REPUBLIC AIRWAYS HOLDINGS INC. RJET
Republic is the second largest independent regional airline in the United States based on total fleet and daily departures. As of December 31, 2025, Republic had an operational fleet of 275 regional jet aircraft that regularly provides scheduled passenger service on approximately 1,300 daily flights to approximately 130 cities in the United States, Canada, Mexico, and the Caribbean. Substantially all of Republic's service are operated under multi-year Capacity Purchase Agreements ("CPAs") with the Partner Airlines. Republic exclusively operates the dual class Embraer E170/175 family of aircraft and is one of the world's largest operators of that aircraft type. Under Republic's CPAs, Republic provides substantially all of its flight capacity to the Partner Airlines. Republic's revenues are not materially or immediately affected by variations in fares or passenger load factors, nor by variations in the price of fuel, the cost of which is paid directly by the Partner Airlines. In 2025 and 2024, Republic carried passengers on more than 371,000 and 323,000 flights, generating revenues of $1,676.5 million and $1,474.0 million and pre-tax income of $113.4 million and $86.9 million, respectively.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.35B | $1.17B | $1.11B | $531.0M | $503.6M | $545.1M | $723.4M | $681.6M | $643.6M | $587.8M |
| SG&A | — | $44.2M | $48.8M | $44.0M | $49.9M | $52.2M | $50.5M | $53.6M | $39.0M | $42.2M |
| Total operating expenses | $1.51B | $1.34B | $1.29B | $716.0M | $440.4M | $464.9M | $602.2M | $608.9M | $543.3M | $531.1M |
| Operating income | $168.3M | $137.0M | $135.3M | -$185.0M | $63.2M | $80.2M | $121.1M | $72.6M | $100.3M | $56.8M |
| Interest expense | $60.6M | $57.7M | $49.1M | $35.3M | $34.7M | $44.1M | $55.7M | $56.9M | $46.1M | $32.6M |
| Pre-tax income | $113.4M | $86.9M | $88.0M | -$234.7M | $22.4M | $37.0M | $63.3M | $15.8M | $53.7M | $24.8M |
| Income tax | $37.2M | $22.3M | $33.2M | $52.0M | $5.8M | $9.5M | $15.7M | $17.4M | $20.9M | $9.9M |
| Net income | $76.2M | -$91.0M | -$120.1M | -$182.7M | $16.6M | $27.5M | $47.6M | $33.3M | $32.8M | $14.9M |
| EPS, basic | 1.90 | 1.65 | 1.40 | -5.06 | 0.46 | 0.78 | 1.37 | 1.34 | 1.41 | 1.56 |
| EPS, diluted | 1.87 | 1.62 | 1.38 | -5.06 | 0.43 | 0.78 | 1.36 | 1.32 | 1.40 | 0.62 |
| Shares, diluted (wtd. avg.) | $40.7M | $39.8M | $39.7M | $36.1M | $38.8M | $35.3M | $35.1M | $25.3M | $23.4M | $24.1M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $134.3M | $110.5M | $113.5M | $98.1M | $123.9M | $102.8M | $72.5M | $107.1M | $60.3M | $41.2M |
| Short-term investments | $162.2M | $191.5M | — | — | — | — | $0 | $19.9M | $0 | — |
| Receivables | — | $5.3M | $8.3M | $4.0M | $3.2M | $13.7M | $23.1M | $14.3M | $8.9M | — |
| Inventory | $88.5M | $63.0M | — | — | — | — | — | — | — | — |
| Total current assets | $540.7M | $453.3M | $138.6M | $98.3M | $158.4M | $155.6M | $157.8M | $197.9M | $145.8M | — |
| Property, plant and equipment | $2.41B | $2.11B | $698.0M | $865.3M | $1.15B | $1.21B | $1.27B | $1.25B | $1.19B | — |
| Goodwill | $122.5M | $2.1M | $2.1M | $0 | — | — | — | — | — | — |
| Other intangibles | — | — | — | $3.8M | $6.8M | $8.0M | $9.5M | $11.3M | $11.7M | — |
| Total assets | $3.28B | $2.77B | $898.5M | $1.12B | $1.46B | $1.50B | $1.45B | $1.47B | $1.36B | — |
| Accounts payable | — | $72.1M | $59.0M | $59.4M | $61.5M | $53.2M | $49.9M | $54.3M | $44.7M | — |
| Short-term debt | — | $50.5M | $163.6M | $97.2M | $111.7M | $189.3M | $165.9M | $155.2M | $140.5M | — |
| Total current liabilities | $574.3M | $489.1M | $267.9M | $214.5M | $258.2M | $353.3M | $256.7M | $251.4M | $218.2M | — |
| Long-term debt | $1.03B | $259.8M | $364.7M | $502.5M | $539.7M | $542.5M | $677.4M | $760.2M | $803.9M | — |
| Total liabilities | $1.95B | $1.65B | $698.4M | $807.4M | $968.5M | $1.04B | $1.03B | $1.10B | $1.14B | — |
| Retained earnings | $708.5M | $632.5M | -$71.1M | $49.0M | $231.7M | $215.1M | $187.4M | $139.8M | $107.8M | — |
| Total equity | $1.33B | $1.11B | $1.05B | $991.1M | $488.0M | $457.9M | $425.9M | $374.5M | $222.2M | $189.2M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $322.0M | $226.1M | $329.2M | $13.4M | $132.9M | $174.7M | $151.7M | $118.9M | $74.7M | $104.5M |
| Depreciation and amortisation | $126.3M | $117.0M | $159.4M | $80.5M | $81.2M | $80.8M | $76.2M | $64.6M | $60.7M | $45.6M |
| Stock-based compensation | $20.2M | $1.0M | $1.5M | $2.8M | $3.1M | $4.4M | $5.5M | $12.9M | $1.3M | $1.5M |
| Capital expenditure | $396.9M | $226.7M | $378.1M | $40.8M | $17.1M | $26.7M | $125.3M | $118.0M | $84.5M | $490.1M |
| Investing cash flow | -$350.9M | -$105.5M | -$420.9M | $1.4M | -$33.5M | -$26.7M | -$104.8M | -$138.6M | -$84.1M | -$491.1M |
| Financing cash flow | $54.7M | -$102.2M | $107.1M | -$77.6M | -$78.4M | -$117.7M | -$81.5M | $66.4M | $28.5M | $365.8M |
| Buybacks | — | — | — | $455.0K | $1.5M | $586.0K | $1.9M | $5.0M | $1.0M | $1.4M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001140361-26-014079.
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| JBLU | JETBLUE AIRWAYS CORP | $1.75B | — | -2.3% |