Willis Lease Finance Corporation Reports Record 2025 Financial Results
Rhea-AI Summary
Willis Lease Finance (NASDAQ: WLFC) reported record 2025 results: total revenue $730.2M (+28.3%), pre-tax income $160.6M (+5.2%) and adjusted EBITDA $459.1M (+16.6%). Core lease and maintenance revenues rose to $523.6M, portfolio utilization climbed to 84.9%, and lease assets book value was $3,614.5M as of December 31, 2025.
Spare parts and equipment sales surged 252.3% to $95.5M; the company also recorded gains on sales and growth in lease rent revenue.
Positive
- Total revenue of $730.2M, up 28.3% year-over-year
- Adjusted EBITDA of $459.1M, up 16.6% year-over-year
- Lease rent revenue of $291.6M, up 22.4% year-over-year
- Average portfolio utilization increased to 84.9%
- Spare parts and equipment sales of $95.5M, up 252.3% year-over-year
- Book value of lease assets of $3,614.5M as of December 31, 2025
Negative
- Write-down of equipment increased to $32.9M in 2025, up 193.4% year-over-year
- Total expenses rose 47.3% to $625.9M for 2025, reducing operating income
- Interest expense increased to $132.1M in 2025, up 26.1% year-over-year
- Debt obligations increased to $2,700.3M at December 31, 2025, up significantly from 2024
News Market Reaction – WLFC
On the day this news was published, WLFC declined 2.60%, reflecting a moderate negative market reaction. Argus tracked a trough of -5.9% from its starting point during tracking. Our momentum scanner triggered 7 alerts that day, indicating moderate trading interest and price volatility. This price movement removed approximately $31M from the company's valuation, bringing the market cap to $1.16B at that time.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Market Reality Check
Peers on Argus
WLFC was modestly lower -0.4% pre-release while peers showed mixed moves: CTOS +2.08%, HTZ +4.0%, VSTS +5.08%, PRG -0.61%, RCII 0%. This points to stock-specific dynamics rather than a uniform sector trend.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Nov 04 | Q3 2025 earnings | Positive | -6.0% | Record Q3 2025 revenue and pre-tax income with higher utilization. |
| Aug 05 | Q2 2025 earnings | Positive | +7.8% | Record Q2 2025 revenue, strong pre-tax income and portfolio utilization. |
| May 06 | Q1 2025 earnings | Positive | -14.2% | Record Q1 2025 revenue and higher lease and maintenance revenues. |
Recent earnings releases have consistently highlighted record revenue and growing profitability, yet market reactions have often been volatile or negative despite strong fundamentals. Two of the last three earnings events saw the stock decline on solid results, while one delivered a strong positive move. This pattern suggests that expectations and positioning around earnings have played a significant role in post-announcement trading, with investors sometimes selling into strength even when operational metrics improved.
Over the past year, WLFC has repeatedly reported record quarterly results, with rising lease rent and maintenance reserve revenues and improving portfolio utilization. Q1, Q2 and Q3 2025 each delivered higher revenue and pre-tax income, alongside portfolio growth and a dividend increase. Market reactions were mixed: the stock fell after Q1 and Q3 despite strong numbers, but rose notably after Q2. Today’s full-year 2025 record revenue and pre-tax income continue this earnings momentum built through 2025.
Historical Comparison
In the past year, WLFC issued 3 earnings updates with an average next-day move of -4.1%, despite consistently strong revenue and income trends. The latest full-year 2025 record results extend this pattern of robust fundamentals around earnings dates.
Earnings releases across Q1–Q3 2025 showed sequential record revenues, rising pre-tax income and improving utilization. The current announcement aggregates those quarterly gains into record full-year 2025 revenue and pre-tax income, reinforcing the same growth trajectory seen throughout the year.
Market Pulse Summary
This announcement highlights WLFC’s record 2025 performance, with total revenue of $730.2M, pre-tax income of $160.6M and Adjusted EBITDA of $459.1M. Growth was driven by higher lease rent, maintenance reserve revenue and a sharp increase in spare parts and equipment sales. Investors may compare these full-year metrics to prior 2025 quarters, watching trends in utilization, write-downs, interest expense and capital allocation decisions to gauge how sustainable this earnings trajectory may be.
Key Terms
adjusted ebitda financial
non-gaap financial measure financial
maintenance reserve revenue financial
loss on debt extinguishment financial
write-down of equipment financial
AI-generated analysis. Not financial advice.
