Public · RJET · Re-listed 2025-11-25 · CIK 810332
Republic Airways Holdings Financials
Republic Airways Holdings re-entered the public market on November 25, 2025 via the all-stock merger with Mesa Air Group (Mesa was the surviving corporation, then renamed Republic Airways Holdings Inc. at close, retaining Mesa's NASDAQ listing under a new ticker RJET). The combined entity flies as American Eagle, Delta Connection, and United Express under capacity-purchase agreements with the three largest US mainline carriers. The page covers what is disclosed: live FY2025 revenue from SEC EDGAR XBRL, the post-merger fleet of 314 Embraer E170/E175 aircraft (275 operated + 31 leased to American + 8 spare), three-way customer concentration on the CPAs, and the major-events timeline.
FY2025 revenue
$1.68B
Live from SEC EDGAR XBRL. FY2025 spans Mesa standalone Jan 1 – Nov 24 + combined Republic+Mesa Nov 25 – Dec 31.
Fleet (E170/E175 family)
314
as of March 31, 2026 (275 operated under CPAs + 31 leased to American + 8 spare). Republic owns its aircraft rather than wet-leasing.
Headcount (2026-03-31)
more than 8,400
Combined post-merger employees per the FY2025 financial-results press release.
Daily flights
1,300
To 125 cities in the U.S., Canada, Mexico, and the Caribbean. Flown as American Eagle, Delta Connection, and United Express.
Post-merger reporting begins 2025-11-25
Republic Airways Holdings Inc. and Mesa Air Group, Inc. completed an all-stock merger on November 25, 2025. Mesa Air Group, Inc. was the surviving corporation and was renamed Republic Airways Holdings Inc. at close, retaining Mesa's pre-merger NASDAQ listing under a new ticker RJET. The pre-merger Republic Airways Holdings Inc. (a different legal entity, formerly under SEC CIK 0001159154) was a private company between April 2017 (Chapter 11 emergence) and merger close, with no public XBRL filings during that period.
Stock price (RJET)
Live current price plus the post-relisting history. The chart's range covers the post-November-25-2025 trading history under the new RJET ticker (the pre-merger Mesa Air Group ticker MESA traded under the same NASDAQ listing prior to the rename); for context, this is a much shorter window than most charts on this site, by design. Chart updates during US market hours (9:30 a.m. – 4:00 p.m. Eastern, Monday – Friday) via TradingView's embed widget.
Most recent Republic Airways Holdings SEC filings
The freshness frontier — the latest filing of each material form type, fetched live from EDGAR under CIK 0000810332. The 10-K marked “Anchors this page” is the source of every value below; the others are surfaced for transparency.
6 material filings have been filed since the anchor 10-K above (1 10-Q, 4 8-K, 1 DEF 14A).
Earnings Reaction History
Quarterly print-day reactions across the 2 post-merger combined-entity prints to date. The combined entity began trading on NASDAQ as RJET on November 25, 2025; this section is populated only for post-merger prints (pre-merger Mesa standalone prints are excluded because they reflect a different entity context). Sell-side analyst-consensus coverage of newly-relisted RJET is currently thin; consensus columns mark pending until aggregator coverage matures. Stock-price moves are computed live from the Yahoo Finance v8 chart endpoint.
| Q4 2025 | — | $464.1M | — | $0.54 | +15.2% | -8.7% | -7.5% |
| Q1 2026 | — | $527.4M | — | $0.73 | -3.1% | -2.7% | +18.3% |
Annual revenue (FY2023–FY2025)
Live from SEC EDGAR XBRL under the surviving-corporation CIK 0000810332 (formerly Mesa Air Group, renamed Republic Airways Holdings Inc. at merger close). The vertical red dashed line marks the November 25, 2025 merger close. Pre-FY2025 values reflect Mesa Air Group standalone; FY2025 spans Mesa-only January 1 – November 24 plus combined Republic + Mesa November 25 – December 31. The pre-2017 old-Republic-Airways-Holdings public history (under discontinued CIK 0001159154) is referenced in the timeline section below as prose; it is not on this chart.
