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Republic Airways Holdings cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$50.3M in Q3 2026 · $48.8M over twelve months

Operating cash flow$79.0M
Capital spending−$28.7M
Free cash flow+$50.3M
Cash / net income2.3×

Analysis

In Q3 2026, Republic Airways Holdings generated $79.0M of operating cash flow and spent $28.7M on capital projects, leaving free cash flow of $50.3M. That is $85.5M more than in Q3 2025 (−$35.2M).

Over the twelve months to Sep 30, 2026, operating cash flow was $301M; the largest uses were capital spending ($252M), net borrowing (+) / repaid (−) ($53.7M), taxes on employees’ shares ($13.3M); besides operations, cash came from other investing ($57.5M); the cash balance rose by $31.4M.

Operating cash flow was $79.0M against net income of $34.6M — 2.3× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$35.3M.

Free cash flow

Republic Airways Holdings: free cash flow by quarterRepublic Airways Holdings: free cash flow by quarter−$13.6MQ4 2024$14.5MQ1 2025−$157MQ2 2025−$35.2MQ3 2025$5.0MQ4 2025−$35.3MQ1 2026$28.8MQ2 2026$50.3MQ3 2026
Operating cash flow less capital spending.
Republic Airways Holdings: operating cash flow against capital spendingRepublic Airways Holdings: operating cash flow against capital spendingOperating cash flowCapital spending−$11.6M$2.1MQ4 2024$53.8M$39.3MQ1 2025−$9.4M$147MQ2 2025$65.0M$100MQ3 2025$115M$110MQ4 2025$57.8M$93.1MQ1 2026$49.3M$20.5MQ2 2026$79.0M$28.7MQ3 2026
Latest (Q3 2026): Operating cash flow $79.0M, Capital spending $28.7M.

Capital allocation, year by year

Republic Airways Holdings: where the cash came from (up) and went (down), by fiscal yearRepublic Airways Holdings: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingCapital spendingFY2023: Operating cash flow $329MFY2023: Net borrowing $202MFY2023: Capital spending −$378M$531MFY2023FY2024: Operating cash flow $226MFY2024: Net borrowing −$78.1MFY2024: Capital spending −$227M$226MFY2024FY2025: Operating cash flow $322MFY2025: Net borrowing $56.8MFY2025: Capital spending −$397M$379MFY2025
Over these 3 years operating cash flow totalled $877M; the largest uses were capital spending ($1.0B) and net borrowing ($78.1M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$290M
Debt$1.0B
Net debt$735M
Due within a year$196M

Republic Airways Holdings funds itself: free cash flow was $48.8M over the last twelve months, and $290M of cash and investments stands against $1.0B of debt ($196M due within a year, 1.5× covered by cash).

Republic Airways Holdings: debt maturities by year (FY2025)Republic Airways Holdings: debt maturities by year (FY2025)$196MYear 1$120MYear 2$172MYear 3$76.0MYear 4$110MYear 5$350MAfter year 5
Principal due in each year as disclosed in the annual report, against $290M of cash and investments now.

Where the cash came from and went

Republic Airways Holdings: sources (+) and uses (−) of cash, Q3 2026Republic Airways Holdings: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$79.0MNet borrowing (+) / repaid (−)−$38.2MCapital spending−$28.7MCash drawn (+) / kept (−)−$12.9MOther investing$1.9MTaxes on employees’ shares−$800KOther financing−$300K
Republic Airways Holdings: sources (+) and uses (−) of cash, TTM to Q3 2026Republic Airways Holdings: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$301MCapital spending−$252MOther investing$57.5MNet borrowing (+) / repaid (−)−$53.7MCash drawn (+) / kept (−)−$31.4MTaxes on employees’ shares−$13.3MOther financing−$7.9M

From profit to cash

Republic Airways Holdings: net income to operating cash flow, Q3 2026Republic Airways Holdings: net income to operating cash flow, Q3 2026Net income$34.6MDepreciation & amortization$35.3MOperating cash flow$79.0M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026$79.0M−$28.7M−$38.2M−$12.9M$50.3M
Q2 2026$49.3M−$20.5M−$42.7M−$4.4M$28.8M
Q1 2026$57.8M−$93.1M$15.6M$24.2M−$35.3M
Q4 2025$115M−$110M$11.6M−$38.3M$5.0M
Q3 2025$65.0M−$100M$11.5M−$2.6M−$35.2M
Q2 2025−$9.4M−$147M$124M$11.6M−$157M
Q1 2025$53.8M−$39.3M−$35.0M$23.7M$14.5M
Q4 2024−$11.6M−$2.1M−$79.9M−$24.4M−$13.6M

Republic Airways Holdings: income statement and cash flow

Republic Airways Holdings, Q3 2026: revenue $554M (+34% year over year), operating margin 11.4%. The chart follows the revenue to costs, profit and cash.

Republic Airways Holdings: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.