On this page of StockholderLetter.com we present the latest annual shareholder letter from WILLIS LEASE FINANCE CORP — ticker symbol WLFC. Reading current and past WLFC letters to shareholders can bring important insights into the investment thesis.

 •  4/24/2026 Letter Continued (Full PDF)
 •  6/22/2023 WLFC Stockholder Letter
 •  4/19/2024 WLFC Stockholder Letter
 •  4/25/2025 WLFC Stockholder Letter
 •  More "Aerospace & Defense" Category Stockholder Letters
 •  WLFC Benford's Law Stock Score = 81

WLFC Shareholder/Stockholder Letter Transcript:

Willis Lease Finance Corporation
2025 Annual Report


April 17, 2026
Dear Shareholders:
, DP SOHDVHG WR SUHVHQW RXU      $QQXDO 5HSRUW DQG UH  HFW RQ D \HDU GH  QHG E\ VWURQJ H[HFXWLRQ  GLVFLSOLQHG JURZWK  
DQG FRQWLQXHG PRPHQWXP DFURVV RXU JOREDO DYLDWLRQ SODWIRUP  
Operational Strength and Strategic Progress
,Q       :LOOLV /HDVH )LQDQFH &RUSRUDWLRQ  :/)&  RQFH DJDLQ GHOLYHUHG UHFRUG   QDQFLDO UHVXOWV  GULYHQ E\ RSHUDWLRQDO 
H[FHOOHQFH  WKH FRQWLQXHG VWUHQJWK RI WKH DYLDWLRQ PDUNHWSODFH  DQG VWURQJ FXVWRPHU GHPDQG IRU RXU SURGXFWV 
DQG VHUYLFHV 
Shareholder Returns
3ULRU WR WKH LQWURGXFWLRQ RI QHZ WDULII SROLFLHV LQ       WKH &RPSDQ\  V WKUHH \HDU UHWXUQ ZDV         LQFOXGLQJ D
       UHWXUQ LQ WKH SULRU \HDU  $V PDUNHWV VWDELOL]HG  RXU VWRFN SULFH UHVXPHG LWV XSZDUG WUDMHFWRU\  6LQFH ODWH
1RYHPEHU       :/)&  V WRWDO VKDUHKROGHU UHWXUQ  DVVXPLQJ UHLQYHVWHG GLYLGHQGV  ZDV        RU        RQ DQ
DQQXDOL]HG EDVLV  (YHQ DIWHU UHFHQW PDFURHFRQRPLF LPSDFWV  WRWDO VKDUHKROGHU UHWXUQV ZHUH        RYHU WKH
ODVW WKUHH \HDUV 
:KLOH WDULIIV FUHDWHG QHDU WHUP SUHVVXUH RQ RXU VKDUH SULFH  WKH\ KDG OLPLWHG LPSDFW RQ RXU RSHUDWLRQV  UH  HFWLQJ
WKH UHVLOLHQFH RI RXU EXVLQHVV PRGHO  'HOLYHULQJ PHDQLQJIXO UHWXUQV WR ORQJ WHUP VKDUHKROGHUV UHPDLQV D NH\ SULRULW\
RI WKH %RDUG RI 'LUHFWRUV  DQG RXU GLVFLSOLQHG IRFXV RQ RSHUDWLRQDO H[FHOOHQFH SRVLWLRQV XV ZHOO WR QDYLJDWH RQJRLQJ