Other metrics from EDGAR
Operating income, net income, operating cash flow, capex, and stock-based compensation — pulled live from SEC EDGAR XBRL. Same merger-boundary caveat applies: pre-FY2025 columns reflect Mesa Air Group standalone, FY2025 reflects partial-year combined (Mesa-only Jan 1 – Nov 24 + Republic+Mesa combined Nov 25 – Dec 31).
| Metric | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2023 | FY2024 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Income (Loss) | $57M | $100M | $73M | $121M | $80M | $63M | -$185M | -$84M | $135M | -$66M | $137M | $168M |
| Net Income (Loss) | $15M | $33M | $33M | $48M | $27M | $17M | -$183M | -$120M | $55M | -$91M | $65M | $76M |
| Operating Cash Flow | $104M | $75M | $119M | $152M | $175M | $133M | $13M | -$24M | $329M | $34M | $226M | $322M |
| Capex (PP&E) | — | — | — | — | — | — | — | — | $378M | — | $227M | $397M |
| Stock-Based Compensation | $2M | $1M | $13M | $6M | $4M | $3M | $3M | $2M | $2M | $1M | $1M | $20M |
Fleet composition (Embraer E170 / E175 family)
Operational fleet by aircraft type, hand-curated from each period's 10-K Item 1 / 10-Q Item 2 fleet table. Republic operates exclusively the Embraer E170/E175 family; the E170 sub-fleet is being phased out as E175 deliveries continue. The FY2025 row reflects the post-merger combined entity (Mesa's pre-merger 60 E175 aircraft were added on November 25, 2025). Operational fleet excludes spare aircraft and the 31 aircraft separately leased to American Airlines; see each row's note for the period's total-fleet figure.
| Period | E170 | E175 | Total | Note |
|---|---|---|---|---|
| Q1 2026 (in-flight) | 25 | 250 | 275 | Operational fleet (E170 + E175) at March 31, 2026 per the Q1 2026 10-Q Item 2 fleet table. Add 8 spare + 31 leased to American Airlines for a total fleet of 314 aircraft per the Q1 2026 earnings press release (April 29, 2026). The 10-Q does not break the 31 leased aircraft into per-type sub-counts. Q1 2026 fleet movement: three new E175s were delivered to complete the United Airlines E170-to-E175 conversion. |
| FY2025 | 28 | 247 | 275 | Operational fleet (E170 + E175) at year-end 2025 per the FY2025 10-K Item 1 fleet table. Add 5 spare + 31 leased to American Airlines for a total fleet of 311 aircraft per the 10-K Item 1 Flight Equipment table (which discloses 311 only as a combined E170/175 line and does not break the 31 leased aircraft into per-type sub-counts). The merger closed November 25, 2025 and added Mesa's pre-merger 60 E175s to the combined entity. |
| FY2024 | 0 | 208 | 208 | Mesa Air Group standalone operational fleet at year-end 2024 per the FY2025 10-K Operating Statistics comparative disclosure (operational fleet of 275 in 2025, 208 in 2024). Mesa flew all-E175 pre-merger; legacy Republic's standalone fleet at year-end 2024 was reported under the discontinued pre-2017 CIK 0001159154 and is referenced only in prose since that CIK has not filed since 2017. |
Customer concentration: three capacity-purchase agreements
Republic earns substantially all of its revenue under capacity-purchase agreements (CPAs) with American Airlines, Delta Air Lines, and United Airlines — flying as American Eagle, Delta Connection, and United Express respectively. Customer-concentration risk is three-way and load-bearing.
