Willis Lease Finance Posts Record Q3 Revenue of $246.3 Million

What happened

Willis Lease Finance reported record third-quarter 2026 revenue of $246.3 million, up 34.3% year over year. Net income attributable to common shareholders was $10.2 million, and diluted earnings per share were $0.47, compared with $1.08 a year earlier.

Confirmed

Global impact / market context

Revenue grew while operating income fell 69.8% and net income dropped from $22.9 million, so costs or weaker high-margin maintenance revenue are squeezing profit. The company keeps more revenue but turns far less of it into profit, a split investors will weigh against the record top line.

Analyst inference

Adjusted EBITDA, a non-GAAP measure that means earnings before interest, taxes, depreciation and amortization, fell to $100.9 million from $135.0 million. Leasing firms depend on maintenance fees and end-of-lease payments, which dropped sharply, so profit quality matters more than the revenue record.

Analyst inference

What to watch

1. Long-term maintenance revenue was $2.6 million versus $29.5 million a year ago, reflecting lower maintenance reserves and end-of-lease payments for assets coming off lease. Confirmed
2. Watch whether management explains the 69.8% operating income decline and outlines steps to rebuild profit per sale, which means the share of revenue kept after costs. Proposed
3. Track short-term maintenance revenue of $36.8 million from engines with non-reimbursable usage fees, since it may offset weaker long-term fees and support future cash available. Analyst inference

Evidence

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