Willis Lease Finance (WLFC) financial statements
Willis Lease Finance reported revenue of $730M in fiscal 2025, up 32.7% a year over 9 years.
Net income was $114M and the operating margin 14.3%, against 38.8% in 2016.
Free cash flow was $252M, and the company returned $9M in dividends and $4M in net buybacks.
The diluted share count fell 65% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Willis Lease Finance's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $57M | $80M | $87M | $109M | $289M | $274M | $312M | $419M | $569M | $730M |
| Cost of revenue | $13M | $41M | $61M | $63M | — | — | — | — | — | — |
| Gross profit | $44M | $39M | $26M | $46M | — | — | — | — | — | — |
| Selling, general and admin | $48M | $56M | $72M | $149M | $85M | $90M | $113M | $131M | $170M | $287M |
| Operating income | $22M | $29M | $52M | $80M | $15M | $8M | $10M | $64M | $144M | $104M |
| Interest expense | $41M | $49M | $64M | $67M | $63M | $68M | $67M | $79M | $105M | $132M |
| Pre-tax income | $24M | $36M | $56M | $89M | $17M | $9M | $10M | $67M | $153M | $161M |
| Income tax | $10M | -$26M | $13M | $22M | $8M | $6M | $4M | $23M | $44M | $47M |
| Net income | $14M | $62M | $43M | $67M | $10M | $3M | $5M | $44M | $109M | $114M |
| EPS (diluted) | $0.68 | $3.23 | $2.20 | $3.50 | $0.35 | $0.00 | $0.11 | $2.08 | $15.34 | $15.39 |
| Diluted shares | 20M | 19M | 18M | 18M | 18M | 19M | 19M | 19M | 7M | 7M |
| Gross margin | 76.7% | 49.1% | 29.9% | 42.5% | — | — | — | — | — | — |
| Operating margin | 38.8% | 36.0% | 60.3% | 73.7% | 5.1% | 3.0% | 3.2% | 15.3% | 25.4% | 14.3% |
| Net margin | 24.6% | 77.5% | 49.7% | 61.4% | 3.4% | 1.2% | 1.7% | 10.5% | 19.1% | 15.6% |
Balance sheet
Fiscal years, from Willis Lease Finance's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $10M | $7M | $12M | $7M | $43M | $14M | $12M | $7M | $9M | $16M |
| Receivables | — | — | — | — | — | — | — | $58M | $38M | $36M |
| Inventory | $25M | — | — | — | — | — | — | — | — | — |
| Property, plant and equipment | $17M | $26M | $28M | $32M | $32M | — | — | — | — | — |
| Goodwill | — | — | — | — | — | — | — | — | $1M | $300,000 |
| Total assets | $1.3B | $1.6B | $1.9B | $1.9B | $2.4B | $2.5B | $2.6B | $2.7B | $3.3B | $3.9B |
| Total liabilities | $1.1B | $1.3B | $1.6B | $1.5B | $2.0B | $2.0B | $2.1B | $2.2B | $2.7B | $3.2B |
| Shareholders' equity | $196M | $259M | $287M | $350M | $364M | $376M | $405M | $439M | $549M | $662M |
| Net debt | -$10M | -$7M | -$12M | -$7M | -$43M | -$14M | -$12M | -$7M | -$9M | -$16M |
Cash flow
Fiscal years, from Willis Lease Finance's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $92M | $137M | $189M | $230M | $93M | $91M | $144M | $230M | $284M | $283M |
| Capital spending | $1M | $11M | $3M | $6M | $3M | $2M | $7M | $5M | $16M | $31M |
| Free cash flow | $91M | $126M | $185M | $224M | $90M | $88M | $138M | $225M | $269M | $252M |
| Stock-based compensation | $4M | $4M | $5M | $8M | $11M | $17M | $14M | $15M | $29M | $45M |
| Dividends paid | — | — | — | — | — | — | — | $0 | $11M | $9M |
| Share buybacks (net) | -$29M | -$4M | -$16M | -$4M | -$2M | -$10M | -$5M | -$9M | $0 | -$4M |
| Net borrowing | $35M | $190M | $255M | -$88M | $442M | $97M | $55M | -$40M | $466M | $439M |
| Free cash flow margin | 158.7% | 157.6% | 212.9% | 205.5% | 31.3% | 32.3% | 44.2% | 53.7% | 47.2% | 34.5% |
| Dividends per share | — | — | — | — | — | — | — | — | $1.58 | $1.24 |
Questions
What was Willis Lease Finance's revenue in 2025?
$730M in fiscal 2025, from its 10-K filing.
How much free cash flow does Willis Lease Finance generate?
$252M in fiscal 2025 (operating cash flow minus capital spending).
From Willis Lease Finance's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.