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Flyexclusive vs Volato: revenue, profit, margins and growth compared

Flyexclusive brought in $375.9M of revenue in fiscal 2025, Volato $78.6M in fiscal 2025. Revenue changed by +14.9% at Flyexclusive and +101.1% at Volato on the year before, so Volato grew faster. Flyexclusive kept -4.7% of its revenue as net profit, Volato 6.6%. Free cash flow was -$24.3M at Flyexclusive and $3.3M at Volato.

Side by side, latest fiscal year

FLYXSOAR
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$375.9M$78.6M
Revenue growth+14.9%+101.1%
Net income-$17.6M$5.2M
Net margin-4.7%6.6%
Free cash flow-$24.3M$3.3M
Free cash flow margin-6.5%4.2%
Earnings per share (diluted)-$1.01$1.18
Cash$29.3M$0
Debt$108.9Mn/a
Price to earningsn/a0.3
Market value$125.6M$18.9M
Dividend yieldn/an/a
Rank by revenue in sector#632 of 1065 · Consumer discretionary#775 of 1065 · Consumer discretionary

Over the years

Revenue
FLYX FY2022: $320MFLYX FY2023: $315.4MFLYX FY2024: $327.3MFLYX FY2025: $375.9MSOAR FY2022: $96.7MSOAR FY2023: $35.6MSOAR FY2024: $39.1MSOAR FY2025: $78.6MFY22FY23FY24FY25
FLYX $375.9MSOAR $78.6M
Net income
FLYX FY2022: $6MFLYX FY2023: -$47.1MFLYX FY2023: -$46.8MFLYX FY2024: -$21.1MFLYX FY2025: -$17.6MSOAR FY2022: -$9.4MSOAR FY2023: -$52.8MSOAR FY2024: -$40.6MSOAR FY2025: $5.2MFY22FY23FY24FY25
FLYX -$17.6MSOAR $5.2M
Net margin
FLYX FY2022: 1.9%FLYX FY2023: -14.9%FLYX FY2024: -6.4%FLYX FY2025: -4.7%SOAR FY2022: -9.7%SOAR FY2023: -148.5%SOAR FY2024: -104.0%SOAR FY2025: 6.6%FY22FY23FY24FY25
FLYX -4.7%SOAR 6.6%
Revenue growth
FLYX FY2024: +3.8%FLYX FY2025: +14.9%SOAR FY2023: -63.2%SOAR FY2024: +9.8%SOAR FY2025: +101.1%FY23FY24FY25
FLYX +14.9%SOAR +101.1%
Free cash flow
FLYX FY2022: -$100.3MFLYX FY2023: -$75MFLYX FY2024: -$67.6MFLYX FY2025: -$24.3MSOAR FY2022: -$21.7MSOAR FY2023: -$31MSOAR FY2024: -$17.1MSOAR FY2025: $3.3MFY22FY23FY24FY25
FLYX -$24.3MSOAR $3.3M

Fiscal years as each company reports them; the two may end in different months.

Questions about Flyexclusive and Volato

Which is bigger by revenue, Flyexclusive or Volato?

Flyexclusive is bigger by revenue: $375.9M in fiscal 2025, against $78.6M for Volato in fiscal 2025.

Which keeps more of its revenue as profit, Flyexclusive or Volato?

Flyexclusive had a net margin of -4.7% in fiscal 2025; Volato had 6.6% in fiscal 2025.

Which grew revenue faster, Flyexclusive or Volato?

In their latest fiscal years revenue changed by +14.9% at Flyexclusive and +101.1% at Volato.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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