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Global Crossing Airlines Group, Inc. — Q3 2026 Earnings Summary

JETMF

  • Financial Performance:

    • Revenue increased 24% year-over-year to $71.8 million in Q3 2026, compared to $58.0 million in Q3 2025.
    • Operating income rose approximately four-fold to $4.0 million in Q3 2026 from $1.0 million in Q3 2025.
    • Net income attributable to the Company turned positive at $0.2 million in Q3 2026, reversing a net loss of $2.0 million in Q3 2025.
    • Earnings per share improved to $0.00 (basic and diluted) in Q3 2026, compared to a loss of $(0.03) in Q3 2025.
    • EBITDA increased 144% year-over-year to $10.4 million in Q3 2026 from $4.3 million in Q3 2025.
    • EBITDAR increased 36% year-over-year to $25.7 million in Q3 2026 from $18.9 million in Q3 2025.
    • Cash flow from operations increased materially to $9.0 million in Q3 2026 from $0.6 million in Q3 2025.
    • Total operating expenses increased 19% to $67.7 million in Q3 2026 from $57.0 million in Q3 2025, driven by higher depreciation, fuel, maintenance, and ground services costs.
    • As of September 30, 2026, the Company held $14.3 million in cash and restricted cash, down from $20.5 million at December 31, 2025.
    • Deferred revenue decreased to $8.8 million as of September 30, 2026, from $16.8 million at December 31, 2025.
    • Total liabilities increased to $247.3 million as of September 30, 2026, from $232.5 million at December 31, 2025.

  • Guidance and Future Outlook:

    • Management expects year-over-year revenue and EBITDA growth to continue in the fourth quarter and into 2027.
    • Growth is supported by aircraft added in the second half of 2026 and early 2027, plus up to five additional aircraft targeted for 2027.
    • The Company aims to become the largest narrow-body charter airline in North America.
    • Future focus includes profitable expansion, deploying additional aircraft to meet rising demand, and strengthening operational controls.

  • Business Segments and Product Lines:

    • Net aircraft available increased 14% year-over-year to 18.1 in Q3 2026 from 15.9 in Q3 2025.
    • Total block hours, including sub-service, increased 1% to 9,965 in Q3 2026 from 9,901 in Q3 2025.
    • The percentage of block hours dedicated to ACMI decreased to 88% in Q3 2026 from 96% in Q3 2025.
    • Average utilization hours per aircraft decreased 11% to 550 in Q3 2026 from 618 in Q3 2025, reflecting a strategic shift toward higher-value domestic flying.
    • Revenue service began for two Airbus A320 aircraft in October 2026.
    • The Company took delivery of the first of three A320 passenger airframes and engines from Spirit Airlines, with all three expected to enter revenue service in Q4 2026 or early Q1 2027.
    • Pilot headcount increased 31% since December 31, 2025, reaching 186 pilots.
    • The Company completed one heavy and twelve non-heavy maintenance events during Q3 2026.
    • The Company provided passenger charter services for two high-profile concert tours in Q3 2026.

  • Market and Competitive Landscape:

    • Major sporting events and high-profile concert tours contributed strongly to Q3 2026 results.
    • The Company serves domestic and international ACMI and charter markets throughout the US, Caribbean, Europe, and Latin America.
    • The Company is IOSA certified by IATA and holds TCOs for Europe, the UK, and Australia.
    • Management describes the Company as North America's Fastest Growing Charter Airline.

  • Risks and Challenges:

    • Risks include the ability to lease aircraft on favorable terms, manage growth effectively, and implement business strategy successfully.
    • Potential challenges involve access to capital, limited number of aircraft operated, rising maintenance costs, and seasonality.
    • Forward-looking statements are subject to risks regarding demand forecasting, legislative environments, fuel prices, and aircraft availability.
    • The Company faces aircraft-related fixed obligations and the risk of not being able to continue as a going concern.

  • Management Commentary and Tone:

    • Chris Jamroz, Executive Chairman, described Q3 2026 as the strongest third quarter to date with record revenue, citing robust demand and a disciplined approach to fleet expansion.
    • Ryan Goepel, President and CFO, noted that the decline in average utilization was a deliberate strategic decision to prioritize domestic flying over seasonal contracts to capture higher revenue per block hour.
    • Management emphasized that operational foundations, including maintenance capabilities and pilot workforce, are now in place to support a larger, more efficient airline.
    • The tone is confident regarding the ability to spread fixed costs across a larger operating base and generate greater operating leverage.

  • Other Key Points:

    • The Company has a goal of becoming the largest narrow-body charter airline in North America.
    • Share-based compensation was $0.06 million in Q3 2026, down from $0.8 million in Q3 2025.
    • The Company incurred $3.1 million in increased depreciation and amortization expenses due to aircraft deliveries secured on finance leases.
    • Aircraft fuel expenses increased by $2.9 million year-over-year.
    • Maintenance, materials, and repairs expenses increased by $2.1 million year-over-year.
    • Contracted ground and aviation services expenses increased by $1.9 million year-over-year.
    • The Company holds TCOs for Europe, the UK, and Australia, indicating regulatory compliance for international operations.