# Republic Airways Holdings Inc. (RJET)

> Source: Nexqual · https://nexqual.com/RJET · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Republic Airways Holdings Inc. (RJET), nexqual.com/RJET" · informational, not investment advice.

**Price:** USD 17.19 (+3.68% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 16.58 · day 16.31–17.37 · 52w 15.37–26.7 · market cap $805M · NMS

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $2.59B, net income $172M (6.7% margin), free cash flow -$36.7M (SEC filings).
- Valuation: P/E 4.7x (avg 10.3x at the last 2 fiscal year-ends), EV/EBITDA 2.7x, net debt $598M.
- Earnings quality: non-operating income -$102M vs operating income $339M over the last four quarters; P/E excluding non-operating income ≈3.3x (estimate: non-operating income taxed at the company's 27.2% effective rate).
- Total return with dividends: 1Y -22.0% vs S&P 500 +14.9%; 5Y -85.5% vs S&P 500 +80.3%.
- Next earnings: 2026-10-29, EPS estimate USD —, revenue estimate $0K.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2023 | FY2023 | FY2024 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $498M | $1.43B | $476M | $1.47B | $1.68B | $2.59B |
| Operating income | -$84.3M | $135M | -$65.8M | $137M | $168M | $339M |
| Net income | -$120M | $54.8M | -$91.0M | $64.6M | $76.2M | $172M |
| EPS (diluted) | -$45.60 | $1.38 | -$33.15 | $1.62 | $1.87 | — |
| Free cash flow | -$60.7M | -$48.9M | $13.9M | -$600K | -$74.9M | -$36.7M |
| Operating margin | -16.9% | 9.5% | -13.8% | 9.3% | 10.0% | 13.1% |
| Net margin | -24.1% | 3.8% | -19.1% | 4.4% | 4.5% | 6.7% |
| Revenue growth | -6.2% | — | -4.3% | +3.1% | +13.7% | — |
| Cash + short-term investments | $32.9M | $16.1M | $15.6M | $302M | $297M | — |
| Total debt | $528M | $472M | $310M | $227M | $1.03B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 4.7x · P/E ex non-operating (est.) ≈3.3x · P/S 0.3x · EV/EBITDA 2.7x · EV/Sales 0.5x · P/B 0.6x · FCF yield -4.56% · Earnings yield 21.38% · Net debt $598M · EV $1.40B
P/E at fiscal year-ends: Dec 2025 9.8x, Dec 2024 10.7x.

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -22.0% | -85.5% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -22.1% | -31.9% |
| Volatility (annualized) | 65.9% | 81.8% |
| Max drawdown | -37.8% (Nov 2025→Oct 2026) | -94.6% (Nov 2021→Nov 2023) |

## Peers (Airlines)
VLRS (Controladora Vuela Compania de ) USD 5.69 +0.53% · JBLU (JetBlue Airways Corporation) USD 2.65 -9.56% · AZUL (Azul S.A.) USD 6 -4.15% · ULCC (Frontier Group Holdings, Inc.) USD 5.3 +5.16% · ALGT (Allegiant Travel Company) USD 70.36 +0.44% · AERO (Grupo Aeromexico, S.A.B. de C.V) USD 15.21 -0.33%

## More
Full page: https://nexqual.com/RJET · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)


Other companies that name RJET in their own reports (relationship from RJET's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| partner | American Airlines Group Inc. (AAL) | 10-K 2026-02-18 | "In 2025, 2024 and 2023, we recognized $658 million, $612 million and $636 million, respectively, of expense under our capacity purchase agreement with Republic Airways Inc. (Republic)." |

## Revenue by product line (quarter ended 2025-09-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Contract Revenue | $66.0M | 72.8% | -29.7% |
| Pass Through & Other Revenue | $24.7M | 27.2% | +15.2% |
| Total revenue | $90.7M | 100% | — |

## Customer concentration

Period ended 2026-06-30: 45%, 35%, 19% of revenue from unnamed direct customers (10-Q, filed 2026-07-31).

## Company outlook (8-K filed 2026-07-30)

- "(NASDAQ: RJET) (the "Company" or "Republic") today reported financial results for the second quarter of 2026 and increased its outlook for the full year 2026."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter | — | — | — | $0 | — |
| Next quarter | — | — | — | $0 | — |
| Current fiscal year (ends 2026-12-31) | — | — | — | $0 | — |
| Next fiscal year | — | — | — | $0 | — |