Delivers Record Pre-Tax Income of
COCONUT CREEK, Fla., March 10, 2026 (GLOBE NEWSWIRE) -- Willis Lease Finance Corporation (NASDAQ: WLFC) (“WLFC” or the “Company”), the leading lessor of commercial aircraft engines and global provider of aviation services, today announced its financial results for the year ended December 31, 2025.
2025 Highlights (All metrics compared to 2024, except if noted)
- Record high annual total revenue of
$730.2 million , an increase of28.3% - Record high pre-tax income of
$160.6 million , an increase of5.2% - Record high lease rent revenue of
$291.6 million , an increase of22.4% - Record high maintenance reserve revenue of
$232.0 million , an increase of8.4% - Record high spare parts and equipment sales of
$95.5 million , an increase of252.3% - Record high gain on sale of leased equipment of
$54.0 million , an increase of19.9% - Record high net income attributable to common shareholders of
$108.1 million , an increase of3.5% - Adjusted EBITDA of
$459.1 million , an increase of16.6% - Average portfolio utilization increased to
84.9% for 2025, compared to82.9%
Total revenue was
“Our 2025 results were strong,” said Austin C. Willis, Chief Executive Officer of WLFC. “Equally important however were the strategic initiatives and capital markets activities that we put in place to foster long term growth.”
2025 Operating Results
Lease rent revenue increased by
Maintenance reserve revenue increased by
Spare parts and equipment sales for 2025 increased by
Gain on sale of leased equipment was
The book value of lease assets owned either directly or through WLFC’s joint ventures, inclusive of the Company’s equipment held for operating lease, maintenance rights, notes receivable, and investments in sales-type leases was
NON-GAAP FINANCIAL MEASURES
Adjusted EBITDA
We analyze our financial data to evaluate the health of our business and assess our performance. As appropriate, in addition to income or loss from operations under GAAP, we use Adjusted EBITDA, a non-GAAP financial measure, to evaluate our business. We believe that this non-GAAP financial measure provides meaningful supplemental information regarding our performance as it excludes certain items that may not be indicative of our recurring operating results. We also believe that investors, in addition to management, benefit from referring to this non-GAAP financial measure in assessing our performance, when viewed together with our GAAP results. While items excluded from Adjusted EBITDA may be recurring in nature and should not be disregarded in evaluating performance, it can be useful to exclude such items as they can vary significantly between periods and or not be indicative of current or future operating results.
Because non-GAAP financial measures are not standardized, our calculation of Adjusted EBITDA may differ from similarly titled non-GAAP measures, if any, reported by other companies. This non-GAAP financial measure should not be considered in insolation from, or as a substitute for, financial information performed in accordance with GAAP.
We define Adjusted EBITDA as net income attributable to common shareholders, excluding (i) income tax expense, (ii) interest expense, (iii) preferred stock dividends/costs, (iv) loss on debt extinguishment, (v) depreciation and amortization expense, (vi) stock compensation expense, (vii) write-down of equipment, (viii) acquisition, financing and divestitures related expenses, and (ix) other items not indicative of our ongoing operating performance.
Adjusted EBITDA was approximately
| Year Ended December 31, | ||||||
| 2025 | 2024 | |||||
| (in thousands) | ||||||
| Net income attributable to common shareholders | $ | 108,066 | $ | 104,378 | ||
| Add: Income tax expense | 46,849 | 44,033 | ||||
| Add: Interest expense | 132,060 | 104,764 | ||||
| Add: Preferred stock dividends/costs | 5,692 | 4,234 | ||||
| Add: Loss on debt extinguishment | 3,081 | — | ||||
| Add: Depreciation and amortization expense | 111,553 | 92,460 | ||||
| Add: Stock compensation expense (1) | 44,566 | 29,247 | ||||
| Add: Write-down of equipment | 32,947 | 11,228 | ||||
| Add: Acquisition, financing and divestitures related expenses | 3,495 | 1,449 | ||||
| (Less) Add: Other (2) | (29,197 | ) | 1,881 | |||
| Adjusted EBITDA | $ | 459,112 | $ | 393,674 | ||
________________________________________________________
- In 2025, upon the resignation of our former General Counsel,
$5.3 million of stock compensation expense relates to the acceleration of vesting of shares. - In 2025, the Company recognized
$43.0 million in relation to the gain on sale of the Bridgend Asset Management Limited business. In 2025 and 2024, the Company recognized$13.8 million and$1.9 million , respectively, in non-recurring project expenses associated with the sustainable aviation fuels project.
