Willis Lease Finance Corporation (WLFC) has announced total annual revenues of US$569.2 million and pre-tax income of US$152.6 million for the year ended December 31, 2024. Aggregate core lease rent and maintenance reserve revenues reached an all-time high of US$452.1 million, marking a 30.4% increase from US$346.8 million in 2023. This growth was primarily driven by core, recurring lease and maintenance revenues, reflecting the strength of the aviation marketplace.
“In 2024 we leveraged our strong earnings to reinvest in the most in-demand engines and aircraft,” said Austin C. Willis, Chief Executive Officer of WLFC. “Our ability to profitably deploy nearly US$1 billion is a direct reflection of how our platform maximises the value of assets.”
2024 Performance Highlights
WLFC achieved a record US$152.6 million in pre-tax income, an increase of 127.4% compared to US$67.1 million in 2023. Lease rent revenue rose by US$25.1 million, or 11.8%, to a record US$238.2 million in 2024, compared to US$213.1 million in 2023.
Maintenance reserve revenue surged to a record US$213.9 million in 2024, a 60.0% increase from US$133.7 million in 2023. This growth reflects the expanding lease portfolio, particularly leases under short-term conditions. Engines on lease with non-reimbursable usage fees generated US$174.5 million in short-term maintenance revenues in 2024, compared to US$118.3 million in the prior year. Long-term maintenance revenue, recognised at the end of lease periods, was US$39.4 million in 2024, up from US$15.4 million in 2023.
Spare parts and equipment sales rose to US$27.1 million in 2024 from US$20.4 million in 2023, reflecting increased demand for surplus materials as operators extended the service life of their current-generation engine portfolios. Equipment sales totalled US$1.0 million in 2024, representing the sale of one engine, whereas no equipment sales were recorded in 2023.
WLFC recorded a US$45.1 million gain on the sale of leased equipment in 2024, which included 35 engines, eight airframes, and other parts and equipment from the lease portfolio. This was a significant rise from the US$10.6 million gain in 2023, which resulted from the sale of 28 engines, one airframe, and other leased assets.
The book value of lease assets, including equipment held for operating lease, maintenance rights, notes receivable, and investments in sales-type leases, increased to US$2,872.3 million as of 31 December 2024, compared to US$2,223.4 million in the previous year. Including lease assets in joint ventures, the book value rose to US$3,238.4 million from US$2,495.4 million year-over-year.
