Willis Lease Finance Corporation (WLFC) Income Statement

30Y historyFree accessUpdated daily

Revenue climbed 36.8% year over year to $246.3M in 2026Q3, but gross margin compressed from 93.4% in 2025Q3 to 4.7% in 2026Q3, indicating unstable cost mix and inconsistent operating leverage.

Annual statement

WLFC Income Statement

Willis Lease Finance Corporation (WLFC) annual income statement — 30-year revenue, gross profit & net income history

Annual Quarterly

Metric	TTM	Dec'25	Dec'24	Dec'23	Dec'22	Dec'21	Dec'20	Dec'19	Dec'18	Dec'17	Dec'16	Dec'15	Dec'14	Dec'13	Dec'12	Dec'11	Dec'10	Dec'09	Dec'08	Dec'07	Dec'06	Dec'05	Dec'04	Dec'03	Dec'02	Dec'01	Dec'00	Dec'99	Dec'98	Dec'97	Dec'96

Sales/Revenue	828.3M	675.84M	569.22M	418.56M	311.93M	274.2M	288.69M	409.16M	348.35M	274.84M	207.27M	199.61M	174.29M	158.41M	148.09M	156.65M	148.3M	150.44M	152.29M	121.9M	84.97M	70.55M	61.94M	59.87M	55.88M	66.15M	49.01M	83.4M	74.6M	50.5M	32.3M
Revenue Growth %	20.73%	18.73%	36%	34.18%	13.76%	-5.02%	-29.44%	17.46%	26.75%	32.6%	3.84%	14.53%	10.02%	6.97%	-5.47%	5.63%	-1.42%	-1.22%	24.94%	43.45%	20.45%	13.9%	3.46%	7.14%	-15.53%	34.97%	-41.23%	11.8%	47.72%	56.35%	42.29%
Cost of Goods Sold	529.64M	231.74M	139.78M	127.29M	109.09M	105.43M	111.3M	148.88M	137.84M	106.87M	79.57M	87.45M	72.92M	58.73M	52.59M	8.39M	8.12M	7.15M	6.14M	3.82M	601K	81K	577K	1.27M	3.05M	0	0	36.7M	20.9M	20.2M	14.1M
COGS % of Revenue	-	34.29%	24.56%	30.41%	34.97%	38.45%	38.55%	36.39%	39.57%	38.88%	38.39%	43.81%	41.84%	37.07%	35.51%	5.36%	5.47%	4.75%	4.03%	3.14%	0.71%	0.11%	0.93%	2.12%	5.46%	-	-	44%	28.02%	40%	43.65%
Gross Profit	298.66M	444.1M	429.44M	291.26M	202.83M	168.77M	177.39M	260.28M	210.51M	167.97M	127.7M	112.16M	101.37M	99.69M	95.5M	148.26M	140.18M	143.29M	146.15M	118.08M	84.37M	70.47M	61.36M	58.6M	52.83M	66.15M	49.01M	46.7M	53.7M	30.3M	18.2M
Gross Margin %	36.06%	65.71%	75.44%	69.59%	65.03%	61.55%	61.45%	63.61%	60.43%	61.12%	61.61%	56.19%	58.16%	62.93%	64.49%	94.64%	94.53%	95.25%	95.97%	96.86%	99.29%	99.89%	99.07%	97.88%	94.54%	100%	100%	56%	71.98%	60%	56.35%
Gross Profit Growth %	-	3.41%	47.44%	43.6%	20.18%	-4.86%	-31.85%	23.64%	25.33%	31.53%	13.86%	10.64%	1.69%	4.38%	-35.59%	5.76%	-2.17%	-1.96%	23.78%	39.94%	19.74%	14.83%	4.72%	10.92%	-20.14%	34.97%	4.95%	-13.04%	77.23%	66.48%	4%