For fiscal year 2025, Republic earned substantially all of its revenue under capacity-purchase agreements with American Airlines, Delta Air Lines, and United Airlines. Under these agreements Republic flies regional aircraft on routes the major carriers select, branded as American Eagle, Delta Connection, and United Express respectively. Republic carries no consumer-facing pricing risk, no fuel-price risk (fuel is reimbursed by the major-carrier counterparty), and no demand risk on the routes flown. Customer-concentration risk is therefore three-way and load-bearing: any single CPA non-renewal or material amendment would materially impact Republic's earnings.
Source: FY2025 10-K filed 2026-03-19. Paraphrased from Item 1 (Business) of the FY2025 10-K. The Q1 2026 10-Q (filed May 1, 2026) disclosed per-Partner-Airline quarterly revenue dollars in the segment-reporting footnote; that breakdown is reproduced in the table below.
Per-Partner-Airline revenue, Three months ended March 31, 2026
First post-merger quarterly disclosure of per-Partner-Airline revenue split, from the Q1 2026 10-Q segment-reporting footnote.
| Partner | Q1 2026 | Q1 2025 | % of Q1 2026 |
|---|---|---|---|
| American Airlines | $189.5M | $171.2M | 35.9% |
| Delta Air Lines | $99.3M | $99.4M | 18.8% |
| United Airlines | $229.1M | $118.7M | 43.4% |
| Other | $9.5M | $5.5M | 1.8% |
| Total | $527.4M | $394.8M | 100.0% |
Source: 10-Q (Q1 2026) filed 2026-05-01. First post-merger per-Partner-Airline revenue split disclosed quarterly. United's share grew most sharply, reflecting the 60 ex-Mesa E175s now operating under a new 10-year CPA with United Airlines obtained via the merger.
How a capacity-purchase agreement works
Republic's revenue model differs structurally from a consumer-facing scheduled passenger airline. Under capacity-purchase agreements (CPAs), Republic supplies regional aircraft, crews, maintenance, and ground operations to American Airlines, Delta Air Lines, and United Airlines. The major carriers in turn handle scheduling, ticketing, gates, and consumer relationships. Republic earns a per-block-hour fee plus pass-through reimbursement for fuel, navigation, landing, and similar variable costs. The structure means Republic's earnings are decoupled from passenger demand and fuel-price volatility within each CPA's term.
Renewal cycle. CPA terms are typically multi-year (5–10 year base periods with extension options) and are renegotiated on a staggered cadence. Material CPA renewal events are disclosed in the 10-K's Item 1 (Business) and Item 7 (MD&A); follow-on amendments file as Item 1.01 8-Ks. The recurring refresh task should re-walk for any CPA amendment 8-Ks since the last refresh.
Framing sourced from 10-K (FY2025) filed 2026-03-19.
Major events timeline
From the 1996 founding of Republic Airways Holdings as a Wexford Capital holding company through the November 25, 2025 all-stock merger with Mesa Air Group that brought the combined company back to the public market on NASDAQ as RJET. Color of the left rule indicates event kind.
