Republic Airways Holdings (NASDAQ: RJET) is a regional airline company that operates flights on behalf of major carriers under capacity purchase agreements (CPAs). Revenue comes primarily from fixed fees per departure, flight hour, and block hour, plus monthly premiums tied to aircraft utilization and operating performance, with direct expenses such as fuel, landing fees, and certain maintenance reimbursed by partner airlines. As of December 31, 2025, Republic operated a fleet of 311 Embraer E170/E175 aircraft, flying 57 aircraft for Delta Air Lines and 126 aircraft for United Airlines under contractual arrangements. The company competes with other regional carriers for CPA awards from major airlines, with competition centered on pilot availability, operating cost, financial resources, and on-time reliability. Republic is headquartered in the United States, with CEO David Grizzle serving as Chairman and Chief Executive Officer as of the 10-K filed March 19, 2026. Total revenues were $1,676.5 million in FY2025, up 13.7% from $1,474.0 million in FY2024.

Revenue model

Fixed-fee capacity purchase agreements: Republic earns a contractual fixed fee per departure, flight hour, and/or block hour, plus a monthly or quarterly premium for meeting minimum utilization and performance targets. Partner airlines directly pay or reimburse fuel, landing fees, certain maintenance, insurance, and other pass-through costs. Pass-through reimbursements are recorded gross in revenues with a corresponding expense.

Products and services

Regional jet services operated under CPAs using Embraer E170 and E175 aircraft (65-76 seat configurations). Fleet of 311 E170/E175 aircraft as of December 31, 2025, with average age of 13.0 years. Aircraft are owned (193), held under finance leases (11), or Partner Controlled (107). Long-term power-by-the-hour maintenance contracts cover the majority of engines and major airframe components.

Customers and end markets

Two partner airlines as of December 31, 2025: Delta Air Lines (57 aircraft, contracts expiring November 2027 through June 2030) and United Airlines (126 aircraft, contracts expiring January 2026 through December 2037). End demand is driven by passenger traffic into major airline hub networks. Customer concentration is high, with both Delta and United representing the entirety of disclosed flying operations.

Value-chain role

Contract regional carrier sitting between major network airlines and regional air passengers. Republic operates aircraft and crews while partner airlines control branding, ticketing, revenue management, fuel procurement, and certain ownership costs. Republic bears labor, maintenance, and operational execution risk within fixed-fee contract structures.

Geographic exposure

United States domestic regional routes, operating into partner airline hubs. No international geographic breakdown disclosed in the filing excerpts.

Competitors

Other regional airlines competing for CPA awards from major carriers, Airline-owned or airline-affiliated regional operators, Low-cost and ultra-low-cost carriers (indirect, competing on overlapping routes with partner airlines)

Source: SEC 10-K, filed 2026-03-19

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