Growth was broad-based. Charter, or flight, revenue rose approximately 20 per cent to $103.9 million, led by a $9 million increase from the Challenger fleet, which grew to 10 aircraft, and 36 per cent growth in light jets.
flyExclusive, a US provider of premium private jet experiences, has reported its financial results for the second quarter and first half ended 30 June. The Kinston, North Carolina-based company generated record second-quarter revenue of $111.1 million, up 22 per cent year over year, and its third consecutive quarter of positive Adjusted EBITDA, producing more revenue from a smaller, more productive fleet.
The company achieved those results with six per cent fewer aircraft than a year ago, as flight hours increased eight per cent, core fleet utilisation increased 14 per cent, gross profit increased 65 per cent and gross margin expanded more than 500 basis points to 20.4 per cent. Adjusted EBITDA of $4.2 million improved $9.4 million from a $5.2 million loss a year earlier. The results extend a two-year transformation in which second-quarter revenue has grown more than 40 per cent.
“The second quarter provides clear evidence of how fundamentally this business has changed. The operating model has been rebuilt, and investors should no longer view flyExclusive as a company in transition,” says Jim Segrave, founder and chief executive officer. “The question is no longer whether flyExclusive can become profitable. We are profitable. The opportunity now is demonstrating how much earnings power this platform can produce as we scale it.”
Growth was broad-based. Charter, or flight, revenue rose approximately 20 per cent to $103.9 million, led by a $9 million increase from the Challenger fleet, which grew to 10 aircraft, and 36 per cent growth in the light jet category. Retail fractional share sales and flight-fund deployments increased 34 per cent to $14.6 million, Jet Club retail sales rose 13 per cent to $30.0 million across 997 revenue-contributing members and external MRO revenue grew 52 per cent to $4.4 million.
That momentum closed a banner first half of 2026, where revenue increased 15 per cent to $207.5 million, gross profit grew 67 per cent to approximately $41.8 million and Adjusted EBITDA of approximately $4.4 million improved $16 million over the prior-year period. First-half Adjusted EBITDA improved by nearly $40 million in two years, from an approximately $35 million loss in 2024 to a positive $4.4 million in 2026.
The gains reflect steady operational and cost improvement. Dispatch availability rose more than 1,000 basis points year over year, from approximately 48 to 58 per cent, against a target of more than 70 per cent, and at the current fleet size each additional percentage point represents roughly $2.5 million of annual contribution. SG&A fell to approximately 18 per cent of first-half revenue from 29 per cent two years ago, while revenue per SG&A employee surpassed $1 million, up more than 50 per cent over the same span, reflecting real operating leverage rather than simple cost-cutting.
The company has also materially strengthened its financial position. Long-term notes payable declined approximately $94 million since 2024, including $12.4 million during the first half of 2026. Following quarter end, the Jet.AI transaction added approximately $12 million of liquidity in addition to immediately adding three light jets along with deposits securing three new CJ3+ aircraft that are expected to be delivered in early 2027, positioning flyExclusive to add productive aircraft to a substantially more efficient platform. The company has multiple additional financing alternatives available that could provide up to $50 million of additional liquidity. Management believes its available capital alternatives substantially exceed currently forecast growth-capital requirements and intends to remain disciplined regarding dilution and cost of capital.
“This is a platform story now, not a turnaround story,” states Brad Garner, chief financial officer. “Today, flyExclusive is reporting the results of executing against its plan: a fleet generating more revenue per aircraft than at any point in our history, a cost structure that has gained operating leverage every quarter and three consecutive quarters of positive Adjusted EBITDA. The hard work of proving the model is behind us, and the growth is still in front of us.”
Based on current operating trends, flyExclusive expects third-quarter Adjusted EBITDA of approximately $5–7 million. If achieved, Q3 would mark the company's fourth consecutive quarter of positive Adjusted EBITDA, completing a full year of sustained quarterly Adjusted EBITDA profitability. The company is not providing fourth-quarter guidance but expects the second half of 2026 to continue the consistent trend of year-over-year improvement demonstrated over the past two years.
