The raised guidance and strong cash generation signal operational momentum from the Mesa integration. Watch for further aircraft placement announcements with American and Delta, and progress toward single operating certificate expected by H1 2028, which could unlock additional synergies.
Price Chart
Executive Summary
Republic Airways reported Q3 2026 revenue of $553.5M (+34.3% YoY) and GAAP net income of $34.6M ($0.75 diluted EPS), with adjusted net income per diluted share of $0.85. The company raised its full-year 2026 adjusted EBITDAR guidance to $410M-$420M (from $395M-$405M) and introduced adjusted diluted EPS guidance of $3.30, reflecting confidence in operational execution and Mesa integration progress despite weather-related completion factor headwinds.
Key Financial Metrics
Key Facts
- Q3 2026 revenue of $553.5M, up 34.3% YoY from $412.0M
- GAAP net income of $34.6M ($0.75 diluted EPS) vs $6.7M ($0.17) in Q3 2025
- Adjusted net income per diluted share of $0.85
- Full-year 2026 adjusted EBITDAR guidance raised to $410M-$420M from $395M-$405M
- Introduced full-year 2026 adjusted diluted EPS guidance of $3.30
- Operating cash flow of $79.0M in Q3 2026; cash and marketable securities of $290.1M
- Leverage improved to 2.2x from 2.8x a year ago
- Agreement with American Airlines to place five unallocated E170 aircraft into service in December 2026
- Controllable completion factor of 99.96% despite overall completion factor of 94.59% due to weather
Financial Impact
Revenue growth of $141.5M YoY (+34.3%); adjusted EBITDAR guidance raised by $15M at midpoint to $410M-$420M; adjusted diluted EPS guidance of $3.30 introduced
Risk Factors
- Weather-related completion factor decline to 94.59% (down 1.33 pts YoY) could recur and pressure revenue
- Integration of Mesa remains complex with regulatory approval for single operating certificate still pending
- Leverage at 2.2x, though improved, still significant at $863M adjusted net debt
- Dependence on three major airline partners for all revenue under capacity purchase agreements
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 4 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001628280-26-068028 |
| Document: 0001628280-26-068028-index.html | 0001628280-26-068028 |
| Document: 0001628280-26-068028.txt | 0001628280-26-068028 |
| 8-K Data (Synthetic) | 0001628280-26-068028 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 29, 2026 3d ago | 8-K | $19.97 $19.32 | ▼ −3.25% | ▼ −1.48% | $19.32 (−3.25%) |
Jul 30, 2026 13w ago | 8-K | $21.77 $20.65 | ▼ −5.14% | ▼ −5.85% | $19.32 (−11.25%) |
Jun 17, 2026 19w ago | 8-K | $18.04 $17.30 | ▼ −4.10% | ▼ −3.79% | $19.32 (+7.10%) |
Apr 29, 2026 26w ago | 8-K | $16.66 $18.28 | ▲ +9.72% | ▲ +9.50% | $19.32 (+15.97%) |
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