Operating Expenses	122.98M	226.12M	285.04M	227.04M	192.98M	160.43M	162.69M	179.97M	83.16M	65.47M	54.77M	52.15M	48.2M	46.73M	41.56M	87.29M	78.01M	69.98M	68.2M	54.23M	46.52M	42.25M	38.57M	36.81M	32.87M	30.58M	24.34M	31.2M	23.5M	13.5M	8.3M
OpEx % of Revenue	-	33.46%	50.08%	54.24%	61.87%	58.51%	56.36%	43.99%	23.87%	23.82%	26.43%	26.12%	27.65%	29.5%	28.06%	55.72%	52.6%	46.52%	44.78%	44.49%	54.75%	59.89%	62.26%	61.48%	58.82%	46.23%	49.67%	37.41%	31.5%	26.73%	25.7%
Selling, General & Admin	208.29M	194.74M	146.76M	115.74M	92.53M	75.35M	67.91M	86.52M	72.02M	55.74M	47.78M	42.74M	35.86M	33.87M	34.55M	35.7M	29.3M	26.77M	30.76M	23.09M	20.96M	16.96M	15.37M	15.12M	17.49M	13.14M	11.93M	17.5M	15.2M	9.3M	5.1M
SG&A % of Revenue	-	28.81%	25.78%	27.65%	29.66%	27.48%	23.52%	21.15%	20.68%	20.28%	23.05%	21.41%	20.57%	21.38%	23.33%	22.79%	19.76%	17.79%	20.2%	18.95%	24.67%	24.04%	24.81%	25.26%	31.3%	19.86%	24.33%	20.98%	20.38%	18.42%	15.79%
Research & Development	0	0	0	0	0	0	0	0	0	0	0	0	0	12.86M	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-	-	-	-	8.12%	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	0	31.38M	138.29M	111.3M	100.45M	85.08M	94.78M	93.45M	0	0	0	0	0	0	0	51.59M	48.7M	43.22M	37.44M	31.14M	25.56M	25.29M	23.2M	21.69M	15.38M	17.45M	12.42M	13.7M	8.3M	4.2M	3.2M
Operating Income	175.68M	217.98M	144.4M	64.22M	9.86M	8.34M	14.69M	80.3M	52.47M	28.85M	22.13M	12.97M	10.51M	7.77M	937K	22.59M	18.57M	31.45M	41.2M	67.67M	38.45M	28.29M	23.37M	23.06M	23.01M	35.57M	24.67M	15.5M	30.2M	16.8M	9.9M
Operating Margin %	21.21%	32.25%	25.37%	15.34%	3.16%	3.04%	5.09%	19.63%	15.06%	10.5%	10.68%	6.5%	6.03%	4.91%	0.63%	14.42%	12.52%	20.9%	27.05%	55.51%	45.25%	40.11%	37.74%	38.52%	41.18%	53.77%	50.33%	18.59%	40.48%	33.27%	30.65%
Operating Income Growth %	-	50.96%	124.84%	551.67%	18.17%	-43.24%	-81.7%	53.03%	81.87%	30.36%	70.66%	23.36%	35.23%	729.67%	-95.85%	21.64%	-40.94%	-23.68%	-39.11%	75.98%	35.9%	21.05%	1.36%	0.2%	-35.3%	44.18%	59.15%	-48.68%	79.76%	69.7%	4.21%
EBITDA	296.61M	329.53M	239.61M	155.15M	98.11M	98.84M	109.23M	166.54M	129.29M	94.88M	88.41M	82.56M	75.95M	66.5M	53.53M	73.84M	67.28M	75.54M	78.64M	103.1M	68.18M	56.63M	46.83M	44.74M	42.46M	53.62M	39.29M	29.2M	38.5M	21M	13.1M
EBITDA Margin %	35.81%	48.76%	42.09%	37.07%	31.45%	36.05%	37.84%	40.7%	37.11%	34.52%	42.66%	41.36%	43.58%	41.98%	36.15%	47.14%	45.36%	50.21%	51.64%	84.58%	80.24%	80.28%	75.6%	74.74%	75.99%	81.06%	80.17%	35.01%	51.61%	41.58%	40.56%
