flyExclusive Q3 revenue rises 21% to $111M
Jet Club and fractional sales each increased approximately 22%, while external MRO revenue rose approximately 38% to $4.3 million.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Rhea-AI Filing Summary
flyExclusive, Inc. reported third-quarter revenue of $111.1 million, up 21% year over year, and gross profit of $24.6 million, up 95%. Gross margin was 22.2%, versus 13.7% a year earlier, an 850-basis-point increase. Adjusted EBITDA, a non-GAAP measure, was $5.1 million, compared with a $1.9 million loss, improving $7.1 million.
The company flew 19,660 hours, up 7%, while ending the quarter with 73 revenue-generating aircraft on certificate versus 90 a year earlier. Dispatch availability was 58.2%, up from 48.9%; average monthly core-fleet utilization reached approximately 86 flight hours per aircraft, compared with 72 a year earlier.
For the first nine months of 2026, revenue was $318.5 million, up 17%, and gross profit was $66.4 million, up 76%. Adjusted EBITDA was approximately $8.6 million, an approximately $22.1 million improvement year over year. Cash and cash equivalents were approximately $19.6 million, compared with $14.2 million at June 30, 2026. Long-term notes payable were approximately $136.0 million, down approximately $13.0 million from third-quarter 2025 and approximately $106.0 million from third-quarter 2024 levels.
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Positive
- Moderate pointRevenue rose 21% to $111.1 million in Q3 2026.
- Moderate pointGross profit rose 95% to $24.6 million in Q3 2026.
- Moderate pointAdjusted EBITDA reached $5.1 million, versus a $1.9 million loss.
Negative
- None.
Filing Explained
The presentation reports
8-K Event Classification
Key Figures
Key Terms
Adjusted EBITDA financial
Adjusted EBITDAR financial
dispatch availability technical
core fleet aircraft utilization technical
Mobile Service Units technical
Earnings Snapshot
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
____________________
FORM
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported)
(Exact name of registrant as specified in its charter)
(State or other jurisdiction of incorporation) |
(Commission File Number) |
(IRS Employer Identification No.) |
(Address of principal executive offices) |
(Zip Code) |
Registrant’s telephone number, including area code
(Former name or former address, if changed since last report.)
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
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exercisable for one share of Class A Common Stock at an exercise price of $11.50 per share |
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Item 2.02 Results of Operations and Financial Condition
On November 12, 2026, flyExclusive, Inc. (the “Company”) issued a corporate presentation of its financial results for the three and nine months ended September 30, 2026. A copy of the corporate presentation is being furnished hereto as Exhibit 99.1 and is incorporated herein in its entirety by reference. The information in this Item 2.02, including Exhibit 99.1 attached hereto, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
On November 12, 2026, flyExclusive, Inc. (the “Company”) announced unaudited financial results for the three and nine months ended September 30, 2026, in a press release attached hereto as Exhibit 99.2, which is incorporated herein in its entirety by reference.
Item 9.01. Financial Statement and Exhibits.
(d) Exhibits.
