Full-year revenue at FlyExclusive increased to $376 million, net loss dropped to $67 million, and it posted positive Q4 EBITDA and EBITDAR.
Fourth quarter revenue for FlyExclusive increased year-over-year from $91.4 million to $104.5 million, a 14% increase.
Q4 flight revenue increased 13%, fractional revenue was up 21%, while MRO revenue increased 65%, year-over-year.
Overall revenue increased 15% to $375.9 million in 2025 compared to 2024.
Flight revenue was up 13% compared to 2024, increasing to $353.9 million in 2025.
Fractional purchase price revenue increased 56% to $9.1 million
Jet Club and charter revenue were up 10.2% to $325.4 million.
Fractional ownership revenue increased 66% to $37.9 million.
‘The reset is largely complete, but we are far from done. Now we scale from strength’
– Jim Segrave, FlyExclusive Chairman and CEO
MRO revenue increased 48% to $10.6 million
Aircraft management services increased from $1.9 million to $2.1 million.
Contracted revenue from jet cards, fractional owners, and partners increased 33% year-over-year.
Per its 10-K filing, active members, which include the above, increased from 1,076 to 1,203.
(The full 152-page 10-K filing can be downloaded at the bottom of this story.)
“Over the last two years, we made deliberate decisions to transform this company — modernizing the fleet, eliminating nonperforming aircraft, restructuring costs, and raising our execution standards across the organization,” Chairman and CEO Jim Segrave said during its earnings call this morning.
He continued, “Those decisions were not always easy,” adding, “But in the fourth quarter, the results validated the strategy.”
Segrave pointed to “positive adjusted EBITDA — our first positive quarter since becoming a public company.”
The now Raleigh, North Carolina-based flight went public via a SPAC IPO in December 2023.
FlyExclusive cut its full-year net loss from $101.5 million in 2024 to $67.1 million in 2025.
Of the net loss, depreciation was $25.7 million in 2024, compared to $23.6 million in 2025.
That includes narrowing the fourth-quarter net loss to $6.9 million, down from $16.5 million year over year.
Full year Adjusted EBITDA decreased from $52.2 loss to $7.0 million last year.
Adjusted EBITDA went from negative $7.8 million in 2024 to positive territory with $6.6 million in Q4 2025.
Negative full-year Adjusted EBITDAR narrowed from a $36.4 in 2024 to $12.4 million on the plus side of the ledger in 2025.
Adjusted EBITDAR in Q4 2025 was $10.9 million, up from negative $2.7 million in the prior year.
“The reset is largely complete, but we are far from done. Now we scale from strength,” Segrave said.
Pointing to EBITDA, Segrave noted quarter-by-quarter improvements over the past eight straight quarters, moving from a $19.4 loss in Q1 2024 to a negative $1.9 million in Q3 2025, before moving into positive territory in the latest quarter.
A big part was FlyExclusive’s fleet renewal program.
Revenue-generating aircraft at year’s end were down to 91 from 112, a 19% decline, while flight hours increased 12%.
Total hours per aircraft increased from 660.9 to 810.1, per its 10-K filing.
Segrave noted, “We removed 28 nonperforming aircraft. We added seven highly profitable aircraft.”
Segrave said:
‘Core fleet utilization increased approximately 23% per aircraft to an average of 73 (monthly) hours per plane over the full year. And we achieved this performance despite all the nonperforming aircraft we have been eliminating. Dispatch availability improved roughly 7% year over year. And let me remind you that every 1% improvement at our current size translates to $2.5 million per year on our bottom line.”
During Q1 2026, the company removed three more legacy aircraft.
It said the remaining legacy private jets are “operating at break even.”
It also added another Challenger 350.
The company will close on a Citation XLS+ later this month for its fractional program.
He also pointed to the addition of 12 mobile service unit maintenance trucks in late 2025.
Plans call for doubling the AOG units in the next six months, he said.
Seagrave said the company expects flight hours to grow 15% in 2026 and reach an annualized run rate of more than 100,000 hours by year-end.
In 2025, FlyExclusive ranked fifth in fractional and charter flight hours, moving closer to the fourth spot currently held by Wheels Up.
Segrave also pointed to reductions in overhead and efficiency improvements.
