Willis Lease Finance Corporation (NASDAQ:WLFC) reported fourth-quarter results on Tuesday that fell short of earnings expectations, even though revenue came in ahead of forecasts.
Shares of the aircraft engine leasing company slipped 1.84% in after-hours trading following the release.
For the fourth quarter, Willis Lease Finance posted adjusted earnings per share of $1.52, well below the analyst consensus estimate of $3.23, missing by $1.71. Revenue, however, reached $193.62 million, surpassing the $158 million forecast by about 22.5%. For the full year 2025, total revenue rose 28.3% to a record $730.2 million, compared with $569.2 million in 2024.
The company also reported record pre-tax income of $160.6 million for the year, marking a 5.2% increase from the prior year. Net income attributable to common shareholders climbed 3.5% to $108.1 million. Combined core lease rent and maintenance reserve revenue totaled $523.6 million in 2025, representing a 15.8% increase year over year.
“Our 2025 results were strong,” said Austin C. Willis, Chief Executive Officer of WLFC. “Equally important however were the strategic initiatives and capital markets activities that we put in place to foster long term growth.”
Lease rent revenue for the year increased 22.4% to $291.6 million, supported by a larger average portfolio and higher utilization rates. Average portfolio utilization improved to 84.9% in 2025 from 82.9% in 2024.
Maintenance reserve revenue rose 8.4% to $232.0 million, while sales of spare parts and equipment jumped 252.3% to $95.5 million.
As of December 31, 2025, the company’s lease portfolio was valued at $2,988.9 million and included 363 engines, 20 aircraft, one marine vessel, and various leased parts and equipment. Adjusted EBITDA for the year reached $459.1 million, up 16.6% from $393.7 million in 2024.