Willis Lease Finance Corp. COCONUT CREEK, Fla., Nov. 03, 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 third quarter ended September 30, 2026. Third Quarter 2026 Highlights (All metrics
Willis Lease Finance Corp.
COCONUT CREEK, Fla., Nov. 03, 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 third quarter ended September 30, 2026.
Third Quarter 2026 Highlights (All metrics compared to third quarter 2025, except where noted)
Record quarterly total revenue of $246.3 million, an increase of 34.3%
Record quarterly lease rent revenue of $84.4 million, an increase of 10.2%
Quarterly maintenance services revenue of $11.2 million, an increase of 208.5%
Quarterly management and advisory fees of $4.5 million, an increase of 140.0%
Record quarterly income from investments of $7.3 million, an increase of 40.8%
“Year to date we have focused on launching Willis Aviation Capital and growing AUM,” said Austin Willis, CEO of Willis Lease Finance Corporation, “as we now refocus on growing the entire Willis platform, inclusive of our balance sheet, we expect profits in our core leasing business to accelerate as we realize economies of scale.”
Third Quarter 2026 Operating Results
Lease rent revenue increased by $7.8 million, or 10.2%, to $84.4 million in the three months ended September 30, 2026 from $76.6 million for the three months ended September 30, 2025. The increase is due to an increase in the average size of the portfolio as compared to that of the prior year period and a strong lease rate factor.
During the third quarter of 2026, the Company recognized $2.6 million of long-term maintenance revenue, compared to $29.5 million for the quarter ended September 30, 2025, as the maintenance reserves and end-of-lease payments for assets coming off lease with long-term conditions were higher in the prior comparable period. Long-term maintenance revenue is influenced by end-of-lease compensation and the realization of long-term maintenance reserves associated with assets coming off lease. Engines on lease with “non-reimbursable” usage fees generated $36.8 million of short-term maintenance revenues, compared to $46.6 million in the comparable prior period. Short-term maintenance revenues are a proxy for flight time of our portfolio of engines.
Spare parts and equipment sales increased by $92.7 million, to $98.1 million for the three months ended September 30, 2026, compared to $5.4 million for the three months ended September 30, 2025. Spare parts sales were $9.1 million and $5.4 million for the three months ended September 30, 2026 and 2025, respectively, an increase of $3.7 million, or 67.8%, compared to the same period in 2025. The increase in spare parts sales reflects variations in the timing of sales to third-party customers and is not reflective of intra-company sales as the parts business provides used serviceable material across the broader Willis platform. Equipment sales for the three months ended September 30, 2026 were $89.1 million for the sale of five aircraft, two engines, and one airframe. There were no equipment sales for the three months ended September 30, 2025. The increase in equipment sales primarily reflects the sale of five aircraft acquired in connection with the WNG Acquisition to the Company’s joint venture, Willis Mitsui & Company Engine Support Limited (“WMES”), where the Company acted in a warehouse capacity to effect these transactions.
For the quarter ended September 30, 2026, the gain on sale of leased equipment was $5.5 million, reflecting the sale of eight engines and other parts and equipment from the lease portfolio. During the three months ended September 30, 2025, the Company sold 10 engines, one airframe, and other parts and equipment for a net gain of $16.1 million.
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 $4,174.2 million as of September 30, 2026.
The value of our assets under management, inclusive of the book value of WLFC’s on-balance sheet assets as well as leased assets in our joint ventures, third-party managed assets, and managed fund portfolios was $4.9 billion as of September 30, 2026.
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 $100.9 million and $135.0 million for the three months ended September 30, 2026 and 2025, respectively, and $345.5 million and $354.4 million for the nine months ended September 30, 2026 and 2025, respectively. See below for the reconciliation of Adjusted EBITDA to the most directly comparable GAAP measure, net income attributable to common shareholders.