“SG&A declined approximately 10%, generating more than $8 million in annualized savings. Revenue per SG&A employee increased approximately 28%, generating $1.9m per person,” he told listeners.
Segrave added:
‘Our (at the market equity offerings) is now fully in place. And we have now exceeded the baby shelf restriction that requires a minimum $75m dollars of public float market cap. This gives us flexibility to support future growth while continuing to reduce debt – both of which we expect to deliver in 2026. We reduced our long-term debt in 2025 by approximately 36%, representing an $84 million reduction, while maintaining our year-end cash position compared to 2024. In 2026, we expect to add approximately 20 aircraft to our fleet, continue reducing debt, deliver full-year EBITDA profitability, increase cash and improve liquidity, and at the same time reduce fleet age.’
Cash and cash equivalents ended 2025 at $29.3 million compared to $31.7 million at the end of 2024.
Deferred revenue, which includes jet card deposits and deposits for fractional aircraft, was $135.9 million.
Segrave said, “Growth and discipline can coexist, and we are proving that.”
On the M&A front, Segrave discussed Volato.
He said the $2.1 million purchase of its aircraft sales division in Q4 contributed $5.7 million to “2025 bottom-line improvement.”
The second half of the deal, to include scheduling and optimization software and the Vaunt empty-leg program, is expected to close this quarter.
He said Vaunt is cash flow positive.”
FlyExclusive will make the Mission Control software “available to all operators — and we intend to offer this access at no cost.”
Segrave said:
‘The value for us is not selling scheduling software. The value is improving network efficiency. If operators can securely share aircraft availability — without sharing or compromising customer identities or proprietary data — we believe the entire industry can find demand, source lift when needed, and execute their flights more efficiently. For FyExclusive, this means we can sell more flights and deliver a more optimized schedule with confidence, especially with the ability to source internally and externally more effectively. We also receive over 500 trip requests every day, over half of which we are unable to sell and source. This software will allow us to fill more of these requests, potentially generating substantial additional revenue.’
Segrave tells Private Jet Card Comparisons there are no plans to create a marketplace like Vista’s XO or become a direct-to-consumer platform like FlyHouse.
Instead, he said it will be a tool to maximize utilization of its own fleet, much as airlines optimize load factor.
Most of the trip requests, Segrave said, are from the wholesale market, which he called “critical to us.”
He said the software will enable FlyExclusive to confirm more requests while also reducing the number of wholesale flights it has to cancel and refund when it can’t fulfill them due to mechanicals and other operational issues.
The company will show the beta version of the system at the NBAA Schedulers and Dispatchers convention in Cleveland later this month.
CFO Brad Garner said the acquisition of Jet AI’s aviation division is expected to close in early Q2.
He said the deal “will not only provide operational synergies with the acquisition of their aviation operations but will provide capital for growth and de-levering of our balance sheet.”
On the connectivity front, Segrave said, “By year-end, we expect every aircraft in our fleet will have high-speed internet installed – with the majority of them being the Starlink system.”
He told the call, “We just finished our first Starlink installation in just nine days a week ago, and the pipeline of customers already exceeds the speed at which we can acquire the hardware.”
He called Starlink “An incredible system that customers now expect in their aircraft, and we are excited to now be a dealer for this product.”
Segrave also made some comments about the current quarter and 2026.
He said, “Based on the current performance trends, we expect to reduce our first quarter 2026 loss by approximately 50% compared to the first quarter of 2025, continuing the positive trajectory we have been delivering over the last two years.”
Segrave continued, “We expect to improve our dispatch reliability by another 10% in 2026, which will translate to another $25 million in annualized bottom-line performance improvement.”
Garner offered a bullish outlook.
He said:
‘Our business today is more predictable. It is more productive per aircraft. It is more efficient per employee. And it is better positioned to compound earnings. We remain focused on execution that will yield increasing market share and profitability. But we are no longer correcting structural inefficiencies. We are scaling a refined platform. The heavy lifting of the transformation is behind us. What lies ahead is disciplined growth built on a stronger base. And that is a very different company than the one investors saw just a year ago.’
Segrave and Garner said they expect FlyExclusive to be EBITDA positive for 2026.
DOWNLOAD: FlyExclusive_10-K_Full Year 2025_results
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