Balance Sheet
As of December 31, 2025, the Company’s lease portfolio was
Conference Call
WLFC plans to hold a conference call led by members of WLFC’s executive management team on Tuesday, March 10, 2026, at 10:00 a.m. Eastern Standard Time to discuss its fourth quarter and full year 2025 results.
To participate in the conference call, please use the following dial-in numbers:
US and Canada (800) 281-3044
International +1 (646) 307-1068
Conference ID 661343.
The conference call may also be accessed by registering via the following link:
https://event.webcasts.com/starthere.jsp?ei=1752912&tp_key=936d4d322e
A digital replay will be available two hours after the completion of the conference call. To access the replay, please visit the Investor Relations sections of our website at https://www.wlfc.global/investor-center.
Willis Lease Finance Corporation
Willis Lease Finance Corporation (WLFC) leases large and regional spare commercial aircraft engines and aircraft to airlines, aircraft engine manufacturers and maintenance, repair and overhaul providers worldwide. These leasing activities are integrated with engine and aircraft trading, engine lease pools and asset management services, as well as various end-of-life solutions for engines and aviation materials provided through Willis Aeronautical Services, Inc. Additionally, through Willis Engine Repair Center®, Jet Centre
by Willis, and Willis Aviation Services Limited, the Company’s service offerings include Part 145 engine maintenance, aircraft line and base maintenance, aircraft disassembly, parking and storage, airport FBO, and ground and cargo handling services.
| CONTACT: | Scott B. Flaherty |
| Executive Vice President & Chief Financial Officer | |
| 561.413.0112 | |
Unaudited Consolidated Statements of Income
(In thousands, except per share data)
| Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||||
| 2025 | 2024 | % Change | 2025 | 2024 | % Change | ||||||||||||
| REVENUE | |||||||||||||||||
| Lease rent revenue | $ | 75,074 | $ | 64,584 | 16.2 | % | $ | 291,633 | $ | 238,236 | 22.4 | % | |||||
| Maintenance reserve revenue | 50,324 | 57,381 | (12.3) | % | 231,980 | 213,908 | 8.4 | % | |||||||||
| Spare parts and equipment sales | 41,495 | 6,762 | 513.6 | % | 95,483 | 27,099 | 252.3 | % | |||||||||
| Interest revenue | 3,150 | 3,718 | (15.3) | % | 14,093 | 11,683 | 20.6 | % | |||||||||
| Gain on sale of leased equipment | 5,872 | 11,915 | (50.7) | % | 54,025 | 45,063 | 19.9 | % | |||||||||
| Gain on sale of financial assets | — | — | nm | 378 | — | nm | |||||||||||
| Maintenance services revenue | 8,239 | 6,202 | 32.8 | % | 25,492 | 24,158 | 5.5 | % | |||||||||
| Other revenue | 9,464 | 2,235 | 323.4 | % | 17,157 | 9,076 | 89.0 | % | |||||||||
| Total revenue | 193,618 | 152,797 | 26.7 | % | 730,241 | 569,223 | 28.3 | % | |||||||||
| EXPENSES | |||||||||||||||||
| Depreciation and amortization expense | 30,317 | 24,157 | 25.5 | % | 111,553 | 92,460 | 20.7 | % | |||||||||
| Cost of spare parts and equipment sales | 42,162 | 5,849 | 620.8 | % | 92,271 | 22,852 | 303.8 | % | |||||||||
| Cost of maintenance services | 8,833 | 6,823 | 29.5 | % | 27,918 | 24,470 | 14.1 | % | |||||||||
| Write-down of equipment | 9,179 | 10,362 | (11.4) | % | 32,947 | 11,228 | 193.4 | % | |||||||||
| General and administrative | 47,396 | 42,452 | 11.6 | % | 194,735 | 146,757 | 32.7 | % | |||||||||
| Technical expense | 9,294 | 4,370 | 112.7 | % | 31,384 | 22,294 | 40.8 | % | |||||||||
| Net finance costs: | |||||||||||||||||
| Interest expense | 32,220 | 29,386 | 9.6 | % | 132,060 | 104,764 | 26.1 | % | |||||||||
| Loss on debt extinguishment | 118 | — | nm | 3,081 | — | nm | |||||||||||
| Total net finance costs | 32,338 | 29,386 | 10.0 | % | 135,141 | 104,764 | 29.0 | % | |||||||||
