# EDGAR Filing Document

**Accession Number:** 0001018164
**File Stem:** 0001018164-25-000130
**Filing Date:** 2025-11
**Character Count:** 19415
**Document Hash:** cbffde868e4dbd010fbae8a755ac5ea9
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001018164-25-000130.hdr.sgml**: 20251104

**ACCESSION NUMBER**: 0001018164-25-000130

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20251104

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Other Events

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251104

**DATE AS OF CHANGE**: 20251104

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** WILLIS LEASE FINANCE CORP
- **CENTRAL INDEX KEY:** 0001018164
- **STANDARD INDUSTRIAL CLASSIFICATION:** WHOLESALE-MACHINERY, EQUIPMENT & SUPPLIES [5080]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 680070656
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-15369
- **FILM NUMBER:** 251446297

**BUSINESS ADDRESS:**
- **STREET 1:** 4700 LYONS TECHNOLOGY PARKWAY
- **CITY:** COCONUT CREEK
- **STATE:** FL
- **ZIP:** 33073
- **BUSINESS PHONE:** 5613499989

**MAIL ADDRESS:**
- **STREET 1:** 4700 LYONS TECHNOLOGY PARKWAY
- **CITY:** COCONUT CREEK
- **STATE:** FL
- **ZIP:** 33073

?xml version='1.0' encoding='ASCII'? wlfc-20251104

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

______________________________________________________________________

**FORM 8-K** 

**CURRENT REPORT**

**PURSUANT TO SECTION 13 OR 15(d) OF THE**

**SECURITIES EXCHANGE ACT OF 1934**

______________________________________________________________________

Date of Report (Date of earliest event reported): November 4, 2025

**Willis Lease Finance Corporation**

(Exact Name of Registrant as Specified in Charter)

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| | | |
|:---|:---|:---|
| **Delaware** | **001-15369** | **68-0070656** |
| (State or Other Jurisdiction<br>of Incorporation) | (Commission File<br>Number) | (I.R.S. Employer<br>Identification Number) |

---

**4700 Lyons Technology Parkway** 

**Coconut Creek, FL 33073** 

(Address of Principal Executive Offices) (Zip Code)

Registrant's telephone number, including area code: **(561) 349-9989** 

**Not Applicable**

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

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| | | |
|:---|:---|:---|
| **Title of Each Class** | **Trading Symbol** | **Name of exchange on which registered** |
| Common Stock, $0.01 par value per share | WLFC | Nasdaq Global Market |

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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. □

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**Item 2.02 Results of Operations and Financial Condition.**

On November 4, 2025, Willis Lease Finance Corporation (the "Company") issued a news release setting forth the Company's results from operations for the three and nine months ended September 30, 2025 and financial condition as of September 30, 2025. A copy of the news release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

The information and exhibit furnished under this Item 2.02 shall not be deemed "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such a filing.

**Item 8.01 Other Events.**

On October 28, 2025, the Company's Board of Directors declared the Company's quarterly dividend of $0.40 per share of common stock outstanding. The dividend is expected to be paid on November 26, 2025, to stockholders of record at the close of business on November 17, 2025. A copy of the news release announcing the quarterly dividend is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

**Item 9.01 Financial Statements & Exhibits.**

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| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| 99.1 | [News Release issued by Willis Lease Finance Corporation dated](q32025ex991.htm)[November 4](q32025ex991.htm)[, 2025.](q32025ex991.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

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**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned duly authorized officer.

Dated: November 4, 2025

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| | |
|:---|:---|
| WILLIS LEASE FINANCE CORPORATION | WILLIS LEASE FINANCE CORPORATION |
| By: | /s/ Scott B. Flaherty |
|  | Scott B. Flaherty |
|  | Executive Vice President and Chief Financial Officer |

---

## Exhibit 99.1

**Exhibit 99.1**

![image.jpg](image.jpg)

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| | | |
|:---|:---|:---|
| | <br>**CONTACT:** | Scott B. Flaherty |
| NEWS RELEASE | | Executive Vice President & Chief Financial Officer |
| NEWS RELEASE | | 561.413.0112 |

