FLYEXCLUSIVE INC.
For the period ended Jun 30, 2026. Filed Aug 12, 2026.
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Jun 30, 2026 · Filed Aug 12, 2026
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15. 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 June 30, 2026 and December 31, 2025, the Company operated 28 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$7,606 and$15,124 for the three and six months ended June 30, 2026, respectively, and$6,335 and$10,771 for the three and six months ended June 30, 2025, respectively. As of June 30, 2026 and December 31, 2025, the Company operated 5 and 3 aircraft under non-cancellable finance leases, respectively.
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 six months ended June 30, 2026 and 2025:
| Three Months Ended June 30, | Six Months Ended June 30, | |||
|---|---|---|---|---|
| 2026 | 2025 | 2026 | 2025 | |
| Operating lease cost | $4,923 | $5,670 | $9,915 | $11,244 |
| Short-term lease cost | 228 | 410 | 568 | 905 |
| Finance lease cost: | ||||
| Amortization of right-of-use assets | 436 | 378 | 824 | 695 |
| Interest on lease liabilities | 987 | 461 | 1,807 | 819 |
| Total lease costs | $6,574 | $6,919 | $13,114 | $13,663 |
The following table sets forth supplemental cash flow information about the leases for the six months ended June 30, 2026 and 2025:
| Six Months Ended June 30, | ||
|---|---|---|
| 2026 | 2025 | |
| ROU assets obtained in exchange for lease liabilities | ||
| Operating lease liabilities | $3,970 | $8,023 |
| Finance lease liabilities | $8,370 | $14,023 |
Supplemental balance sheet information related to the leases is as follows:
| June 30,2026 | December 31, 2025 | |
|---|---|---|
| Weighted-average remaining lease term – operating leases | 9.37 years | 9.22 years |
| Weighted-average discount rate – operating leases | 8.81% | 7.48% |
| Weighted-average remaining lease term – finance leases | 3.42 years | 4.31 years |
| Weighted-average discount rate – finance leases | 12.58% | 11.71% |
The Company’s future lease payments under operating leases as of June 30, 2026 are as follows:
| Fiscal Year | Amount |
|---|---|
| Remainder of 2026 | $9,319 |
| 2027 | 15,928 |
| 2028 | 10,100 |
| 2029 | 7,593 |
| 2030 | 5,656 |
| Thereafter | 38,185 |
| Total undiscounted cash flows | 86,781 |
| Less: Imputed interest | (30,870) |
| Present value of lease liabilities | $55,911 |
The Company’s future lease payments under finance leases as of June 30, 2026 are as follows:
| Fiscal Year | Amount |
|---|---|
| Remainder of 2026 | $5,537 |
| 2027 | 10,409 |
| 2028 | 11,002 |
| 2029 | 5,494 |
| 2030 | 3,778 |
| Thereafter | — |
| Total undiscounted cash flows | 36,220 |
| Less: Imputed interest | (7,145) |
| Present value of lease liabilities | $29,075 |
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