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Willis Lease Finance (WLFC) earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Nov 3, 2026 · Willis Lease Finance (WLFC) Q3 2026 earnings results →
Q3 2026 Revenue up 34% year over year to $246M · 5¢ of every $1 of revenue kept as net profit · operating margin 4.7%
Willis Lease Finance made $246M in Q3 2026 (+34% Y/Y). Operating margin 4.7%, net earnings $11.7M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 3, 2026.
Drawing the Sankey…
Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF
What changed this quarter
Revenue was $246.3M in Q3 2026, up 34% year over year and up 27% from the previous quarter.
Operating profit was $11.5M, a 4.7% margin (down 16.1 points year over year). Operating profit fell $26.5M even though revenue rose $62.9M versus Q3 2025, so costs grew faster than sales. Total costs grew 62% against revenue growth of 34%. The fastest-growing cost line was Sales & marketing (+1263%). Net earnings were $11.7M, down 52% year over year. The effective tax rate was 37.9%. Non-operating items added $7.3M, 39% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $104.8M (up 64% year over year), 898% of net earnings. Non-cash charges added back $31.4M of depreciation and amortization and $12.3M of share-based compensation. Working capital and other items added $49.5M. Capital expenditures of $2.0M left free cash flow of $102.7M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Nov 3, 2026 | $246M | +34% | 4.7% | $11.7M | $105M |
| Q2 2026 | 10-Q | Aug 4, 2026 | $194M | -0.8% | 17.5% | $30.3M | $77.5M |
| Q1 2026 | 10-Q | May 5, 2026 | $194M | +23% | 17.4% | $25.1M | $56.7M |
| Q4 2025 | 10-K | Mar 10, 2026 | $194M | +27% | 7.3% | $12.2M | $74.2M |
| Q3 2025 | 10-Q | Nov 4, 2025 | $183M | +25% | 20.7% | $24.3M | $63.9M |
| Q2 2025 | 10-Q | Aug 5, 2025 | $196M | +29% | 14.5% | $60.4M | $104M |
| Q1 2025 | 10-Q | May 6, 2025 | $158M | +32% | 15.2% | $16.9M | $41.0M |
Charts
Interactive views
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💵Where each $1 goesinteractive
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
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🔍Earnings qualityinteractive
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⚖️Fair value by methodinteractive
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🔭Outlook & guidanceinteractive
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📈Investments: gains and what it boughtinteractive
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🏭Its industry’s money flow (input-output)interactive
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Customers and suppliers named in filings
Buys from
About Willis Lease Finance
Willis Lease Finance Corporation with its subsidiaries (“WLFC” or the “Company”) is a leading lessor and servicer of commercial aircraft and aircraft engines. Our principal business objective is to build value for our shareholders by acquiring commercial aircraft and engines and managing those assets in order to provide a return on investment, primarily through lease rent and maintenance reserve revenues, as well as through management fees earned for managing assets owned by third parties. As of December 31, 2025, we had $2,801.7 million of equipment held in our operating lease portfolio, $139.9 million of notes receivable, $30.6 million of maintenance rights, and $16.6 million of investments in sales-type leases, which represented 363 engines, 20 aircraft, one marine vessel and other leased parts and equipment with 69 lessees in 37 countries.
In its own words, from its 10-K, filed Mar 10, 2026.
Willis Lease Finance against its Wholesale-Machinery, Equipment & Supplies peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +34% against the peers' median +11%. Operating margin: 4.7% against the peers' median 4.7%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| WLFC Willis Lease Finance | Q3 2026 | $246M | +34% | 4.7% |
| AIT Applied Industrial Technologies | Q1 FY27 | $1.3B | +8% | 11.1% |
| DSGR Distribution Solutions Group | Q3 2026 | $574M | +11% | 4.4% |
| ASLE AerSale | Q3 2026 | $91.6M | +29% | -12.7% |
| HDSN Hudson Technologies | Q3 2026 | $59.4M | -20% | 5.5% |
Source: Willis Lease Finance 10-Q on SEC EDGAR · CIK 1018164 · Wholesale-Machinery, Equipment & Supplies
Guidance and outlook
13F: who owns WLFC and who is buying
More on WLFC
- How Willis Lease Finance makes money: revenue by segment
- Willis Lease Finance next earnings date and what analysts expect
- Willis Lease Finance stock forecast, price target and fair value
- Who owns Willis Lease Finance stock: holders, funds and Congress trades
- Willis Lease Finance guidance and outlook
- Is Willis Lease Finance a takeover target? LBO and rumors
History
Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results