威利斯融资租赁 2025年度报告

SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM10-K ☒Annual Report Pursuant to Section13 or 15(d)of the Securities Exchange Act of 1934 For the fiscal year ended December 31, 2025 ☐Transition Report Pursuant to Section13 or 15(d)of the Securities Exchange Act of 1934 Commission File Number: 001-15369 WILLIS LEASE FINANCE CORPORATION (Exact name of registrant as specified in its charter) Name of exchange on which registered Indicate by check mark if the registrant is a well-known seasoned issuer as defined in Rule405 of the Securities Act.Yes☐No☒ Indicate by check mark if the registrant is not required to file reports pursuant to Section13 or Section15(d)of the Act.Yes☐No☒ Indicate by check mark whether the registrant (1)has filed all reports required to be filed by Section13 or 15(d)of the Securities Exchange Actof 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2)has been subject tosuch filing requirements for the past 90 days.Yes☒No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant toRule405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required tosubmit such files).Yes☒No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reportingcompany, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and“emerging growth company” in Rule12b-2 of the Exchange Act. If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying withany new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of itsinternal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firmthat prepared or issued its audit report.☒ If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrantincluded in the filing reflect the correction of an error to previously issued financial statements.☐ Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-basedcompensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to § 240.10D-1(b).☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule12b-2 of the Exchange Act).Yes☐No☒ The aggregate market value of voting stock held by non-affiliates of the registrant as of the last business day of the registrant’s most recentlycompleted second fiscal quarter (June30, 2025) was approximately $576.9 million (based on a closing sale price of $142.78 per share as reported onthe NASDAQ Stock Market). DOCUMENTS INCORPORATED BY REFERENCE Portions of the Company’s Proxy Statement for the 2026 Annual Meeting of Stockholders is incorporated by reference into PartIII of thisForm10-K. WILLIS LEASE FINANCE CORPORATION2025 FORM10-K ANNUAL REPORT TABLE OF CONTENTS PART I Item 1.BusinessItem 1A.Risk FactorsItem 1B.Unresolved Staff CommentsItem 1C.CybersecurityItem 2.PropertiesItem 3.Legal ProceedingsItem 4.Mine Safety Disclosures PART II Item 5.Market for Registrant’s Common Equity and Related Stockholder MattersItem 6.ReservedItem 7.Management’s Discussion and Analysis of Financial Condition and Results of OperationsItem 7A.Quantitative and Qualitative Disclosures About Market RiskItem 8.Financial Statements and Supplementary DataItem 9.Changes in and Disagreements with Accountants on Accounting and Financial DisclosureItem 9A.Controls and ProceduresItem 9B.Other InformationItem 9C.Disclosure Regarding Foreign Jurisdictions that Prevent Inspections PART III Item 10.Directors and Executive Officers of the RegistrantItem 11.Executive CompensationItem 12.Security Ownership of Certain Beneficial Owners and Management and Related Stockholder MattersItem 13.Certain Relationships and Related TransactionsItem 14.Principal Accountant Fees and Services PART IV Item 15.Exhibits and Financial Statement SchedulesItem 16.Form 10-K Summary PARTI ITEM 1.BUSINESS INTRODUCTION Willis Lease Finance Corporation with its subsidiaries (“WLFC” or the “Company”) is a leading lessor and servicer ofcommercial aircraft and aircraft engines. Our principal business objective is to build value for our shareholders by acquiringcommercial aircraft and engines and managing those assets in order to provide a return on investment, primarily throug