GMRS
GMRSCIK 0001898718
Large by assets
Assets $7.4B
as of Aug 31, 2026
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10-Q
Filed Aug 12, 2026
· Period ending Jun 30, 2026
Summary not yet generated.
8-K
Filed Aug 12, 2026
· Period ending Aug 12, 2026
Summary not yet generated.
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8-K
Filed Jul 8, 2026
· Period ending Jul 1, 2026
Summary not yet generated.
10-Q
Filed Jun 2, 2026
· Period ending Mar 31, 2026
Summary not yet generated.
8-K
Filed Jun 1, 2026
· Period ending Jun 1, 2026
Summary not yet generated.
S-1/A
Filed May 12, 2026
Red flag
GMRS files amended S-1 for IPO of Class A stock at preliminary $15.00/share; net proceeds to company estimated at $415.2M
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Latest financial statements
From 10-Q filed Aug 12, 2026 (period ending Jun 30, 2026). As printed on the EDGAR/iXBRL face — not generated by the model.
Condensed Consolidated Statements of Operations (Unaudited)
(Amounts in thousands, except share and per share amounts, unaudited)
| Description | Three months ended June 30, 2026 | Three months ended June 30, 2025 | Six months ended June 30, 2026 | Six months ended June 30, 2025 |
|---|---|---|---|---|
| Net revenue | 1,490,286 | 1,442,011 | 2,947,862 | 2,809,418 |
| Operating expenses: | ||||
| Employee wages, benefits and taxes | 924,522 | 742,617 | 1,694,528 | 1,477,375 |
| Maintenance, fuel and other direct expenses | 136,417 | 112,617 | 255,037 | 224,428 |
| Insurance expense | 50,877 | 51,301 | 93,856 | 84,953 |
| Other operating expenses | 231,900 | 220,908 | 459,994 | 436,714 |
| Depreciation and amortization | 76,956 | 72,507 | 152,323 | 147,634 |
| Impairment of assets held for sale and other investments | — | — | — | 14,100 |
| Acquisition, integration and other charges | 12,925 | 1,055 | 16,537 | 5,356 |
| Total operating expenses | 1,433,597 | 1,201,005 | 2,672,275 | 2,390,560 |
| Operating income | 56,689 | 241,006 | 275,587 | 418,858 |
| Interest expense, net | 76,848 | 108,516 | 160,022 | 222,201 |
| Equity in (earnings) losses of unconsolidated affiliates | (436) | (272) | (899) | (2,574) |
| Other (income) loss, net | (425) | 10,468 | (6,769) | 9,546 |
| Net income (loss) before income taxes | (19,298) | 122,294 | 123,233 | 189,685 |
| Income tax (benefit) expense | 8,980 | 41,533 | 45,175 | 70,900 |
| Net income (loss) | (28,278) | 80,761 | 78,058 | 118,785 |
| Net income (loss) available to common stockholders per share: | ||||
| Basic | (1.84) | 0.87 | (1.35) | 0.84 |
| Diluted | (1.84) | 0.27 | (1.35) | 0.26 |
| Weighted-average common shares outstanding: | ||||
| Basic | 62,678,438 | 45,554,662 | 54,304,118 | 45,552,980 |
| Diluted | 62,678,438 | 148,265,105 | 54,304,118 | 148,084,828 |
| Comprehensive income (loss): | ||||
| Net income (loss) | (28,278) | 80,761 | 78,058 | 118,785 |
| Other comprehensive income (loss) | ||||
| Unrealized holding gains (losses) on investments | 837 | 371 | 313 | 839 |
| Deferred income tax benefit (expense), net | (186) | (82) | (70) | (186) |
| Total other comprehensive income (loss), net of income tax | 651 | 289 | 243 | 653 |
| Comprehensive income (loss) | (27,627) | 81,050 | 78,301 | 119,438 |
Condensed Consolidated Balance Sheets
(Amounts in thousands, except share and par value amounts)
| Description | June 30, 2026 (unaudited) | December 31, 2025 |
|---|---|---|
| ASSETS | ||
| Current assets: | ||
| Cash and cash equivalents | 420,001 | 609,349 |
| Insurance collateral | 76,755 | 78,608 |
| Accounts receivable, net | 1,166,369 | 1,094,814 |
| Spare parts, medical supplies and fuel | 127,819 | 115,725 |
| Prepaid expenses | 84,663 | 105,014 |
| Other current assets | 147,372 | 128,571 |
| Total current assets | 2,022,979 | 2,132,081 |
| Property and equipment, net of accumulated depreciation of $1,303,633 and $1,223,603 at June 30, 2026 and December 31, 2025, respectively | 1,411,068 | 1,361,278 |
| Operating right-of-use assets | 216,206 | 203,258 |
| Finance right-of-use assets | 84,239 | 85,030 |
| Intangible assets, net | 1,171,914 | 1,204,237 |
| Goodwill | 2,180,581 | 2,180,581 |
| Other assets | 342,271 | 315,580 |
| Total assets | 7,429,258 | 7,482,045 |
| LIABILITIES, MEZZANINE EQUITY AND STOCKHOLDERS' EQUITY | ||
| Current liabilities: | ||
| Accounts payable | 64,054 | 60,047 |
| Accrued wages, benefits and taxes | 277,499 | 339,710 |
| Accrued interest | 24,648 | 75,655 |
| Other accrued liabilities | 408,742 | 363,160 |
| Current portion of lease obligations | 79,672 | 78,717 |
| Current portion of long-term debt | 151,231 | 147,140 |
| Total current liabilities | 1,005,846 | 1,064,429 |
| Operating lease obligations | 182,105 | 171,880 |
| Finance lease obligations | 75,578 | 74,943 |
| Long-term debt | 4,266,377 | 4,898,769 |
| Deferred income taxes | 209,129 | 209,067 |
