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Mesa Air Group (RJET) Financials

Mesa Air Group logo
$23.19 +0.22 (+0.96%)
As of 12:21 PM Eastern
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Annual Income Statements for Mesa Air Group

Annual Income Statements for Mesa Air Group

This table shows Mesa Air Group's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 9/30/2016 9/30/2017 9/30/2018 9/30/2019 9/30/2020 9/30/2021 9/30/2022 12/31/2023 12/31/2024 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 15 33 33 48 27 17 -183 55 65 76
Consolidated Net Income / (Loss)		 15 33 33 48 27 17 -183 55 65 76
Net Income / (Loss) Continuing Operations		 15 33 33 48 27 17 -183 55 65 76
Total Pre-Tax Income 		25 54 16 63 37 22 -235 88 87 113
Total Operating Income		 57 100 73 121 80 63 -185 135 137 168
Total Gross Profit		 290 644 612 723 304 366 494 489 486 593
Total Revenue		 588 644 682 723 545 405 531 1,429 1,474 1,677
Operating Revenue		 588 644 682 723 545 405 531 1,429 1,474 1,677
Total Cost of Revenue		 298 0.00 69 0.00 241 39 37 940 988 1,084
Operating Cost of Revenue		 298 - 69 - 241 39 37 940 988 1,084
Total Operating Expenses		 234 543 540 602 224 303 679 354 349 425
Selling, General & Admin Expense		 42 39 54 51 52 50 44 198 225 249
Depreciation Expense		 46 61 65 78 82 83 82 159 117 126
Other Operating Expenses / (Income)		 145 370 406 411 89 166 386 -3.40 6.50 49
Total Other Income / (Expense), net		 -32 -47 -57 -58 -43 -41 -50 -47 -50 -55
Interest Expense		 33 46 57 59 44 35 36 49 58 61
Interest & Investment Income		 0.33 0.03 0.11 1.50 0.11 -6.45 0.14 1.80 7.60 5.70
Income Tax Expense		 9.93 21 -17 16 9.53 5.83 -52 33 22 37
Basic Earnings per Share		 $1.56 $1.41 $1.34 $1.37 $0.78 $0.46 ($5.06) $1.40 $1.65 $1.90
Weighted Average Basic Shares Outstanding		 9.56M 23.20M 24.83M 34.76M 35.24M 35.71M 36.13M 39.08M 39.10M 40.02M
Diluted Earnings per Share		 $0.62 $1.40 $1.32 $1.36 $0.78 $0.43 ($5.06) $1.38 $1.62 $1.87
Weighted Average Diluted Shares Outstanding		 24.08M 23.37M 25.26M 35.06M 35.31M 38.84M 36.13M 39.65M 39.76M 40.66M
Weighted Average Basic & Diluted Shares Outstanding		 - - 23.90M 32.36M 35.53M 35.96M 36.38M - 41.33M 46.83M

Quarterly Income Statements for Mesa Air Group

This table shows Mesa Air Group's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 6/30/2023 12/31/2023 12/31/2023 3/31/2024 9/30/2024 12/31/2024 12/31/2024 3/31/2025 9/30/2025 12/31/2025 3/31/2026
Net Income / (Loss) Attributable to Common Shareholders		 -48 147 -58 12 -25 136 -115 27 -14 264 27
Consolidated Net Income / (Loss)		 -48 147 -58 12 -25 136 -115 27 -14 264 27
Net Income / (Loss) Continuing Operations		 -48 147 -58 12 -25 136 -115 27 -14 264 27
Total Pre-Tax Income 		-50 186 -57 12 -25 157 -116 37 -12 304 38
Total Operating Income		 -40 200 -48 12 -17 191 -111 53 -9.18 346 54
Total Gross Profit		 114 111 118 130 112 126 102 144 90 308 183
Total Revenue		 115 1,045 119 132 115 1,108 103 395 91 1,388 527
Operating Revenue		 115 1,045 119 132 115 1,108 103 395 91 1,388 527
Total Cost of Revenue		 0.86 934 1.20 1.41 3.50 982 1.62 251 0.40 1,080 345
Operating Cost of Revenue		 0.86 934 1.20 1.41 3.50 982 1.62 251 0.40 1,080 345
Total Operating Expenses		 154 -89 166 119 129 -65 212 91 99 -38 129
Selling, General & Admin Expense		 11 159 12 11 11 191 9.52 56 11 217 80
Exploration Expense		 - - - - - - - 0.00 - - 1.90
Depreciation Expense		 15 112 13 9.82 7.20 87 7.98 31 2.26 110 35
Other Operating Expenses / (Income)		 104 -316 100 95 87 -276 83 5.00 79 -192 12
Total Other Income / (Expense), net		 -10 -14 -8.54 0.09 -7.49 -34 -5.49 -16 -2.41 -42 -17
Interest Expense		 12 13 11 11 7.62 28 7.06 14 2.83 45 17
Interest & Investment Income		 0.01 1.67 0.01 0.01 0.02 7.55 0.02 -2.00 0.07 5.59 0.20
Income Tax Expense		 -2.76 39 0.86 0.07 0.39 21 -1.73 9.50 2.54 40 11
Basic Earnings per Share		 ($1.17) $3.75 ($1.41) $0.28 ($0.60) $3.47 ($2.77) $0.69 ($0.34) $6.58 $0.59
Weighted Average Basic Shares Outstanding		 40.69M 39.08M 40.94M 41.07M 41.32M 39.10M 41.33M 39.10M 41.87M 40.02M 45.65M
Diluted Earnings per Share		 ($1.17) $3.75 ($1.41) $0.28 ($0.60) $3.47 ($2.77) $0.68 ($0.34) $6.58 $0.58
Weighted Average Diluted Shares Outstanding		 40.69M 39.65M 40.94M 41.07M 41.32M 39.76M 41.33M 39.79M 41.87M 40.66M 46.05M
Weighted Average Basic & Diluted Shares Outstanding		 40.83M 0.00 40.94M 41.17M 41.31M 41.33M - 41.33M 41.89M 46.83M 46.83M

