Willis Lease Finance Corporation (WLFC) posted a strong first‑quarter 2026 performance, reporting total revenue of $194.3 million, up 23.2% from $157.7 million in Q1 2025. Net income attributable to common shareholders rose to $23.7 million, a 52.9% increase from $15.5 million a year earlier, and earnings per share of $3.26 beat consensus estimates of $2.90 by $0.36.
The revenue surge was driven by record core lease‑rent revenue of $77.4 million, up 14.2% YoY, and a gain on the sale of leased equipment of $18.0 million. Maintenance‑services revenue also reached a record $9.8 million. These gains were supported by a 5.9% increase in utilization to 85.8% and a 1.2% rise in lease‑rate factors, reflecting strong demand and pricing power across the company’s portfolio.
Adjusted EBITDA climbed to $123.8 million, up 12.5% from $110.0 million in Q1 2025, as higher revenue and improved operating efficiency offset modest cost increases. The company’s operating margin expanded to 63.6% from 61.8% a year earlier, underscoring the benefit of scale and disciplined cost management.
CEO Austin Willis said, "In the first quarter we outperformed nearly every revenue and earnings metric compared to Q1 2025, and, thanks to the capital strategy we executed, we are poised for significant growth." CFO Scott Flaherty added, "Our first quarter experienced record quarterly lease‑rent revenues of $77.4 million, quarterly adjusted EBITDA of $123.8 million, and $23.7 million of net income attributable to common shareholders, or $3.26 of diluted weighted average income per common share."
Investors welcomed the results, citing the strong earnings beat, record lease‑rent revenue, and robust utilization as key drivers of the company’s continued growth trajectory. The performance reinforces Willis Lease’s position as a leading lessor of commercial aircraft engines and a global provider of aviation services, with a vertically integrated model that supports sustained profitability.
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