Republic Airways Holdings (RJET) Financials
Ticker history: MESA became RJET (Republic Airways Holdings Inc.) on . Earlier news and filings retain their original names and dates. View MESA history.
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 30, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 10-Q for Q3 FY2026, filed Oct 30, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the RJET SEC filings page.
Republic Airways Holdings Inc. (RJET) reported $2.1B in revenue over the twelve months to Sep 30, 2026, up 112.8% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 10 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings.
The business converts reported profit into operating cash, but substantial reinvestment leaves free cash flow negative despite improving margins.
In FY2025, operating cash flow was$322M versus net income of$76.2M ; cash generation therefore exceeded accounting profit. Capital expenditures reached$396.9M , pushing free cash flow to-$74.9M ; reinvestment absorbed more cash than operations produced.
Revenue grew
Long-term debt rose from
Financial Health Signals
Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group, and the overall is the average of the dimensions that can be computed. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Republic Airways Holdings Inc.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Republic Airways Holdings Inc. has an operating margin of 10.0%, meaning the company retains $10 of operating profit per $100 of revenue. This results in a moderate score of 45/100, indicating healthy but not exceptional operating efficiency. This is up from 9.3% the prior year.
Republic Airways Holdings Inc.'s revenue grew 13.7% year-over-year to $1.7B, a solid pace of expansion. This earns a growth score of 60/100.
Republic Airways Holdings Inc. has elevated debt relative to equity (D/E of 0.66), meaning the company relies heavily on borrowed funds. This high leverage results in a low score of 24/100, reflecting increased financial risk.
Republic Airways Holdings Inc.'s current ratio of 0.94 is below the typical benchmark, resulting in a score of 17/100. This tight liquidity could limit financial flexibility if cash inflows slow.
While Republic Airways Holdings Inc. generated $322.0M in operating cash flow, capex of $396.9M consumed most of it, leaving -$74.9M in free cash flow. This results in a low score of 20/100, reflecting heavy capital investment rather than weak cash generation.
Republic Airways Holdings Inc.'s ROE of 5.7% shows moderate profitability relative to equity, earning a score of 49/100. This is down from 5.8% the prior year.
Republic Airways Holdings Inc. scores 1.25, below the 1.81 distress threshold. The score is pulled down most by current liabilities exceeding current assets by $33.6M against total assets of $3.3B. This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Republic Airways Holdings Inc. passes 4 of 7 computable financial strength tests (2 of the nine could not be computed from available data). 3 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, the one computable operating efficiency signal (asset turnover improving) does not pass.
For every $1 of reported earnings, Republic Airways Holdings Inc. generates $4.23 in operating cash flow ($322.0M OCF vs $76.2M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Republic Airways Holdings Inc. earns $2.78 in operating income for every $1 of interest expense ($168.3M vs $60.6M). This adequate coverage means the company can meet its interest obligations, but has limited cushion if earnings fall.
Key Financial Metrics
Earnings & Revenue
Republic Airways Holdings Inc. generated $553.5M in revenue in Q3 2026. This represents an increase of 510.4% from the same quarter a year earlier. Against the prior quarter it is down 3.1%.
Republic Airways Holdings Inc.'s EBITDA was $98.5M in Q3 2026, measuring earnings before interest, taxes, depreciation, and amortization. The change from the same quarter a year earlier is not meaningful, because that figure was zero or negative. Against the prior quarter it is up 4.9%.
Republic Airways Holdings Inc. reported $34.6M in net income in Q3 2026. The change from the same quarter a year earlier is not meaningful, because that figure was zero or negative. Against the prior quarter it is up 10.9%.
Republic Airways Holdings Inc. earned $0.75 per diluted share (EPS) in Q3 2026. The change from the same quarter a year earlier is not meaningful, because that figure was zero or negative. Against the prior quarter it is up 10.3%.
Cash & Balance Sheet
Republic Airways Holdings Inc. generated $50.3M in free cash flow in Q3 2026, representing cash available after capex. The change from the same quarter a year earlier is not meaningful, because that figure was zero or negative. Against the prior quarter it is up 74.7%.
Republic Airways Holdings Inc. held $128.6M in cash against $841.4M in long-term debt as of Q3 2026.
Not reported for Q3 2026.
Margins & Returns
Republic Airways Holdings Inc.'s operating margin was 11.4% in Q3 2026, reflecting core business profitability. This is up 21.5 percentage points from the same quarter a year earlier. Against the prior quarter it is up 1.1 percentage points.
Republic Airways Holdings Inc.'s net profit margin was 6.3% in Q3 2026, showing the share of revenue converted to profit. This is up 21.8 percentage points from the same quarter a year earlier. Against the prior quarter it is up 0.8 percentage points.
