WILLIS LEASE FINANCE CORP WLFC
Willis Lease Finance Corporation with its subsidiaries ("WLFC" or the "Company") is a leading lessor and servicer of commercial aircraft and aircraft engines. Our principal business objective is to build value for our shareholders by acquiring commercial aircraft and engines and managing those assets in order to provide a return on investment, primarily through lease rent and maintenance reserve revenues, as well as through management fees earned for managing assets owned by third parties. As of December 31, 2025, we had $2,801.7 million of equipment held in our operating lease portfolio, $139.9 million of notes receivable, $30.6 million of maintenance rights, and $16.6 million of investments in sales-type leases, which represented 363 engines, 20 aircraft, one marine vessel and other leased parts and equipment with 69 lessees in 37 countries. In addition to our owned portfolio, as of December 31, 2025, we managed 116 engines and related equipment for third parties.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $730.2M | $569.2M | $418.6M | $311.9M | $274.2M | $288.7M | $409.2M | $87.0M | $80.2M | $57.1M |
| Cost of revenue | — | — | — | — | — | — | $62.6M | $61.0M | $40.8M | $13.3M |
| Gross profit | — | — | — | — | — | — | $346.5M | $26.0M | $39.3M | $43.8M |
| SG&A | $194.7M | $146.8M | $115.7M | $92.5M | $75.3M | $67.9M | $86.5M | $72.0M | $55.7M | $47.8M |
| Total operating expenses | $625.9M | $424.8M | $354.3M | $302.1M | $265.9M | $274.0M | $328.9M | $295.9M | $246.0M | $185.1M |
| Operating income | $104.3M | $144.4M | $64.2M | $9.9M | $8.3M | $14.7M | $80.3M | $52.5M | $28.9M | $22.1M |
| Interest expense | $132.1M | $104.8M | $78.8M | $66.7M | $68.0M | $63.0M | $66.9M | $64.2M | $48.7M | $41.1M |
| Pre-tax income | $160.6M | $152.6M | $67.1M | $9.8M | $9.1M | $17.3M | $88.9M | $56.3M | $36.0M | $23.9M |
| Income tax | $46.8M | $44.0M | $23.3M | $4.4M | $5.8M | $7.6M | $22.0M | $13.0M | $26.1M | $9.9M |
| Net income | $114.0M | $109.0M | $44.0M | $5.4M | $3.4M | $9.7M | $66.9M | $43.2M | $62.2M | $14.1M |
| EPS, basic | 16.00 | 15.97 | 6.40 | 0.35 | 0.00 | 1.07 | 10.90 | 6.75 | 9.93 | 2.10 |
| EPS, diluted | 15.39 | 15.34 | 6.23 | 0.33 | 0.00 | 1.05 | 10.50 | 6.60 | 9.69 | 2.05 |
| Shares, diluted (wtd. avg.) | $7.0M | $6.8M | $6.5M | $6.3M | $6.3M | $6.1M | $6.1M | $6.0M | $6.2M | $6.7M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $16.4M | $9.1M | $168.0M | $89.0M | $95.6M | $78.9M | $63.7M | $81.9M | $47.3M | $32.4M |
| Receivables | $35.7M | $38.3M | $58.5M | — | — | — | — | — | — | — |
| Property, plant and equipment | — | — | — | — | — | $31.8M | $31.5M | $27.7M | $26.1M | $16.8M |
| Goodwill | $300.0K | $1.0M | — | — | — | — | — | — | — | — |
| Other intangibles | — | — | — | — | $1.2M | $1.2M | $1.3M | $1.4M | $1.7M | $2.2M |
| Total assets | $3.94B | $3.30B | $2.65B | $2.58B | $2.46B | $2.36B | $1.94B | $1.93B | $1.60B | $1.34B |
| Long-term debt | $2.70B | $2.26B | $1.80B | $1.85B | $1.79B | $1.69B | $1.25B | $1.34B | $1.09B | $900.3M |
| Total liabilities | $3.21B | $2.68B | $2.16B | $2.12B | $2.04B | $1.95B | $1.54B | $1.60B | $1.30B | $1.12B |
| Retained earnings | $590.8M | $491.4M | $397.8M | $357.5M | $355.4M | $355.4M | $349.0M | $286.6M | $256.3M | $194.7M |
| Total equity | $662.1M | $549.3M | $439.0M | $404.7M | $375.9M | $364.0M | $350.3M | $286.8M | $258.9M | $196.3M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $283.2M | $284.4M | $229.7M | $144.4M | $90.7M | $93.4M | $230.3M | $188.7M | $137.1M | $91.6M |
| Depreciation and amortisation | $111.6M | $92.5M | $90.9M | $88.3M | $90.5M | — | — | — | — | — |
| Stock-based compensation | $44.6M | $29.2M | $14.8M | $13.6M | $16.6M | $11.4M | $7.8M | $5.4M | $4.3M | $3.7M |
| Capital expenditure | $31.1M | $15.6M | $5.1M | $6.6M | $2.2M | $3.0M | $6.3M | $3.5M | $10.8M | $1.0M |
| Investing cash flow | -$256.4M | -$764.9M | -$92.8M | -$194.4M | -$148.0M | -$506.7M | -$147.4M | -$380.5M | -$325.6M | -$123.2M |
| Financing cash flow | $387.6M | $445.0M | -$57.9M | $43.3M | $74.1M | $428.5M | -$101.2M | $226.4M | $203.4M | $21.2M |
| Dividends paid | $8.7M | $10.7M | $0 | — | — | — | — | — | — | — |
| Buybacks | $3.8M | $0 | $9.4M | $5.2M | $10.1M | $1.5M | $3.6M | $16.1M | $3.5M | $29.0M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001193125-26-177136.
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