Annual Cash Flow Statements for Mesa Air Group

This table details how cash moves in and out of Mesa Air Group's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 9/30/2016 9/30/2017 9/30/2018 9/30/2019 9/30/2020 9/30/2021 9/30/2022 12/31/2023 12/31/2024 12/31/2025
Net Change in Cash & Equivalents		 -21 19 47 -38 30 21 -63 15 18 26
Net Cash From Operating Activities		 104 75 119 152 175 133 13 329 226 322
Net Cash From Continuing Operating Activities		 104 75 119 148 175 133 13 329 226 322
Net Income / (Loss) Continuing Operations		 15 33 33 48 27 17 -183 55 65 76
Consolidated Net Income / (Loss)		 15 33 33 48 27 17 -183 55 65 76
Depreciation Expense		 46 61 65 78 82 83 82 159 117 126
Non-Cash Adjustments To Reconcile Net Income		 4.58 4.84 27 14 4.82 14 185 1.60 6.80 26
Changes in Operating Assets and Liabilities, net		 49 -13 -1.46 14 60 10 -79 113 38 93
Net Cash From Investing Activities		 -491 -84 -139 -105 -27 -33 1.37 -421 -106 -351
Net Cash From Continuing Investing Activities		 -491 -84 -139 -105 -27 -33 1.37 -421 -106 -351
Purchase of Property, Plant & Equipment		 -490 -85 -118 -125 -27 -17 -41 -378 -227 -397
Purchase of Investments		 0.00 0.00 -20 -15 0.00 -10 -0.20 -283 -187 -176
Divestitures		 - - - - - - - 0.00 0.00 23
Sale and/or Maturity of Investments		 - 0.00 0.00 35 - - - 120 255 213
Other Investing Activities, net		 -1.05 0.42 -0.65 0.43 0.00 -6.32 -7.62 120 53 -13
Net Cash From Financing Activities		 366 28 66 -81 -118 -78 -78 107 -102 55
Net Cash From Continuing Financing Activities		 366 28 66 -81 -118 -78 -78 107 -102 55
Repayment of Debt		 -86 -156 -228 -251 -140 -272 -117 -369 -280 -235
Repurchase of Common Equity		 -1.41 -1.04 -4.99 -1.87 -0.59 -1.49 - 0.00 0.00 -1.10
Issuance of Debt		 453 186 188 172 23 195 40 477 177 299
Other Financing Activities, net		 - 0.00 -13 0.19 - - -0.46 -0.20 0.00 -9.10
Cash Interest Paid		 29 44 51 54 42 33 25 44 56 59
Cash Income Taxes Paid		 0.20 0.33 0.39 0.42 0.40 0.40 0.49 3.30 5.70 2.80

Quarterly Cash Flow Statements for Mesa Air Group

This table details how cash moves in and out of Mesa Air Group's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 6/30/2023 12/31/2023 12/31/2023 3/31/2024 9/30/2024 12/31/2024 12/31/2024 3/31/2025 9/30/2025 12/31/2025 3/31/2026
Net Change in Cash & Equivalents		 -3.08 25 -17 2.31 14 19 24 14 -40 27 -82
Net Cash From Operating Activities		 -5.20 343 -7.84 16 34 184 -12 -22 -0.66 357 58
Net Cash From Continuing Operating Activities		 -5.20 343 -7.84 16 34 184 -12 -22 -0.66 357 0.00
Net Income / (Loss) Continuing Operations		 -48 147 -58 12 13 98 -115 -59 121 128 0.00
Net Cash From Investing Activities		 47 -530 47 48 7.68 -208 116 62 -83 -446 -92
Net Cash From Continuing Investing Activities		 47 -530 47 48 7.68 -208 116 62 -83 -446 -92
Purchase of Property, Plant & Equipment		 -7.09 -346 -6.88 -6.31 -0.24 -213 -2.07 -2.24 -0.72 -392 -93
Purchase of Investments		 - - - - - - - - - - -39
Sale and/or Maturity of Investments		 - 120 - - 9.62 246 - - - 213 40
Other Investing Activities, net		 0.51 119 0.00 -0.04 1.19 52 0.21 -0.06 -0.22 -13 -0.20
Net Cash From Financing Activities		 -45 212 -56 -62 -27 43 -80 -26 43 117 10
Net Cash From Continuing Financing Activities		 -45 212 -56 -62 -27 43 -80 -26 43 117 10
Repayment of Debt		 -45 -226 -137 -67 55 -130 -80 -26 43 -172 -49
Repurchase of Common Equity		 - - - - - - - - - - -5.30
Issuance of Debt		 - 437 82 5.05 -82 172 0.00 - - 299 64
Cash Interest Paid		 7.92 16 6.95 9.44 8.16 31 5.69 3.09 -0.27 50 17
Cash Income Taxes Paid		 0.00 3.27 - - - 5.70 - - - 2.80 4.30

