Customer concentration
A small number of lessees can account for a meaningful share of lease rent and receivables.
- Scope
- One customer accounted for about 13% of lease rent revenue in 2025.
- Materiality
- high
Willis Lease Finance Corporation
Willis Lease Finance Corp. is a U.S.-based aviation asset company that acquires, leases, manages, and sells commercial aircraft engines, aircraft, and related equipment through its subsidiaries. Its business also includes engine management services and the sale of aircraft engine spare parts and materials, with operations and lessees spread across multiple countries.
29,6 %
15,6 %
+28,3 %
| % | |
|---|---|
| Engine and aircraft leasing | 75% Operating leases for commercial aircraft engines, aircraft, and related equipment. |
| Maintenance reserves and lease-related fees | 10% Lease-related income tied to engine use, maintenance, and asset management. |
| Engine management and consulting | 5% Third-party asset management and consulting for engines and related equipment. |
| Spare parts sales | 10% Sale of aircraft engine parts and materials through Willis Aero. |
Customers are commercial airlines, aircraft operators, and maintenance, repair and overhaul providers that need engine...
- Commercial airlinesprimary
Lease engines and related equipment to cover maintenance, growth, and disruption needs.
- Aircraft operatorsprimary
Use leased engines and aircraft to maintain fleet flexibility and capacity.
- MROs and repair facilitiessecondary
Buy or lease engines, parts, and support services for maintenance activity.
- Third-party asset ownerssecondary
Outsource engine management and consulting to Willis Asset Management.
- Aftermarket parts buyerssecondary
Purchase engine parts and materials from Willis Aero's spare-parts platform.
Willis Lease Finance operates globally, with lessees in dozens of countries and assets that can be redeployed across...
- •Lessees were located in 37 countries at year-end 2025
- •Global asset redeployment helps reduce dependence on any one market
- •Dublin-based WMES expands access to international engine leasing
- •Shanghai-based CASC Willis serves Chinese airline demand
- •U.S. headquarters in Florida supports global asset management
The company focuses on acquiring popular commercial jet engines and managing them to maximize lease income and residual...
01
Grow and refresh the engine lease portfoliomedium-term
A larger, newer portfolio supports lease rent and redeployment flexibility.
02
Monetize end-of-life assets and spare partsmedium-term
Parts sales and tear-down activity improve value recovery from retired equipment.
03
Expand third-party asset managementmedium-term
Management fees diversify revenue beyond direct leasing.
04
Use joint ventures to access regional demandlong-term
Local partners can improve market access and customer reach.
The business is exposed to airline and MRO customer credit risk, because lease payments and parts demand depend on the...
Residual value and asset impairment risk
Engine and aircraft values depend on secondary-market demand and future leaseability.
- Scope
- Applies to operating lease portfolio, notes receivable, and sales-type leases.
- Materiality
- high
Customer industry cyclicality
Airline and MRO demand is tied to air travel, cargo volumes, and financing conditions.
- Scope
- Commercial aviation operators and maintenance providers worldwide.
- Materiality
- high
Interest rate and refinancing risk
Growth is funded largely with secured borrowings and floating-rate debt.
- Scope
- Lease portfolio financing and hedge counterparties.
- Materiality
- high
Competition and vertical integration
OEMs, lessors, and MROs can compete directly or move into aftermarket parts.
- Scope
- Engine leasing, parts sales, and maintenance services.
- Materiality
- medium
Geopolitical and trade barriers
Tariffs and trade restrictions can affect cross-border aviation asset flows.
- Scope
- International leasing and parts movement.
- Materiality
- medium
Operating lease revenue recognition
Lease rent revenue
Residual value and impairment testing
Equipment held for operating lease
Credit loss allowances
Notes receivable and lease-related balances
Fair value estimates for parts and equipment
Willis Aero inventory and asset write-downs
Joint venture accounting
Investment carrying values and equity income
: 29.4.2026