FLYEXCLUSIVE INC.
For the period ended Dec 31, 2025. Filed Mar 5, 2026.
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FY2025 · Filed Mar 5, 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 fromtwo tothirty years. As of December 31, 2025 and December 31, 2024, the Company operated 32 and 34 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 $23,102 and $15,198 for the years ended December 31, 2025 and December 31, 2024, respectively. As of December 31, 2025 and 2024, the Company operated three andone 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 the years ended December 31,2025 and 2024:
| Year Ended December 31, | ||
|---|---|---|
| 2025 | 2024 | |
| Operating lease cost | $21,410 | $21,195 |
| Short-term lease cost | 1,783 | 1,685 |
| Finance lease cost: | ||
| Amortization of right-of-use assets | 1,562 | 743 |
| Interest on lease liabilities | 2,317 | 303 |
| Total lease costs | $27,072 | $23,926 |
The following table sets forth supplemental cash flow information about operating and finance leases for the years ended December 31, 2025 and 2024:
| Year Ended December 31, | ||
|---|---|---|
| 2025 | 2024 | |
| ROU assets obtained in exchange for new lease liabilities | ||
| Operating lease liabilities | $12,884 | $14,866 |
| Finance lease liabilities | $25,197 | $16,039 |
Supplemental balance sheet information related to the leases is as follows:
| December 31,2025 | December 31,2024 | |
|---|---|---|
| Weighted-average remaining lease term – operating leases | 9.22 years | 9.09 years |
| Weighted-average discount rate – operating leases | 7.48% | 6.87% |
| Weighted-average remaining lease term – finance leases | 4.31 | 4.83 years |
| Weighted-average discount rate – finance leases | 11.71% | 8.23% |
The Company’s future lease payments under operating leases as of December 31,2025 are as follows:
| Fiscal Year | Amount |
|---|---|
| 2026 | $18,970 |
| 2027 | 15,352 |
| 2028 | 8,959 |
| 2029 | 6,459 |
| 2030 | 4,631 |
| Thereafter | 36,760 |
| Total undiscounted cash flows | 91,131 |
| Less: Imputed interest | (28,706) |
| Present value of lease liabilities | $62,425 |
The Company’s future lease payments under finance leases as of December 31, 2025 are as follows:
| Fiscal Year | Amount |
|---|---|
| 2026 | $6,979 |
| 2027 | 7,064 |
| 2028 | 7,750 |
| 2029 | 4,921 |
| 2030 | 3,558 |
| Thereafter | - |
| Total undiscounted cash flows | 30,272 |
| Less: Imputed interest | (6,662) |
| Present value of lease liabilities | $23,610 |
As of December 31, 2025, we have entered intoone master lease for additional office spaces, none of which have commenced. Although some of the office locations are under construction, we do not control the building during construction and are thus not deemed to be the owner during construction.
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