Annual Balance Sheets for Mesa Air Group

This table presents Mesa Air Group's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 9/30/2017 9/30/2018 9/30/2019 9/30/2020 9/30/2021 9/30/2022 9/30/2023 9/30/2024 12/31/2025
Total Assets		 1,358 1,472 1,452 1,502 1,457 1,116 898 597 3,277
Total Current Assets		 146 198 158 156 158 98 139 61 541
Cash & Equivalents		 57 103 69 99 121 58 33 16 134
Restricted Cash		 3.56 3.82 3.65 3.45 3.35 3.34 3.13 3.01 23
Short-Term Investments		 0.00 20 - - - - - 0.00 162
Accounts Receivable		 8.85 14 23 14 3.17 3.98 8.25 5.26 90
Inventories, net		 15 16 21 23 24 27 29 28 89
Other Current Assets		 - - - - - 0.00 58 5.74 42
Plant, Property, & Equipment, net		 1,194 1,253 1,276 1,214 1,159 865 698 426 2,410
Total Noncurrent Assets		 17 21 18 132 140 152 62 109 326
Goodwill		 - - - - - - - - 123
Other Noncurrent Operating Assets		 5.69 9.70 8.79 124 133 148 62 109 203
Total Liabilities & Shareholders' Equity		 1,358 1,472 1,452 1,502 1,457 1,116 898 597 3,277
Total Liabilities		 1,135 1,098 1,026 1,044 969 807 698 487 1,948
Total Current Liabilities		 218 251 257 353 258 214 268 174 574
Short-Term Debt		 140 155 166 189 112 97 164 50 202
Accounts Payable		 45 54 50 53 61 59 59 72 136
Accrued Expenses		 24 30 29 45 34 29 27 32 220
Other Current Liabilities		 - - 0.00 44 33 17 3.51 1.68 17
Total Noncurrent Liabilities		 917 847 769 691 710 593 431 312 1,374
Long-Term Debt		 804 760 677 542 540 503 365 260 883
Noncurrent Deferred & Payable Income Tax Liabilities		 56 40 55 64 70 18 8.41 8.17 221
Other Noncurrent Operating Liabilities		 40 31 37 64 69 46 37 35 270
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 222 374 426 458 488 308 200 110 1,329
Total Preferred & Common Equity		 222 374 426 458 488 308 200 110 1,329
Total Common Equity		 222 374 426 458 488 308 200 110 1,329
Common Stock		 114 235 239 243 256 259 271 272 620
Retained Earnings		 108 140 187 215 232 49 -71 -162 709

Quarterly Balance Sheets for Mesa Air Group

This table presents Mesa Air Group's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026
Period end date 6/30/2023 12/31/2023 3/31/2024 6/30/2024 12/31/2024 3/31/2025 9/30/2025 3/31/2026
Total Assets		 962 776 706 664 384 215 159 3,265
Total Current Assets		 181 150 98 85 161 164 115 487
Cash & Equivalents		 48 16 19 16 40 54 39 111
Restricted Cash		 3.15 3.13 2.98 2.98 3.00 3.04 3.05 22
Short-Term Investments		 - - - 5.44 0.00 0.00 0.00 162
Accounts Receivable		 3.58 5.52 4.65 5.95 5.25 15 20 46
Inventories, net		 29 29 29 31 29 14 17 95
Other Current Assets		 91 92 38 20 81 76 34 50
Plant, Property, & Equipment, net		 710 534 529 0.00 204 37 31 2,463
Total Noncurrent Assets		 71 91 78 579 19 14 12 316
Goodwill		 - - - - - - - 123
Other Noncurrent Operating Assets		 71 91 78 579 19 14 12 193
Total Liabilities & Shareholders' Equity		 962 776 706 664 384 215 159 3,265
Total Liabilities		 734 633 552 529 385 277 212 1,913
Total Current Liabilities		 222 254 197 187 253 202 170 520
Short-Term Debt		 124 157 94 73 143 99 68 193
Accounts Payable		 52 54 57 64 61 56 57 116
Accrued Expenses		 27 28 27 32 35 28 27 194
Other Current Liabilities		 4.38 3.24 2.33 2.21 1.43 1.54 1.65 17
Total Noncurrent Liabilities		 512 379 355 342 132 75 42 1,393
Long-Term Debt		 442 315 299 288 84 32 27 909
Capital Lease Obligations		 - - - - - - - 120
Noncurrent Deferred & Payable Income Tax Liabilities		 12 8.84 8.91 8.06 2.94 0.60 0.00 230
Other Noncurrent Operating Liabilities		 38 36 36 35 33 34 8.29 134
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 228 143 155 135 -1.42 -62 -53 1,352
Total Preferred & Common Equity		 228 143 155 135 -1.42 -62 -53 1,352
Total Common Equity		 228 143 155 135 -1.42 -62 -53 1,352
Common Stock		 271 272 272 272 273 273 273 616
Retained Earnings		 -43 -129 -117 -137 -274 -335 -326 735

Annual Metrics And Ratios for Mesa Air Group

This table displays calculated financial ratios and metrics derived from Mesa Air Group's official financial filings.

