REPUBLIC AIRWAYS HOLDINGS INC. financial statements
Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data REPUBLIC AIRWAYS HOLDINGS 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
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2024
FY2024
FY2025
Revenue
682
723
545
504
531
498
1,429
476
1,474
1,677
General and administrative
53.6
50.5
52.2
49.9
44
48.8
44.2
Operating income
72.6
121
80.2
63.2
-185
-84.3
135
-65.8
137
168
Interest expense
56.9
55.7
44.1
34.7
35.3
49.9
49.1
38.5
57.7
60.6
Interest income
0.11
1.5
0.11
0.37
0.14
0.15
0.07
Other non-operating income
-56.8
-57.9
-43.2
-40.8
-49.7
-44.5
-47.3
-24.7
-50.1
-54.9
Pre-tax income
15.8
63.3
37
22.4
-235
-129
88
-90.5
86.9
113
Income tax
-17.4
15.7
9.53
5.83
-52
-8.75
33.2
0.52
22.3
37.2
Net income
33.3
47.6
27.5
16.6
-183
-120
54.8
-91
64.6
76.2
EBITDA
138
199
162
146
-103
-24
295
-25.8
254
295
EPS, basic
1.34
1.37
0.78
0.46
-5.06
-3.04
1.40
-2.21
1.65
1.90
EPS, diluted
1.32
1.36
0.78
0.43
-5.06
-3.04
1.38
-2.21
1.62
1.87
Shares, basic (weighted)
24.8
34.8
35.2
35.7
36.1
39.5
39.1
41.1
39.1
40
Shares, diluted (weighted)
25.3
35.1
35.3
38.8
36.1
39.5
39.7
41.1
39.8
40.7
Balance sheet
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2024
FY2024
FY2025
Cash and equivalents
103
68.9
99.4
121
57.7
32.9
16.1
15.6
111
134
Short-term investments
19.9
0
192
162
Receivables
14.3
23.1
13.7
3.17
3.98
8.25
5.52
5.26
5.25
Inventory
63
88.5
Other current assets
4.2
3.05
12.4
1.05
1.07
7.29
4.48
3.37
2.58
Total current assets
198
158
156
158
98.3
139
150
61.3
453
541
Property, plant and equipment
1,251
1,274
1,212
1,152
865
698
534
426
2,110
2,410
Lease right-of-use assets
123
93.1
43.1
9.71
8.96
7.23
123
132
Goodwill
2.1
2.1
123
Intangible assets
11.3
9.53
8.03
6.79
3.84
Other non-current assets
9.7
8.79
0.74
36.1
16.3
30.5
32.8
7.71
6.83
Total assets
1,472
1,452
1,502
1,457
1,116
898
776
597
2,768
3,277
Accounts payable
54.3
49.9
53.2
61.5
59.4
59
54.5
72.1
60.9
Accrued liabilities
12.2
12
12
12.4
11.3
10
7.66
12.8
169
220
Deferred revenue
1.51
9.39
6.3
0.39
4.88
3.98
3.93
4.96
Short-term debt
155
166
189
112
97.2
164
157
50.5
143
202
Total current liabilities
251
257
353
258
214
268
254
174
489
574
Long-term debt
760
677
542
540
503
365
315
260
83.8
883
Lease liabilities
62.5
34
16.7
8.08
7.71
6.86
118
124
Other non-current liabilities
31.2
24.5
1.41
34.6
29.2
28.5
28.6
28.6
26.7
Total liabilities
1,098
1,026
1,044
969
807
698
633
487
1,652
1,948
Total debt
930
843
732
651
600
528
472
310
227
1,025
Paid-in capital
235
239
243
256
259
271
272
272
273
620
Retained earnings
140
187
215
232
49
-71.1
-129
-162
633
709
Shareholders' equity
374
426
458
488
308
200
1,046
110
1,111
1,329
Total equity
374
426
458
488
308
200
1,046
110
1,111
1,329
Total liabilities and equity
1,472
1,452
1,502
1,457
1,116
898
776
597
2,768
3,277
Shares outstanding
23.9
31.4
35.5
36
36.4
40.9
40.9
41.3
39
45.7
Cash flow statement
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2024
FY2024
FY2025
Net income
33.3
47.6
27.5
16.6
-183
-120
54.8
-91
64.6
76.2
Depreciation and amortization
65
78
82.3
82.8
81.5
60.4
159
40
117
126
Stock-based compensation
12.9
5.51
4.41
3.13
2.76
2.28
1.5
1.33
1
20.2
Deferred income tax
-17.9
15.5
9.23
5.67
-52.2
-9.31
29.3
-0.24
17.2
33.9
Change in receivables
-5.44
-9.28
9.37
10.5
-0.81
-4.28
2.99
Change in inventory
-0.74
-6.31
-1.53
-1.87
-2.88
-2.53
4.6
-1.33
-2.1
0.4
Change in payables
2.43
12.1
3.42
7.86
-2.77
0.5
13.7
Cash from operations
119
152
175
133
13.4
-24.1
329
34.2
226
322
Capital expenditures
-118
-125
-26.7
-17.1
-40.8
-36.6
-378
-20.3
-227
-397
Purchases of investments
-19.9
-14.9
-283
-187
-176
Sales and maturities of investments
35
120
255
213