Exhibit
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Document
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99.1 |
Corporate Presentation issued November 12, 2026. |
99.2 |
Press Release, dated November 12, 2026. |
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Cover Page Interactive Data File (embedded within the Inline XBRL document). |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Dated: November 12, 2026
FLYEXCLUSIVE, INC. |
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By: |
/s/ Thomas James Segrave, Jr. |
Name: |
Thomas James Segrave, Jr. |
Title: |
Chief Executive Officer and Chairman |
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flyExclusive, Inc. Q3 2026 Earnings Review November 12, 2026
FORWARD-LOOKING INFORMATION. This Presentation contains certain forward-looking statements within the meaning of the U.S. federal securities laws with respect to flyExclusive, the products and services offered by flyExclusive and the markets in which it operates and flyExclusive’s expectations, intentions, strategies, assumptions or beliefs about future events, results of operations or performance or that do not solely relate to historical or current facts. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “scales,” “representative of,” “valuation,” “potential,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this Presentation, including but not limited to: (i) the occurrence of any event, change or other circumstance that could give rise to a change in flyExclusive’s business or results of operations, (ii) the ability to maintain the listing of flyExclusive’s securities on a national securities exchange, (iii) changes in the capital structure of flyExclusive, (iv) changes in the competitive industries and markets in which flyExclusive operates or plans to operate, (v) changes in laws and regulations affecting flyExclusive’s business, (vi) the ability to implement business plans, forecasts, and other expectations, and identify and realize additional opportunities, (vii) risks related to flyExclusive’s potential inability to achieve or maintain profitability and generate cash, (viii) current and future conditions in the global economy, including interest rates and the price of fuel, and their impact on flyExclusive, its business and markets in which it operates, (ix) the potential inability of flyExclusive to manage growth effectively, (x) flyExclusive’s customer concentration, and (xi) the ability to recruit, train and retain qualified personnel. The foregoing list of risk factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in flyExclusive’s Form 10-K filed on March 5, 2026 and other documents filed or to be filed with the U.S. Securities and Exchange Commission (the “SEC”). USE OF NON-GAAP FINANCIAL MEASURES. This Presentation contains certain key financial measures that are not required by, or presented in accordance with, accounting principles generally accepted in the United States of America ("U.S. GAAP"). These non-GAAP financial measures are in addition to, and not a substitute for or superior to, measures of financial performance prepared in accordance with U.S. GAAP and should not be considered as an alternative to any performance measures derived in accordance with U.S. GAAP. We believe that these non-GAAP financial measures of financial results provide useful supplemental information about us to investors. However, there are a number of limitations related to the use of these non-GAAP financial measures and their nearest U.S. GAAP equivalents, including that they exclude significant expenses that are required by U.S. GAAP to be recorded in our financial measures. In addition, other companies may calculate non-GAAP financial measures differently or may use other measures to calculate their financial performance, and therefore, our non-GAAP financial measures might not be directly comparable to similarly titled measures of other companies. Disclaimers & Other Important Information
I. EXECUTIVE SUMMARY Q3 2026 HIGHLIGHTS Structurally Improved Model +7% growth in flight hours with 19% fewer A/C Sustained growth across MRO & fractional categories +38% YoY growth in MRO +930 bps increase in dispatch availability vs. Q3 2025 Adjusted EBITDA Expansion $111 million in consolidated revenue +21% YoY revenue growth +95% YoY increase in gross profit $5.1M Positive Adjusted EBITDA Strengthened Balance Sheet Continued reduction in LT Notes Payable $92M At-The-Market (ATM) facility availability