---

**Willis Lease Finance Corporation Reports Third Quarter 2025 Financial Results**

***Delivers Quarterly Pre-Tax Income of $43.2 Million and Quarterly Revenue of $183.4 Million***

***Declares Fourth Quarter 2025 Dividend of $0.40 Per Share***

**COCONUT CREEK, FL —** November 4, 2025 **—** Willis Lease Finance Corporation (NASDAQ: WLFC) ("WLFC" or the "Company"), the leading lessor of commercial aircraft engines and global provider of aviation services, today announced its financial results for the third quarter ended September 30, 2025. The Company also announced a quarterly dividend of $0.40 per share, an increase to the Company's recurring quarterly dividend of $0.25 per share, of common stock outstanding. The dividend is expected to be paid on November 26, 2025 to shareholders of record at the close of business on November 17, 2025.

**Third Quarter 2025 Highlights** *(All metrics compared to third quarter 2024, except where noted)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Quarterly total revenue of $183.4 million, an increase of 25.4%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Income from operations of $38.0 million, an increase of 12.8%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Quarterly pre-tax income of $43.2 million, an increase of 25.4%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Record high lease rent revenue of $76.6 million, an increase of 17.9%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Record high maintenance reserve revenue of $76.1 million, an increase of 52.8%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Portfolio utilization increased to 86.0% at quarter end, compared to 82.9%

For the three months ended September 30, 2025, total revenue was $183.4 million, up 25.4% as compared to $146.2 million for the same period in 2024. For the third quarter of 2025, core lease rent and maintenance reserve revenues were $152.6 million in the aggregate, up 33.1% as compared to $114.7 million for the same period in 2024. The growth was predominantly driven by core lease and maintenance revenues associated with the continued strength of the aviation marketplace, as airlines leverage the Company's extensive portfolio of in-demand engines as well as our parts and maintenance capabilities to avoid protracted, expensive engine shop visits.

**Third Quarter 2025 Operating Results**

Lease rent revenue increased by $11.6 million, or 17.9%, to $76.6 million in the three months ended September 30, 2025 from $64.9 million for the three months ended September 30, 2024. The increase is due to an increase in the average size of the portfolio as compared to that of the prior year period as well as an increase in average utilization (based on net book value of equipment held for operating lease, maintenance rights, and notes receivable and investments in sales-type leases net of allowances) of equipment held in our operating lease portfolio.

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During the third quarter of 2025, the Company recognized $29.5 million of long-term maintenance revenue, compared to $1.2 million for the quarter ended September 30, 2024. Long-term maintenance is recognized at the end of a lease period as the related maintenance reserve liability is released from the balance sheet.

For the quarter ended September 30, 2025, the gain on sale of leased equipment was $16.1 million, reflecting the sale of 10 engines, one airframe, and other parts and equipment from the lease portfolio. During the three months ended September 30, 2024, the Company sold 13 engines and other parts and equipment for a net gain of $9.5 million.

The book value of lease assets owned either directly or through WLFC's joint ventures, inclusive of the Company's equipment held for operating lease, maintenance rights, notes receivable, and investments in sales-type leases was $3,302.6 million as of September 30, 2025.

**Balance Sheet**

As of September 30, 2025, the Company's lease portfolio was $2,888.5 million, consisting of $2,700.4 million of equipment held in its operating lease portfolio, $144.8 million of notes receivable, $27.0 million of maintenance rights, and $16.3 million of investments in sales-type leases, which represented 354 engines, 20 aircraft, one marine vessel, and other leased parts and equipment. As of December 31, 2024, the Company's lease portfolio was $2,872.3 million, consisting of $2,635.9 million of equipment held in its operating lease portfolio, $183.6 million of notes receivable, $31.1 million of maintenance rights, and $21.6 million of investments in sales-type leases, which represented 354 engines, 16 aircraft, one marine vessel, and other leased parts and equipment.

**Conference Call**

WLFC will hold a conference call led by the executive management team today at 10:00 a.m. Eastern Time to discuss its third quarter 2025 results.

To participate in the conference call, please use the following dial-in numbers:

U.S. and Canada: +1 (800) 330-6730

International: +1 (786) 297-8585

Conference ID: 2797388

A digital replay will be available two hours after the completion of the conference call. To access the replay, please visit the Investor Relations sections of our website at https://www.wlfc.global/investor-center.

