flyExclusive (FLYX) Q4 2025 earnings summary

Executive summary

• Achieved a pivotal transformation in 2025, modernizing the fleet, eliminating non-performing aircraft, and restructuring costs, resulting in the first positive Adjusted EBITDA quarter since becoming public.

• Fourth quarter revenue reached $105 million, up 15% year-over-year, with annual revenue at $376 million, also up 15%.

• Adjusted EBITDA turned positive at $6.6 million in Q4 2025, a significant improvement from a loss in the prior year.

• Flew 13% more flight hours with 14% fewer aircraft, demonstrating improved efficiency and utilization.

• Aggressively reduced long-term notes payable by $84 million while maintaining cash position.

Financial highlights

• Fourth quarter revenue: $104.3 million, up 14–15% year-over-year; full-year revenue: $375.9 million, up 15%.

• Fourth quarter Adjusted EBITDA: $6.6 million (6% margin), first positive quarter; full-year Adjusted EBITDA improved to $12.4 million from a loss of $36.4 million in 2024.

• Gross margin for Q4: 18%; full year: 15%, up 32% from 2024; gross profit for Q4: $18.6 million, up 14%.

• SG&A as a percentage of revenue declined to 21% in Q4 and 22% for the year, saving roughly $9 million annually.

• Fractional sales revenue up 56% for the year; MRO external revenue up 48% for the year.

Outlook and guidance

• Expect every quarter of 2026 to outperform the corresponding quarter of 2025, though Q1 2026 will not exceed Q4 2025 due to seasonality.

• Projected to reduce Q1 2026 loss by 50% compared to Q1 2025; anticipate continued improvement in all financial metrics.

• Plan to add approximately 20 new aircraft in 2026, further reducing fleet age and increasing utilization.

• Expect flight hours to grow over 15% in 2026, targeting an annualized run rate of 100,000 hours by year-end.

• Full-year impact of MSU truck deployment anticipated to enhance dispatch availability and profitability.