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Harbor Diversified earnings and revenue breakdown
Latest: Q4 2025 · 10-K filed Oct 9, 2026
Q4 2025 Revenue down 96% year over year to $2.5M · 181¢ of every $1 of revenue kept as net profit · operating margin -158.0%
Harbor Diversified made $2.5M in Q4 2025 (-96% Y/Y): Contract Revenue $2.4M, Contract services and other $66K. Operating margin -158.0%, net earnings $4.5M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-K filed Oct 9, 2026.
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What changed this quarter
Revenue was $2.5M in Q4 2025, down 96% year over year and up 177% from the previous quarter. Contract Revenue was the largest line at 97% of revenue.
Operating costs exceeded revenue by $4.0M, an operating margin of -158.0%. Total costs fell 89% while revenue fell 96%. Net earnings were $4.5M, up 83% year over year. Non-operating items added $1.9M, -93% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was −$13.8M. Non-cash charges added back $1.8M of depreciation and amortization. Working capital and other items used $20.2M. Capital expenditures of $271K exceeded it, leaving free cash flow of −$14.1M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q4 2025 | 10-K | Oct 9, 2026 | $2.5M | -96% | -158.0% | $4.5M | −$13.8M |
| Q3 2025 | 10-Q | Jun 26, 2026 | $905K | -98% | -784.2% | −$5.1M | −$9.3M |
| Q2 2025 | 10-Q | Jun 26, 2026 | $3.0M | -94% | -596.8% | −$15.8M | −$21.8M |
| Q1 2025 | 10-Q | Jun 29, 2026 | $60.2M | +38% | 23.8% | $16.5M | $12.6M |
| Q4 2024 | 10-K | Apr 8, 2026 | $58.0M | +22% | 3.1% | $2.5M | $9.4M |
| Q3 2024 | 10-Q | May 16, 2025 | $53.6M | +7% | -10.3% | −$2.2M | $31K |
| Q2 2024 | 10-Q | Apr 11, 2025 | $47.1M | -4% | -20.2% | −$7.9M | $4.3M |
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About Harbor Diversified
Harbor is a non-operating holding company that is the parent of a consolidated group of subsidiaries, including AWAC Aviation, Inc. (“AWAC”), which, until January 9, 2026, was the sole member of Air Wisconsin Airlines LLC (“Air Wisconsin”), which operated as an air carrier. Harbor is also the direct parent of three other subsidiaries: (1) Lotus Aviation Leasing, LLC (“Lotus”), which leased flight equipment to Air Wisconsin, (2) Air Wisconsin Funding LLC (“AWF”), which provided flight equipment financing to Air Wisconsin, and (3) Harbor Therapeutics, Inc. (“Therapeutics”), which is a non-operating entity with no material assets.
In its own words, from its 10-K, filed Oct 9, 2026.
Harbor Diversified against its Air Transportation, Scheduled peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: -96% against the peers' median +19%. Operating margin: -158.0% against the peers' median 0.7%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| Harbor Diversified | Q4 2025 | $2.5M | -96% | -158.0% |
| DAL Delta Air Lines | Q3 2026 | $20.2B | +21% | 7.2% |
| United Airlines | Q3 2026 | $17.9B | +17% | 8.1% |
| AAL American Airlines Group | Q3 2026 | $16.3B | +19% | 0.7% |
| American Airlines | Q1 2025 | $12.6B | -0.2% | -2.2% |
| LUV Southwest Airlines | Q3 2026 | $8.4B | +21% | 4.5% |
| ALK Alaska Air Group | Q3 2026 | $4.3B | +14% | 1.9% |
| JBLU Jetblue Airways | Q3 2026 | $2.8B | +21% | -5.1% |
| ULCC Frontier Group Holdings | Q3 2026 | $1.4B | +53% | -8.0% |
Source: Harbor Diversified 10-K on SEC EDGAR · CIK 899394 · Air Transportation, Scheduled