Willis Lease Finance Corporation (WLFC) announced its financial results for the year ended 31 December 2025. Total revenue reached US$730.2 million in 2025, an increase of 28.3% compared with US$569.2 million in 2024.
For 2025, core lease rent and maintenance reserve revenues totalled US$523.6 million, up 15.8% from US$452.1 million in 2024. The growth was largely driven by stronger core leasing and maintenance revenues, reflecting continued strength in the aviation market. Airlines increasingly relied on the company’s extensive portfolio of high-demand engines, alongside its parts and maintenance capabilities, to avoid lengthy and costly engine shop visits.
“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 we implemented to support long-term growth.”
2025 Operating Results
Lease rent revenue increased by US$53.4 million, or 22.4%, to US$291.6 million in 2025 from US$238.2 million in 2024. The increase primarily reflects a larger average portfolio compared with the previous period, as well as higher average utilisation of equipment in the operating lease portfolio. Utilisation is measured based on the net book value of equipment held for operating lease, maintenance rights, notes receivable and investments in sales-type leases, net of allowances.
Maintenance reserve revenue rose by US$18.1 million, or 8.4%, to US$232.0 million in 2025 from US$213.9 million in 2024. During 2025, the company recognised US$44.5 million of long-term maintenance revenue, compared with US$39.4 million in 2024. Long-term maintenance revenue is influenced by end-of-lease compensation and the realisation of long-term maintenance reserves associated with engines coming off lease.
Engines on lease with non-reimbursable usage fees generated US$187.5 million of short-term maintenance revenues in 2025, compared with US$174.5 million in 2024, an increase of US$13.0 million or 7.4%. The rise in short-term maintenance reserve revenue reflects a higher number of engines on short-term lease conditions, the timing of recognition of in-substance fixed payments, and contractual increases in hourly and cyclical usage rates.
Spare parts and equipment sales in 2025 increased by US$68.4 million, or 252.3%, to US$95.5 million, compared with US$27.1 million in 2024. Spare parts sales totalled US$37.7 million in 2025 versus US$26.1 million in 2024, an increase of US$11.6 million or 44.4%. The growth reflects strong demand for surplus material as operators seek to extend the operational life of their current-generation engine fleets.
Equipment sales reached US$57.8 million in 2025, relating to the sale of four engines. In 2024, equipment sales totalled US$1.0 million, reflecting the sale of one engine.
Gain on the sale of leased equipment was US$54.0 million in 2025, reflecting the sale of 38 engines, five airframes and other parts and equipment from the lease portfolio. In 2024, gains totalled US$45.1 million, reflecting the sale of 35 engines, eight airframes and other parts and equipment.
The book value of lease assets, owned either directly or through WLFC’s joint ventures — including equipment held for operating lease, maintenance rights, notes receivable and investments in sales-type leases — stood at US$3,614.5 million as of 31 December 2025.
