%	$2.4B+10.0%	$2.2B0.0%	$2.2B
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	$2.2B-20.0%	$2.8B+25.5%	$2.2B-1.5%	$2.3B+13.8%	$2.0B+2.2%	$1.9B+12.2%	$1.7B-3.7%	$1.8B
Total Equity	$650.2M+5.2%	$617.9M+9.3%	$565.5M+2.9%	$549.3M+6.1%	$517.8M+5.1%	$492.4M+6.6%	$461.8M+5.2%	$439.0M
Retained Earnings	$583.1M+3.7%	$562.1M+11.3%	$505.1M+2.8%	$491.4M+3.8%	$473.6M+4.7%	$452.3M+8.3%	$417.7M+5.0%	$397.8M

WLFC Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$283.2M-0.4%	$284.4M+23.8%	$229.7M+59.1%	$144.4M+59.3%	$90.7M-3.0%	$93.4M
Capital Expenditures	$31.1M+98.8%	$15.6M+204.1%	$5.1M-22.5%	$6.6M+206.2%	$2.2M-27.3%	$3.0M
Free Cash Flow	$252.2M-6.2%	$268.8M+19.7%	$224.6M+63.0%	$137.8M+55.7%	$88.5M-2.2%	$90.5M
Investing Cash Flow	-$256.4M+66.5%	-$764.9M-724.4%	-$92.8M+52.3%	-$194.4M-31.3%	-$148.0M+70.8%	-$506.7M
Financing Cash Flow	$387.6M-12.9%	$445.0M+867.9%	-$57.9M-233.7%	$43.3M-41.5%	$74.1M-82.7%	$428.5M
Dividends Paid	$8.7M-18.7%	$10.7M	$0	N/A	N/A	N/A
Share Buybacks	$3.8M-67.3%	$11.6M+22.8%	$9.4M+79.8%	$5.2M-48.0%	$10.1M+567.9%	$1.5M

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Operating Cash Flow	$63.9M-38.7%	$104.2M+154.0%	$41.0M-39.7%	$68.0M-21.7%	$86.8M+24.3%	$69.8M+16.7%	$59.8M-1.5%	$60.8M
Capital Expenditures	$6.0M-37.3%	$9.6M+28.9%	$7.5M-41.9%	$12.9M+1131.2%	$1.0M-19.7%	$1.3M+221.5%	$405K-54.6%	$893K
Free Cash Flow	$57.8M-38.8%	$94.5M+181.9%	$33.5M-39.1%	$55.1M-35.8%	$85.7M+25.1%	$68.5M+15.3%	$59.4M-0.7%	$59.9M
Investing Cash Flow	-$106.0M-564.8%	-$15.9M-216.4%	$13.7M+104.4%	-$309.9M-72.2%	-$180.0M+14.8%	-$211.2M-231.3%	-$63.8M-262.0%	$39.4M
Financing Cash Flow	-$569.5M-204.5%	$545.2M+1530.6%	-$38.1M-114.1%	$269.4M+434.7%	$50.4M-74.2%	$195.1M+379.3%	-$69.8M-669.1%	$12.3M
Dividends Paid	$1.9M-0.3%	$1.9M+4.6%	$1.8M+2.1%	$1.8M+0.4%	$1.8M-75.0%	$7.1M	$0	$0
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	$9.4M

WLFC Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	14.3%-11.1pp	25.4%+10.0pp	15.3%+12.2pp	3.2%+0.1pp	3.0%-2.1pp	5.1%
Net Margin	15.6%-3.5pp	19.1%+8.6pp	10.5%+8.7pp	1.7%+0.5pp	1.2%-2.2pp	3.4%
Return on Equity	17.2%-2.6pp	19.8%+9.8pp	10.0%+8.6pp	1.3%+0.5pp	0.9%-1.8pp	2.7%
Return on Assets	2.9%-0.4pp	3.3%+1.6pp	1.7%+1.4pp	0.2%+0.1pp	0.1%-0.3pp	0.4%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	4.08-0.0	4.12+0.0	4.11-0.5	4.56-0.2	4.76+0.1	4.65
FCF Margin	34.5%-12.7pp	47.2%-6.4pp	53.7%+9.5pp	44.2%+11.9pp	32.3%+0.9pp	31.3%

