Willis Lease Finance Corporation (WLFC) reported solid third-quarter results for 2025, reflecting strong momentum in the global aviation market. Total revenue reached US$183.4 million, up 25.4% from US$146.2 million in the same period last year.
Core lease rent and maintenance reserve revenues rose to US$152.6 million, an increase of 33.1% from US$114.7 million in 2024. The growth came mainly from higher demand for leased engines and maintenance services, as airlines turned to WLFC’s large portfolio to avoid expensive and lengthy shop visits.
Lease rent revenue increased by US$11.6 million, or 17.9%, to US$76.6 million. The improvement was driven by a larger portfolio and higher average utilisation of leased equipment. WLFC’s operating lease assets, maintenance rights, and related investments also added to the strong performance.
Long-term maintenance revenue surged to US$29.5 million, compared with US$1.2 million in the same quarter last year. This revenue is recognised at the end of lease periods when maintenance reserve liabilities are released from the balance sheet.
The company also recorded a gain of US$16.1 million from the sale of leased equipment, following the disposal of ten engines, one airframe, and other components. In the Q3 of 2024, WLFC sold 13 engines and related parts, earning a gain of US$9.5 million.
As of September 30, 2025, the company’s lease portfolio was US$2,888.5 million, consisting of US$2,700.4 million of equipment held in its operating lease portfolio, US$144.8 million of notes receivable, US$27.0 million of maintenance rights, and US$16.3 million of investments in sales-type leases, which represented 354 engines, 20 aircraft, one marine vessel and other leased parts and equipment.