- 1996FoundingWexford Capital forms Republic Airways Holdings as a holding company for Chautauqua Airlines
- 1999LeadershipBryan Bedford joins as President and CEO
- 2005AcquisitionAcquires Shuttle America
- 2010IpoOriginal Republic Airways Holdings IPOs on NASDAQ as RJET (under SEC CIK 0001159154)
- 2009AcquisitionAcquires Frontier Airlines (operates briefly through 2013, then divests to Indigo Partners)
- Feb 25, 2016RestructuringFiles Chapter 11 bankruptcy protection
- 2017-04RestructuringEmerges from Chapter 11 as a private company; delisted from NASDAQ
- Mar 17, 2025LeadershipPresident Trump nominates Bryan Bedford as FAA Administrator
- Apr 7, 2025MergerRepublic and Mesa Air Group announce all-stock merger agreement
- Jul 9, 2025LeadershipSenate confirms Bryan Bedford as FAA Administrator; David Grizzle succeeds Bedford as Republic CEO
- Nov 17, 2025MergerMesa Air Group stockholders approve the merger
- Nov 25, 2025MergerMerger closes; Mesa Air Group renamed Republic Airways Holdings Inc., re-listed on NASDAQ as RJET
- Mar 4, 2026EarningsFirst post-merger Q4 + Full Year 2025 financial results announced (combined-entity partial-year reporting)
- Mar 19, 2026FilingFirst post-merger 10-K filed (FY2025), under the renamed entity at SEC CIK 0000810332
- Apr 10, 2026FilingFirst post-merger DEF 14A annual proxy statement filed
- Apr 22, 2026LeadershipBoard promotes Matthew J. Koscal to President and CEO effective June 15, 2026; David Grizzle will resume role of non-executive Chairman (Item 5.02 8-K filed April 28, 2026)
- Apr 29, 2026EarningsQ1 2026 financial results announced (first full post-merger combined quarter): revenue $527.4M +33.6% YoY, adjusted EPS $0.73
- May 1, 2026FilingFirst post-merger 10-Q filed (Q1 2026); per-Partner-Airline revenue split disclosed (American $189.5M, Delta $99.3M, United $229.1M)
Methodology & data sources
Live data. Annual revenue, operating income, net income, operating cash flow, capex, and stock-based compensation are sourced live from Republic Airways Holdings' SEC EDGAR XBRL company-facts endpoint on every refresh. If EDGAR is unreachable when the page is being prepared, the page is not updated, so visitors never see stale fallback numbers.
Hand-curated, source-tagged. Year-end fleet composition by aircraft type (E170 vs E175 sub-counts), the customer-concentration narrative on the three capacity-purchase agreements with American, Delta, and United, the structural framing of how a CPA works, post-merger combined headcount, and the major-events timeline are not exposed in EDGAR companyfacts JSON. Each value is hand-curated from the underlying 10-K, 10-Q, 8-K, or press release, and tagged with the filing's accession number.
CIK lineage and the merger boundary. Republic Airways Holdings Inc.'s post-merger SEC CIK is 0000810332 — the same CIK Mesa Air Group used pre-merger, since Mesa was the surviving corporation. Pre-November-25-2025 XBRL filings under this CIK report Mesa Air Group standalone, not Republic standalone; the multi-year revenue chart's vertical red dashed line marks the merger close. The pre-2017 old-Republic-Airways-Holdings (a different legal entity, public on NASDAQ as RJET from 2010 until the April 2017 take-private) sits under a different, now-discontinued CIK 0001159154. That history is referenced in the major-events timeline as prose; it is not on the multi-year chart.
Why this page is lighter on charts than the others. The post-merger combined-entity public history begins November 25, 2025. FY2025 reflects roughly 11 months of Mesa standalone plus 5 weeks of combined Republic + Mesa; FY2026 is the first full post-merger fiscal year. Multi-year trend framing across the merger boundary is annotated explicitly and is not directly comparable. As more annual filings land post-merger, additional sections (per-FY headcount chart, capex/revenue ratio chart, CPA renewal timeline, Earnings Reaction History) will be added.
What's intentionally not here. Per-block-hour CPA rates (trade-secret, not in any public filing). Fuel-pass-through formula detail. Forward guidance, analyst estimates, and price targets (out of scope — the page is reported actuals). Pre-2017 old-Republic charts under the discontinued CIK (the splicing across two entities and a Chapter 11 would mislead more than it would inform). Per-event earnings-preview or earnings-recap pages (those page types were retired site-wide).
Cross-references. Sibling page (planned): Republic Airways Leadership. Per-airline profile: Republic Airways. Mesa Airlines (now a wholly-owned subsidiary): Mesa Airlines. Republic on the orgs roster: Republic Airways Holdings.
Last updated: 2026-06-20 14:37 UTC. Latest 10-K on EDGAR: 0001628280-26-019614 filed 2026-03-19. Hand-curated source-tag anchor: 0001628280-26-019614.