**About Willis Lease Finance Corporation**

Willis Lease Finance Corporation (WLFC) leases large and regional spare commercial aircraft engines and aircraft to airlines, aircraft engine manufacturers and maintenance, repair, and overhaul providers worldwide. These leasing activities are integrated with engine and aircraft trading, engine lease pools and asset management services, as well as various end-of-life solutions for engines and aviation materials provided through Willis Aeronautical Services, Inc. Additionally, through Willis Engine Repair Center®, Jet Centre by Willis and Willis Aviation Services Limited, the company's service offerings include Part 145 engine maintenance, aircraft line and base maintenance, aircraft disassembly, parking and storage, airport FBO and ground and cargo handling services. Willis Sustainable Fuels intends to develop, build and operate projects to help decarbonize aviation.

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**Forward-Looking Statements**

Except for historical information, the matters discussed in this press release contain forward-looking statements that involve risks and uncertainties. Do not unduly rely on forward-looking statements, which give only expectations about the future and are not guarantees. By their nature, forward-looking statements involve a number of inherent risks, uncertainties and assumptions and are subject to change in circumstances that are difficult to predict and many of which are outside of our control. These risks, uncertainties and assumptions could adversely affect the outcome and financial effects of the plans and events described herein. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update them to reflect any change in the Company's expectations or any change in events, conditions or circumstances on which the forward-looking statement is based, except as required by law. Our actual results may differ materially from the results discussed, either expressly or implicitly, in forward-looking statements. Factors that might cause such a difference include, but are not limited to: the effects on the airline industry and the global economy of events such as war, terrorist activity and natural disasters; changes in oil prices, rising inflation and other disruptions to world markets; trends in the airline industry and our ability to capitalize on those trends, including growth rates of markets and other economic factors, as well as the impact of new or increased tariffs; risks associated with owning and leasing jet engines and aircraft; our ability to successfully negotiate equipment purchases, sales and leases, to collect outstanding amounts due and to control costs and expenses; changes in interest rates and availability of capital, both to us and our customers; our ability to continue to meet changing customer demands; regulatory changes affecting airline operations, aircraft maintenance, accounting standards and taxes; the market value of engines and other assets in our portfolio; and risks detailed in the Company's Annual Report on Form 10-K and other continuing and current reports filed with the Securities and Exchange Commission. It is advisable, however, to consult any further disclosures the Company makes on related subjects in such filings. These statements constitute the Company's cautionary statements under the Private Securities Litigation Reform Act of 1995.

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**Unaudited Condensed Consolidated Statements of Income**