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	20.7%+6.3pp	14.5%-0.7pp	15.2%-4.1pp	19.2%-3.8pp	23.1%-12.7pp	35.8%+12.9pp	22.9%+8.2pp	14.7%
Net Margin	13.3%-17.6pp	30.9%+20.2pp	10.7%-3.1pp	13.8%-2.7pp	16.5%-11.7pp	28.2%+10.7pp	17.5%+7.9pp	9.6%
Return on Equity	3.7%-6.0pp	9.8%+6.8pp	3.0%-0.9pp	3.8%-0.8pp	4.7%-4.0pp	8.6%+4.1pp	4.5%+2.0pp	2.5%
Return on Assets	0.7%-0.8pp	1.5%+1.0pp	0.5%-0.1pp	0.6%-0.2pp	0.8%-0.7pp	1.5%+0.7pp	0.8%+0.4pp	0.4%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	3.44-1.1	4.53+0.6	3.95-0.2	4.12+0.3	3.84-0.1	3.95+0.2	3.76-0.3	4.11
FCF Margin	31.5%-16.8pp	48.4%+27.1pp	21.3%-14.8pp	36.0%-22.6pp	58.6%+13.3pp	45.3%-4.6pp	49.9%-2.5pp	52.4%

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Frequently Asked Questions

What is Willis Lease's annual revenue?

Willis Lease (WLFC) reported $730.2M in total revenue for fiscal year 2025. This represents a 28.3% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Willis Lease's revenue growing?

Willis Lease (WLFC) revenue grew by 28.3% year-over-year, from $569.2M to $730.2M in fiscal year 2025.

Is Willis Lease profitable?

Yes, Willis Lease (WLFC) reported a net income of $113.8M in fiscal year 2025, with a net profit margin of 15.6%.

What is Willis Lease's EBITDA?

Willis Lease (WLFC) had EBITDA of $215.8M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does Willis Lease have?

As of fiscal year 2025, Willis Lease (WLFC) had $16.4M in cash and equivalents against $2.7B in long-term debt.

What is Willis Lease's operating margin?

Willis Lease (WLFC) had an operating margin of 14.3% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is Willis Lease's net profit margin?

Willis Lease (WLFC) had a net profit margin of 15.6% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

Does Willis Lease pay dividends?

Yes, Willis Lease (WLFC) paid $1.50 per share in dividends during fiscal year 2025.

What is Willis Lease's return on equity (ROE)?

Willis Lease (WLFC) has a return on equity of 17.2% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Willis Lease's free cash flow?

Willis Lease (WLFC) generated $252.2M in free cash flow during fiscal year 2025. This represents a -6.2% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Willis Lease's operating cash flow?

Willis Lease (WLFC) generated $283.2M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Willis Lease's total assets?

Willis Lease (WLFC) had $3.9B in total assets as of fiscal year 2025, including both current and long-term assets.

What are Willis Lease's capital expenditures?

Willis Lease (WLFC) invested $31.1M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

Does Willis Lease buy back shares?

Yes, Willis Lease (WLFC) spent $3.8M on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

How many shares does Willis Lease have outstanding?

Willis Lease (WLFC) had 7M shares outstanding as of fiscal year 2025.

What is Willis Lease's debt-to-equity ratio?

Willis Lease (WLFC) had a debt-to-equity ratio of 4.08 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Willis Lease's return on assets (ROA)?

Willis Lease (WLFC) had a return on assets of 2.9% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Willis Lease's Piotroski F-Score?

Willis Lease (WLFC) has a Piotroski F-Score of 5 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Willis Lease's earnings high quality?

Willis Lease (WLFC) has an earnings quality ratio of 2.49x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can Willis Lease cover its interest payments?

Willis Lease (WLFC) has an interest coverage ratio of 0.8x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

How financially healthy is Willis Lease?

Willis Lease (WLFC) scores 61 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.