PDFURHFRQRPLF XQFHUWDLQW\ 
Core Business Strength
%XLOGLQJ RQ WKLV PRPHQWXP  ZH FDSLWDOL]HG RQ IDYRUDEOH G\QDPLFV E\ H[SDQGLQJ RXU OHDVH SRUWIROLR  RSWLPL]LQJ DVVHW
XWLOL]DWLRQ  DQG LPSURYLQJ OHDVH UDWHV  /HDVLQJ UHYHQXHV LQFUHDVHG DV ZH GHSOR\HG FDSLWDO LQWR DFFUHWLYH RSSRUWXQLWLHV 
SDUWLFXODUO\ LQ QH[W JHQHUDWLRQ  IXHO HI  FLHQW HQJLQHV  ZKLFK UHPDLQ LQ KLJK GHPDQG DPRQJ DLUOLQH FXVWRPHUV ZRUOGZLGH 
$W WKH VDPH WLPH  RXU FRUH EXVLQHVV FRQWLQXHV WR EHQH  W IURP DQ LQFUHDVLQJO\ HQJLQH FHQWULF DYLDWLRQ PDUNHW  ,Q
DGGLWLRQ WR KLJKHU XWLOL]DWLRQ DFURVV RXU OHDVH SRUWIROLR  ZH DUH VHHLQJ JURZLQJ GHPDQG IRU WHFKQLFDO DQG PDLQWHQDQFH
H[SHUWLVH ZLWKLQ RXU HQJLQH VKRSV  7KLV LV HVSHFLDOO\ HYLGHQW DV D PHDQLQJIXO SRUWLRQ RI RXU SRUWIROLR FRQVLVWV RI
PDWXUH &)0   DQG 9     HQJLQHV  ZKLFK UHTXLUH RQJRLQJ VHUYLFH DQG VXSSRUW 
2XU VHUYLFHV EXVLQHVVHV UHPDLQ D FULWLFDO FRPSRQHQW RI WKH RYHUDOO SODWIRUP  FUHDWLQJ YDOXH ERWK LQWHUQDOO\ DQG
H[WHUQDOO\  :H VXSSRUW RXU RZQ   HHW WKURXJK RXU PDLQWHQDQFH DQG UHSDLU RSHUDWLRQV  DQG PRQHWL]H XQVHUYLFHDEOH
HQJLQHV WKURXJK RXU HQJLQH SDUWV EXVLQHVV  :LOOLV $HURQDXWLFDO 6HUYLFHV  ,QF  :$6,   ,Q WKH IRXUWK TXDUWHU RI      
    RI :$6, VDOHV ZHUH LQWHUFRPSDQ\  VXSSRUWLQJ WKH UHSDLU RI RXU HQJLQHV DQG WKLUG SDUW\ HQJLQHV LQ RXU WZR HQJLQH
PDLQWHQDQFH IDFLOLWLHV  :(5&   86 DQG :(5&   8. 
,Q 2FWREHU       :LOOLV $YLDWLRQ 6HUYLFHV /LPLWHG :$6/   RXU DLUFUDIW PDLQWHQDQFH DQG GLVDVVHPEO\ EXVLQHVV  RSHQHG
WZR KDQJDUV IRFXVHG RQ QDUURZ ERG\ PDLQWHQDQFH  ZKLFK DUH IXOO\ ERRNHG IRU WKH           ZLQWHU VHDVRQ 
:/)&  V LQWHJUDWHG PRGHO HQKDQFHV   H[LELOLW\ DFURVV WKH SODWIRUP  HQDEOLQJ XV WR UHGXFH WXUQDURXQG WLPHV DQG LQFUHDVH
DVVHW DYDLODELOLW\ IRU ERWK WKLUG SDUW\ FXVWRPHUV DQG RXU RZQ   HHW  :H DUH IRFXVHG RQ H[SDQGLQJ RXU FDSDELOLWLHV DV D
FRPSUHKHQVLYH PDLQWHQDQFH SURYLGHU 
1

