WLFCMEDIUM SIGNALFINANCIAL10-K

WLFC demonstrated substantial revenue growth while proportionally expanding its debt-financed asset base and maintaining healthy cash generation.

The company appears to be in an active growth phase, scaling its aircraft leasing operations with revenue expanding meaningfully alongside a corresponding increase in debt financing. The proportional growth in stockholders' equity and strong operating cash flow generation suggests the expansion is being managed prudently, though investors should monitor the sustainability of this growth trajectory and debt service capacity.

Comparing 2026-03-10 vs 2025-03-11View on EDGAR →
FINANCIAL ANALYSIS

WLFC's financial profile reflects significant business expansion, with revenue growing substantially to $569.2M while total debt increased to $2.3B to finance asset growth. The company maintained strong operational cash generation at $284.4M, and stockholders' equity grew meaningfully to $549.3M, indicating the debt-funded expansion is generating profitable returns. Overall asset growth to $3.3B suggests WLFC is actively scaling its aircraft leasing portfolio while maintaining financial stability.

FINANCIAL STATEMENT CHANGES
Revenue
P&L
+36%
$418.6M→$569.2M

Strong top-line growth of 36% — accelerating demand or successful expansion into new markets.

Interest Expense
P&L
+33%
$78.8M→$104.8M

Interest expense surged 33% — significant debt increase or rising rates materially impacting earnings.

Cash & Equivalents
Balance Sheet
+28.8%
$7.1M→$9.1M

Cash grew 28.8% — improving liquidity position supports investment and shareholder returns.

Total Debt
Balance Sheet
+25.6%
$1.8B→$2.3B

Debt rose 25.6% — additional borrowing for investment or operations; monitor coverage ratios.

Stockholders Equity
Balance Sheet
+25.1%
$439.0M→$549.3M

Equity base grew 25.1% — retained earnings accumulation or equity issuance strengthening the balance sheet.

Total Assets
Balance Sheet
+24.3%
$2.7B→$3.3B

Asset base grew 24.3% — expansion through organic growth, acquisitions, or capital deployment.

Total Liabilities
Balance Sheet
+24.1%
$2.2B→$2.7B

Liabilities increased 24.1% — monitor debt-to-equity ratio and interest coverage.

Operating Cash Flow
Cash Flow
+23.8%
$229.7M→$284.4M

Operating cash flow grew 23.8% — strong conversion of earnings to cash, healthy business fundamentals.

LANGUAGE CHANGES
NEW — 2026-03-10
PRIOR — 2025-03-11
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7262(b)) by the registered public accounting firm that prepared or issued its audit report.
Management s Discussion and Analysis of Financial Condition and Results of Operations 26 Item 7A.
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Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 36 Item 13.
BUSINESS INTRODUCTION Willis Lease Finance Corporation with its subsidiaries ( WLFC or the Company ) is a leading lessor and servicer of commercial aircraft and aircraft engines.
Our principal business objective is to build value for our shareholders by acquiring commercial aircraft and engines and managing those assets in order to provide a return on investment, primarily through lease rent and maintenance reserve revenues, as well as through management fees earned for managing assets owned by other parties.
As of December 31, 2024, we had $2,635.9 million of equipment held in our operating lease portfolio, $183.6 million of notes receivable, $31.1 million of maintenance rights, and $21.6 million of investments in sales-type leases, which represented 354 engines, 16 aircraft, one marine vessel and other leased parts and equipment with 70 lessees in 37 countries.
In addition to our owned portfolio, as of December 31, 2024, we managed a total lease portfolio of 277 engines, aircraft and related equipment for other parties.
( Willis Aero ) is a wholly-owned and vertically-integrated subsidiary whose primary focus is the sale of aircraft engine parts and materials through the acquisition or consignment of aircraft and engines.
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