Willis Lease Finance Corporation reported record lease rent revenue of $77.4 million for the first quarter of 2026, up 14.2% from $67.7 million in the prior-year period. The increase stemmed from a larger average portfolio size and higher utilization rates, which reached 85.8% at March 31, 2026.
Total revenue rose 23.2% to $194.3 million, driven by gains across multiple segments. Maintenance services revenue hit a record $9.8 million, a 74.9% jump from $5.6 million a year earlier. Maintenance reserve revenue edged up 1.2% to $55.5 million, while gain on sale of leased equipment surged 304.8% to $18.0 million. Core lease rent and maintenance reserve revenues totaled $132.9 million, up 8.4% year-over-year.
Adjusted EBITDA increased 19.9% to $123.8 million. Income from operations climbed 41.4% to $33.8 million, and pre-tax income grew 45.9% to $36.8 million. Diluted EPS was $3.26, reflecting a 47.5% rise. Net income attributable to common shareholders reached $23.7 million.
The lease portfolio book value declined to $2.857 billion from $2.989 billion at the end of 2025. Notes receivable fell to $65.6 million from $139.9 million. The company recorded a $7.0 million loss on debt extinguishment and declared a $0.40 quarterly dividend, payable May 22, 2026.