Willis Lease Finance (WLFC) Q1 2026 earnings summary

Executive summary

• Revenue for Q1 2026 rose 23.2% year-over-year to $194.3 million, driven by higher lease rent, equipment sales, and management fees.

• Net income attributable to common shareholders increased 53% to $23.7 million, with diluted EPS of $3.26, up from $2.21 in Q1 2025.

• Adjusted EBITDA grew 20% year-over-year to $123.8 million, reflecting strong operational performance and portfolio growth.

• Assets under management reached $4.1 billion as of March 31, 2026, supported by a capital-light, scalable platform.

• Declared a Q2 2026 dividend of $0.40 per share, payable May 22, 2026.

Financial highlights

• Lease rent revenue reached $77.4 million, up 14.2% year-over-year, with portfolio utilization improving to 85.8%.

• Maintenance reserve revenue totaled $55.5 million, with $12.4 million from long-term reserves and $43.1 million from short-term reserves.

• Spare parts and equipment sales rose 18.9% to $21.7 million; equipment sales reached $11.4 million, up $9.2 million year-over-year.

• Gain on sale of leased equipment and financial assets totaled $18.4 million, up from $4.8 million in Q1 2025.

• Maintenance services revenue increased 74.9% to $9.8 million, with gross margins improving to 9.3% from 4.6%.

Outlook and guidance

• Management expects continued portfolio growth and strong demand for engine leasing, supported by supply constraints and robust fundamentals.

• Visible pipeline and supply-demand imbalance expected to drive near-term earnings growth.

• Positioned for significant growth with $1.5 billion of deployable capital and expanded credit facilities.

• Confident in long-term strategy to scale platform and deliver shareholder value.