Willis Lease grows portfolio 28% to $730M revenue, launches $1.6B fund partnerships

Filed March 10, 2026 · Period ending December 31, 2025 · Compared to 10-K Mar 11, 2025 · ~2 min read

Key Changes

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  Revenue rose 28% to $730M driven by 22% lease-rent growth and a 252% surge in spare-parts sales ($95.5M vs $27.1M). Equipment write-downs nearly tripled to $32.9M (28 engines), signaling asset-quality pressure on older models.

  MD&A: Revenue & Impairments verify on EDGAR →
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  Launched two investment fund partnerships in December 2025: $600M with Liberty Mutual for engine financings and $1B+ with Blackstone for current/next-gen engines. WLFC acts as General Partner but does not consolidate either fund.

  Business: Investment Fund Partnerships verify on EDGAR →
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  Completed $989M in new ABS debt (WEST VIII, WEST IX) at 5.16%-6.07% fixed rates, increasing total debt to $2.7B and fixed-rate exposure to $2.0B. Net finance costs rose 29% to $135.1M despite lower SOFR rates.

  MD&A: Financing Activity verify on EDGAR →