Metric 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 9/30/2016 9/30/2017 9/30/2018 9/30/2019 9/30/2020 9/30/2021 9/30/2022 12/31/2023 12/31/2024 12/31/2025
DEI Shares Outstanding		 0.00 0.00 - - 35,526,918.00 35,958,759.00 36,376,897.00 40,830,594.00 41,331,719.00 41,886,643.00
DEI Adjusted Shares Outstanding		 0.00 0.00 - - 2,368,461.00 2,397,251.00 2,425,126.00 2,722,040.00 2,755,448.00 2,792,443.00
DEI Earnings Per Adjusted Shares Outstanding		 0.00 0.00 - - 11.60 6.92 -75.33 20.13 23.44 27.29
Growth Metrics		 - - - - - - - - - -
Profitability Metrics		 - - - - - - - - - -
Net Operating Profit after Tax (NOPAT)		 34 61 153 91 60 47 -130 84 102 113
Return On Investment Capital (ROIC_SIMPLE)		 - - - - - - -14.26% 11.57% 24.22% 4.69%
Earnings before Interest and Taxes (EBIT)		 57 200 73 121 81 64 -200 135 137 168
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 94 300 127 188 164 155 -109 295 254 295
Valuation Ratios		 - - - - - - - - - -
Leverage & Solvency		 - - - - - - - - - -
Liquidity Ratios		 - - - - - - - - - -
Cash Flow Metrics		 - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 0.00 -4,302 1,202 57 169 118 39 239 392 -1,579
Efficiency Ratios		 - - - - - - - - - -
Capital & Investment Metrics		 - - - - - - - - - -
Invested Capital		 0.00 2,212 1,163 1,197 1,087 1,016 847 692 402 2,094
Increase / (Decrease) in Invested Capital		 0.00 2,212 -1,050 34 -110 -71 -169 -155 -290 1,692
Book Value per Share		 $0.00 $19.16 $14.83 $12.15 $12.93 $13.60 $8.49 $4.90 $2.67 $31.72
Tangible Book Value per Share		 $0.00 $18.15 $14.38 $11.87 $12.70 $13.41 $8.38 $4.90 $2.67 $28.79
Total Capital		 0.00 2,333 1,290 1,269 1,190 1,139 908 728 421 2,413
Total Debt		 0.00 1,889 915 843 732 651 600 528 310 1,085
Total Long-Term Debt		 0.00 1,608 760 677 542 540 503 365 260 883
Net Debt		 0.00 1,768 788 771 629 528 539 492 292 765
Capital Expenditures (CapEx)		 490 169 118 125 27 17 -9.19 378 227 397
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 0.00 15 -25 -5.47 -111 -112 -80 -1.84 -81 -152
Debt-free Net Working Capital (DFNWC)		 0.00 136 102 67 -8.47 12 -19 34 -63 168
Net Working Capital (NWC)		 0.00 -145 -53 -99 -198 -100 -116 -129 -113 -34
Net Nonoperating Expense (NNE)		 19 28 119 43 32 30 53 29 37 37
Net Nonoperating Obligations (NNO)		 0.00 1,768 788 771 629 528 539 492 292 765
Total Depreciation and Amortization (D&A)		 36 101 54 67 83 92 90 159 117 126
Earnings Adjustments		 - - - - - - - - - -
Adjusted Basic Earnings per Share		 $1.56 $3.01 $1.34 $1.37 $0.78 $0.46 ($5.06) $0.00 ($33.15) $0.00
Adjusted Weighted Average Basic Shares Outstanding		 9.56M 10.92M 24.83M 34.76M 35.24M 35.71M 36.13M 0.00 2.74M 0.00
Adjusted Diluted Earnings per Share		 $0.62 $1.40 $1.32 $1.36 $0.78 $0.43 ($5.06) $0.00 ($33.15) $0.00
Adjusted Weighted Average Diluted Shares Outstanding		 24.08M 23.39M 25.26M 35.06M 35.31M 38.84M 36.13M 0.00 2.74M 0.00
Adjusted Basic & Diluted Earnings per Share		 $1.56 $0.00 $1.34 $1.37 $0.00 $0.46 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 0.00 0.00 24.80M 34.70M 35.53M 35.96M 36.38M 0.00 2.76M 0.00
Normalized Net Operating Profit after Tax (NOPAT)		 34 61 61 98 60 50 -13 84 102 113
Debt Service Ratios		 - - - - - - - - - -
Payout Ratios		 - - - - - - - - - -

