Skip to content
    FLYX
    Earnings call· Jun 2026(Q2 FY26)

    FLYEXCLUSIVE Q2 FY26 earnings call FLYX

    Aug 12, 2026 Source

    Executive summary

    flyExclusive Q2 FY26 — Sustained Profitability and Strategic Growth

    flyExclusive has successfully transitioned from a turnaround story to a platform focused on sustained profitability and strategic growth. The company achieved its third consecutive quarter of positive adjusted EBITDA, driven by fleet modernization, improved dispatch availability, and enhanced operational efficiency. The focus is now on intelligently adding aircraft and expanding fractional ownership to leverage its more productive platform and generate significant earnings power.

    Highlights

    5

    • Revenue increased 22% year-over-year to $111 million.

    • Gross profit grew 65% year-over-year to $23 million, with gross margin expanding over 500 basis points to 20%.

    • Adjusted EBITDA was positive $4.2 million, marking the third consecutive quarter of positive adjusted EBITDA.

    • Long-term notes payable reduced by $94 million (40%) over two years to $138 million.

    • Dispatch availability improved by over 1,000 basis points year-over-year, from 48% to 58%.

    Concerns

    1

    • Elevated Jet A Fuel Prices

    Guidance & targets

    4
    CategoryTargetConfidence
    Adjusted EBITDA
    $5 million to $7 million
    high materiality
    High
    Second Half 2026 Performance
    Consistent trend of year-over-year improvement
    medium materiality
    High
    Adjusted EBITDA Margin Opportunity
    Double digits
    high materiality
    Medium
    Contractually Committed Revenue Mix
    Approximately 70%
    medium materiality
    Medium

    Operational metrics

    50
    Revenue
    $111.1 millionup 22% YoY
    Q2 FY26

    Consolidated revenue for the second quarter.

    Revenue
    $91.3 million
    Q2 FY25

    Prior year comparable revenue.

    Revenue
    $79 million
    Q2 FY24

    Revenue generated with 96 revenue-producing aircraft.

    Revenue
    $91 million
    Q2 FY25

    Revenue generated with 86 revenue-producing aircraft.

    Revenue
    $111 million
    Q2 FY26

    Revenue generated with 81 revenue-producing aircraft.

    Revenue
    $207 millionup from $159 million in H1 FY24
    H1 FY26

    First half revenue comparison.

    Revenue
    $159 million
    H1 FY24

    First half revenue comparison baseline.

    Charter Revenue
    $103.9 millionup 20% YoY
    Q2 FY26

    Includes wholesale, Jet Club, partner, and fractional flying.

    Wholesale Revenue
    $63.1 millionup 35% YoY
    Q2 FY26

    Used as a yield management tool to monetize available aircraft capacity.

    Fractional Sales Revenue (GAAP)
    $2.8 millionup 51% YoY
    Q2 FY26

    Reflects amortized benefit over contract period.

    Retail Fractional Sales and Flight Funds
    $14.6 millionup 34% YoY
    Q2 FY26

    Represents clear picture of activity in the quarter, driven by Challenger fractional offerings.

    Retail Fractional Sales
    up 29%YoY
    H1 FY26

    First half growth in fractional retail sales.

    Jet Club Retail Sales
    $30 millionup 13% YoY
    Q2 FY26

    Driven by the new JC26 program.

    External MRO Revenue (GAAP)
    $4.4 millionup 52% YoY
    Q2 FY26

    Growth in maintenance, repair, and overhaul services.

    External MRO Revenue Growth
    38%YoY
    H1 FY26

    First half growth in external MRO revenue.

    Gross Profit
    $22.7 millionup 65% YoY
    Q2 FY26

    Reflects structural improvements and operating leverage.

    Gross Profit
    $42 millionup from $12 million in H1 FY24
    H1 FY26

    First half gross profit.

    Gross Margin
    20.4%up 539 bps YoY
    Q2 FY26

    Expanded due to improved dispatch availability, fleet mix, MRO network, and utilization.

    Gross Margin
    up 1,250 bps
    Q2 FY26 vs Q2 FY24

    Improvement over two years.

    Adjusted EBITDA
    $4.2 millionup $9.4 million YoY
    Q2 FY26

    Third consecutive quarter of positive adjusted EBITDA.

    Adjusted EBITDA
    ($5.2 million)
    Q2 FY25

    Prior year comparable adjusted EBITDA.

    Adjusted EBITDA
    $4.4 millionup from ($35 million) in H1 FY24
    H1 FY26

    First half adjusted EBITDA, nearly $40 million improvement in 2 years.