Three months ended September 30,
Nine months ended September 30,
2026
2025
2026
2025
(in thousands)
Net income attributable to common shareholders
$
10,228
$
22,885
$
62,635
$
97,316
Add: Income tax expense
7,126
18,893
26,709
41,198
Add: Interest expense
32,243
34,177
94,565
99,840
Add: Preferred stock dividends/costs
1,446
1,439
4,291
4,254
Add: Loss on debt extinguishment
562
2,963
13,010
2,963
Add: Depreciation and amortization expense
31,367
28,662
90,613
81,236
Add: Stock compensation expense
12,262
11,281
38,717
34,939
Add: Write-down of equipment
4,450
10,201
10,509
23,768
Add: Acquisition, financing and divestitures related expenses
During the three months ended September 30, 2026 and 2025, the Company recognized $11 thousand and $3.8 million, respectively, and $(1.6) million and $10.3 million, respectively, during the nine months ended September 30, 2026 and 2025 in non-recurring project expenses associated with the sustainable aviation fuel project, which the Company decided to cease further investment in. The negative expense recognized during the nine-month period ended September 30, 2026 reflects government grant proceeds recognized. Additionally, during the three and nine months ended September 30, 2026, the Company recognized $24 thousand in expense associated with reincorporation, and during the nine months ended September 30, 2025, the Company recognized $43.0 million in relation to the gain on sale of the BAML business.
Balance Sheet
As of September 30, 2026, the Company had $3,024.4 million of equipment held in our operating lease portfolio, $128.6 million of notes receivable, and $146.5 million of maintenance rights, which represented 341 engines, 31 aircraft, one marine vessel, and other leased parts and equipment. As of December 31, 2025, the Company 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.
Conference Call
WLFC will hold a conference call led by the executive management team today at 10:00 a.m. Eastern Time to discuss its third quarter 2026 results.
To participate in the conference call, please use the following dial-in numbers:
U.S. and Canada: +1 (800) 330-6730 International: +1 (786) 297-8585 Conference ID: 6125236 Participant Passcode: 974110
The conference call may also be accessed by registering via the following link: https://event.webcasts.com/starthere.jsp?ei=1759374&tp_key=c0ab3b632b
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.
About 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.
Forward-Looking Statements
Except for historical information, the matters discussed in this press release contain forward-looking statements that involve risks and uncertainties. Do not unduly rely on forward-looking statements, which give only expectations about the future and are not guarantees. By their nature, forward-looking statements involve a number of inherent risks, uncertainties and assumptions and are subject to change in circumstances that are difficult to predict and many of which are outside of our control. These risks, uncertainties and assumptions could adversely affect the outcome and financial effects of the plans and events described herein. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update them to reflect any change in the Company’s expectations or any change in events, conditions or circumstances on which the forward-looking statement is based, except as required by law. Our actual results may differ materially from the results discussed, either expressly or implicitly, in forward-looking statements. Factors that might cause such a difference include, but are not limited to: the effects on the airline industry and the global economy of events such as war, terrorist activity and natural disasters; changes in oil prices, rising inflation and other disruptions to world markets; trends in the airline industry and our ability to capitalize on those trends, including growth rates of markets and other economic factors, as well as the impact of new or increased tariffs; risks associated with owning and leasing jet engines and aircraft; our ability to successfully negotiate equipment purchases, sales and leases, to collect outstanding amounts due and to control costs and expenses; changes in interest rates and availability of capital, both to us and our customers; our ability to continue to meet changing customer demands; regulatory changes affecting airline operations, aircraft maintenance, accounting standards and taxes; the market value of engines and other assets in our portfolio; and risks detailed in the Company’s Annual Report on Form 10-K and other continuing and current reports filed with the Securities and Exchange Commission. It is advisable, however, to consult any further disclosures the Company makes on related subjects in such filings. These statements constitute the Company’s cautionary statements under the Private Securities Litigation Reform Act of 1995.
