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Willis Lease Finance cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$103M in Q3 2026 · $297M over twelve months

Operating cash flow$105M
Capital spending−$2.0M
Free cash flow+$103M
Cash / net income9.0×

Analysis

In Q3 2026, Willis Lease Finance generated $105M of operating cash flow and spent $2.0M on capital projects, leaving free cash flow of $103M. That is $44.9M more than in Q3 2025 ($57.8M).

Over the twelve months to Sep 30, 2026, operating cash flow was $313M; the largest uses were other investing ($585M), other financing ($28.7M), taxes on employees’ shares ($28.6M); besides operations, cash came from net borrowing (+) / repaid (−) ($286M), shares issued ($34.7M); the cash balance fell by $37.3M.

Operating cash flow was $105M against net income of $11.7M — 9.0× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$31.4M, payables +$31.3M, stock-based pay +$12.3M.

Free cash flow

Willis Lease Finance: free cash flow by quarterWillis Lease Finance: free cash flow by quarter$55.1MQ4 2024$33.5MQ1 2025$94.5MQ2 2025$57.8MQ3 2025$66.2MQ4 2025$53.1MQ1 2026$74.8MQ2 2026$103MQ3 2026
Operating cash flow less capital spending.
Willis Lease Finance: operating cash flow against capital spendingWillis Lease Finance: operating cash flow against capital spendingOperating cash flowCapital spending$68.0M$12.9MQ4 2024$41.0M$7.5MQ1 2025$104M$9.6MQ2 2025$63.9M$6.0MQ3 2025$74.2M$7.9MQ4 2025$56.7M$3.5MQ1 2026$77.5M$2.7MQ2 2026$105M$2.0MQ3 2026
Latest (Q3 2026): Operating cash flow $105M, Capital spending $2.0M.

Capital allocation, year by year

Willis Lease Finance: where the cash came from (up) and went (down), by fiscal yearWillis Lease Finance: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingBuybacksDividendsFY2021: Operating cash flow $90.7MFY2021: Net borrowing $96.7MFY2021: Shares issued $186KFY2021: Capital spending −$2.2MFY2021: Buybacks −$10.1M$188MFY2021FY2022: Operating cash flow $144MFY2022: Net borrowing $55.2MFY2022: Shares issued $335KFY2022: Capital spending −$6.6MFY2022: Buybacks −$5.2M$200MFY2022FY2023: Operating cash flow $230MFY2023: Net borrowing −$39.8MFY2023: Shares issued $274KFY2023: Capital spending −$5.1MFY2023: Buybacks −$9.4M$230MFY2023FY2024: Operating cash flow $284MFY2024: Net borrowing $466MFY2024: Shares issued $13.3MFY2024: Capital spending −$15.6MFY2024: Dividends −$10.7M$763MFY2024FY2025: Operating cash flow $283MFY2025: Net borrowing $439MFY2025: Shares issued $250KFY2025: Asset sales $21.9MFY2025: Capital spending −$31.1MFY2025: Buybacks −$3.8MFY2025: Dividends −$8.7M$745MFY2025
Over these 5 years operating cash flow totalled $1.0B; the largest uses were capital spending ($60.6M) and net borrowing ($39.8M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$11.1M
Debt$2.5B
Net debt$2.5B
Due within a year$110M

Willis Lease Finance funds itself: free cash flow was $297M over the last twelve months, and $11.1M of cash and investments stands against $2.5B of debt ($110M due within a year, 0.1× covered by cash).

Willis Lease Finance: debt maturities by year (FY2025)Willis Lease Finance: debt maturities by year (FY2025)$110MYear 1$213MYear 2$262MYear 3$1.1BYear 4$115MYear 5$941MAfter year 5
Principal due in each year as disclosed in the annual report, against $11.1M of cash and investments now.

Where the cash came from and went

Willis Lease Finance: sources (+) and uses (−) of cash, Q3 2026Willis Lease Finance: sources (+) and uses (−) of cash, Q3 2026Other investing−$373MNet borrowing (+) / repaid (−)$202MOperating cash flow$105MCash drawn (+) / kept (−)$38.6MOther financing$32.3MDividends−$3.0MCapital spending−$2.0MPartners$894KTaxes on employees’ shares−$159KShares issued$140K
Willis Lease Finance: sources (+) and uses (−) of cash, TTM to Q3 2026Willis Lease Finance: sources (+) and uses (−) of cash, TTM to Q3 2026Other investing−$585MOperating cash flow$313MNet borrowing (+) / repaid (−)$286MCash drawn (+) / kept (−)$37.3MShares issued$34.7MOther financing−$28.7MTaxes on employees’ shares−$28.6MCapital spending−$16.2MDividends−$12.3M

From profit to cash

Willis Lease Finance: net income to operating cash flow, Q3 2026Willis Lease Finance: net income to operating cash flow, Q3 2026Net income$11.7MDepreciation & amortization$31.4MStock-based pay$12.3MGains on disposals$244KReceivables−$3.2MInventory$6.1MPayables$31.3MDeferred revenue−$6.4MPrepaid and other assets−$6.0MOperating cash flow$105M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$105M−$2.0M−$3.0M$202M$140K$38.6M$103M
Q2 2026$77.5M−$2.7M−$3.0M$70.5M$1K$48.4M$74.8M
Q1 2026$56.7M−$3.5M−$3.1M−$450M$221K$326M$53.1M
Q4 2025$74.2M−$7.9M−$3.1M$464M—−$376M$66.2M
Q3 2025$63.9M−$6.0M−$1.9M−$566M$118K$612M$57.8M
Q2 2025$104M−$9.6M−$1.9M$576M−$2K−$633M$94.5M
Q1 2025$41.0M−$7.5M−$1.8M−$34.4M$134K−$16.6M$33.5M
Q4 2024$68.0M−$12.9M−$1.8M$278M$1K−$27.4M$55.1M

Willis Lease Finance: income statement and cash flow

Willis Lease Finance, Q3 2026: revenue $246M (+34% year over year), operating margin 4.7%. The chart follows the revenue to costs, profit and cash.

Willis Lease Finance: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.