2XU UHVXOWV GHPRQVWUDWH WKH YDOXH RI RXU SODWIRUP  :H KDYH EXLOW ORQJ VWDQGLQJ UHODWLRQVKLSV ZLWK D GLYHUVH VHW RI
WKH ZRUOG  V OHDGLQJ DLUOLQHV WKDW WUXVW XV WR NHHS WKHLU   HHWV RSHUDWLQJ UHOLDEO\ DQG FRVW HIIHFWLYHO\ 
2XU LQQRYDWLYH SURJUDPV KHOS UHGXFH PDLQWHQDQFH H[SHQVHV IRU RXU FXVWRPHUV  HQDEOLQJ WKHP WR H[WUDFW PD[LPXP
YDOXH IURP WKHLU SRUWIROLRV DV WKH\ HYROYH WKH FRPSRVLWLRQ RI HQJLQHV GHSOR\HG DFURVV WKHLU   HHWV  :H ZLOO FRQWLQXH
WR H[HFXWH RQ DQG HQKDQFH RXU H[LVWLQJ SODWIRUP  DQG ZH DUH H[FLWHG DERXW WKH RSSRUWXQLWLHV DKHDG  ZKLFK ZH EHOLHYH
ZLOO SURYLGH VLJQL  FDQW DYHQXHV IRU IXWXUH JURZWK DQG LQYHVWPHQW 
Building for the Future
(DUOLHU WKLV \HDU  ZH HVWDEOLVKHG RXU DVVHW PDQDJHPHQW DUP  :LOOLV $YLDWLRQ &DSLWDO :$&   ZKLFK RYHUVHHV H[LVWLQJ
MRLQW YHQWXUHV  WKLUG SDUW\ HQJLQH OHDVH PDQDJHPHQW  DQG QHZ WKLUG SDUW\ GLVFUHWLRQDU\ FDSLWDO  $V DQ LQWHJUDO SDUW
RI WKH :/)& EXVLQHVV  ZH DQWLFLSDWH :$& ZLOO QRW RQO\ H[WHQG EDODQFH VKHHW FDSDFLW\ DQG H[SDQG RXU DGGUHVVDEOH
PDUNHW  EXW DOVR GULYH DGGLWLRQDO DFWLYLW\ WKURXJK RXU VHUYLFHV EXVLQHVVHV DQG MRLQW YHQWXUH SDUWQHUV  :H EHOLHYH :$&
ZLOO HQKDQFH HQWHUSULVH YDOXH DQG UHVLOLHQFH  DFFHOHUDWH JURZWK LQ $VVHWV 8QGHU 0DQDJHPHQW $80   DQG GHOLYHU
KLJK TXDOLW\ HDUQLQJV IRU \RX  RXU VKDUHKROGHUV 
7KURXJK RXU QHZ SDUWQHUVKLSV ZLWK %ODFNVWRQH &UHGLW
,QVXUDQFH DQG /LEHUW\ 0XWXDO ,QYHVWPHQWV  DORQJ ZLWK RXU
H[LVWLQJ DVVHWV DQG MRLQW YHQWXUHV ZLWK :LOOLV 0LWVXL &R  DQG &$6& :LOOLV /HDVH )LQDQFH &RPSDQ\ /LPLWHG  :$& QRZ
PDQDJHV PRUH WKDQ      ELOOLRQ RI FRPPLWWHG RU GHSOR\HG FDSLWDO ZLWKLQ LWV SRUWIROLR 
:$& FRQWLQXHV WR JHQHUDWH DGGLWLRQDO UHFXUULQJ LQFRPH VWUHDPV E\ LQFUHDVLQJ WKH YROXPH RI DYLDWLRQ DVVHWV VHUYLFHG
DFURVV RXU RSHUDWLRQV  7KLV DFWLYLW\ UHLQIRUFHV WKH FRUH WHQHWV RI RXU EXVLQHVV E\ SURYLGLQJ :/)& ZLWK FDSLWDO WR SXUVXH
ODUJHU WUDQVDFWLRQV  VXSSRUW EDODQFH VKHHW GHOHYHUDJLQJ  DQG GHOLYHU FRPSHWLWLYH  ORZ FRVW   QDQFLQJ VROXWLRQV WR RXU
H[LVWLQJ FXVWRPHU EDVH 
,Q       :/)& DQG LWV DI  OLDWHG EXVLQHVVHV H[HFXWHG DSSUR[LPDWHO\      ELOOLRQ RI FDSLWDO PDUNHWV DFWLYLW\  SURYLGLQJ
IRU FRQWLQXHG JURZWK DQG GLVFLSOLQHG H[SDQVLRQ DFURVV RXU SODWIRUP 
:/)& LV D SLRQHHU DQG PDUNHW OHDGHU LQ RQH RI WKH PRVW DWWUDFWLYH VHFWRUV RI FRPPHUFLDO DYLDWLRQ  :H FRQWLQXH
WR GHOLYHU DFURVV WKH ERDUG  ZLWK D FRQVLVWHQW UHFRUG RI LPSURYLQJ UHYHQXH  SUR  WDELOLW\  DQG FDVK   RZ JHQHUDWLRQ 
VXSSRUWHG E\ D VWURQJ EDODQFH VKHHW IXUWKHU HQKDQFHG E\ WKH IRUPDWLRQ RI :$& 
2XU VXFFHVV LV GULYHQ E\ WKH GHGLFDWLRQ  H[SHUWLVH  DQG SDVVLRQ RI RXU SHRSOH  ZKRVH FRPPLWPHQW HQDEOHV XV WR VHUYH
RXU FXVWRPHUV LQ XQLTXH DQG LQQRYDWLYH ZD\V  2Q EHKDOI RI WKH HQWLUH WHDP DW :/)&  WKDQN \RX IRU \RXU WUXVW DQG
FRQWLQXHG VXSSRUW       ZDV DQ H[FHOOHQW \HDU  DQG ZH ORRN IRUZDUG WR WDNLQJ WKH EXVLQHVV WR QHZ KHLJKWV LQ      
6LQFHUHO\ 
$XVWLQ &  :LOOLV
&KiHI ([HFXWiYH 2I  FHr
2

3

4/24/2026 Letter Continued (Full PDF)

 

Nothing in StockholderLetter.com is intended to be investment advice, nor does it represent the opinion of, counsel from, or recommendations by BNK Invest Inc. or any of its affiliates, subsidiaries or partners. None of the information contained herein constitutes a recommendation that any particular security, portfolio, transaction, or investment strategy is suitable for any specific person. All viewers agree that under no circumstances will BNK Invest, Inc,. its subsidiaries, partners, officers, employees, affiliates, or agents be held liable for any loss or damage caused by your reliance on information obtained. By visiting, using or viewing this site, you agree to the following Full Disclaimer & Terms of Use and Privacy Policy.