Republic Airways Holdings Inc.'s quarterly ROE was 2.4% in Q3 2026: one quarter's net income over shareholder equity, not annualized. Against the prior quarter it is up 0.2 percentage points.
Not reported for Q3 2026.
Capital Allocation
Republic Airways Holdings Inc. invested $28.7M in capex in Q3 2026, funding long-term assets and infrastructure. This represents a decrease of 71.4% from the same quarter a year earlier. Against the prior quarter it is up 40.0%.
Not reported for Q3 2026.
Not reported for Q3 2026.
RJET Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q3'2610-Q | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'25Filing | Q2'2510-Q | Q1'2510-Q | Q4'24Filing |
|---|---|---|---|---|---|---|---|---|
| Revenue | $553.5M+510.4% | $571.1M+40.8% | $527.4M+33.6% | $464.1M+349.6% | $90.7M-18.2% | $405.6M+208.2% | $394.8M | $103.2M-90.4% |
| SG&A Expenses | N/A | N/A | N/A | N/A | $10.9M+12.3% | $11.6M+4.1% | $11.5M | $9.5M-19.8% |
| Operating Income | $63.2Mn/m | $58.7M+7.9% | $54.2M+2.5% | $34.1Mn/m | -$9.2Mn/m | $54.4M+367.2% | $52.9M | -$110.8M-143.7% |
| EBITDA | $98.5Mn/m | $93.9M+10.1% | $88.7M+6.2% | $67.2Mn/m | -$6.9M-1083.6% | $85.3M+297.4% | $83.5M | -$102.8M-127.9% |
| Interest Expense | $16.3M+476.2% | $16.8M+13.5% | $16.8M+17.5% | $15.8M+123.7% | $2.8M-68.7% | $14.8M+39.1% | $14.3M | $7.1M-45.2% |
| Income Tax | $14.6M+475.0% | $12.2M-8.3% | $10.7M+12.6% | $11.9Mn/m | $2.5Mn/m | $13.3M+18372.2% | $9.5M | -$4.3M-111.7% |
| Net Income | $34.6Mn/m | $31.2M-16.6% | $26.9M-0.7% | $5.0Mn/m | -$14.1Mn/m | $37.4M+220.8% | $27.1M | -$111.9M-157.3% |
| EPS (Basic) | $0.75n/m | $0.68-29.2% | $0.59-14.5% | $3.15 | -$0.34n/m | $0.96+242.9% | $0.69 | -$2.71n/m |
| EPS (Diluted) | $0.75n/m | $0.68-27.7% | $0.58-14.7% | $3.12 | -$0.34n/m | $0.94+235.7% | $0.68 | -$2.71n/m |
| Diluted Shares (Avg) | 46M+10.6% | 46M+15.7% | 46M+15.7% | N/A | 42M+1.6% | 40M-2.8% | 40M | 41M |
Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, R&D Expenses.
RJET Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q3'2610-Q | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'25Filing | Q2'2510-Q | Q1'2510-Q | Q4'24Filing |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $3.3B+1952.2% | $3.3B+1722.8% | $3.3B+1418.9% | $3.3B+18.4% | $158.9M-76.1% | $178.6M-74.7% | $215.0M | $2.8B+208.1% |
| Current Assets | $552.1M+381.7% | $535.1M+301.0% | $486.5M+197.4% | $540.7M+19.3% | $114.6M+35.0% | $133.4M+35.6% | $163.6M | $453.3M+227.1% |
| Cash & Equivalents | $128.6M+232.0% | $115.7M+172.4% | $111.3M+105.7% | $134.3M+21.5% | $38.7M+137.6% | $42.5M+129.2% | $54.1M | $110.5M+235.5% |
| Short-Term Investments | $161.5Mn/m | $161.9Mn/m | $162.1Mn/m | $162.2M-15.3% | $0n/m | $0n/m | $0 | $191.5Mn/m |
| Inventory | $106.6M | $99.1M | $95.3M | $88.5M+40.5% | N/A | N/A | N/A | $63.0M |
| Long-Term Investments | $0 | $0 | $0 | N/A | N/A | N/A | N/A | N/A |
| Goodwill | $111.7M | $109.9M | $122.5M | $122.5M+5733.3% | N/A | N/A | N/A | $2.1M |
| Total Liabilities | $1.8B+769.3% | $1.9Bn/m | $1.9Bn/m | $1.9B+18.0% | $211.6M-60.0% | -$996.4M-280.6% | -$922.6M | $1.7B+136.5% |
| Current Liabilities | $514.8M+202.9% | $520.4M+198.0% | $520.2M+157.5% | $574.3M+17.4% | $170.0M-9.4% | $174.6M-11.3% | $202.0M | $489.1M+82.6% |
| Non-Current Liabilities | $1.3B+3082.4% | $1.3B+2878.4% | $1.4B+1749.6% | $1.4B+938.8% | $41.6M-87.8% | $45.3M-87.2% | $75.3M | $132.2M-69.3% |
| Long-Term Debt | $841.4M+3014.9% | $875.7M+3000.4% | $909.2M+2772.5% | $882.9M+953.8% | $27.0M-90.6% | $28.2M-90.6% | $31.7M | $83.8M-77.0% |
| Total Equity | $1.4Bn/m | $1.4B+18.0% | $1.4B+18.8% | $1.3B+19.6% | -$52.6M-139.0% | $1.2B+659.7% | $1.1B | $1.1B+455.2% |
| Retained Earnings | $797.0Mn/m | $763.2Mn/m | $735.4Mn/m | $708.5M+12.0% | -$326.0Mn/m | -$314.5Mn/m | -$335.3M | $632.5Mn/m |
Not reported in any period shown, so not listed: Accounts Receivable.