| Tax receivable agreement liability | 468,414 | — |
| Insurance reserves | 332,839 | 312,069 |
| Other long-term liabilities | 99,707 | 101,593 |
| Total liabilities | 6,639,995 | 6,832,750 |
| Commitments and contingencies | ||
| Mezzanine equity: | ||
| Redeemable preferred stock | — | 445,140 |
| Total mezzanine equity | — | 445,140 |
| Stockholders' equity: | ||
| Class A Common stock, $0.0001 par value, 1,200,000,000 and 200,000,000 shares authorized, 54,021,711 and 22,096,835 shares issued and 54,021,711 and 21,675,837 outstanding, respectively, as of June 30, 2026 and December 31, 2025 | 5 | 2 |
| Class B Common stock, $0.0001 par value, 300,000,000 and no shares authorized and no shares issued or outstanding, respectively, as of June 30, 2026 and December 31, 2025 | — | — |
| Additional paid-in capital | 963,270 | 456,466 |
| Retained earnings (deficit) | (181,434) | (259,492) |
| Accumulated other comprehensive income (loss) | 7,422 | 7,179 |
| Total stockholders' equity (deficit) | 789,263 | 204,155 |
| Total liabilities, mezzanine equity and stockholders' equity | 7,429,258 | 7,482,045 |
Condensed Consolidated Statements of Cash Flows (Unaudited)
(Amounts in thousands, unaudited)
| Description | Six months ended June 30, 2026 | Six months ended June 30, 2025 |
|---|---|---|
| Cash flows from operating activities: | ||
| Net income (loss) | 78,058 | 118,785 |
| Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities | ||
| Depreciation and amortization | 152,323 | 147,634 |
| Amortization of deferred financing costs and debt discount | 4,777 | 8,188 |
| Paid-in-kind interest on long-term debt | — | 15,579 |
| Impairment of assets held for sale and other investments | — | 14,100 |
| (Gain) loss on divestiture of businesses | — | 3,837 |
| Stock-based compensation expense | 132,511 | 1,422 |
| Liability classified stock awards | — | 4,169 |
| Loss (gain) on disposal of property and equipment | 1,855 | 5,290 |
| Unrealized loss (gain) on marketable equity securities | 873 | 784 |
| Deferred income taxes | (8) | (4) |
| Other, net | (7,800) | 3,645 |
| Changes in assets and liabilities, net of effects of acquisitions | ||
| Accounts receivable, net | (71,555) | (54,923) |
| Accounts payable | 4,007 | 8,923 |
| Accrued wages, benefits and taxes | (62,806) | (20,553) |
| Accrued interest | (51,007) | 27,138 |
| Accrued liabilities | 43,952 | (60,027) |
| Other assets and liabilities, net | (7,854) | (5,314) |
| Net cash provided by (used in) operating activities | 217,326 | 218,673 |
| Cash flows from investing activities: | ||
| Proceeds from divestiture of businesses | — | 2,819 |
| Proceeds from asset disposals related to sales and insurance recoveries | 1,323 | 633 |
| Purchases of property and equipment | (137,989) | (111,600) |
| Net change in investments held as insurance collateral | (572) | (1,857) |
| Purchases of marketable securities | (64,563) | (20,300) |
| Sales and maturities of marketable securities | 60,678 | 25,956 |
| Other investing activities, net | 14,675 | (3,347) |
| Net cash provided by (used in) investing activities | (126,448) | (107,696) |
| Cash flows from financing activities: | ||
| Payments on finance lease obligations | (6,401) | (7,473) |
| Principal payments on long-term debt | (750,351) | (76,100) |
| Proceeds from issuance of long-term debt | 73,037 | 77,026 |
| Issuance of common stock, net | 446,904 | — |
| Repurchase of common stock | — | (86) |
| Issuance of warrants to purchase common stock | 500,000 | — |
| (Redemption) issuance of redeemable preferred stock | (549,402) | — |
| Proceeds from issuance of shares under stock award plan, net of cash taxes paid | 72 | 499 |
| Net cash provided by (used in) financing activities | (286,141) | (6,134) |
| (Decrease) increase in cash, cash equivalents, restricted cash and restricted cash equivalents | (195,263) | 104,843 |
| Cash and cash equivalents, beginning of period (including restricted cash and restricted cash equivalents of $14.8 million and $16.6 million, respectively) | 624,229 | 368,902 |
| Cash and cash equivalents, end of period (including restricted cash and restricted cash equivalents of $9.0 million and $11.3 million, respectively) | 428,966 | 473,745 |
| Supplemental disclosure of cash flow information | ||
| Equipment (primarily aircraft) additions financed with the issuance of debt | 44,724 | 20,491 |
| Cash paid (received) during the period for: | ||
| Interest | 228,885 | 170,557 |
| Income taxes, net of refunds received | 38,757 | 119,582 |
Amounts as printed on the EDGAR/iXBRL face — (Amounts in thousands, except share and per share amounts, unaudited); (Amounts in thousands, except share and par value amounts); (Amounts in thousands, unaudited). Labels, columns, and figures are the filing face, not a GAAP stencil. Interactive statements & notes on EDGAR ↗