    Adjusted EBITDA Margin
    3.8%up 954 bps YoY
    Q2 FY26

    Improvement reflects the rebuilt platform.

    SG&A Expense
    $22.3 million
    Q2 FY26

    Selling, General, and Administrative expense.

    SG&A as % of Revenue
    21.1%down 217 bps YoY
    Q2 FY26

    Improvement in efficiency.

    SG&A as % of Revenue
    down from 29% to 18%
    H1 FY24 to H1 FY26

    Significant reduction over two years.

    Long-term Notes Payable
    $137.9 milliondown $94 million (40%) in 2 years
    Q2 FY26

    Reduced from $232 million at H1 FY24 and $150 million a year ago.

    Long-term Notes Payable Reduction
    $12.4 millionapprox. 8% reduction
    H1 FY26

    Debt reduction during the first half of the year.

    Cash and Cash Equivalents
    $14.3 milliondown from $18.7 million in Q1 FY26 and $15.8 million in Q2 FY25
    Q2 FY26

    Modest decline due to debt paydowns, capex, and timing of Jet.AI transaction.

    Jet.AI Acquired Cash
    $5.3 million
    Post Q2 FY26

    Part of the $15 million acquired assets from Jet.AI transaction.

    Jet.AI Acquired SpaceX Equity
    $5.8 million
    Post Q2 FY26

    Part of the $15 million acquired assets from Jet.AI transaction, intended for liquidation to fund growth.

    Additional Liquidity Options
    up to $50 million
    Near-term

    Multiple term sheets in hand, providing capital beyond forecasted growth requirements.

    Revenue-Producing Aircraft
    81down from 96 in Q2 FY24
    Q2 FY26

    Increased revenue with fewer aircraft, demonstrating productivity.

    Total Flight Hours
    38,000up from 33,000 in H1 FY24
    H1 FY26

    Increased flight hours with fewer aircraft.

    Flight Hours
    20,040up 8% YoY
    Q2 FY26

    Second highest quarter's flight activity in company history, achieved with a 6% smaller fleet.

    Challenger Fleet
    10up from 0 at start of FY24
    Q2 FY26

    Fleet modernization with more reliable and revenue-generating aircraft.

    Light Jet (CJ3) Revenue
    $32 millionup 36% YoY
    Q2 FY26

    Strong demand for light category aircraft.

    Jet Club Members
    997up 5% YoY
    Q2 FY26

    Number of retail members contributing to revenue.

    Contractually Committed Revenue
    approximately 50%
    Q2 FY26

    From fractional, Jet Club, and partner programs.

    Nonperforming Aircraft
    3down from 37 at start of FY24
    Q2 FY26

    Significant reduction in unproductive aircraft.

    Operating Losses from Nonperforming Aircraft
    less than $300,000down from over $3 million monthly at start of FY24
    monthly

    Reduced losses from unproductive aircraft.

    Dispatch Availability
    58%up over 1,000 bps YoY
    Q2 FY26

    Improved from 48% in Q2 FY25, with a goal of well above 70%.

    Monthly Contribution per 1% Dispatch Availability
    $200,000
    monthly

    Represents approximately $2.5 million annually at current fleet size.

    Annual Contribution per 1% Dispatch Availability
    $2.5 million
    annually

    Represents over $200,000 monthly at current fleet size.

    Core Fleet Utilization
    81 hoursup 14% YoY
    Q2 FY26

    Increased utilization despite operating 6% fewer aircraft.

    Revenue per SG&A Employee
    $1 millionup 50% from $668,000 in H1 FY24
    H1 FY26

    Improved productivity of corporate infrastructure.

    Revenue per SG&A Headcount
    $529,000up 12% YoY
    Q2 FY26

    Measure of effectiveness and efficiency.

    Maintenance Cost per Flight Hour
    $723down from $876 in H1 FY25
    H1 FY26

    Represents over $150 per flight hour savings, translating to nearly $3 million quarterly improvement.

    Mobile Service Units
    14
    Q2 FY26

    Strategically positioned to increase uptime and dispatch availability.

    Jet A Fuel Price
    $7.33peak, up from $5 in Q1 FY26
    Q2 FY26

    Elevated pricing tied to Middle East conflict, effectively passed through to customers.

