WLFC · Willis Lease Finance Corporation

Willis Lease Finance Corporation delivered exceptional first quarter 2026 results, with total revenue surging 23.2% to $194.3 million, driven by record lease rent revenue of $77.4 million (up 14.2%) from portfolio expansion and utilization improving to 85.8% from 79.9%. Maintenance services revenue more than doubled to $9.8 million, reflecting 74.9% growth amid strong aviation market demand, while gains on leased equipment sales exploded 304.8% to $18.0 million from selling 14 engines. Core lease and maintenance reserve revenues grew 8.4% to $132.9 million, supported by airlines utilizing the Company's engine portfolio to sidestep costly shop visits. Operating income rose 41.4% to $33.8 million, with pre-tax income up 45.9% to $36.8 million, yielding net income to common shareholders of $23.7 million (52.9% increase) and diluted EPS of $3.26 (47.5% increase). Adjusted EBITDA climbed 19.9% to $123.8 million, underscoring robust cash generation. CEO Austin Willis highlighted outperformance across metrics and capital strategy positioning for growth. The Board declared a $0.40 per share dividend for Q2 2026, payable May 22 to May 11 record holders, affirming shareholder returns commitment. Balance sheet shows lease portfolio at $2.9 billion (down from $2.99 billion at year-end due to sales), with debt reduced to $2.25 billion from $2.70 billion, enhancing liquidity. New Liberty Mutual investment fund commenced operations, bolstering scale in a supply-constrained market.