Willis Lease Finance Corporation reported a significant increase in its financial performance for the third quarter and the first nine months of 2025, as detailed in its latest 10-Q filing. For the three months ended September 30, 2025, total revenue reached $183.4 million, a 25.4% increase from $146.2 million in the same period last year. The nine-month revenue also saw a substantial rise, totaling $536.6 million, up 28.9% from $416.4 million in 2024. The growth was primarily driven by a 24.7% increase in lease rent revenue, which amounted to $216.6 million for the nine months, and a notable 165.5% surge in spare parts and equipment sales, which reached $54.0 million.
The company experienced notable changes in its operational metrics compared to the previous fiscal period. The average utilization rate of equipment held for operating lease improved to approximately 84.4% for the nine months ended September 30, 2025, compared to 83.3% in the prior year. Additionally, the company managed to increase its equipment held for operating lease to $2.7 billion, up from $2.4 billion a year earlier. However, the company reported a decrease in maintenance services revenue, which fell to $17.3 million, reflecting the sale of its fleet management business to a joint venture.
Strategically, Willis Lease Finance Corporation has made significant moves, including the sale of its aviation consultancy business, Bridgend Asset Management Limited, to its joint venture, Willis Mitsui & Company Engine Support Limited, for $45 million, resulting in a gain of approximately $43 million. The company also expanded its equipment portfolio and continued to focus on popular commercial jet engines, enhancing its leasing operations. As of September 30, 2025, the company had 69 lessees across 37 countries, indicating a broad geographic reach.
In terms of financial health, the company reported total assets of $3.4 billion as of September 30, 2025, compared to $3.3 billion at the end of 2024. Total liabilities increased slightly to $2.7 billion, with debt obligations totaling $2.2 billion. The company maintained compliance with its financial covenants, including a minimum interest coverage ratio of 2.25 to 1.00. The net income attributable to common shareholders for the third quarter was $22.9 million, slightly down from $23.1 million in the prior year, while the nine-month net income rose to $97.3 million from $84.8 million.
Looking ahead, Willis Lease Finance Corporation remains cautious about potential impacts from changes in interest rates and inflation on its operations. The company plans to continue evaluating its business strategies in light of these economic conditions. The board has also declared an increase in the quarterly dividend to $0.40 per share, reflecting confidence in the company's ongoing financial performance and commitment to returning value to shareholders.
About WILLIS LEASE FINANCE CORP
Willis Lease Finance Corporation is a leading lessor and servicer of commercial aircraft, engines, and related equipment. It generates revenue through leasing, management fees, and spare parts sales, serving global airlines, MROs, and aircraft operators. The company focuses on asset management, lease portfolio optimization, and aftermarket services, leveraging technical expertise, diversified markets, and strategic joint ventures to provide flexible leasing solutions and maximize asset value.
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