Willis Lease Finance Posts Record Q3 2026 Revenue of $246.3 Million, Up 34.3%, Driven by Equipment Sales
Why It MattersEngine and aircraft lessors are leaning on asset trading through joint ventures to lift revenue, while core lease income grows more slowly and profit margins come under pressure.
Willis Lease Finance Corporation (NASDAQ: WLFC) reported results for the third quarter ended September 30, 2026, with record total revenue of $246.3 million, up 34.3% from the same quarter of 2025. Record lease rent revenue was $84.4 million, up 10.2% from $76.6 million, which the company attributed to a larger average portfolio and a strong lease rate factor. Maintenance services revenue was $11.2 million, up 208.5%; management and advisory fees were $4.5 million, up 140.0%; and record income from investments was $7.3 million, up 40.8%.
Spare parts and equipment sales rose by $92.7 million to $98.1 million from $5.4 million. Equipment sales of $89.1 million came from the sale of five aircraft, two engines and one airframe; there were no equipment sales in the prior-year quarter. The five aircraft were acquired in the WNG Acquisition and sold to the company's joint venture, Willis Mitsui & Company Engine Support Limited (WMES), with the company acting in a warehouse capacity. Spare parts sales were $9.1 million, up 67.8% from $5.4 million. Long-term maintenance revenue was $2.6 million, compared with $29.5 million a year earlier, when maintenance reserves and end-of-lease payments were higher. Short-term maintenance revenue from engines on lease with non-reimbursable usage fees was $36.8 million, down from $46.6 million. Gain on sale of leased equipment was $5.5 million on the sale of eight engines and other parts and equipment, versus a $16.1 million net gain a year earlier on 10 engines, one airframe and other items.
Net income attributable to common shareholders was $10.2 million, compared with $22.9 million a year earlier. Adjusted EBITDA, a non-GAAP measure, was about $100.9 million, compared with $135.0 million; for the nine months it was $345.5 million versus $354.4 million. The book value of lease assets owned directly or through joint ventures was $4,174.2 million as of September 30, 2026, and assets under management totaled $4.9 billion. The operating lease portfolio stood at $3,024.4 million, with $128.6 million of notes receivable and $146.5 million of maintenance rights, representing 341 engines, 31 aircraft, one marine vessel and other leased parts and equipment. At December 31, 2025, the portfolio represented 363 engines, 20 aircraft and one marine vessel.
CEO Austin Willis said the company had focused on launching Willis Aviation Capital and growing assets under management, and now expects profits in its core leasing business to accelerate as it realizes economies of scale.