Unaudited Condensed Consolidated Statements of Income (In thousands, except per share data)
Three months ended September 30,
Nine months ended September 30,
2026
2025
% Change
2026
2025
% Change
REVENUE
Lease rent revenue
$
84,379
$
76,552
10.2
%
$
238,901
$
216,559
10.3
%
Maintenance reserve revenue
39,326
76,054
(48.3
)%
141,294
181,656
(22.2
)%
Spare parts and equipment sales
98,131
5,394
1,719.3
%
140,998
53,988
161.2
%
Interest revenue
2,585
3,360
(23.1
)%
6,556
10,943
(40.1
)%
Gain on sale of leased equipment
5,452
16,134
(66.2
)%
55,449
48,153
15.2
%
Gain on sale of financial assets
—
—
nm
592
378
56.6
%
Maintenance services revenue
11,217
3,636
208.5
%
29,969
17,253
73.7
%
Management and advisory fees
4,515
1,881
140.0
%
17,934
6,431
178.9
%
Other revenue
717
378
89.7
%
2,992
1,262
137.1
%
Total revenue
246,322
183,389
34.3
%
634,685
536,623
18.3
%
EXPENSES
Depreciation and amortization expense
31,367
28,662
9.4
%
90,613
81,236
11.5
%
Cost of spare parts and equipment sales
91,070
6,684
1,262.5
%
120,584
50,109
140.6
%
Cost of maintenance services
12,918
5,135
151.6
%
32,128
19,085
68.3
%
Write-down of equipment
4,450
10,201
(56.4
)%
10,509
23,768
(55.8
)%
General and administrative
48,732
49,190
(0.9
)%
160,895
147,339
9.2
%
Technical expense
13,495
8,352
61.6
%
33,130
22,090
50.0
%
Net finance costs:
Interest expense
32,243
34,177
(5.7
)%
94,565
99,840
(5.3
)%
Loss on debt extinguishment
562
2,963
(81.0
)%
13,010
2,963
339.1
%
Total net finance costs
32,805
37,140
(11.7
)%
107,575
102,803
4.6
%
Total expenses
234,837
145,364
61.6
%
555,434
446,430
24.4
%
Income from operations
11,485
38,025
(69.8
)%
79,251
90,193
(12.1
)%
Gain on sale of business
—
—
nm
—
42,950
(100.0
)%
Income from investments
7,311
5,192
40.8
%
14,532
9,625
51.0
%
Income before income taxes
18,796
43,217
(56.5
)%
93,783
142,768
(34.3
)%
Income tax expense
7,126
18,893
(62.3
)%
26,709
41,198
(35.2
)%
Net income
11,670
24,324
(52.0
)%
67,074
101,570
(34.0
)%
Net income (loss) attributable to noncontrolling interests
(4
)
—
nm
148
—
nm
Net income attributable to WLFC
11,674
24,324
(52.0
)%
66,926
101,570
(34.1
)%
Preferred stock dividends
1,376
1,369
0.5
%
4,082
4,045
0.9
%
Accretion of preferred stock issuance costs
70
70
—
%
209
209
—
%
Net income attributable to common shareholders
$
10,228
$
22,885
(55.3
)%
$
62,635
$
97,316
(35.6
)%
Basic weighted average income per common share
$
0.48
$
1.12
$
3.00
$
4.82
Diluted weighted average income per common share
$
0.47
$
1.08
$
2.86
$
4.63
Basic weighted average common shares outstanding
21,154
20,439
20,875
20,208
Diluted weighted average common shares outstanding
21,941
21,093
21,904
21,021
Unaudited Condensed Consolidated Balance Sheets (In thousands, except per share data)
September 30, 2026
December 31, 2025
ASSETS
Cash and cash equivalents
$
11,061
$
16,441
Restricted cash
122,610
530,500
Equipment held for operating lease, less accumulated depreciation
3,024,361
2,801,683
Maintenance rights
146,479
30,632
Equipment held for sale
151,282
20,509
Receivables, net
45,739
35,717
Spare parts inventory
52,082
56,577
Investments
167,361
104,250
Property, equipment & furnishings, less accumulated depreciation
77,026
73,835
Intangible assets, net
6,292
271
Notes receivable, net
128,595
139,945
Investments in sales-type leases, net
—
16,595
Due from affiliates
3,152
—
Other assets
116,323
109,360
Total assets
$
4,052,363
$
3,936,315
LIABILITIES, REDEEMABLE PREFERRED STOCK AND EQUITY
Liabilities:
Accounts payable and accrued expenses
$
145,874
$
105,706
Deferred income taxes
290,061
228,547
Debt obligations
2,524,677
2,700,338
Maintenance reserves
201,671
116,185
Security deposits
28,951
24,651
Unearned revenue
29,966
35,350
Due to affiliates
607
—
Total liabilities
3,221,807
3,210,777
Redeemable preferred stock ($0.01 par value)
97,992
63,401
Shareholders’ equity:
Common stock ($0.01 par value)
228
229
Paid-in capital in excess of par
83,517
72,510
Retained earnings
644,228
590,785
Accumulated other comprehensive income (loss), net of tax
1,518
(1,387
)
Total Willis Lease Finance Corporation shareholders’ equity
729,491
662,137
Noncontrolling interests
3,073
—
Total equity
732,564
662,137
Total liabilities, redeemable preferred stock and equity
$
4,052,363
$
3,936,315
CONTACT:
Scott B. Flaherty Executive Vice President & Chief Financial Officer 561.413.0112
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