Who We are Trusted partner in private jet travel, providing our clients with curated jet experiences that anticipate their needs for flexibility, comfort, and style World-class private aviation company providing a reliable travel experience and exclusive customer benefits Product suite serves range of client needs while diversifying revenue streams, with ~50% of revenue contracted on an annual basis Industry-leading fleet with 70+ light to super-mid jets on certificate and 100% operational control Fastest growing operator since 2019 and the 5th largest private operator by flight hours in the U.S. Fleet modernization and in-house 24/7 maintenance, paint, avionics, and interior refurbishment to maintain highest quality fleet
flyExclusive well-positioned to benefit and capture market share INDUSTRY TAILWINDS Increasing TAM Private Aviation Industry is expected to reach $67B by 2032 Industry Drivers: Growing HNW Cohort Driving Demand Approximately 10% of households that can afford private aviation (defined as HHNW > $10 million +) use it … Significant Penetration Opportunity Monthly private jet departures up 47% compared to 2021 Reinstatement of Corporate Private Aviation Usage Corporate reductions in flight spending have reversed as executives prioritize reliability, time efficiency, and control Ongoing constraints in commercial travel and heightened focus on productivity are driving sustained increased corporate spending on private aviation usage Headwinds in Commercial Aviation push UHNW to Private Travel Declines in customer experience and overall dissatisfaction with airlines resulting from delays, cancellations, layovers, etc. Persistent shift toward convenience, control, and time efficiency. Increasing customer preference for direct access, schedule flexibility, and reduced travel friction Landscape shift in Air Travel from Commercial to Private Industry has grown 3x GDP since 2000 (1) The pandemic accelerated sustained market growth as individuals seek safer flying options that were seamless and hassle-free Private Charter Market ($ Bn) # Of U.S. Millionaires Source: IBIS, UBS, Business Insider, Wall Street research, McKinsey, Fortune, WingX GDP annual growth of 1.9% since 2000 CAGR +7% CAGR +4%
Company Market Share By YE 2025 grown to 5th largest U.S. operator capturing market share in a fragmented market Avionics 2Q 22 2025 Top U.S. Private Jet Operators(1) Paint 2Q 21 Sky Night 1Q 20 Interiors 4Q 20 Jet Club 2Q 20 Rank #1,926 Rank #5 MRO 3Q 21 Repair Center 2Q 23 2024 1st Challenger 350 2Q 24 Fractional 3Q 23 2021 2015 2023 2022 2020 2025 Top Operators in North America(2) 2025 Positive Adj. EBITDA 4Q 25 Data sorted by Flight Hours. Source: Private Jet Card Comparisons (ARGUS TRAQPak) Data sorted by number of US departures. Source: Sherpa Report (WingX) Starlink Dealership 1Q 2026 2026
Our scope and Scale Floating fleet model with 100% operational control Headquartered in Raleigh, North Carolina and maintenance headquarters in Kinston, North Carolina Operations centrally located within two flight hours of approximately 70%+ of the Company’s flight demand Approximately 675 employees w/ approximately 275 pilots Operations Overview Light Jet Activity Floating fleet of approximately 75 light, mid, and super-mid aircraft 100% Operational Control of the fleet Intentional fleet concentration across OEM (Citation and Bombardier) delivers consistent customer experience and operational expertise Aircraft Strategically Situated Closer to Demand NC Headquarters
Multi-product approach to meet and serve varying client needs and preferences OUR PRODUCTS AND SERVICES Fleet Range Light Citation CJ3/CJ3+ Midsize Citation Excel/XLS/XLS+ Super-Midsize (Legacy) Citation Sovereign Citation X Super-Midsize Challenger 300 Challenger 350 Very-Light HondaJet Benefits to Customers No Blackout Dates & Full access to fleet Range of products to fit each unique customer need Consistent quality and luxury experience across all products Benefits to flyExclusive Asset- and Capital-lite business model High aircraft utilization and large operational scale Stable and recurring revenue streams with high visibility Wholesale Most flexible offerings suited for variable / on-demand flight needs Variable contract terms Annual flying needs vary Quote specific rates JetClub Fractional Partnership Subscription-based model with contractual rates 2-year term contracts 20-50 hours of annual flight needs 2-year rate lock, no blackout dates Customer owns share of aircraft 3-5 year term contracts 50-200+ hours of annual flight needs Guaranteed availability, no blackout dates, upgrade/downgrade available 25-95% ownership of aircraft 5+ year ownership contracts 50-200+ hours of annual flight needs Rate based on occupied flight time, no fixed, variable or maintenance costs Contractually Committed Demand
