Republic Airways Holdings Inc

investor.rjet.com

What Do They Do?

Operates scheduled regional passenger flights for major airlines, carrying travelers under its partners’ brands.

How Do They Make Money?

Major airline partners pay fixed monthly amounts for aircraft availability, fees for departures and flight time as flights are completed, and reimburse certain expenses; premiums may be earned monthly or quarterly for utilization and operating results.

FY2025 revenue

Who Are Their Customers?

American Airlines, Delta Air Lines and United Airlines contract directly with Republic for regional flights, which operate under their brands.

Do Revenues Turn Into Profits?

Yes. It kept 5 cents of every revenue dollar as net income in FY2025, but spent more cash than it brought in: free cash flow was −$74.9M.

Operating income, FY2025

10% of revenue

▲ +23% vs FY2024 ($137M, 9%)

Net income, FY2025

5% of revenue

▲ +18% vs FY2024 ($64.6M, 4%)

Free cash flow, FY2025

−4% of revenue

▲ +12383% (Loss) vs FY2024 (−$600K, 0%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +41%; vs $405.6M in Q2 FY2025
Net income: ▼ −17%; vs $37.4M in Q2 FY2025

Jun 17, 2026 Matthew Koscal became CEO; David Grizzle returned as non-executive chair

Growing. Revenue grew 3.3x in 4 years, from $503.6M in FY2021 to $1.7B in FY2025, about 35% a year.

Passenger flying replaces cargo service The older business included DHL cargo flights and several aircraft types; the latest report describes scheduled passenger flying with Embraer regional jets.

Who Do They Compete With?

Competes with Endeavor, Envoy, PSA, Piedmont, SkyWest, and Horizon

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