    Industry KPIs

    6
    MetricValueDetails
    Fuel$7.33USD per gallon
    Capacity20,040flight hours
    Fleet mro$4.4 millionUSD
    Loyalty co brand16.2%%
    Demand indicatorsup 34%%
    Premium diverse revenue mixapproximately 50%% of total revenue

    Orderbook & backlog

    2
    Starlink Dealership BackloggrowingQ2 FY26

    Positions MRO as a significant growth channel.

    CJ3+ Aircraft Deposits$4.1 millionPost Q2 FY26

    Secures delivery of 3 new CJ3+ aircraft in Q1 2027.

    Product announcements

    1
    ProductTypeDetails
    JC26 Jet Club Programlaunch

    Deals & partnerships

    1
    Jet.AIAcquisition of assets and resources to support fractional program expansion and fleet growth.

    Closed on July 13, 2026. The acquired aircraft will start contributing to the bottom line in Q4. The transaction also resources to support the continued expansion of our fractional program.

    Capital programs

    1
    MRO Footprint Expansionannounced$30 million
    Funding: grant in partnership with the State of North Carolina

    Benefit: over 100,000 square feet of hangar space

    Will significantly expand the capacity of the MRO business, positioning it as a significant growth channel with high margins and low CapEx.

    Risks & headwinds

    1
    Elevated Jet A Fuel PricesQ2 FY26

    Peak at $7.33 per gallon in Q2 FY26, up from $5 per gallon in Q1 FY26

    Mitigation: Effectively passed through fuel cost increases to both wholesale and retail channels; no discernible impact on customer demand. Expects dynamic to become a modest tailwind as fuel costs normalize.

    What to watch in Q3 FY26

    5

    Adjusted EBITDA

    Q3 FY26
    Current$4.2 million (Q2 FY26)
    Target$5 million to $7 million

    Why it matters

    Achieving this target would mark the fourth consecutive quarter of positive adjusted EBITDA, solidifying the company's profitability trend.

    For the third quarter, we expect adjusted EBITDA of approximately $5 million to $7 million.

    2 min read5 chapters

    Detailed Narrative

    01

    Fleet Transformation and Productivity Gains

    flyExclusive has undergone a significant fleet transformation over the past two years, increasing Q2 revenue by over 40% to $111 million while reducing revenue-producing aircraft by 15% to 81. This was achieved by removing 37 nonperforming aircraft, with only 3 remaining under contract for sale. The company added 10 Challenger aircraft, which are more reliable and generate higher revenue, contributing to a 1,000 basis point improvement in dispatch availability to 58% and a 14% increase in core fleet utilization to 81 hours per aircraft per month.

    02

    Sustained Financial Performance and Profitability

    The company reported its third consecutive quarter of positive adjusted EBITDA, reaching $4.2 million in Q2 FY26, a $9.4 million improvement year-over-year. Gross profit increased 65% to $22.7 million, with gross margin expanding 539 basis points to 20.4%. SG&A expense declined to 21.1% of revenue, down 217 basis points year-over-year, and revenue per SG&A employee improved by 12% to $529,000, demonstrating significant operating leverage and efficiency in corporate infrastructure.

    03

    Strategic Growth in Fractional Ownership and Fleet Expansion

    Fractional retail sales grew 34% year-over-year in Q2, with fractional aircraft generating substantially better economics. The company is now adding highly productive CJ3, XLS, and Challenger aircraft, which are expected to generate $5 million to $10 million in annual revenue each. The Jet.AI acquisition added 3 light jet aircraft and secured deposits for 3 new CJ3+ aircraft, accelerating growth without significant incremental corporate infrastructure.

    04

    MRO Expansion and Cost Reduction

    External MRO revenue grew 52% year-over-year in Q2 to $4.4 million, and 38% in the first half of 2026. A $30 million grant in partnership with North Carolina will expand MRO footprint by over 100,000 square feet, positioning it as a high-margin growth channel. Internal maintenance costs decreased by over $150 per flight hour to $723 in H1 2026, translating to nearly $3 million in quarterly savings, driven by vertical integration and 14 mobile service units.

    05

    Balance Sheet Deleveraging and Capital Allocation

    flyExclusive has aggressively deleveraged its balance sheet, reducing long-term notes payable by $94 million (40%) over two years to $138 million. The Jet.AI transaction provided $12 million in liquidity, including $5.3 million in cash and $5.8 million in SpaceX equity intended for liquidation. The company has term sheets for up to $50 million in additional liquidity, ensuring capacity to fund planned growth while maintaining capital allocation discipline and focusing on accretive aircraft acquisitions.

    AI-generated summary of the company’s earnings call. Not investment advice.