flyExclusive (FLYX) Q2 2026 earnings summary

Executive summary

• Achieved $111 million in Q2 2026 revenue, up 22% year-over-year, with gross profit up 65% to $23 million and gross margin expanding over 500 basis points to 20%.

• Revenue for the six months ended June 30, 2026 increased 15.6% year-over-year to $207.5 million, driven by growth in jet club, charter, and fractional ownership programs.

• Positive adjusted EBITDA of $4.2 million in Q2 2026, a $9.4 million improvement year-over-year, marking the third consecutive quarter of positive adjusted EBITDA.

• Fleet modernization and removal of non-performing aircraft drove higher productivity and utilization, with flight hours up 8% despite a 6% smaller fleet.

• Maintained strong market position as a leading private jet operator in the U.S., with diversified revenue streams and high contractually committed demand.

Financial highlights

• Q2 2026 consolidated revenue: $111.1 million, up from $91.3 million in Q2 2025; gross profit: $22.7 million, up 65% year-over-year; gross margin: 20.4%, up 539 basis points.

• Adjusted EBITDA: $4.2 million (3.8% margin) in Q2 2026, compared to a loss of $5.2 million in Q2 2025; 1H 2026 adjusted EBITDA: $8.0 million, up from a loss of $11.6 million in the prior year.

• Jet club and charter revenue rose 14.2% to $178.6 million; fractional ownership revenue increased 28.4% to $22.2 million in 1H 2026.

• Maintenance, repair, and overhaul (MRO) revenue grew 37.6% to $6.4 million in 1H 2026.

• Cash and equivalents at quarter end: $14.3 million; long-term notes payable reduced to $137.9 million.

Outlook and guidance

• Q3 2026 adjusted EBITDA expected between $5 million and $7 million, aiming for a fourth consecutive quarter of positive adjusted EBITDA.

• Management expects continued revenue growth from fleet expansion and membership increases, with ongoing fleet modernization anticipated to further improve margins and operational efficiency through 2026.

• The company believes existing cash, operating cash flows, and proceeds from the fractional program will fund operations for at least 12 months, but may seek additional capital for growth.

• Long-term EBITDA margin opportunity seen in double digits as operating levers play out.

• Growth initiatives include expansion of fractional and Jet Club programs, external MRO growth, and technology enhancements.