FLYEXCLUSIVE INC.
For the period ended Sep 30, 2025. Filed Nov 12, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 12, 2025
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17. Leases
Leases
The Company’s lease arrangements generally pertain to real estate leases and aircraft. The Company leases real estate including hangars and office space under operating leases, ranging fromtwoto thirty years. As of September 30, 2025 and December 31, 2024, the Company operated 31 and 34 aircraft, respectively, under non-cancellable operating leases ranging fromtwoto seven years for charter flight services. For the Company’s aircraft leases, in addition to the fixed lease payments for the use of the aircraft, the Company is also obligated to pay into aircraft engine reserve programs and additional variable costs which are expensed as incurred and are not included in the measurement of our leases. These payments amounted to$5,963 and $16,734 for the three and nine months ended September 30, 2025, respectively, and$2,401 and$10,640 for the three and nine months ended September 30, 2024, respectively. As of September 30, 2025, the Company operated 3 aircraft under non-cancellable finance leases.
Vehicle leases typically have month-to-month lease terms and are classified as short-term leases.
The following table sets forth information about the Company’s lease costs for thethree and nine months ended September 30, 2025 and 2024:
| Three Months Ended September 30, | Nine Months Ended September 30, | |||
|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | |
| Operating lease cost | $5,253 | $5,031 | $16,498 | $15,818 |
| Short-term lease cost | 487 | 507 | 1,392 | 1,235 |
| Finance lease cost: | ||||
| Amortization of right-of-use assets | 1,293 | — | 1,988 | — |
| Interest on lease liabilities | 717 | — | 1,536 | — |
| Total lease costs | $7,750 | $5,538 | $21,414 | $17,053 |
The following table sets forth supplemental cash flow information about the leases for the nine months ended September 30, 2025 and 2024:
| Nine Months Ended September 30, | ||
|---|---|---|
| 2025 | 2024 | |
| ROU assets obtained in exchange for new lease liabilities | ||
| Operating lease liabilities | $10,522 | $7,326 |
| Finance lease liabilities | $23,074 | $— |
Supplemental balance sheet information related to the leases is as follows:
| September 30,2025 | December 31,2024 | |
|---|---|---|
| Weighted-average remaining lease term – operating leases | 9.24 years | 9.09 years |
| Weighted-average discount rate – operating leases | 7.34% | 6.87% |
| Weighted-average remaining lease term – finance leases | 4.44 years | 4.83 years |
| Weighted-average discount rate – finance leases | 10.18% | 8.23% |
The Company’s future lease payments under operating leases as of September 30, 2025 are as follows:
| Fiscal Year | Amount |
|---|---|
| Remainder of 2025 | $4,804 |
| 2026 | 18,346 |
| 2027 | 14,728 |
| 2028 | 8,335 |
| 2029 | 5,835 |
| Thereafter | 40,780 |
| Total undiscounted cash flows | 92,828 |
| Less: Imputed interest | (29,083) |
| Present value of lease liabilities | $63,745 |
The Company’s future lease payments under finance leases as of September 30, 2025 are as follows:
| Fiscal Year | Amount |
|---|---|
| Remainder of 2025 | $1,197 |
| 2026 | 8,981 |
| 2027 | 7,698 |
| 2028 | 6,670 |
| 2029 | 5,776 |
| Thereafter | 1,932 |
| Total undiscounted cash flows | 32,254 |
| Less: Imputed interest | (6,054) |
| Present value of lease liabilities | $26,200 |
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