EBITDA Growth %	30.25%	37.53%	54.44%	58.13%	-0.74%	-9.51%	-34.41%	28.81%	36.27%	7.31%	7.1%	8.69%	14.21%	24.24%	-27.51%	9.76%	-10.94%	-3.95%	-23.72%	51.21%	20.4%	20.94%	4.65%	5.38%	-20.82%	36.48%	34.56%	-24.16%	83.33%	60.31%	-7.75%
D&A (Non-Cash Add-back)	120.93M	111.55M	95.21M	90.92M	88.26M	90.5M	94.54M	86.24M	76.81M	66.02M	66.28M	69.59M	65.44M	58.73M	52.59M	51.25M	48.7M	44.09M	37.44M	35.43M	29.73M	28.34M	23.45M	21.69M	19.45M	18.05M	14.62M	13.7M	8.3M	4.2M	3.2M
EBIT	170.68M	298.47M	257.41M	145.93M	76.54M	77.13M	80.36M	155.77M	120.49M	84.73M	65.09M	51.79M	48.8M	50.02M	34.45M	59.09M	60.63M	68.4M	80.64M	65.67M	58.26M	36.08M	23.37M	23.06M	23.01M	35.57M	24.67M	21.96M	14.58M	12.6M	9.3M
Net Interest Income	-126.78M	-137.86M	-104.76M	-78.8M	-66.74M	-67.98M	-63.02M	-66.89M	-64.22M	-48.72M	-41.14M	-39.01M	-37.06M	-38.72M	-31.67M	-35.03M	-40.73M	-35.73M	-36.75M	-34.15M	-28.53M	-22.97M	0	-17.16M	0	0	-23.71M	0	0	0	0
Interest Income	0	0	0	0	0	0	0	0	0	0	0	0	0	0	80K	167K	212K	280K	1.89M	3.79M	3.08M	1.54M	0	244K	0	0	902K	0	0	0	0
Interest Expense	126.78M	137.86M	104.76M	78.8M	66.74M	67.98M	63.02M	66.89M	64.22M	48.72M	41.14M	39.01M	37.06M	38.72M	31.75M	35.2M	40.95M	36.01M	38.64M	37.94M	31.61M	24.51M	0	17.41M	0	0	24.61M	0	0	0	0
Other Income/Expense	-64.06M	-57.37M	8.25M	2.91M	-62K	800K	2.64M	8.58M	3.8M	7.16M	1.81M	-42.77M	-41.23M	3.53M	1.76M	1.29M	1.11M	942K	797K	-39.93M	-28.21M	-22.76M	-18.02M	-17.16M	-18.68M	-23.55M	-15.73M	-2.15M	-719K	-3.8M	-4.5M
Pretax Income	111.62M	160.61M	152.65M	67.13M	9.79M	9.14M	17.34M	88.88M	56.27M	36.01M	23.95M	14.14M	11.84M	11.3M	2.7M	23.89M	19.68M	32.39M	42M	27.73M	10.24M	5.54M	5.36M	5.89M	4.33M	12.02M	8.94M	4.3M	15.8M	8.8M	4.8M
Pretax Margin %	13.48%	23.76%	26.82%	16.04%	3.14%	3.33%	6%	21.72%	16.15%	13.1%	11.55%	7.09%	6.79%	7.13%	1.82%	15.25%	13.27%	21.53%	27.58%	22.75%	12.05%	7.85%	8.65%	9.84%	7.76%	18.17%	18.24%	5.16%	21.18%	17.43%	14.86%
Income Tax	32.36M	46.85M	44.03M	23.35M	4.35M	5.79M	7.59M	21.96M	13.04M	-26.15M	9.88M	6.79M	4.59M	-4.33M	1.16M	9.38M	7.63M	10.02M	15.4M	10.07M	2.99M	1.36M	1.5M	1.72M	738K	4.37M	3.47M	1M	6.3M	3.5M	2M
