Global Crossing Airlines Group (JET) Q2 2026 earnings summary

Executive summary

• Achieved 1% year-over-year revenue growth to $62.0M in Q2 2026, with EBITDA rising 17% to $6.9M, the second highest on record, despite reduced aircraft availability from concentrated maintenance.

• Net loss of $1.3M in Q2 2026, compared to net income of $0.6M in Q2 2025; loss per share of $(0.02).

• Increased productivity per available aircraft, with utilization up 11% year-over-year to 523 block hours per aircraft.

• Maintained strong demand in core passenger markets, especially from sports and government clients, while cargo operations continued to underperform.

• Advanced fleet modernization, acquiring younger aircraft and divesting older assets, aiming for a 25-aircraft fleet by year-end.

Financial highlights

• Revenue increased 1% year-over-year to $62.0M in Q2 2026; six-month revenue rose 8.3% to $138.6M.

• EBITDA rose 17% to $6.9M; EBITDAR was $19.3M, slightly down from $19.8M.

• Net loss of $1.3M, or $(0.02) per share, versus net income of $0.6M, or $0.01 per share, in Q2 2025.

• Cash used in operating activities was $(1.6)M, compared to $8.8M provided in Q2 2025; cash and restricted cash at quarter-end was $11.9M, down from $20.5M at year-end 2025.

• Operating expenses for Q2 2026 increased 4.4% to $60.6M, driven by higher fuel and depreciation costs.

Outlook and guidance

• Expect improved aircraft availability and operating leverage in the second half as maintenance disruptions subside.

• Targeting a fleet of 25 aircraft by year-end, with plans to add 4-5 aircraft annually, subject to demand and economics.

• Management expects continued strong demand in the passenger charter market through 2026, with high utilization and higher rates.

• Cargo charter market remains soft, with low utilization and rates; company is exploring options to mitigate losses, including parking or returning freighter aircraft.

• Focused on achieving profitable full-year financials and building a platform for durable earnings and cash flow.