flyExclusive (FLYX) Q4 2025 earnings summary

Executive summary

• 2025 marked a pivotal year with structural transformation, including fleet modernization, cost restructuring, and improved execution standards, resulting in the first positive Adjusted EBITDA quarter since going public.

• Achieved record consolidated revenue of $104.5 million in Q4 2025, up 15% year-over-year, and full-year revenue grew 15% to $375.9 million, despite operating a 14% smaller fleet.

• Gross profit increased 53% year-over-year, with gross margin for the year expanding to 15%, up 32% from 2024.

• Fleet refresh and operational efficiencies led to improved profitability and utilization, with 13% more flight hours using 14% fewer aircraft.

• Aggressively reduced long-term notes payable by $84 million while maintaining cash position.

Financial highlights

• Q4 Adjusted EBITDA was $6.6 million, the first positive quarter, with a 6% margin; full-year Adjusted EBITDA improved by over $49 million, narrowing the loss to $7 million.

• SG&A as a percentage of revenue declined to 21% in Q4 and 22% for the year, generating $9 million in annual savings.

• Charter flight revenue in Q4 was $98 million, up 13% year-over-year; flight hours increased 13% to 20,400 in Q4 and 12% to nearly 75,000 for the year.

• Fractional sales revenue rose 56% year-over-year, with share sales up 26% and $60 million in fractional retail sales.

• MRO external revenue grew 52% in Q4 and 48% for the year.

Outlook and guidance

• Q1 2026 is expected to exceed Q1 2025 but not Q4 2025, with every quarter in 2026 projected to outperform the corresponding 2025 quarter.

• First quarter 2026 loss expected to be reduced by 50% compared to Q1 2025.

• Flight hours projected to grow over 15% in 2026, targeting an annualized run rate of 100,000 hours by year-end.

• Dispatch reliability expected to improve by 10% in 2026, translating to $25 million in annualized bottom-line improvement.

• Continued focus on fleet modernization and operational efficiency expected to drive further gains in 2026.