Cash from investing
-139
-105
-26.7
-33.5
1.37
142
-421
149
-106
-351
Debt issued
188
172
23
195
39.8
60.9
477
86.9
177
299
Stock issued
124
Share buybacks
-4.99
-1.87
-0.59
-1.49
-0.46
Cash from financing
66.4
-81.5
-118
-78.4
-77.6
-143
107
-200
-102
54.7
Net change in cash
46.8
-34.6
30.3
21
-62.8
-25
15.4
-17.4
18.4
25.8
Free cash flow
0.95
26.3
148
116
-27.5
-60.7
-48.9
13.9
-0.6
-74.9
Interest paid
50.7
53.5
41.5
32.8
24.9
38.4
44.4
31.5
56
58.8
Income taxes paid
0.39
0.42
0.4
0.4
0.49
0.42
3.3
5.7
2.8
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 $18.70 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Operating margin
8.8%
Operating income / revenue.
Pre-tax margin
12.0%
Pre-tax income / revenue.
Net margin
3.5%
Net income / revenue.
Operating cash flow margin
14.5%
Cash from operations / revenue.
Effective tax rate
27.2%
Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)
5.0%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
2.1%
Net income / average total assets.
Return on invested capital (ROIC)
5.4%
Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
13.7%
Revenue vs the same period a year earlier. Only from a positive base.
Operating income growth, 1y
22.8%
Operating income vs the same period a year earlier. Only from a positive base.
EBITDA growth, 1y
16.0%
EBITDA vs the same period a year earlier. Only from a positive base.
Net income growth, 1y
18.0%
Net income vs the same period a year earlier. Only from a positive base.
EPS growth, 1y
15.4%
EPS vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y
42.4%
Operating cash flow vs the same period a year earlier. Only from a positive base.
Book value growth, 1y
19.6%
Book value vs the same period a year earlier. Only from a positive base.
Total assets growth, 1y
18.4%
Total assets vs the same period a year earlier. Only from a positive base.
Share count change, 1y
2.3%
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
1.03x
Current assets / current liabilities.
Quick ratio
0.53x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
0.53x
(Cash + short-term investments) / current liabilities.
Debt / equity
0.77x
Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets
32.6%
Total debt / total assets.
Liabilities / assets
57.4%
Total liabilities / total assets.
Net debt
$783.6M
Total debt - cash - short-term investments. Negative means more cash than debt.
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
$42.77
Revenue / diluted weighted shares.
Operating cash flow per share
$6.22
Cash from operations / diluted weighted shares.
Book value per share
$30.21
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Market cap + total debt - cash - short-term investments.
P/E
12.5x
Market cap / net income. Only when net income is positive.
P/S
0.44x
Market cap / revenue.
P/B
0.63x
Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book
0.69x
Market cap / tangible book value, when positive.
P/OCF
3.05x
Market cap / cash from operations, when positive.
EV/Sales
0.84x
Enterprise value / revenue.
EV/EBIT
9.54x
Enterprise value / operating income, when both are positive.
Earnings yield
8.0%
Net income / market cap (the inverse of P/E).
What was REPUBLIC AIRWAYS HOLDINGS INC.'s revenue in fiscal 2025?
REPUBLIC AIRWAYS HOLDINGS INC. reported revenue of $1.68B for fiscal 2025, 13.7% higher than the year before.
Was REPUBLIC AIRWAYS HOLDINGS INC. profitable in fiscal 2025?
Yes. Net income was $76.2M, a net margin of 4.5%.
How much free cash flow did REPUBLIC AIRWAYS HOLDINGS INC. generate in fiscal 2025?
Cash from operations of $322.0M minus capital expenditures of $396.9M left free cash flow of -$74.9M.
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.