Quarterly Metrics And Ratios for Mesa Air Group

This table displays calculated financial ratios and metrics derived from Mesa Air Group's official financial filings.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 6/30/2023 12/31/2023 12/31/2023 3/31/2024 9/30/2024 12/31/2024 12/31/2024 3/31/2025 9/30/2025 12/31/2025 3/31/2026
DEI Shares Outstanding		 40,619,274.00 40,830,594.00 40,830,594.00 40,940,326.00 41,313,221.00 41,331,719.00 41,331,719.00 41,331,719.00 41,866,972.00 41,886,643.00 46,829,476.00
DEI Adjusted Shares Outstanding		 2,707,952.00 2,722,040.00 2,722,040.00 2,729,355.00 2,754,215.00 2,755,448.00 2,755,448.00 2,755,448.00 2,791,131.00 2,792,443.00 46,829,476.00
DEI Earnings Per Adjusted Shares Outstanding		 -17.56 53.85 -21.25 4.27 -9.05 49.25 -41.58 -21.28 -5.06 94.37 0.57
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 -14.66% -8.97% -19.29% 8.00% 0.49% 0.78% -13.09% -27.99% -21.33% - 410.88%
EBITDA Growth		 -191.39% 97.78% -273.23% 699.59% 34.09% -276.20% -231.66% -249.80% 20.44% - 187.95%
EBIT Growth		 -27,469.29% 88.25% -3,968.35% 192.24% 55.83% -12.20% -138.31% -355.77% 47.85% - 149.62%
NOPAT Growth		 -18,987.32% 85.57% -2,079.89% 161.52% 57.66% -1.50% -128.69% -446.34% 46.12% - 150.00%
Net Income Growth		 -376.31% 75.49% -536.41% 133.20% 47.61% 12.09% -98.03% -602.84% 43.32% - 123.48%
EPS Growth		 -317.86% 76.80% -464.00% 131.82% 48.72% 18.92% -96.45% -607.14% 43.33% - 120.94%
Operating Cash Flow Growth		 -243.44% -4,518.92% -29.95% 723.71% 747.55% 242.85% -47.44% -237.96% -101.96% - 599.96%
Free Cash Flow Firm Growth		 6,864.75% 92.50% 123.37% 127.33% 12.88% 96.20% 13.68% 51.28% 78.50% - -709.02%
Invested Capital Growth		 -25.82% -18.26% -35.74% -36.51% -36.62% -41.94% -69.77% -97.92% -100.00% - 1,165.11%
Revenue Q/Q Growth		 -5.86% -0.28% 3.86% 10.78% -12.41% 4.03% -10.43% -8.22% -4.30% - -62.00%
EBITDA Q/Q Growth		 -238.97% 85.36% -953.31% 214.70% -137.26% -696.85% -828.59% 48.20% 80.21% - -80.73%
EBIT Q/Q Growth		 -58.09% 53.76% -158.75% 148.77% -175.69% -69.85% -449.55% 47.65% 84.57% - -84.31%
NOPAT Q/Q Growth		 -49.72% 51.05% -146.03% 134.12% -203.04% -121.42% -454.32% 48.33% 83.97% - -87.06%
Net Income Q/Q Growth		 -35.41% 40.40% -104.10% 120.16% -313.70% -25.16% -359.76% 48.82% 75.91% - -89.79%
EPS Q/Q Growth		 -32.95% 36.75% -90.54% 119.86% -314.29% -25.00% -361.67% 48.74% 76.06% - -91.19%
Operating Cash Flow Q/Q Growth		 -99.88% -97.15% 23.53% 306.98% 107.52% 30.69% -178.93% -93.67% 97.05% - -83.79%
Free Cash Flow Firm Q/Q Growth		 66.62% -38.86% 111.13% 5.70% -17.26% 4.02% 22.32% 40.66% -2.38% - -47.92%
Invested Capital Q/Q Growth		 -10.45% -6.79% -13.95% -11.60% -10.61% -14.62% -55.20% -93.91% -99.85% - 8.80%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 99.25% 99.63% 98.99% 98.93% 96.96% 103.73% 98.43% 98.60% 99.56% - 34.66%
EBITDA Margin		 -17.19% -2.52% -25.60% 26.51% -11.28% -9.42% -97.70% -55.14% -11.40% - 16.82%
Operating Margin		 -35.08% -17.22% -40.79% 8.85% -14.78% -17.34% -107.33% -60.43% -10.12% - 10.28%
EBIT Margin		 -33.41% -15.49% -38.59% 16.99% -14.68% -17.25% -105.82% -60.35% -9.73% - 10.28%
Profit (Net Income) Margin		 -41.47% -24.78% -48.70% 8.86% -21.62% -21.62% -110.97% -61.88% -15.58% - 5.10%
Tax Burden Percent		 94.51% 90.56% 101.52% 99.39% 101.60% 101.60% 98.51% 93.82% 121.92% - 71.54%
Interest Burden Percent		 131.34% 176.67% 124.32% 52.47% 144.92% 123.37% 106.45% 109.29% 131.27% - 69.37%
Effective Tax Rate		 0.00% 0.00% 0.00% 0.61% 0.00% 0.00% 0.00% 0.00% 0.00% - 28.46%
Return on Invested Capital (ROIC)		 -14.34% -7.80% -17.61% 6.22% -8.18% -10.57% -89.27% -66.73% -12.02% - 12.57%
ROIC Less NNEP Spread (ROIC-NNEP)		 -17.89% -10.63% -22.05% 6.24% -11.24% -13.36% -100.89% -75.07% -15.99% - 10.43%
Return on Net Nonoperating Assets (RNNOA)		 -30.04% -21.55% -53.83% 13.44% -26.35% -33.75% -463.85% -362.26% -75.51% - 8.57%
Return on Equity (ROE)		 -44.39% -29.35% -71.45% 19.66% -34.54% -44.32% -553.12% -429.00% -87.54% - 21.14%
Cash Return on Invested Capital (CROIC)		 13.13% 12.42% 31.08% 34.67% 36.35% 44.65% 84.03% 140.52% 143.71% - -148.61%
Operating Return on Assets (OROA)		 -14.91% -7.66% -18.73% 9.25% -8.67% -10.99% -84.14% -55.56% -9.44% - 11.83%
Return on Assets (ROA)		 -18.51% -12.26% -23.64% 4.82% -12.76% -13.78% -88.24% -56.97% -15.11% - 5.87%
