flyExclusive (FLYX) Q2 2026 earnings summary

Executive summary

• Achieved record Q2 2026 revenue of $111.1 million, up 22% year-over-year, with gross profit up 65% to $22.7 million and a third consecutive quarter of positive adjusted EBITDA of $4.2 million, marking a significant turnaround from a prior year loss.

• Flight hours increased 8% despite a 6% smaller fleet, with core fleet utilization up 14% and revenue per SG&A employee rising over 50% in two years.

• Gross margin expanded over 500 basis points to 20.4%, and SG&A as a percentage of revenue declined from 29% to 18%.

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

• Operating model rebuilt, shifting from turnaround to scalable growth platform.

Financial highlights

• Q2 2026 consolidated revenue: $111.1 million (+22% YoY); gross profit: $22.7 million (+65% YoY); gross margin: 20.4% (+539 bps YoY).

• Adjusted EBITDA: $4.2 million (3.8% margin), a $9.4 million improvement YoY; first-half 2026 adjusted EBITDA: $8.0 million, up from a loss of $11.6 million in the prior year.

• First-half 2026 revenue: $207.5 million (+15.6% YoY); gross profit: $41.8 million (+67% YoY).

• SG&A expense: $22.3 million (21.1% of revenue) in Q2; fell to 18% of first-half revenue from 29% two years ago.

• 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 positive quarter.

• Second half of 2026 expected to continue year-over-year improvement, with ongoing focus on fleet refresh, operational efficiency, and cost reduction.

• 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.

• Existing cash, operating cash flows, and proceeds from the fractional program expected to fund operations for at least 12 months, but additional capital may be sought for growth.