Republic Airways Holdings Inc.

General 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 operated a fleet of 275 regional jet aircraft, providing approximately 1,300 daily scheduled passenger flights to about 130 cities across the United States, Canada, Mexico, and the Caribbean. The company's services are primarily operated under multi-year Capacity Purchase Agreements (CPAs) with Partner Airlines. Republic exclusively uses the dual-class Embraer E170/175 aircraft family, being one of the world's largest operators of this type. Under these CPAs, Republic provides nearly all flight capacity to the Partner Airlines, meaning its revenues are not significantly or immediately impacted by changes in fares, passenger load factors, or fuel prices, as fuel costs are directly paid by the Partner Airlines. In 2025, Republic carried passengers on over 371,000 flights, generating revenues of $1,676.5 million and pre-tax income of $113.4 million. In 2024, it carried passengers on more than 323,000 flights, with revenues of $1,474.0 million and pre-tax income of $86.9 million. All of Republic's services operate under the American Eagle, Delta Connection, or United Express brands. Since 2017, Republic has expanded its operational fleet from 175 to 275 aircraft due to additional regional flying contracts from all three Partner Airlines. These aircraft are dedicated to the Partner Airlines under long-term commitments. The fleet includes 79 E170/175 aircraft for American Airlines with contracts expiring between 2028-2033, 46 for Delta Air Lines with contracts expiring between 2027-2030, and 122 for United Airlines with contracts expiring between 2026-2037, totaling a fleet of 247 aircraft dedicated to these partners. This excludes 31 aircraft leased to American Airlines. Republic's strategy of building long-term relationships with multiple major airlines helps diversify its revenue and reduce reliance on any single mainline customer.