Return on Common Equity (ROCE)		 -44.39% -29.35% -71.45% 19.66% -34.54% -44.32% -553.12% -429.00% -87.54% - 21.14%
Return on Equity Simple (ROE_SIMPLE)		 -91.01% 0.00% -118.42% -78.94% 0.00% 0.00% 3,659.23% 349.35% 0.00% - 0.00%
Net Operating Profit after Tax (NOPAT)		 -28 158 -34 12 -12 165 -78 -40 -6.42 300 39
NOPAT Margin		 -24.55% -12.05% -28.55% 8.79% -10.34% -12.14% -75.13% -42.30% -7.08% - 7.35%
Net Nonoperating Expense Percent (NNEP)		 3.55% 2.82% 4.43% -0.02% 3.06% 2.79% 11.61% 8.33% 3.96% - 2.14%
Return On Investment Capital (ROIC_SIMPLE)		 - 21.69% -5.52% 2.11% -2.41% 39.31% -34.78% -59.07% -15.16% 12.42% 1.51%
Cost of Revenue to Revenue		 0.75% 0.37% 1.01% 1.07% 3.04% -3.73% 1.57% 1.40% 0.44% - 65.34%
SG&A Expenses to Revenue		 9.89% 8.65% 10.11% 8.46% 9.88% 9.88% 9.22% 12.12% 12.03% - 15.24%
R&D to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Operating Expenses to Revenue		 134.32% 116.85% 139.78% 90.08% 111.74% 121.07% 205.76% 159.03% 109.68% - 24.38%
Earnings before Interest and Taxes (EBIT)		 -38 200 -46 22 -17 191 -109 -57 -8.83 346 54
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -20 312 -30 35 -13 281 -101 -52 -10 460 89
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 0.45 0.18 0.29 0.00 0.37 0.45 0.00 0.00 0.00 - 0.62
Price to Tangible Book Value (P/TBV)		 0.45 0.18 0.29 0.00 0.37 0.45 0.00 0.00 0.00 - 0.68
Price to Revenue (P/Rev)		 0.20 0.07 0.09 0.00 0.10 0.10 0.10 0.08 0.14 - 0.40
Price to Earnings (P/E)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 3.85
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Earnings Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 25.99%
Enterprise Value to Invested Capital (EV/IC)		 0.83 0.76 0.83 0.00 0.82 0.85 1.29 9.62 6,729.25 - 0.77
Enterprise Value to Revenue (EV/Rev)		 1.21 1.06 1.05 0.00 0.80 0.72 0.50 0.25 0.27 - 0.84
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 3.63
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 5.29
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 6.50
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 0.00 0.00 0.00 12.12 9.97 7.60 0.00 0.00 - 4.51
Enterprise Value to Free Cash Flow (EV/FCFF)		 5.40 5.52 2.09 0.00 1.75 1.40 0.71 0.28 0.32 - 0.00
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 2.48 2.64 3.31 2.54 2.67 2.81 -56.25 -2.09 -1.81 - 0.90
Long-Term Debt to Equity		 1.94 1.82 2.21 1.93 2.13 2.36 -20.75 -0.51 -0.51 - 0.76
Financial Leverage		 1.68 2.03 2.44 2.15 2.34 2.53 4.60 4.83 4.72 - 0.82
Leverage Ratio		 3.51 3.96 4.37 4.10 4.48 4.82 8.37 9.98 10.01 - 2.70
Compound Leverage Factor		 4.60 7.00 5.44 2.15 6.50 5.95 8.90 10.91 13.14 - 1.87
Debt to Total Capital		 71.30% 72.53% 76.81% 71.78% 72.77% 73.78% 101.81% 191.97% 224.20% - 47.47%
Short-Term Debt to Total Capital		 15.66% 22.46% 25.50% 17.22% 14.69% 12.00% 64.24% 145.33% 160.46% - 7.50%
Long-Term Debt to Total Capital		 55.65% 50.08% 51.31% 54.56% 58.08% 61.79% 37.57% 46.65% 63.73% - 39.98%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Common Equity to Total Capital		 28.70% 27.47% 23.19% 28.22% 27.23% 26.22% -1.81% -91.97% -124.20% - 52.53%
Debt to EBITDA		 -4.56 -48.61 -8.03 -21.69 -31.58 -40.01 -2.90 -0.79 -0.58 - 2.51
Net Debt to EBITDA		 -4.15 -45.29 -7.70 -20.51 -29.42 -37.61 -2.35 -0.44 -0.33 - 1.90
Long-Term Debt to EBITDA		 -3.56 -33.56 -5.36 -16.49 -25.21 -33.50 -1.07 -0.19 -0.17 - 2.12
Debt to NOPAT		 -3.93 -8.95 -4.99 -5.81 -7.00 -6.73 -2.53 -0.94 -0.72 - 4.50
Net Debt to NOPAT		 -3.57 -8.34 -4.79 -5.49 -6.52 -6.33 -2.05 -0.53 -0.40 - 3.41
Long-Term Debt to NOPAT		 -3.07 -6.18 -3.33 -4.42 -5.59 -5.64 -0.93 -0.23 -0.20 - 3.79
Altman Z-Score		 0.37 0.24 0.06 0.00 0.22 0.14 -0.96 -1.23 -0.80 - 1.26
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 0.82 0.52 0.59 0.50 0.45 0.35 0.64 0.81 0.67 - 0.94
Quick Ratio		 0.23 0.15 0.09 0.12 0.15 0.12 0.18 0.34 0.35 - 0.61
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 230 313 297 314 260 456 338 476 464 -1,392 -2,059
Operating Cash Flow to CapEx		 0.00% 0.00% 0.00% 0.00% 1,077.04% 0.00% 0.00% 0.00% -0.80% - 62.08%
Free Cash Flow to Firm to Interest Expense		 19.18 9.33 26.65 29.54 34.11 59.19 47.86 89.15 164.10 - -122.55
Operating Cash Flow to Interest Expense		 -0.43 -0.68 -0.70 1.53 4.42 3.14 -1.64 -4.20 -0.23 - 3.44
