Willis Lease Finance Corporation (NASDAQ: WLFC), a leading lessor of commercial aircraft engines and provider of aviation services, announced record financial results for the year ended December 31, 2025. Total revenue reached $730.2 million, a 28.3% increase from $569.2 million in 2024. Core lease rent and maintenance reserve revenues aggregated $523.6 million, up 15.8% year-over-year.
Lease rent revenue hit a record $291.6 million, rising 22.4%, while maintenance reserve revenue grew to $232.0 million, an 8.4% gain. Spare parts and equipment sales surged 252.3% to $95.5 million. Pre-tax income achieved a record $160.6 million, up 5.2%, and net income attributable to common shareholders increased 3.5% to $108.1 million. Adjusted EBITDA expanded 16.6% to $459.1 million.
Average portfolio utilization improved to 84.9% from 82.9% in 2024. The lease portfolio totaled $2,988.9 million across 363 engines and 20 aircraft, with total assets at $3,936.3 million and shareholders’ equity at $662.1 million. Return on equity stood at 18%, and net debt to equity was 2.97x.
“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.” Growth stemmed from sustained aviation market demand, as airlines utilized WLFC’s engine portfolio and parts capabilities to bypass extended shop visits. Quarterly results through 2025 showed consistent revenue gains, with Q4 revenue at $193.6 million, up 27% year-over-year.