FLYEXCLUSIVE INC.
For the period ended Mar 31, 2026. Filed May 11, 2026.
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Mar 31, 2026 · Filed May 11, 2026
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16. 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 March 31, 2026 and December 31, 2025, the Company operated 31 and 32 aircraft, respectively, under non-cancellable operating leases ranging fromtwo toseven 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$7,261 and$4,416 for thethree months ended March 31, 2026 and 2025, respectively. As of March 31, 2026, the Company operated 5 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 months ended March 31, 2026 and 2025:
| Three Months Ended March 31, | ||
|---|---|---|
| 2026 | 2025 | |
| Operating lease cost | $4,991 | $5,574 |
| Short-term lease cost | 340 | 495 |
| Finance lease cost: | ||
| Amortization of right-of-use assets | 388 | 318 |
| Interest on lease liabilities | 823 | 357 |
| Total lease costs | $6,542 | $6,744 |
The following table sets forth supplemental cash flow information about the leases for the three months ended March 31, 2026 and 2025:
| Three Months Ended March 31, | ||
|---|---|---|
| 2026 | 2025 | |
| ROU assets obtained in exchange for new lease liabilities | ||
| Operating lease liabilities | $2,782 | $7,833 |
| Finance lease liabilities | $8,882 | $14,023 |
Supplemental balance sheet information related to the leases is as follows:
| March 31,2026 | December 31, 2025 | |
|---|---|---|
| Weighted-average remaining lease term – operating leases | 9.40 years | 9.22 years |
| Weighted-average discount rate – operating leases | 7.73% | 7.48% |
| Weighted-average remaining lease term – finance leases | 3.65 years | 4.31 years |
| Weighted-average discount rate – finance leases | 11.97% | 11.71% |
The Company’s future lease payments under operating leases as of March 31, 2026 are as follows:
| Fiscal Year | Amount |
|---|---|
| Remainder of 2026 | $14,029 |
| 2027 | 15,346 |
| 2028 | 9,315 |
| 2029 | 7,023 |
| 2030 | 5,087 |
| Thereafter | 36,804 |
| Total undiscounted cash flows | 87,604 |
| Less: Imputed interest | (28,256) |
| Present value of lease liabilities | $59,348 |
The Company’s future lease payments under finance leases as of March 31, 2026 are as follows:
| Fiscal Year | Amount |
|---|---|
| Remainder of 2026 | $8,305 |
| 2027 | 10,409 |
| 2028 | 11,002 |
| 2029 | 5,494 |
| 2030 | 3,558 |
| Thereafter | — |
| Total undiscounted cash flows | 38,768 |
| Less: Imputed interest | (7,616) |
| Present value of lease liabilities | $31,152 |
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