RJET Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q3'2610-Q | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'25Filing | Q2'2510-Q | Q1'2510-Q | Q4'24Filing |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $79.0Mn/m | $49.3Mn/m | $57.8M+7.4% | $356.6Mn/m | -$176.6M-1675.8% | -$9.4M-157.9% | $53.8M | -$11.6M-103.4% |
| Depreciation & Amortization | $35.3M+1460.6% | $35.2M+13.9% | $34.5M+12.7% | $33.1M+314.8% | $2.3M-76.8% | $30.9M+214.6% | $30.6M | $8.0M-93.0% |
| Stock-Based Compensation | N/A | N/A | N/A | N/A | $200K0.0% | $300K-25.0% | $300K | $279K |
| Capital Expenditures | $28.7M-71.4% | $20.5M-86.1% | $93.1M+136.9% | $391.9M+18877.1% | $100.2M+2596.4% | $147.4M+2236.7% | $39.3M | $2.1M-99.4% |
| Free Cash Flow | $50.3Mn/m | $28.8Mn/m | -$35.3M-343.4% | -$35.3Mn/m | -$35.2M-569.8% | -$156.8M-1680.4% | $14.5M | -$13.6Mn/m |
| Investing Cash Flow | -$26.8M-109.1% | $1.8M-88.5% | -$92.0Mn/m | -$446.4M-485.3% | $295.3M+1503.4% | $15.7M-67.2% | -$41.6M | $115.8Mn/m |
| Financing Cash Flow | -$39.3Mn/m | -$46.7Mn/m | $10.0Mn/m | $116.7Mn/m | -$104.7Mn/m | -$17.9Mn/m | -$35.9M | -$79.9M-127.7% |
Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.
RJET Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q3'2610-Q | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'25Filing | Q2'2510-Q | Q1'2510-Q | Q4'24Filing |
|---|---|---|---|---|---|---|---|---|
| Operating Margin | 11.4%+21.5pp | 10.3%-3.1pp | 10.3%-3.1pp | 7.3% | -10.1%-2.0pp | 13.4%+4.6pp | 13.4% | -107.3% |
| Net Margin | 6.3%+21.8pp | 5.5%-3.8pp | 5.1%-1.8pp | 1.1% | -15.6%+2.4pp | 9.2%+0.4pp | 6.9% | -108.4% |
| Return on Equity | 2.4% | 2.3%-0.9pp | 2.0%-0.4pp | 0.4%+10.5pp | N/A | 3.2%-4.4pp | 2.4% | -10.1%-107.7pp |
| Return on Assets | 1.1%+10.0pp | 1.0%-20.0pp | 0.8%-11.8pp | 0.1%+4.2pp | -8.9%-5.9pp | 20.9%+19.3pp | 12.6% | -4.0%-25.8pp |
| Current Ratio | 1.07+0.4x | 1.03+0.3x | 0.94+0.1x | 0.940.0x | 0.67+0.2x | 0.76+0.3x | 0.81 | 0.93+0.4x |
| Debt-to-Equity | 0.59 | 0.63+0.6x | 0.67+0.6x | 0.66+0.6x | N/A | 0.02-1.9x | 0.03 | 0.08-1.7x |
| Liabilities-to-Equity | 1.29 | 1.35 | 1.42 | 1.470.0x | N/A | N/A | N/A | 1.49-2.0x |
| Asset Turnover | 0.17-0.4x | 0.18-2.1x | 0.16-1.7x | 0.14+0.1x | 0.57+0.4x | 2.27+2.1x | 1.84 | 0.04-1.2x |
| FCF Margin | 9.1%+17.6pp | 5.0%+43.7pp | -6.7%-10.4pp | 1.1%+14.3pp | -8.5%-15.3pp | -38.7%-46.2pp | 3.7% | -13.2%-12.1pp |
Not reported in any period shown, so not listed: Gross Margin.