Charter FLIGHT Revenue Mix Evolution to diversified mix and recurring committed revenue 5% 4% Contractually Committed & Recurring Demand 9% 26% 31% 39% 37% Wholesale JetClub Partner Fractional 2% 49% 2021 2022 2023 2020 2024 2025 Long-Term Goal 70% 49% Contractually Committed 100% Pre-Paid ~83% Retention(1) Retention is calculated on JetCard customers Higher Quality & More Predictable Revenue
Vertical Integration - MRO Maintenance & Repair (MRO) Continued Investment in State-of-the-Art Facilities and Capabilities Part 145 Repair Station – 180+ techs in Kinston, NC Six dedicated hangars incorporating state of art electrostatic paint facility – accommodating aircraft up to Gulfstream size Co-location of MX, interior refurbishment and paint on one strategically located east-coast campus 14 Mobile Service Units (MSU) located across US to service MX events, minimize down-time, and enhance customer experience Incremental external revenue growth Geographic expansion through M&A opportunities at high margin $30M grant from NC to expand hangar capacity Starlink Authorized Dealership Garmin G3000 / G5000 avionics retrofit PMA (Parts Manufacturing Approval) wiring harness Latest generation Satellite Wi-Fi solutions Fly Exclusive MRO 104,000 sq ft facility 24/7 Operations Advanced Avionics External Revenue Growth
I. EXECUTIVE SUMMARY Q3 2026 PERFORMANCE
Q3 2026(1) Performance at a glance Fleet Refresh and Continually Improving Operating Efficiencies leading to top- and bottom-line records Revenue Consolidated results of flyExclusive, Inc. for the three-month period ending September 30, 2026. Adjusted EBITDA, Adjusted EBITDA %, and Adjusted EBITDAR are non-GAAP financial measures as defined and reconciled in the appendix of this presentation Charter Revenue includes JetClub, Fractional, Partner, and Wholesale flight revenues. +21% Gross Profit & Margin +95% +19% in flight revenue +69% in fractional revenue +38% in MRO revenue 22% Gross Margin representing a +850 bps YOY improvement
Q3 2026(1) Performance at a glance Adjusted EBITDA (2) Adjusted EBITDAR (2) $7.0M improvement in Adjusted EBITDA compared to Q3 2025 +671 basis point improvement in Adjusted EBITDA margin +8% improvement in Revenue per SG&A Headcount reflecting efficiency gains Fleet Refresh and Continually Improving Operating Efficiencies leading to top- and bottom-line records Consolidated results of flyExclusive, Inc. for the three-month period ending September 30, 2026. Adjusted EBITDA, Adjusted EBITDA %, and Adjusted EBITDAR are non-GAAP financial measures as defined and reconciled in the appendix of this presentation
Quarterly Performance at a glance Sequential quarterly improvement in Adjusted EBITDA (in millions) Consolidated results of flyExclusive, Inc. for the three-month period ending September 30, 2026. Adjusted EBITDA, Adjusted EBITDA %, and Adjusted EBITDAR are non-GAAP financial measures as defined and reconciled in the appendix of this presentation Private aviation industry is cyclical in nature with the biggest demand and volume in the second half of each calendar year, particularly the fourth quarter. Average Adj. EBITDA improvement ~$2.5M / qtr
Profitable Growth roadmap Fractional & JetClub Programs Fleet Expansion External MRO Growth Fleet Utilization & Availability Vertical Integration Technology Enhancements SG&A Leverage Operations Supply Chain 0% 12%+ GROWTH INITIATIVES IMPROVED EFFICIENCY COST REDUCTION INITIATIVES 3.0 – 4.0% 3.0 – 6.0% 2.0 – 3.0% 3.0 – 4.0% Expanded Customer Base Market Expansion Integration Synergies Acquisition Opportunities Q1 2026 Adj. EBITDA margin Adj. EBITDA margin over time 0% Fleet Refresh and Continually Improving Operating Efficiencies leading to top- and bottom-line gains Q2 2026 Adj. EBITDA margin 3% Q3 2026 Adj. EBITDA margin 5%
Fleet refresh execution... Eliminated 35 non-performing aircraft Non-Performing Aircraft 3 non-performing aircraft disposed during Q3 2026 Operating loss reduced to <$150K per month from over $3M monthly at beginning of 2024 All remaining under contract to be sold Consolidated results of flyExclusive, Inc. for the three-month period ending September 30, 2026. Adjusted EBITDA, Adjusted EBITDA %, and Adjusted EBITDAR are non-GAAP financial measures as defined and reconciled in the appendix of this presentation
OPERATIONAL EFFICIENCY GAINS Fleet Refresh and operational improvements resulting in improved utilization and more efficient fleet Dispatch Availability +19% improvement in availability across the fleet 14 MSU trucks deployed in strategic geographic regions with planned expansion to 30+ trucks Each 1% improvement results in +$210K monthly / $2.5M annual contribution(3) Consolidated results of flyExclusive, Inc. for the three-month period ending September 30, 2026. Utility is defined as total flight hours flown on our core fleet (CJ3s, XLs, and Challenger 300/350s) divided by the monthly average number of aircraft, including those aircraft not available due to maintenance. Utility is shown as a monthly average. Calculation assumes our current fleet size. +930 bps