Effective Tax Rate %	28.99%	29.17%	28.85%	34.78%	44.46%	63.33%	43.77%	24.71%	23.18%	-72.61%	41.25%	47.99%	38.8%	-38.28%	43.06%	39.26%	38.77%	30.94%	36.66%	36.31%	29.17%	24.53%	28.01%	29.13%	17.03%	36.4%	38.78%	23.26%	39.87%	39.77%	41.67%
Net Income	79.11M	113.76M	108.61M	43.78M	5.44M	3.35M	9.75M	66.92M	43.23M	62.16M	14.07M	7.36M	7.25M	15.63M	1.53M	14.51M	12.05M	22.37M	26.6M	17.66M	7.25M	4.18M	3.86M	4.18M	3.6M	6.94M	7.81M	3.3M	9.3M	7.3M	2.8M
Net Margin %	9.55%	16.83%	19.08%	10.46%	1.74%	1.22%	3.38%	16.36%	12.41%	22.62%	6.79%	3.69%	4.16%	9.86%	1.04%	9.26%	8.13%	14.87%	17.47%	14.49%	8.54%	5.92%	6.23%	6.98%	6.44%	10.5%	15.94%	3.96%	12.47%	14.46%	8.67%
Net Income Growth %	-35.49%	4.74%	148.08%	704.95%	62.26%	-65.61%	-85.43%	54.8%	-30.45%	341.81%	91.26%	1.5%	-53.62%	917.98%	-89.42%	20.4%	-46.13%	-15.92%	50.59%	143.51%	73.67%	8.3%	-7.66%	16.16%	-48.21%	-11.13%	136.79%	-64.52%	27.4%	160.71%	-12.5%
Net Income (Continuing)	79.26M	113.76M	108.61M	43.78M	5.44M	3.35M	9.75M	66.92M	43.23M	62.16M	14.07M	6.46M	7.25M	15.63M	1.53M	14.51M	12.05M	22.37M	26.6M	17.66M	17.89M	3.64M	3.86M	4.18M	3.6M	7.64M	5.47M	10.12M	8.31M	5.3M	2.8M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Minority Interest	3.07M	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)	3.61	1.71	1.70	0.69	0.04	0.00	0.12	1.17	0.79	1.08	0.23	0.10	0.10	0.21	-0.05	0.14	0.11	0.24	0.30	0.18	0.17	0.04	0.04	0.09	0.05	0.09	0.11	0.05	0.14	0.14	0.08
EPS Growth %	24.43%	0.33%	146.23%	1787.88%	-	-99.73%	-90%	46.85%	-26.21%	372.68%	122.83%	3.37%	-52.91%	520%	-135.16%	33.33%	-55.14%	-20.15%	61.45%	6.41%	310.53%	5.56%	-56.1%	90.7%	-44.87%	-24.27%	134.09%	-64.52%	-3.88%	74.32%	-28.16%
EPS (Basic)	-	1.78	1.77	0.71	0.04	0.00	0.12	1.21	0.81	1.10	0.23	0.10	0.10	0.22	-0.05	0.15	0.11	0.26	0.32	0.20	0.18	0.04	0.04	0.09	0.05	0.09	0.12	0.05	0.14	0.15	0.08
Diluted Shares Outstanding	21.94M	63.18M	61.24M	58.33M	56.67M	57.11M	55.15M	54.52M	54.41M	55.98M	60.43M	71.84M	73.27M	74.6M	79.12M	79.88M	83.26M	80.85M	78.84M	78.68M	86.45M	85.64M	96.43M	79.88M	75.27M	80.03M	68.46M	67.02M	67.15M	50.93M	28.8M
Basic Shares Outstanding	21.15M	60.79M	58.82M	56.74M	54.64M	55.01M	53.67M	52.52M	53.23M	54.67M	59.13M	70.3M	71.25M	72.26M	76.41M	75.81M	78.13M	75.28M	74.18M	73.03M	82.52M	81.67M	93.82M	79.54M	75.27M	78.94M	67.61M	66.44M	65.39M	49.4M	28.8M
Dividend Payout Ratio	-	7.67%	9.87%	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	35.71%

