Republic completes Mesa acquisition, adds 60 aircraft and $1.7B revenue, but faces $47M in merger costs

Filed March 19, 2026 · Period ending December 31, 2025 · Compared to 10-K May 14, 2025 · ~2 min read

Key Changes

• high

  Republic closed Mesa Air Group merger Nov 25, 2025, expanding fleet from 208 to 275 aircraft and securing new 10-year United CPA through 2037 with $49M upfront fee. Combined entity now serves three major airlines (American 43%, Delta 24%, United 31% of revenue) vs prior near-total United dependence.

  Business: Mesa merger completion verify on EDGAR →
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  Revenue grew 182.6% to $1.68B and net income rose 18% to $76.2M despite $47M in one-time charges ($20.8M CEO separation after Bryan Bedford left to become FAA Administrator, plus merger transaction costs). Operating cash flow jumped 42% to $322M.

  MD&A: Financial performance verify on EDGAR →
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  Going-concern language removed; $113.7M Treasury loan balloon payment (due Oct 2025 in baseline) no longer disclosed, indicating successful refinancing. Disclosure controls now effective after remediating prior material weaknesses.

  Risk Factors & Controls verify on EDGAR →