…Leads to Improved utilization Fleet Refresh resulting in improved utilization and more efficient fleet Aircraft Generating Revenue Flight Hours 16% reduction in fleet size +7% increase in flight hours +16% increase in aircraft utilization on core fleet due to a more efficient fleet mix Consolidated results of flyExclusive, Inc. for the three-month period ending September 30, 2026. Utility is defined as total flight hours flown on our core fleet (CJ3s, XLs, and Challenger 300/350s) divided by the monthly average number of aircraft, including those aircraft not available due to maintenance. Utility is shown as a monthly average. (19%) +7% Core Fleet A/C Utility +19% Core Fleet A/C Utility (2)
Q3 2026(1) Performance at a glance Improved SG&A operational leverage SG&A % of Revenue (2) Flight Hours per SG&A Headcount Revenue per SG&A Headcount Consolidated results of flyExclusive, Inc. for the three-month period ending September 30, 2026. Members contributing to revenue during the three-months ended September 30, 2026. (106 bps) (4%) +8%
Q3 2026(1) Performance at a glance Retail Customer and Sales Performance (in millions) Retail Members (2) Retail Sales – Jet Club Retail Sales - Fractional +22% +22% Consolidated results of flyExclusive, Inc. for the three-month period ending September 30, 2026. Members contributing to revenue during the three-months ended September 30, 2026. (7%)
I. EXECUTIVE SUMMARY YTD 2026 PERFORMANCE
YTD 2026(1) Performance at a glance Revenue Consolidated results of flyExclusive, Inc. for the nine-month periods ending September 30, 2026. Adjusted EBITDA, Adjusted EBITDA %, and Adjusted EBITDAR are non-GAAP financial measures as defined and reconciled in the appendix of this presentation +17% Gross Profit & Margin +77% +16% in flight revenue +43% in fractional revenue +38% in MRO revenue +900 bps (+19%) in Dispatch availability YTD YoY improvement Fleet Refresh and Continually Improving Operating Efficiencies leading to top- and bottom-line gains
YTD 2026(1) Performance at a glance Consolidated results of flyExclusive, Inc. for the nine-month periods ending September 30, 2026. Adjusted EBITDA, Adjusted EBITDA %, and Adjusted EBITDAR are non-GAAP financial measures as defined and reconciled in the appendix of this presentation Adjusted EBITDA (2) Adjusted EBITDAR (2) +929 basis point improvement in Adjusted EBITDA margin +46% increase in GM% driven by operating results and structural cost savings +$22M +$19M Fleet Refresh and Continually Improving Operating Efficiencies leading to top- and bottom-line gains
OPERATIONAL EFFICIENCY GAINS Fleet Refresh resulting in improved utilization and more efficient fleet Dispatch Availability +19% improvement in availability across the fleet 14 MSU truck deployed resulting in 50% costs savings compared to external MSU providers Each 1% improvement results in +$210K monthly / $2.5M annual contribution(3) Consolidated results of flyExclusive, Inc. for the nine-month periods ending September 30, 2026. Calculation assumes our current fleet size. +900 bps
…Leads to Improved utilization Fleet Refresh resulting in improved utilization and more efficient fleet Aircraft Generating Revenue Flight Hours 3% reduction in fleet size +2% vs 2025 contractually committed demand (Partner, Fractional, Jet Club) hours +18% increase in aircraft utilization on core fleet due to a more efficient fleet mix Consolidated results of flyExclusive, Inc. for the nine-month periods ending September 30, 2026. Utility is defined as total flight hours flown on our core fleet (CJ3s, XLs, and Challenger 300/350s) divided by the monthly average number of aircraft, including those aircraft not available due to maintenance. Utility is shown as a monthly average. (2%) +7% Core Fleet A/C Utility +18% Core Fleet A/C Utility (2)
YTD 2026(1) Performance at a glance Improved SG&A operational leverage (in millions) SG&A % of Revenue (2) Flight Hours per SG&A Headcount Revenue per SG&A Headcount Consolidated results of flyExclusive, Inc. for the nine-month periods ending September 30, 2026. Members contributing to revenue during the nine-month periods ending September 30, 2026. (125 bps) +1% +10%
YTD 2026(1) Performance at a glance Retail Customer and Sales Performance (in millions) Retail Sales – Jet Club Retail Sales - Fractional +7% +8% +26% Retail Members (2) Consolidated results of flyExclusive, Inc. for the nine-month periods ending September 30, 2026. Members contributing to revenue during the nine-month periods ending September 30, 2026.
