Republic Airways $(RJET)$ reported FY 2025 total revenues of approximately USD 1.7 billion (+13.7%), with pre-tax income of USD 113.4 million and net income of USD 76.2 million; net income per diluted share was USD 1.87 (vs. USD 1.62). Adjusted pre-tax income, excluding executive separation and merger-related items, was USD 160.5 million and adjusted net income per diluted share was USD 2.80. Operating cash flow was USD 322.0 million, and cash, cash equivalents and marketable securities totaled USD 296.5 million at December 31, 2025; total debt and operating lease liabilities were USD 1.2 billion, with adjusted net debt of USD 928.8 million and a leverage ratio of 2.7x. In Q4 2025, revenues rose to USD 464.1 million (+20.6%), including 36 days of Mesa operations, while pre-tax income was USD 16.9 million and net income was USD 5.0 million; diluted EPS was USD 0.12. Adjusted pre-tax income was USD 32.2 million and adjusted diluted EPS was USD 0.54. The company recorded additional income tax expense of USD 8.1 million related to non-deductible items, increasing its effective tax rate for Q4 and FY 2025. Republic ended 2025 with a fleet of 311 E175 family aircraft, up 68 aircraft, and said it completed its merger with Mesa Air Group on November 25, 2025; as a result, it began operating 60 United-owned E175 aircraft under the United Express brand and a new multi-year operating agreement. The company reported USD 26.3 million in merger-related costs in 2025 and guided for FY 2026 total revenues of approximately USD 2.0 billion and adjusted EBITDAR exceeding USD 380.0 million.

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