Income statement, balance sheet and cash flow statement for the last 5 fiscal years, taken from the XBRL data FLYEXCLUSIVE INC. files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2022
FY2023
FY2023
FY2024
FY2025
Revenue
320
315
327
376
Cost of revenue
255
264
290
320
Gross profit
64.6
51.2
37.1
56.3
Selling, general and administrative
53.8
75.4
91.3
82.6
Operating income
-12.3
-37.3
-82.8
-47.2
Interest expense
8.29
22.2
21.2
21.4
Interest income
0.78
4.63
4.31
1.37
Other non-operating income
8.16
-17.4
-18.7
-19.8
Pre-tax income
-4.15
-54.7
-101
-67.1
Income tax
0
0
0.04
0.04
Net income to minority interests
-10.2
-8.89
-8.98
-7.04
1.01
Net income
6.05
-47.1
-46.8
-21.1
-17.6
EBITDA
10.8
-10.3
-57.1
-23.6
EPS, basic
-1.07
-1.01
EPS, diluted
-1.07
-1.01
Shares, basic (weighted)
23.8
27.2
Shares, diluted (weighted)
23.8
27.2
Balance sheet
FY2022
FY2023
FY2023
FY2024
FY2025
Cash and equivalents
23.2
11.6
31.7
29.3
Inventory
5.87
5.14
5.66
5.07
Other current assets
5.87
6.75
7.77
10.4
Total current assets
132
117
144
74.4
Property, plant and equipment
253
254
260
224
Lease right-of-use assets
51.1
84.6
69
61
Intangible assets
2.43
2.23
1.6
Long-term investments
228
Other non-current assets
0.48
0.67
2.6
4.38
Total assets
494
521
538
440
Accounts payable
2.41
30.2
20.3
30.7
Accrued liabilities
6.47
7.75
10.2
11.7
Deferred revenue
58
83.9
129
136
Short-term debt
23.6
26.5
84.9
8.54
Total current liabilities
139
222
295
270
Long-term debt
222
167
Lease liabilities
40.7
68.1
54.6
47.5
Other non-current liabilities
41.5
16.7
30.3
47.1
Total liabilities
447
486
550
524
Total debt
246
193
189
109
Paid-in capital
0
127
0
114
Retained earnings
-13.2
-80.5
-233
-440
Other comprehensive income
-0.48
-0.07
-0.06
0
Shareholders' equity
-13.2
46.5
-233
-327
Minority interests
24.4
23.4
1.11
Total equity
-13.2
70.9
-210
-326
Total liabilities and equity
494
521
538
440
Cash flow statement
FY2022
FY2023
FY2023
FY2024
FY2025
Net income
-4.15
-56
-54.7
-101
-67.1
Depreciation and amortization
23.1
27
25.7
23.6
Stock-based compensation
0
0.88
0.75
4.48
Change in inventory
-3.89
0.73
-0.52
0.58
Change in payables
2.12
4.69
12.7
Cash from operations
45.6
8.67
-10.9
6.69
Capital expenditures
-146
-83.6
-56.7
-30.9
Purchases of investments
-70.5
-104
-61.9
-15.5
Sales and maturities of investments
10.2
105
70.1
80
Cash from investing
-167
-62
-7.87
109
Debt issued
88.2
132
71.4
27.3
Debt repaid
-52
-56.7
-57.7
-139
Stock issued
0
5.8
Cash from financing
124
41.8
38.9
-118
Net change in cash
2.05
-11.6
20.1
-2.35
Free cash flow
-100
-75
-67.6
-24.3
Interest paid
5.95
12.3
19.7
16.8
Key metrics
Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $1.27 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Gross margin
18.1%
Gross profit / revenue.
Operating margin
-8.8%
Operating income / revenue.
EBITDA margin
-3.3%
EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin
-13.1%
Pre-tax income / revenue.
Net margin
-5.3%
Net income / revenue.
FCF margin
-6.7%
Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin
4.7%
Cash from operations / revenue.
Return on assets (ROA)
-4.8%
Net income / average total assets.
SG&A / revenue
21.4%
Selling, general and administrative expense / revenue.
Stock-based pay / revenue
1.4%
Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue
11.4%
Capital expenditures / revenue.
D&A / revenue
5.5%
Depreciation and amortization / revenue.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
14.9%
Revenue vs the same period a year earlier. Only from a positive base.
Gross profit growth, 1y
51.8%
Gross profit vs the same period a year earlier. Only from a positive base.
Total assets growth, 1y
-18.3%
Total assets vs the same period a year earlier. Only from a positive base.
Share count change, 1y
14.4%
Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
0.23x
Current assets / current liabilities.
Quick ratio
0.05x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
0.05x
(Cash + short-term investments) / current liabilities.
Debt / assets
23.6%
Total debt / total assets.
Liabilities / assets
119.0%
Total liabilities / total assets.
Net debt
$89.6M
Total debt - cash - short-term investments. Negative means more cash than debt.
Capital expenditures / cash from operations, when that is positive.
Per share
Metric
Value
How it is calculated
EPS, diluted
-$0.39
Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share
$7.50
Revenue / diluted weighted shares.
FCF per share
-$0.50
Free cash flow / diluted weighted shares.
Operating cash flow per share
$0.35
Cash from operations / diluted weighted shares.
Book value per share
-$4.41
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Market cap + total debt - cash - short-term investments.
P/S
0.32x
Market cap / revenue.
P/OCF
6.85x
Market cap / cash from operations, when positive.
EV/Sales
0.54x
Enterprise value / revenue.
FCF yield
-20.9%
Free cash flow / market cap.
Earnings yield
-16.4%
Net income / market cap (the inverse of P/E).
What was FLYEXCLUSIVE INC.'s revenue in fiscal 2025?
FLYEXCLUSIVE INC. reported revenue of $375.9M for fiscal 2025, 14.9% higher than the year before.
Was FLYEXCLUSIVE INC. profitable in fiscal 2025?
No. It reported a net loss of $17.6M.
How much free cash flow did FLYEXCLUSIVE INC. generate in fiscal 2025?
Cash from operations of $6.7M minus capital expenditures of $30.9M left free cash flow of -$24.3M.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.