Strengthened Balance Sheet Consolidated results of flyExclusive, Inc. for the nine-month periods ending September 30, 2026. Represents current and non-current portion of both related party and third-party long-term notes payable as of September 30, 2026 and 2025. Long-Term Notes Payable (2) Cash $106 million reduction in long-term notes payable since 2024 (18)% Aggressive de-leveraging of the balance sheet while maintaining liquidity (in millions)
I. EXECUTIVE SUMMARY APPENDIX
Non-Gaap Reconciliation EBITDA, Adjusted EBITDA, and Adjusted EBITDAR (1)(2) Consolidated results of flyExclusive, Inc. for the three- and nine-month period ending September 30, 2026. EBITDA is a performance measure that is calculated by taking net income and excluding interest, income taxes, and depreciation and amortization. Adjusted EBITDA is a performance measure that excludes the impact of non-recurring transaction that management does not consider to be indicative of the Company’s ongoing operating performance. Refer to the footnotes in the Company’s September 30, 2026 Form 10-Q for further disclosure and footnotes related to the adjustments to EBITDA. Adjusted EBITDAR is a performance measure that provides an adjustment for the effects of financing in general and the accounting effects of the acquisition of aircraft, which may be acquired outright, subject to acquisition debt, by capital or operating lease, each of which may fluctuate significantly from period to period and may result in a different accounting treatment. Reference further adjustment definition and disclosure in the MD&A section of the Form 10-Q for the period ended September 30, 2026. Certain amounts presented in the Company’s previously issued financial statements have been reclassified to conform to the current presentation.
flyExclusive Delivers $111 Million in Revenue and 95% Gross Profit Growth as Fleet Transformation Drives Record Q3 Performance
Revenue increases 21% to $111.1 million as flight hours grew 7% with 19% fewer aircraft on certificate as of September 30, 2026.
Gross margin expanded 850 basis points to 22%; dispatch availability improved 930 basis points, demonstrating operating leverage and additional earnings potential
RALEIGH, N.C., November 12, 2026 (BUSINESS WIRE) - flyExclusive, Inc. (NYSE American: FLYX), one of North America's largest private jet operators, today announced financial results for the third quarter ended September 30, 2026, reporting substantial year-over-year gains for the quarter in revenue, gross profit and Adjusted EBITDA as its fleet modernization and operational efficiency initiatives continue to transform the economics of its business.
Third-quarter revenue increased 21% to $111.1 million, while gross profit rose 95% to $24.6 million compared to the third quarter of 2025. Gross margin for the quarter expanded approximately 850 basis points to 22%, and Adjusted EBITDA reached $5.1 million, a $7.1 million improvement from the prior-year period. Adjusted EBITDA is a non-GAAP metric; see “Non-GAAP Financial Measures” below for important disclosures and a reconciliation to relevant GAAP measures.
