Revenue growth remains inconsistent, fluctuating between a 21.3% contraction in 2024Q2 and a 9.3% expansion in 2026Q1, while operating margins remain negative at -9.1%.
| Sales/Revenue | 384.1M | 375.88M | 327.27M | 315.36M | 320.04M | 208.28M |
| Revenue Growth % | 14.51% | 14.85% | 3.78% | -1.46% | 53.66% | - |
| Cost of Goods Sold | 336.81M | 343.21M | 290.21M | 291.16M | 278.56M | 176.59M |
| COGS % of Revenue | - | 91.31% | 88.68% | 92.33% | 87.04% | 84.79% |
| Gross Profit | 47.29M | 32.66M | 37.06M | 24.2M | 41.49M | 31.69M |
| Gross Margin % | 12.31% | 8.69% | 11.32% | 7.67% | 12.96% | 15.21% |
| Gross Profit Growth % | - | -11.86% | 53.12% | -41.66% | 30.93% | - |
| Operating Expenses | 90.09M | 82.59M | 119.84M | 61.52M | 53.79M | 34.39M |
| OpEx % of Revenue | - | 21.97% | 36.62% | 19.51% | 16.81% | 16.51% |
| Selling, General & Admin | 64.01M | 82.59M | 91.34M | 75.43M | 53.79M | 34.39M |
| SG&A % of Revenue | - | 21.97% | 27.91% | 23.92% | 16.81% | 16.51% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - |
| Other Operating Expenses | 1000K | 0 | 28.5M | -13.9M | 0 | 0 |
| Operating Income | -42.8M | -49.92M | -82.78M | -37.32M | -12.31M | -2.7M |
| Operating Margin % | -11.14% | -13.28% | -25.29% | -11.83% | -3.85% | -1.3% |
| Operating Income Growth % | - | 39.69% | -121.8% | -203.25% | -355.14% | - |
| EBITDA | -20.8M | -26.33M | -57.07M | -10.34M | 10.81M | 14.65M |
| EBITDA Margin % | -5.42% | -7.01% | -17.44% | -3.28% | 3.38% | 7.03% |
| EBITDA Growth % | 54% | 53.86% | -451.99% | -195.67% | -26.23% | - |
| D&A (Non-Cash Add-back) | 22M | 23.59M | 25.71M | 26.98M | 23.11M | 17.35M |
| EBIT | -42.79M | -49.92M | -80.27M | -32.52M | 4.14M | 6.46M |
| Net Interest Income | -20.45M | -20.02M | -16.87M | -17.59M | -7.51M | -4.22M |
| Interest Income | 844K | 1.37M | 4.31M | 4.63M | 782K | 0 |
| Interest Expense | 21.3M | 21.39M | 21.18M | 22.22M | 8.29M | 4.22M |
| Other Income/Expense | -14.65M | -17.16M | -18.68M | -17.42M | 8.15M | 4.95M |
| Pretax Income | -57.45M | -67.08M | -101.45M | -54.74M | -4.15M | 2.24M |
| Pretax Margin % | -14.96% | -17.85% | -31% | -17.36% | -1.3% | 1.08% |
| Income Tax | 40K | 37K | 41K | 0 | 0 | 0 |
| Effective Tax Rate % | -0.07% | -0.06% | -0.04% | 0% | 0% | 0% |
| Net Income | -18.7M | -17.59M | -21.07M | -46.84M | 6.05M | 8.09M |
| Net Margin % | -4.87% | -4.68% | -6.44% | -14.85% | 1.89% | 3.88% |
| Net Income Growth % | 9.57% | 16.52% | 55% | -874.39% | -25.2% | - |
| Net Income (Continuing) | -57.49M | -67.11M | -101.5M | -54.74M | -4.15M | 2.24M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 119.87M | 214.52M | 184.06M | -11.13M | 52.53M | 0 |
| EPS (Diluted) | -0.69 | -1.01 | -1.07 | -2.81 | 0.22 | 0.48 |
| EPS Growth % | 12.82% | 5.61% | 61.92% | -1377.27% | -54.17% | - |
| EPS (Basic) | - | -1.01 | -1.07 | -2.81 | 0.22 | 0.48 |
| Diluted Shares Outstanding | 27.24M | 27.24M | 23.81M | 16.65M | 28.13M | 28.13M |
| Basic Shares Outstanding | 27.24M | 27.24M | 23.81M | 16.65M | 28.13M | 28.13M |
| Dividend Payout Ratio | - | - | - | - | 149.42% | 161.44% |
Liquidity and operational scale
According to the company's quarterly financial disclosures, FLYX achieved a 9.3% year-over-year revenue increase in 2026Q1, though growth remains inconsistent, fluctuating between a 21.3% contraction in 2024Q2 and a 24.0% expansion in 2024Q3, suggesting high sensitivity to seasonal charter demand and broader economic cycles.