Operating Cash Flow Less CapEx to Interest Expense		 3.45 1.56 3.47 6.03 4.01 9.09 14.73 7.46 -29.32 - -2.10
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.45 0.49 0.49 0.54 0.59 0.64 0.80 0.92 0.97 - 1.15
Accounts Receivable Turnover		 133.47 81.44 50.42 65.79 100.68 70.50 85.61 43.89 30.37 - 81.98
Inventory Turnover		 8.20 0.22 0.12 0.14 0.22 0.00 0.01 0.02 0.00 - 22.92
Fixed Asset Turnover		 0.57 0.64 0.63 0.69 0.00 0.85 1.25 1.50 0.00 - 1.58
Accounts Payable Turnover		 3.80 0.10 0.06 0.07 0.11 0.00 0.01 0.01 0.00 - 16.11
Days Sales Outstanding (DSO)		 2.73 4.48 7.24 5.55 3.63 5.18 4.26 8.32 12.02 - 4.45
Days Inventory Outstanding (DIO)		 44.51 1,647.21 2,986.11 2,635.24 1,659.38 0.00 25,692.63 23,993.74 0.00 - 15.92
Days Payable Outstanding (DPO)		 95.95 3,483.48 5,809.01 4,959.79 3,250.55 0.00 51,110.19 63,050.97 0.00 - 22.66
Cash Conversion Cycle (CCC)		 -48.71 -1,831.79 -2,815.66 -2,319.01 -1,587.54 5.18 -25,413.29 -39,048.91 12.02 - -2.28
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 743 692 596 527 471 402 180 11 0.02 2,094 2,278
Invested Capital Turnover		 0.58 0.65 0.62 0.71 0.79 0.87 1.19 1.58 1.70 - 1.71
Increase / (Decrease) in Invested Capital		 -259 -155 -331 -303 -272 -290 -416 -516 -471 1,692 2,098
Enterprise Value (EV)		 618 527 494 0.00 386 341 232 105 108 - 1,763
Market Capitalization		 104 35 41 0.00 50 50 48 32 54 - 837
Book Value per Share		 $5.61 $4.90 $3.49 $3.77 $3.28 $2.67 ($0.10) ($1.51) ($1.26) $31.72 $28.86
Tangible Book Value per Share		 $5.61 $4.90 $3.49 $3.77 $3.28 $2.67 ($0.10) ($1.51) ($1.26) $28.79 $26.25
Total Capital		 794 728 615 548 495 421 223 68 42 2,413 2,573
Total Debt		 566 528 472 393 361 310 227 130 95 1,085 1,222
Total Long-Term Debt		 442 365 315 299 288 260 84 32 27 883 1,029
Net Debt		 515 492 453 372 336 292 184 73 53 765 926
Capital Expenditures (CapEx)		 -47 346 -47 -48 3.13 213 -116 -62 82 392 93
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 32 -1.84 34 -26 -55 -81 7.92 2.98 -29 -152 -136
Debt-free Net Working Capital (DFNWC)		 83 34 53 -3.99 -30 -63 51 60 13 168 159
Net Working Capital (NWC)		 -41 -129 -104 -98 -103 -113 -92 -38 -55 -34 -34
Net Nonoperating Expense (NNE)		 19 11 24 -0.09 13 30 37 19 7.70 36 12
Net Nonoperating Obligations (NNO)		 515 492 453 372 336 292 184 73 53 765 926
Total Depreciation and Amortization (D&A)		 19 112 15 13 3.93 90 8.39 4.94 -1.52 115 35
Debt-free, Cash-free Net Working Capital to Revenue		 6.25% -0.37% 7.23% -5.32% -11.36% -17.08% 1.72% 0.70% -7.29% - -6.49%
Debt-free Net Working Capital to Revenue		 16.37% 6.87% 11.32% -0.83% -6.21% -13.17% 11.05% 14.18% 3.17% - 7.58%
Net Working Capital to Revenue		 -8.05% -25.96% -22.06% -20.52% -21.37% -23.76% -20.04% -9.07% -13.85% - -1.60%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 ($1.17) $56.25 ($1.41) $0.28 ($0.48) $52.05 ($2.77) ($1.42) $0.50 $6.58 $0.59
Adjusted Weighted Average Basic Shares Outstanding		 40.69M 2.61M 40.94M 41.07M 41.22M 2.61M 41.33M 41.33M 41.44M 40.02M 45.65M
Adjusted Diluted Earnings per Share		 ($1.17) $56.25 ($1.41) $0.28 ($0.48) $52.05 ($2.77) ($1.42) $0.50 $6.58 $0.58
Adjusted Weighted Average Diluted Shares Outstanding		 40.69M 2.64M 40.94M 41.07M 41.22M 2.65M 41.33M 41.33M 41.68M 40.66M 46.05M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $56.25 $0.00 $0.00 $0.00 $52.05 $0.00 $0.00 $0.00 $6.58 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 40.83M 0.00 40.94M 41.17M 41.31M 2.76M 0.00 41.33M 41.87M 46.83M 46.83M
Normalized Net Operating Profit after Tax (NOPAT)		 -12 158 -5.37 14 4.03 165 1.09 -2.36 -1.30 300 39
Normalized NOPAT Margin		 -10.05% -10.25% -4.53% 10.80% 3.49% 1.88% 1.06% -2.49% -1.43% - 7.35%
Pre Tax Income Margin		 -43.88% -27.37% -47.98% 8.92% -21.28% -21.28% -112.64% -65.96% -12.78% - 7.13%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 -3.19 -1.17 -4.11 2.10 -2.22 -4.26 -15.46 -10.72 -3.12 - 3.23
NOPAT to Interest Expense		 -2.34 -0.91 -3.04 1.09 -1.56 -3.00 -10.98 -7.51 -2.27 - 2.31
EBIT Less CapEx to Interest Expense		 0.70 1.06 0.07 6.61 -2.63 1.70 0.90 0.94 -32.21 - -2.32
NOPAT Less CapEx to Interest Expense		 1.54 1.32 1.14 5.59 -1.97 2.96 5.39 4.15 -31.36 - -3.23
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Augmented Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%