| Total expenses | 179,519 | 123,399 | 45.5 | % | 625,949 | 424,825 | 47.3 | % | |||||||||
| Income from operations | 14,099 | 29,398 | (52.0) | % | 104,292 | 144,398 | (27.8) | % | |||||||||
| Gain on sale of business | — | — | nm | 42,950 | — | nm | |||||||||||
| Income from joint ventures | 3,740 | 992 | 277.0 | % | 13,365 | 8,247 | 62.1 | % | |||||||||
| Income before income taxes | 17,839 | 30,390 | (41.3) | % | 160,607 | 152,645 | 5.2 | % | |||||||||
| Income tax expense | 5,651 | 9,329 | (39.4) | % | 46,849 | 44,033 | 6.4 | % | |||||||||
| Net income | 12,188 | 21,061 | (42.1) | % | 113,758 | 108,612 | 4.7 | % | |||||||||
| Preferred stock dividends | 1,368 | 1,368 | — | % | 5,413 | 4,126 | 31.2 | % | |||||||||
| Accretion of preferred stock issuance costs | 70 | 69 | 1.4 | % | 279 | 108 | 158.3 | % | |||||||||
| Net income attributable to common shareholders | $ | 10,750 | $ | 19,624 | (45.2) | % | $ | 108,066 | $ | 104,378 | 3.5 | % | |||||
| Basic weighted average income per common share | $ | 1.58 | $ | 2.97 | $ | 16.00 | $ | 15.97 | |||||||||
| Diluted weighted average income per common share | $ | 1.52 | $ | 2.81 | $ | 15.39 | $ | 15.34 | |||||||||
| Basic weighted average common shares outstanding | 6,806 | 6,603 | 6,754 | 6,536 | |||||||||||||
| Diluted weighted average common shares outstanding | 7,057 | 6,983 | 7,020 | 6,804 | |||||||||||||
Unaudited Consolidated Balance Sheets
(In thousands, except per share data)
| December 31, 2025 | December 31, 2024 | ||||||
| ASSETS | |||||||
| Cash and cash equivalents | $ | 16,441 | $ | 9,110 | |||
| Restricted cash | 530,500 | 123,392 | |||||
| Equipment held for operating lease, less accumulated depreciation | 2,801,683 | 2,635,910 | |||||
| Maintenance rights | 30,632 | 31,134 | |||||
| Equipment held for sale | 20,509 | 12,269 | |||||
| Receivables, net | 35,717 | 38,291 | |||||
| Spare parts inventory | 56,577 | 72,150 | |||||
| Investments | 104,250 | 62,670 | |||||
| Property, equipment & furnishings, less accumulated depreciation | 73,835 | 48,061 | |||||
| Intangible assets, net | 271 | 2,929 | |||||
| Notes receivable, net | 139,945 | 183,629 | |||||
| Investments in sales-type leases, net | 16,595 | 21,606 | |||||
| Other assets | 109,360 | 56,045 | |||||
| Total assets | $ | 3,936,315 | $ | 3,297,196 | |||
| LIABILITIES, REDEEMABLE PREFERRED STOCK AND SHAREHOLDERS’ EQUITY | |||||||
| Liabilities: | |||||||
| Accounts payable and accrued expenses | $ | 105,706 | $ | 75,983 | |||
| Deferred income taxes | 228,547 | 185,049 | |||||
| Debt obligations | 2,700,338 | 2,264,552 | |||||
| Maintenance reserves | 116,185 | 97,817 | |||||
| Security deposits | 24,651 | 23,424 | |||||
| Unearned revenue | 35,350 | 37,911 | |||||
| Total liabilities | 3,210,777 | 2,684,736 | |||||
| Redeemable preferred stock ( | 63,401 | 63,122 | |||||
| Shareholders’ equity: | |||||||
| Common stock ( | 76 | 72 | |||||
| Paid-in capital in excess of par | 72,663 | 50,928 | |||||
| Retained earnings | 590,785 | 491,439 | |||||
| Accumulated other comprehensive (loss) income, net of tax | (1,387 | ) | 6,899 | ||||
| Total shareholders’ equity | 662,137 | 549,338 | |||||
| Total liabilities, redeemable preferred stock and shareholders’ equity | $ | 3,936,315 | $ | 3,297,196 | |||
FAQ
What were WLFC's full-year 2025 revenue and percentage growth versus 2024?
How did WLFC's adjusted EBITDA and pre-tax income perform in 2025?
What drove the large increase in WLFC spare parts and equipment sales in 2025?
Did WLFC's portfolio utilization or asset base change in 2025 and how?
What expense or balance-sheet items should WLFC investors watch after 2025 results?
When and how can investors access WLFC's 2025 earnings conference call and replay?
