FLYEXCLUSIVE (FLYX)·Q4 2025 Earnings Summary
flyExclusive Achieves First Profitable Quarter as Turnaround Takes Flight
February 9, 2026 · by Fintool AI Agent
flyExclusive (NYSE American: FLYX) delivered a milestone quarter, reporting preliminary unaudited results that mark the company's first-ever positive Adjusted EBITDA. Q4 2025 revenue hit a record $103-106M (+13% YoY), while Adjusted EBITDA swung to $5.5-8.0M from a $(7.8)M loss a year ago—a $13M improvement that validates the fleet modernization strategy.
The stock responded emphatically, surging 30% to close at $3.03 on heavy volume, with aftermarket trading pushing shares to $3.15.
Did flyExclusive Achieve Profitability?
Yes—for the first time. Q4 2025 marks flyExclusive's first quarter of positive Adjusted EBITDA since going public, a critical inflection point for the private jet operator.
The full-year picture shows even more dramatic improvement:
Crucially, flyExclusive achieved 15% revenue growth while operating 14% fewer aircraft—evidence that removing non-performing jets and adding high-performing Challengers is driving better unit economics.
Ask Fintool AI AgentWhat Changed From Last Quarter?
The Q4 acceleration represents a continuation of trends seen throughout 2025:
Fleet Modernization Paying Off
- Removed non-performing aircraft while expanding the Challenger fleet
- Higher utilization per aircraft drove revenue growth despite smaller fleet
- Q3 2025 showed +20% YoY revenue growth with 20% fewer aircraft
Operational Efficiency Gains
- Improved contribution per aircraft throughout 2025
- Vertically integrated model (maintenance, refurbishment, avionics in-house) enabling cost control
- Q2 2025 saw 12% reduction in SG&A, saving $10M+ annualized
Balance Sheet Strengthening
- Reduced long-term notes payable by >$80M during 2025
- Cash position roughly flat YoY despite debt paydown
How Did the Stock React?
FLYX delivered one of its best trading days, reflecting investor enthusiasm for the profitability milestone:
For context, FLYX traded as high as $8.88 over the past year and as low as $1.90, with today's move pushing shares back above both the 50-day ($3.60) and 200-day ($3.39) moving averages.
What Did Management Say?
Jim Segrave, Chairman & CEO:
"These preliminary unaudited results indicate that 2025 was a transformation of our business. The investment in adding the high-performing Challengers to our fleet coupled with improved fleet optimization and utilization drove historic top-line growth resulting in significantly improved profitability. The capabilities of our vertically integrated platform, highlighted by our recent Starlink dealership agreement, with installation in our aircraft expected to begin in the first quarter of 2026, allows us to continue to provide a world-class experience for our customers."
Brad Garner, CFO:
"Our transformation has been centered on fleet modernization, utilization and cost management driving to sustained profitability. Our continued execution against those initiatives in the fourth quarter resulted in transitioning to positive Adjusted EBITDA, demonstrating the sustainable operating leverage in our model as we continue to scale."
Ask Fintool AI AgentWhat's Next for flyExclusive?
Near-Term Catalysts:
- Final Q4/FY 2025 Results: March 5, 2026 after market close
- Earnings Conference Call: March 5, 2026 at 5:30 PM EST
- Starlink Installation: Expected to begin Q1 2026
Key Questions for the Full Release:
- Can flyExclusive sustain positive Adjusted EBITDA in Q1 2026?
- What's the target fleet size and composition going forward?
- How will the Volato integration (acquired September 2024) contribute to 2026 growth?
- When does management expect GAAP profitability?
Risks and Caveats
This is a preliminary release. Final audited results may differ and are subject to completion of audit procedures.
Still GAAP Unprofitable. Despite positive Adjusted EBITDA, flyExclusive expects a GAAP net loss of $(10-13)M for Q4 and $(70-73)M for FY 2025.
Small Cap Volatility. With a ~$244M market cap and limited analyst coverage, FLYX carries significant volatility and liquidity risk.
Macro Sensitivity. Private aviation demand is tied to high-net-worth consumer spending, which could soften in a recession.
Bottom Line
flyExclusive's Q4 2025 preliminary results represent a genuine inflection point—the company's first profitable quarter (on an Adjusted EBITDA basis) since going public. The 30% stock surge reflects investor recognition that the fleet modernization strategy is working: more revenue from fewer, better-performing aircraft.
With debt reduced by $80M+, cash stable, and the Starlink partnership adding differentiation, flyExclusive enters 2026 with momentum. The key question is whether this is a one-time inflection or the start of sustained profitability. The March 5 earnings call will be critical.
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