FlyExclusive Turns Adjusted EBITDA Positive After Fleet Cuts

The Tip Desk · November 12, 2026 · 3 min read

Third-quarter revenue reached $111.1 million as gross profit rose 95% and Adjusted EBITDA swung to $5.1 million from a $1.9 million loss.

flyExclusive, Inc. (FLYX), one of North America’s largest private jet operators, reported third-quarter revenue of $111.1 million, up 21% from $92.1 million a year earlier, as a smaller fleet generated more hours and the company’s gross profit nearly doubled.

Gross profit increased 95% to $24.6 million from $12.6 million in the third quarter of 2025, and gross margin expanded 850 basis points to 22.2% from 13.7%. Adjusted EBITDA, a non-GAAP measure, improved $7.1 million to $5.1 million from a $1.9 million loss, lifting Adjusted EBITDA margin to about 5% from negative 2%. Adjusted EBITDAR rose $6.6 million to $9.4 million from $2.8 million.

The company said the results reflected fleet modernization and operating-efficiency work. It flew 19,660 hours in the quarter, 7% more than a year earlier, and ended September 30, 2026 with 73 revenue-generating aircraft on certificate, compared with 90 in the third quarter of 2025. Average monthly utilization on the core fleet rose to about 86 flight hours per aircraft from 72. Dispatch availability increased 930 basis points to 58.2% from 48.9%, and core-fleet aircraft utilization increased approximately 19%.

Founder and Chief Executive Officer Jim Segrave said the company was generating more earnings from a smaller fleet and that the fleet transformation was designed to change the relationship between revenue and operating costs. Management estimates that each additional percentage point of dispatch availability represents about $2.5 million in potential annual contribution at the current fleet size, assuming incremental availability converts into productive flying.

The fleet transformation program had eliminated 35 non-performing aircraft, including three during the third quarter. The remaining two aircraft in the identified non-performing fleet were under contract to be sold.

Jet Club retail sales increased 22% year over year to $38.6 million, and fractional share and flight-fund sales increased 22% to $16.8 million. External maintenance, repair and overhaul revenue grew 38% to $4.3 million. The company said those retail products support contractually committed demand, and it has deployed 14 Mobile Service Units across strategic regions. Management estimates the internal Mobile Service Unit program delivers about 50% cost savings compared with external providers.

SG&A expense as a percentage of revenue declined about 106 basis points to 20%, and revenue per SG&A employee increased about 8% year over year. Chief Financial Officer Brad Garner said revenue was growing faster than overhead and that dispatch-availability gains were creating additional operating capacity without a proportional increase in fleet size.

Cash and cash equivalents were about $19.6 million at quarter-end, compared with $14.2 million at June 30, 2026. Long-term notes payable declined to about $136.0 million, a $13.0 million reduction from third-quarter 2025 levels. Management said it remains focused on balancing liquidity, debt reduction and investment in productive fleet capacity.

For the first nine months of 2026, revenue increased 17% to $318.5 million, gross profit grew 76% to $66.4 million, and Adjusted EBITDA reached about $8.6 million, an improvement of about $22.1 million versus the first nine months of 2025.