Willis Lease Finance Corporation (NASDAQ: WLFC), a leading lessor of commercial aircraft engines, closed two Japanese Operating Lease with Call Option (JOLCO) transactions totaling approximately $50 million in March 2026. These deals support LEAP-1A engines for Airbus A320neo aircraft and LEAP-1B engines for Boeing 737 MAX aircraft, elevating WLFC’s total JOLCO financing to nearly $150 million.
The LEAP engine family, produced by CFM International—a 50/50 joint venture between GE Aerospace and Safran Aircraft Engines—powers the A320neo (LEAP-1A) and serves as the sole powerplant for the 737 MAX family (LEAP-1B), with thrust ratings from 22,000 to 35,000 pounds. LEAP-1B entered commercial service in May 2017. WLFC’s commitment aligns with its prior acquisition of options for 30 additional LEAP engines, positioning it as the largest independent lessor of LEAP spare engines with 70 units, excluding financed assets.
This financing follows WLFC’s record 2025 performance, with total revenue of $730.2 million and pre-tax income of $160.6 million. Core lease rent and maintenance reserve revenues reached $523.6 million, up 15.8% from 2024. The company’s operating lease portfolio stood at $2.8 billion as of December 31, 2025. Recent activities include a purchase-leaseback for seven CFM56-7B engines with Nauru Airlines under the ConstantThrust program and partnerships expanding LEAP services. Demand for LEAP engines remains strong, with over 7,000 units delivered and 20,000 orders outstanding.