The erratic revenue trajectory indicates that the company struggles to maintain consistent top-line momentum, likely due to the transactional nature of its on-demand charter business. While the Jet Club membership model aims to provide stability, the realized revenue remains heavily dependent on flight activity, which appears susceptible to external shocks and seasonal travel patterns.
As reported in recent income statements, FLYX's gross margin reached 14.4% in 2026Q1, yet the historical data shows significant volatility, including a negative gross margin in 2024Q2, highlighting the difficulty of managing high fixed-cost aircraft operations against fluctuating fuel prices and maintenance requirements.
The thin and inconsistent gross margin profile suggests that the company lacks the pricing power necessary to fully offset the high direct operating costs inherent in its fleet-heavy model. Investors should monitor whether the vertical integration of MRO services can eventually drive margin expansion or if the current cost structure is fundamentally capped by the economics of the mid-sized jet category.
Based on the provided financial figures, FLYX continues to report negative operating margins, with a -9.1% margin in 2026Q1, indicating that the company has not yet achieved the necessary scale to cover its substantial corporate overhead and the costs associated with its Kinston-based vertical integration strategy.
The failure of operating income to scale alongside revenue growth suggests that the company's current business model is burdened by excessive fixed costs. Without a clear path to positive operating leverage, the company remains vulnerable to continued cash burn, necessitating a potential shift in capital allocation or a significant increase in fleet utilization.
As indicated by the company's reported financials, net income remains consistently negative, with a net loss of $6.5 million in 2026Q1, while the intermittent use of stock-based compensation, such as the $1.6 million recorded in 2025Q4, complicates the assessment of true operational performance.
The persistent net losses suggest that the company's bottom line is currently driven by structural inefficiencies rather than temporary accounting anomalies. Analysts should remain cautious regarding the quality of earnings, as the reliance on deferred revenue from Jet Club deposits may mask the underlying cash-generating challenges of the core flight operations.
Based on the reported $29.3 million cash position relative to ongoing operating losses, the company faces significant liquidity risks, suggesting that the current asset-heavy strategy may be unsustainable without further external financing or a rapid, unlikely improvement in unit economics.
Short-sellers would likely focus on the company's inability to reach break-even despite revenue growth, pointing to the high capital intensity of its fleet as a permanent drag on value. The reliance on prepaid deposits to fund current operations creates a treadmill effect that warrants further investigation into the company's long-term solvency.
Quick answers to the most common questions about buying FLYX stock.
For fiscal year 2025, flyExclusive, Inc. (FLYX) reported total revenue of $375.9M. This represents a 80.5% increase compared to $208.3M in 2021.
flyExclusive, Inc. (FLYX) reported a net loss of $17.6M for the fiscal year ending 2025.
flyExclusive, Inc. (FLYX) reported an operating income of $-49.9M, resulting in an operating profit margin of -13.3%. This margin reflects the operational efficiency of the business before interest and taxes.
flyExclusive, Inc. (FLYX) generated $32.7M in gross profit for the year, representing a gross profit margin of 8.7%. This demonstrates the company's core pricing power and production efficiency.