The results demonstrate the increasing productivity of flyExclusive's vertically integrated operating platform. The Company flew 19,660 hours during the quarter, 7% more than a year earlier, and ended the quarter with 73 revenue-generating aircraft compared with 90 in the third quarter of 2025.
Third Quarter 2026 Highlights
"We're generating more earnings from a smaller fleet."
"Two years ago, we had an aircraft productivity problem that was consuming capital and limiting our ability to grow profitably," said Jim Segrave, Founder and Chief Executive Officer of flyExclusive. "Today, we're flying more hours with fewer airplanes, generating substantially higher margins and producing positive Adjusted EBITDA."
"The significance of these results isn't simply that revenue grew 21%. It's that gross profit grew 95%. We've fundamentally changed the relationship between our revenue and our operating costs. That's what our fleet transformation was designed to accomplish, and we believe the numbers are showing it."
"Importantly, we still have substantial room to improve. We're building a more productive fleet, increasing aircraft availability, expanding our maintenance capabilities and growing our base of committed customers. We believe the operating platform we've built can support meaningfully greater earnings power as we continue to execute."
A More Productive Fleet Is Driving Higher Margins
flyExclusive's fleet transformation continues to deliver measurable improvements in aircraft productivity and operating efficiency.
During the third quarter of 2026, the Company generated approximately 7% more flight hours with 19% fewer revenue-generating aircraft on certificate than in the comparable 2025 period. Average monthly utilization on the core fleet increased to approximately 86 flight hours per aircraft, compared with 72 a year earlier.
The Company has eliminated 35 non-performing aircraft from its fleet transformation program, including three during the third quarter. The remaining two aircraft in the identified non-performing fleet are under contract to be sold.
At the same time, dispatch availability increased to 58%, up from 49% in the third quarter of 2025. Management estimates that each additional percentage point of dispatch availability represents approximately $2.5 million in potential annual contribution at the Company's current fleet size, assuming that incremental availability can be converted into productive flying.
These improvements contributed to a gross margin of 22% in the third quarter of 2026, compared with 14% in the prior-year quarter and 20% in the second quarter of 2026.
Expanding Profitability and Operating Leverage
Third-quarter Adjusted EBITDA improved by approximately $7.1 million year over year to $5.1 million, compared with an Adjusted EBITDA loss of $1.9 million in the third quarter of 2025.
Adjusted EBITDA margin for the quarter increased to approximately 5%, compared with negative 2% in the prior-year quarter.
For the first nine months of 2026, revenue increased 17% to $318.5 million, while gross profit grew 76% to $66.4 million.
Year-to-date Adjusted EBITDA reached approximately $8.6 million, an improvement of approximately $22.1 million compared with the first nine months of 2025.
The Company's operating efficiency gains extended beyond aircraft utilization. Third-quarter revenue per SG&A employee increased approximately 8% year over year, while SG&A expense as a percentage of revenue declined approximately 106 basis points to 20%.
"We're seeing the benefit of operating leverage across the business," said Brad Garner, Chief Financial Officer of flyExclusive. "Our revenue is growing faster than our overhead, our aircraft are more productive, and the improvements in dispatch availability are creating additional operating capacity without requiring a proportional increase in fleet size.
"This is reflected in our gross margin for the quarter, which expanded from 14% to 22% in just one year. We remain focused on converting that operating progress into sustainable earnings and cash generation while maintaining disciplined capital allocation."
Growth Across Jet Club, Fractional and Maintenance Services
Demand for flyExclusive's retail aviation products remained strong during the quarter.
Jet Club retail sales during the third quarter increased approximately 22% year over year to $38.6 million, while fractional share sales and flight-fund deployments increased approximately 22% to $16.8 million.
These products support the Company's strategy of increasing contractually committed customer demand, improving revenue visibility and more effectively matching flight requirements with available fleet capacity.