Financials Breakdown Chart

Key Financial Trends

Mesa Air Group (RJET) shows a notable quarterly swing in 2025. Below are the key takeaways drawn from the last four years of quarterly statements provided, focusing on profitability, cash flow, investment activity, and balance-sheet health. The bullets are organized with positives first, then neutral, then negatives.

  • Q4 2025 net income attributable to common shareholders: 263,513,000. This is a large positive quarterly result and represents a sharp turn to profitability in the quarter.
  • Q4 2025 cash from continuing operating activities: 356,612,000. A strong indication of cash generation from core operations in the quarter.
  • Q4 2025 financing activity inflow: Net cash from continuing financing activities 116,745,000. Signals access to external liquidity or refinancing support in the quarter.
  • Q4 2025 investing activity inflow from investments: Sale and/or maturity of investments 212,500,000. Contributed to cash inflows within investing activities for the quarter.
  • Q4 2025 revenue spike: Operating revenue 1,387,844,000 in Q4 2025, a substantial jump versus prior quarters. This could reflect one-time factors or a period of higher activity; sustainability should be watched.
  • Q4 2025 non-cash adjustments to net income: Non-Cash Adjustments To Reconcile Net Income 13,562,000 (negative value shown as an adjusting item). The presence of sizable non-cash items indicates earnings quality considerations for the quarter.
  • 2025 quarterly operating cash flow trend: Cash from continuing operating activities is negative in several earlier 2025 quarters (e.g., Q3 -661,000; Q2 -22,390,000; Q1 -11,561,000), highlighting recurring working capital needs prior to the Q4 improvement.
  • Ongoing profitability challenges through most of 2025: Net income from continuing operations was negative in Q1 2025 (-114,558,000), Q2 2025 (-58,631,000), and Q3 2025 (-14,124,000), prior to the Q4 swing.
  • Negative shareholder equity on the balance sheet in mid-2025: Total equity around -52,638,000 (Q3 2025) and -62,405,000 (Q2 2025), indicating consistent equity erosion and balance-sheet leverage concerns.
  • Large investing-outflows in Q4 2025: Net cash from continuing investing activities -446,353,000 (driven by substantial PPE purchases, -391,877,000, and other investing outflows). This heavy capex/investing activity pressures liquidity.
05/11/26 10:25 AM ETAI Generated. May Contain Errors.

Mesa Air Group Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Mesa Air Group's financial year ends in December. Their financial year 2025 ended on December 31, 2025.

Mesa Air Group's net income appears to be on an upward trend, with a most recent value of $76.20 million in 2025, rising from $14.92 million in 2016. The previous period was $64.60 million in 2024. See Mesa Air Group's forecast for analyst expectations on what's next for the company.

Mesa Air Group's total operating income in 2025 was $168.30 million, based on the following breakdown:
  • Total Gross Profit: $593 million
  • Total Operating Expenses: $424.70 million

Over the last 9 years, Mesa Air Group's total revenue changed from $587.84 million in 2016 to $1.68 billion in 2025, a change of 185.2%.

Mesa Air Group's total liabilities were at $1.95 billion at the end of 2025, a 300.3% increase from 2024, and a 71.6% increase since 2017.

In the past 8 years, Mesa Air Group's cash and equivalents has ranged from $15.62 million in 2024 to $134.30 million in 2025, and is currently $134.30 million as of their latest financial filing in 2025.

Over the last 9 years, Mesa Air Group's book value per share changed from 0.00 in 2016 to 31.72 in 2025, a change of 3,171.7%.


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Financial statements for NASDAQ:RJET last updated on 5/4/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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