10-K · March 19, 2026
Republic Airways completed the merger with Mesa in November 2025 and reported 2025 revenue of $1,676.5 million and pre-tax income of $113.4 million, up from $1,474.0 million and $86.9 million in 2024. The company…
Earnings analysis · 10-Q
RJET earnings analysis
Filed May 1, 2026 · Our reading of the company's report
The latest report
Republic Airways reported strong Q1 2026 results with revenues of $527.4 million, a notable increase of 33.6% year-over-year, and EPS of $0.73, surpassing expectations. The operating income rose slightly to $54.2…
Read full summary
Republic Airways reported strong Q1 2026 results with revenues of $527.4 million, a notable increase of 33.6% year-over-year, and EPS of $0.73, surpassing expectations. The operating income rose slightly to $54.2 million, while net income decreased marginally to $26.9 million due to increased operating expenses primarily linked to the recent merger with Mesa Air Group.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.73
- Operating margin
- 10.3%
What stood out
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Revenue Growth of 33.6%
Revenues increased by $132.6 million from $394.8 million in Q1 2025 to $527.4 million.
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Exceeding EPS Expectations
Reported EPS was $0.73, beating the estimate of $0.70.
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Operating Income Stable
Operating income remained stable, reaching $54.2 million compared to $52.9 million in the prior year.
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Cost Control amidst Merger
Despite total operating expenses climbing by 38.4%, the company efficiently managed integration costs.
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Increased Block Hour Production
Block hours rose by 30.4%, contributing to the revenue growth.
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Positive Cash Flow from Operations
Net cash provided by operating activities improved by 7.4% to $57.8 million.
What to watch
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Increased Operating Costs Post-Merger
Operating expenses surged by $131.3 million to $473.2 million, mainly due to merger integration costs and increased workforce.
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Working Capital Deficit
As of March 31, 2026, the company reported a working capital deficit of $33.7 million.
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Potential Profitability Pressures from Inflation
Wages and benefits accounted for 48.9% of total operating expenses, exposing the company to inflation risks.
Management's outlook
Maintained annual revenue guidance at approximately $2.0 billion.
Earlier filings 4
10-Q · August 13, 2025
Mesa reported Q3 (three months ended June 30, 2025) operating revenues of $92.784 million (down from $110.793 million a year ago) and produced a small operating loss of $0.146 million vs an operating loss of $9.027…
10-Q · May 20, 2025
Mesa reported Q2 fiscal results (three months ended March 31, 2025) with operating revenues of $94.747 million and an operating loss of $57.252 million, producing diluted EPS of $(1.42). Management executed material…
10-K · May 14, 2025
The 10-K reports a company that incurred a net loss of $91.0 million in FY2024 (primarily a $73.7 million impairment) and faced covenant non‑compliance during the year, but implemented asset sales and covenant waivers…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.