Key Metrics

Growth RegimeMixed

ProfitabilityModerate

Balance SheetMixed

Cash FlowMixed

Top Statement Risk

Margin compression and earnings volatility

Verified Source

Metrics are mathematically derived from official filings.

SEC 10-K (2026Q3)

Revenue Growth Volatile but Expanding Over Year

Based on WLFC's reported figures, revenue rose 36.8% year over year to $246.3M in 2026Q3 after roughly flat results in 2026Q2, indicating growth that is uneven rather than steadily compounding across recent quarters.

Quarterly revenue has hovered between $157.7M and $246.3M across the ten-quarter window, so the recent jump may reflect lumpy lease or asset-sale timing rather than a durable step-change in demand. Investors should monitor whether the 2026Q3 level is sustained in subsequent quarters before extrapolating it. The mixed pattern suggests growth durability is not yet established from the reported figures.

Gross Margin Swings Signal Unstable Cost Mix

As reported in financial statements, WLFC's gross margin fell from 93.4% in 2025Q3 to 4.7% in 2026Q3, a swing that is too large to attribute to ordinary pricing movements and warrants further investigation.

Gross margin moved from above 70% through most of 2024 and 2025 to a sharp decline in the latest quarter, with COGS jumping to $234.8M against $246.3M revenue. Such a shift may reflect changes in how cost of revenue is classified or in the mix of lease versus sale activity, which the supplied data does not resolve. Until the drivers are clearer, the margin trend should be treated as unreliable for judging underlying pricing power relative to peers.

Net Income Diverges From Operating Trend

According to reported figures, WLFC's net income reached $60.4M in 2025Q2 against operating income of $28.3M, and 2025Q2 net margin of 30.9% exceeded its operating margin of 14.5%, suggesting material non-operating contributions.

When net income exceeds operating income by this magnitude, the earnings base likely includes gains, tax effects, or other non-operating items that may not recur. The 2026Q3 net margin of 4.7% also matches its operating margin exactly, which may point to limited reconciling items in that period. Investors should weigh operating income more heavily than reported EPS when assessing sustainable earnings power.

Operating Margin Tracks Gross Profit Irregularly

Based on WLFC's reported figures, operating income climbed to $74.6M in 2026Q1 on $194.3M revenue, an operating margin of 38.4%, but fell to $11.5M by 2026Q3 despite higher revenue, indicating inconsistent operating leverage.

Operating income does not scale predictably with revenue, as SG&A stayed in a narrow $34.7M to $57.5M band while gross profit swung widely. This pattern suggests overhead is relatively fixed while the gross profit line drives results, so operating leverage is highly sensitive to cost of revenue. The lack of steady incremental margin conversion implies limited confidence in forward operating profitability.

Short-Seller Focus on Margin Fragility

The strongest bear case rests on WLFC's gross margin collapse to 4.7% in 2026Q3 and net income volatility, which together raise questions about whether reported profitability reflects recurring economics or timing effects.

A skeptical analyst would argue that recent revenue growth may not translate into proportionate profit given the sharp COGS increase and falling operating margin. Net income that outpaces operating income in several quarters could signal reliance on non-operating gains that may not repeat. Until gross margin stabilizes and the drivers of the 2026Q3 shift are explained, the earnings base warrants caution.

WLFC — Frequently Asked Questions

Quick answers to the most common questions about buying WLFC stock.

What was Willis Lease Finance Corporation's (WLFC) revenue in 2025?

For fiscal year 2025, Willis Lease Finance Corporation (WLFC) reported total revenue of $675.8M. This represents a 1992.4% increase compared to $32.3M in 1996.

Is Willis Lease Finance Corporation (WLFC) profitable?

Willis Lease Finance Corporation (WLFC) is profitable, generating $113.8M in net income for the fiscal year ending 2025 with a net profit margin of 16.8%.

What is Willis Lease Finance Corporation's operating profit margin?

Willis Lease Finance Corporation (WLFC) reported an operating income of $218.0M, resulting in an operating profit margin of 32.3%. This margin reflects the operational efficiency of the business before interest and taxes.

What is Willis Lease Finance Corporation's gross profit and gross margin?

Willis Lease Finance Corporation (WLFC) generated $444.1M in gross profit for the year, representing a gross profit margin of 65.7%. This demonstrates the company's core pricing power and production efficiency.