*(In thousands, except per share data)* 

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three months ended September 30,** | **Three months ended September 30,** | | **Nine months ended <br>September 30,** | **Nine months ended <br>September 30,** | |
| | **2025** | **2024** |<br>**% Change** | **2025** | **2024** |<br>**% Change** |
| REVENUE |  |  |  |  |  |  |
| Lease rent revenue | $76552 | $64905 | 17.9% | $216559 | $173652 | 24.7% |
| Maintenance reserve revenue | 76054 | 49760 | 52.8% | 181656 | 156527 | 16.1% |
| Spare parts and equipment sales | 5394 | 10863 | (50.3)% | 53988 | 20337 | 165.5% |
| Interest revenue | 3360 | 3412 | (1.5)% | 10943 | 7965 | 37.4% |
| Gain on sale of leased equipment | 16134 | 9519 | 69.5% | 48153 | 33148 | 45.3% |
| Gain on sale of financial assets |  |  | nm | 378 |  | nm |
| Maintenance services revenue | 3636 | 5948 | (38.9)% | 17253 | 17956 | (3.9)% |
| Other revenue | 2259 | 1816 | 24.4% | 7693 | 6841 | 12.5% |
| Total revenue | 183389 | 146223 | 25.4% | 536623 | 416426 | 28.9% |
| EXPENSES |  |  |  |  |  |  |
| Depreciation and amortization expense | 28662 | 23650 | 21.2% | 81236 | 68303 | 18.9% |
| Cost of spare parts and equipment sales | 6684 | 8861 | (24.6)% | 50109 | 17003 | 194.7% |
| Cost of maintenance services | 5135 | 6402 | (19.8)% | 19085 | 17647 | 8.1% |
| Write-down of equipment | 10201 | 605 | 1586.1% | 23768 | 866 | 2644.6% |
| General and administrative | 49190 | 40037 | 22.9% | 147339 | 104305 | 41.3% |
| Technical expense | 8352 | 5151 | 62.1% | 22090 | 17924 | 23.2% |
| Net finance costs: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest expense | 34177 | 27813 | 22.9% | 99840 | 75378 | 32.5% |
| &nbsp;&nbsp;&nbsp;&nbsp; Loss on debt extinguishment | 2963 |  | nm | 2963 |  | nm |
| Total net finance costs | 37140 | 27813 | 33.5% | 102803 | 75378 | 36.4% |
| Total expenses | 145364 | 112519 | 29.2% | 446430 | 301426 | 48.1% |
| Income from operations | 38025 | 33704 | 12.8% | 90193 | 115000 | (21.6)% |
| Gain on sale of business |  |  | nm | 42950 |  | nm |
| Income from joint ventures | 5192 | 756 | 586.8% | 9625 | 7255 | 32.7% |
| Income before income taxes | 43217 | 34460 | 25.4% | 142768 | 122255 | 16.8% |
| Income tax expense | 18893 | 10364 | 82.3% | 41198 | 34704 | 18.7% |
| Net income | 24324 | 24096 | 0.9% | 101570 | 87551 | 16.0% |
| Preferred stock dividends | 1369 | 948 | 44.4% | 4045 | 2758 | 46.7% |
| Accretion of preferred stock issuance costs | 70 | 15 | 366.7% | 209 | 39 | 435.9% |
| Net income attributable to common shareholders | $22885 | $23133 | (1.1)% | $97316 | $84754 | 14.8% |
| Basic weighted average income per common share | $3.36 | $3.51 |  | $14.45 | $13.01 |  |
| Diluted weighted average income per common share | $3.25 | $3.37 |  | $13.89 | $12.57 |  |
| Basic weighted average common shares outstanding | 6813 | 6582 |  | 6736 | 6513 |  |
| Diluted weighted average common shares outstanding | 7031 | 6859 |  | 7007 | 6745 |  |

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**Unaudited Condensed Consolidated Balance Sheets**

*(In thousands, except per share data)*

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| | | |
|:---|:---|:---|
| | **September 30, 2025** | **December 31, 2024** |
| ASSETS |  |  |
| Cash and cash equivalents | $12885 | $9110 |
| Restricted cash | 158082 | 123392 |
| Equipment held for operating lease, less accumulated depreciation | 2700373 | 2635910 |
| Maintenance rights | 27044 | 31134 |
| Equipment held for sale | 23329 | 12269 |
| Receivables, net | 42289 | 38291 |
| Spare parts inventory | 53712 | 72150 |
| Investments | 98115 | 62670 |
| Property, equipment & furnishings, less accumulated depreciation | 67393 | 48061 |
| Intangible assets, net | 271 | 2929 |
| Notes receivable, net | 144842 | 183629 |
| Investments in sales-type leases, net | 16281 | 21606 |
| Other assets | 76731 | 56045 |
| Total assets | $3421347 | $3297196 |
| LIABILITIES, REDEEMABLE PREFERRED STOCK AND SHAREHOLDERS' EQUITY |  |  |
| Liabilities: |  |  |
| Accounts payable and accrued expenses | $79648 | $75983 |
| Deferred income taxes | 223734 | 185049 |
| Debt obligations | 2239451 | 2264552 |
| Maintenance reserves | 102897 | 97817 |
| Security deposits | 25703 | 23424 |
| Unearned revenue | 36379 | 37911 |
| Total liabilities | 2707812 | 2684736 |
| Redeemable preferred stock ($0.01 par value) | 63331 | 63122 |
| Shareholders' equity: |  |  |
| Common stock ($0.01 par value) | 76 | 72 |
| Paid-in capital in excess of par | 67379 | 50928 |
| Retained earnings | 583094 | 491439 |
| Accumulated other comprehensive (loss) income, net of tax | (345) | 6899 |
| Total shareholders' equity | 650204 | 549338 |
| Total liabilities, redeemable preferred stock and shareholders' equity | $3421347 | $3297196 |

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