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Operating Margin, Net Margin.
Note: The current ratio is below 1.0 (0.94), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it. Market cap is stated at each company's latest close.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| Republic Airways Holdings Inc. RJET | FY2025 | $1.7B | $76.2M | 4.5% | $904.6M | 36/100 |
| Azul S.A. AZUL | FY2025 | $4.0B | $22.8M | 0.6% | $801.7M | 45/100 |
| CONTROLADORA VUELA COMPANIA DE AVIACION, S.A.B. DE C.V. VLRS | FY2025 | N/A | -$103.9M | N/A | $736.8M | — |
| JetBlue Airways Corp JBLU | FY2025 | $9.1B | -$602.0M | -6.6% | $1.1B | 18/100 |
| Frontier Group Holdings, Inc. ULCC | FY2025 | $3.7B | -$137.0M | -3.7% | $1.5B | 28/100 |
| Allegiant Travel Company ALGT | FY2025 | $2.6B | -$44.7M | -1.7% | $2.0B | 24/100 |
Where Republic Airways Holdings Inc. Ranks
Frequently Asked Questions
Republic Airways Holdings Inc. (RJET) reported $1.7B in total revenue for fiscal year 2025. This represents a 13.7% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
Republic Airways Holdings Inc. (RJET) revenue grew by 13.7% year-over-year, from $1.5B to $1.7B in fiscal year 2025.
Yes, Republic Airways Holdings Inc. (RJET) reported a net income of $97.7M over the trailing 12 months to September 30, 2026. In fiscal year 2025 it reported a net income of $76.2M, with a net profit margin of 4.5%.
Republic Airways Holdings Inc. (RJET) had EBITDA of $294.6M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
As of fiscal year 2025, Republic Airways Holdings Inc. (RJET) had $134.3M in cash and equivalents against $882.9M in long-term debt.
Republic Airways Holdings Inc. (RJET) had an operating margin of 10.0% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
Republic Airways Holdings Inc. (RJET) had a net profit margin of 4.5% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
Republic Airways Holdings Inc. (RJET) has a return on equity of 5.7% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
Republic Airways Holdings Inc. (RJET) recorded an outflow of $74.9M in free cash flow during fiscal year 2025. The change from the previous fiscal year is not meaningful, because that year’s figure was zero or negative. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
Republic Airways Holdings Inc. (RJET) generated $322.0M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
Republic Airways Holdings Inc. (RJET) had $3.3B in total assets as of fiscal year 2025, including both current and long-term assets.
Republic Airways Holdings Inc. (RJET) invested $396.9M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
Republic Airways Holdings Inc. (RJET) had a current ratio of 0.94 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.
Republic Airways Holdings Inc. (RJET) had a debt-to-equity ratio of 0.66 as of fiscal year 2025. We compute it as long-term debt divided by total shareholder equity, where long-term debt is the noncurrent part of the company's borrowings, so debt due within the next twelve months is not counted.
Republic Airways Holdings Inc. (RJET) had a liabilities-to-equity ratio of 1.47 as of fiscal year 2025, which is total liabilities divided by total shareholder equity. Total liabilities counts every obligation on the balance sheet (payables, deposits, insurance reserves and deferred taxes as well as borrowings), so this ratio usually runs well above debt-to-equity.
Republic Airways Holdings Inc. (RJET) had a return on assets of 2.3% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
Republic Airways Holdings Inc. (RJET) trades at 9.3x earnings, its market capitalization divided by $97.7M net income, trailing 12 months to September 30, 2026. The market capitalization is $904.6M as of Oct 30, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
Republic Airways Holdings Inc. (RJET) trades at 0.4x sales, its market capitalization divided by $2.1B revenue, trailing 12 months to September 30, 2026. The market capitalization is $904.6M as of Oct 30, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
Republic Airways Holdings Inc. (RJET) has an Altman Z-Score of 1.25, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
Republic Airways Holdings Inc. (RJET) has a Piotroski F-Score of 4 out of 7 computable signals; 2 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Republic Airways Holdings Inc. (RJET) has an earnings quality ratio of 4.23x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Republic Airways Holdings Inc. (RJET) has an interest coverage ratio of 2.78x, meaning it can adequately cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
Republic Airways Holdings Inc. (RJET) scores 36 out of 100 on our Financial Health Score, indicating weak standing within its operating companies peer group. The score is the average of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.