Global Crossing Airlines Group (JET) Q4 2025 earnings summary

Executive summary

• Achieved first full year of positive operating profit and record operating cash flow in FY 2025, with EBITDA more than quadrupling year-over-year despite aircraft delivery delays and cargo market headwinds.

• Revenue increased 10% year-over-year to $246.3 million, driven by higher block hours, increased aircraft utilization, and expanded ACMI operations.

• Strategic focus on high-margin ACMI flying, disciplined fleet growth, and operational excellence drove results.

• Built a scalable platform with improved systems, leadership, and infrastructure to support sustainable growth.

Financial highlights

• FY 2025 revenue was $246.3 million (up 10% year-over-year); Q4 2025 revenue was $60.3 million (up 1% year-over-year).

• FY 2025 EBITDA was $20.9 million (up from $5.1 million in FY 2024); Q4 2025 EBITDA was $5.3 million (up 2% year-over-year).

• FY 2025 operating income was $8.9 million (vs. $-1.1 million in FY 2024); Q4 2025 operating income was $1.5 million (down 57% year-over-year).

• FY 2025 net loss was $3.1 million (improved from $11.5 million loss in FY 2024); Q4 2025 net loss was $1.9 million (vs. $0.6 million in Q4 2024).

• Cash flow from operations increased 247% year-over-year to $28.1 million for FY 2025; Q4 2025 cash flow from operations up 80% to $18.6 million; year-end cash and restricted cash totaled $20.5 million.

Outlook and guidance

• Robust forward bookings in both charter and ACMI segments support confidence in continued revenue and profit growth.

• Fleet expansion planned for 2026, with one aircraft already in service and letters of intent for two more A320s.

• Management remains confident in achieving sustained profitability targets set in the three-year plan, with 2026 as a key milestone.

• Focus remains on scaling prudently, maintaining margin integrity, and leveraging contracted or highly visible demand.