The Company's vertically integrated maintenance business continued expanding, with external MRO revenue increasing approximately 38% to $4.3 million during the quarter.
flyExclusive has deployed 14 Mobile Service Units across strategic geographic regions, extending its maintenance capabilities beyond its facilities in Kinston, North Carolina. Management estimates the internal Mobile Service Unit program delivers approximately 50% cost savings compared with external providers while supporting faster aircraft return-to-service.
The Company continues to invest in additional maintenance capabilities, including avionics, aircraft refurbishment, paint, and Starlink installations, expanding opportunities to serve both its own fleet and third-party customers.
Strengthened Financial Position and Continued Investment
flyExclusive ended the third quarter with approximately $19.6 million in cash and cash equivalents, compared with $14.2 million at June 30, 2026.
Long-term notes payable declined to approximately $136.0 million, representing a reduction of approximately $13.0 million and $106.0 million from third-quarter 2025 and third quarter 2024 levels, respectively.
Management remains focused on balancing liquidity, debt reduction and disciplined investment in productive fleet capacity and operating capabilities.
Third Quarter Financial and Operating Summary
Metric |
Three Months Ended September 30, 2026 |
Three Months Ended September 30, 2025 |
Change |
Revenue |
$111.1M |
$92.1M |
+21% |
Gross profit |
$24.6M |
$12.6M |
+95% |
Gross margin |
22.2% |
13.7% |
+850 bps |
Adjusted EBITDA |
$5.1M |
$(1.9)M |
+$7.1M |
Adjusted EBITDAR |
$9.4M |
$2.8M |
+$6.6M |
Total flight hours |
19,660 |
18,289 |
+7% |
Ending aircraft on certificate |
73 |
90 |
(19%) |
Dispatch availability |
58.2% |
48.9% |
+930 bps |
Figures rounded. Adjusted EBITDA and Adjusted EBITDAR are non-GAAP measures. See reconciliations and important disclosures under “Non-GAAP Financial Measures” below.
Conference Call and Investor Materials
Management will discuss third-quarter results, operating performance and the Company's strategic priorities on its earnings conference call on Thursday, November 12, 2026 at 8:30 AM ET. Interest parties can access the conference call by dialing (877) 404-1250 (toll free) or +1 (215) 268-9892 (international) and referencing event code 13763833.
Investors and interested parties may access the live webcast, earnings presentation and supporting financial materials through the Company's Investor Relations website at https://ir.flyexclusive.com.
A replay of the webcast will be available following the call.
About flyExclusive
flyExclusive is a vertically integrated, FAA-certificated air carrier offering private jet experiences through fractional ownership, Jet Club memberships and on-demand charter services to destinations around the world. The Company operates one of the largest private jet fleets in the United States, supported by in-house maintenance, repair, refurbishment and avionics capabilities in Kinston, North Carolina.
Learn more at www.flyexclusive.com.
Non-GAAP Financial Measures
This press release includes Adjusted EBITDA and Adjusted EBITDAR, which are non-GAAP financial measures. These measures should be considered supplemental to, and not substitutes for, comparable financial measures calculated in accordance with U.S. GAAP.
Definitions, explanations of management's use of these measures and reconciliations to the most directly comparable GAAP measures will be included in the Company's earnings materials and applicable SEC filings.
Forward-Looking Statements
This release contains forward-looking statements within the meaning of the U.S. federal securities laws, including statements regarding future financial and operating performance, aircraft utilization and availability, growth initiatives, fleet modernization, profitability, liquidity, capital allocation, MRO expansion and the Company's business strategy.
These statements reflect management's current expectations and assumptions and are subject to risks and uncertainties that could cause actual results to differ materially, including changes in demand, aircraft availability, operating costs, financing conditions, execution of business initiatives, regulatory requirements and other factors described in the Company's Annual Report on Form 10-K filed March 5, 2026, and subsequent SEC filings.
flyExclusive undertakes no obligation to update forward-looking statements except as required by law.
Media Contact
Hannah Rose, VP of Marketing
media@flyexclusive.com
Investor Relations Contact
investors@flyexclusive.com