Republic Airways (RJET) Q2 2026 earnings summary

Executive summary

• Q2 2026 revenue grew 40.8% year-over-year to $571.1 million, driven by increased block hour production and the Mesa merger, with adjusted net income of $41.3 million ($0.89 per diluted share).

• Block hour production rose 35.9% to 226,815, with a completion factor of 98.21% and daily utilization above 9.5 hours.

• Mesa Air Group integration is ahead of schedule, with FAA approval on the first revision cycle, substantial progress in maintenance harmonization, IT, and back-office consolidation.

• Labor milestones include ratification of the Flight Attendant JCBA and ongoing negotiations with pilot and mechanic unions.

• CEO transition completed, with Matt Koscal appointed President & CEO effective June 15, 2026.

Financial highlights

• Q2 2026 revenue reached $571.1 million, up from $406 million in Q2 2025; adjusted EBITDAR was $109.6 million, and adjusted pre-tax income was $57.4 million.

• Net income for Q2 2026 was $31.2 million ($0.68 per diluted share); adjusted net income was $41.3 million ($0.89 per diluted share).

• Operating income was $58.7 million (10.3% margin); adjusted operating income was $72.3 million (12.7% margin).

• Adjustments included $13.6 million in executive separation and merger-related costs.

• Ended Q2 2026 with $277.6 million in unrestricted cash and marketable securities, and $1.2 billion in total debt and lease liabilities.

Outlook and guidance

• 2026 revenue guidance raised to ~$2.1 billion, with block hour production guidance increased to at least 880,000.

• Adjusted EBITDAR guidance for 2026 increased to $395–$405 million.

• Capital expenditures for 2026 expected to be ~$90–$170 million, with ~$165 million in debt repayments.

• 26 additional E175 aircraft on order, with deliveries scheduled from 2028 to 2030.

• No changes to capital expenditure or debt reduction guidance.