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Republic is the second largest independent regional airline in the United States based on total fleet and daily departures. As of December 31, 2025, Republic had an operational fleet of 275 regional jet aircraft that regularly provides scheduled passenger service on approximately 1,300 daily flights to approximately 130 cities in the United States, Canada, Mexico, and the Caribbean.
10.04% operating margin is respectable but not wide. ROIC at 6.06%. Suggests the business covers its cost of capital, but doesn't point to a wide moat.
Revenue grew 13.7%, still solid.
ROIC dropped from 8.78% to 6.06%, capital efficiency is deteriorating. Negative free cash flow of -$75M. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (TTM)
$1.68B
▲ +13.7% YoY
Net Income (TTM)
$76M
▲ +18.0% YoY
Op. Margin
10.04%
▲ +0.7pp YoY
ROIC
6.06%
▼ -2.7pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$75M
▼ -12383.3% YoY
Op. Cash Flow (TTM)
$322M
▲ +42.4% YoY
Net Debt
$1.13B
Cash & Equiv.
$297M
5Y CAGR: +18.3%
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