Chorus Aviation (CHR) Q2 2026 earnings summary

Executive summary

• Delivered strong Q2 2026 results with adjusted net income up 41.8% to $19.1 million, supporting strategic growth and diversification, and robust free cash flow.

• Completed acquisition of KADEX Aero Supply, which contributed $1.2 million net income and outperformed expectations, aiding earnings diversification.

• Monetized Dash 8-400 aircraft, with seven sold and two more expected to close by year-end.

• Returned $17.3 million to shareholders via share repurchases and dividends.

• Subsidiaries Jazz, Voyageur, KADEX, and Cygnet executed well on operational and strategic initiatives.

Financial highlights

• Adjusted EBITDA for Q2 was $50.7 million, nearly flat year-over-year, with Voyageur and KADEX contributing an additional $6.5 million.

• Operating revenue rose 7.6% year-over-year to $349.4 million in Q2 2026.

• Adjusted net income per share increased to $0.83 from $0.54 year-over-year; free cash flow per share rose to $1.41 from $1.32.

• Liquidity stood at $203.6 million as of June 30, 2026.

• Adjusted return on equity was 12.7% for the trailing 12 months.

Outlook and guidance

• Tracking toward the high end of full-year EBITDA guidance, with no expected step-down in H2.

• Reaffirmed full-year 2026 guidance: adjusted EBITDA of $170–185 million, free cash flow of $100–110 million, and fixed margin of $43.9 million.

• Defense contract revenue expected to remain steady in the near term, with one UN mission extended into Q1 2027.

• Capital expenditures for 2026 expected between $36.5–51.5 million.