CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions		Dec. 31, 2025		Dec. 31, 2024
CURRENT ASSETS:
Cash and cash equivalents		$ 134.3		$ 110.5
Marketable securities		162.2		191.5
Restricted cash		23.4		21.4
Inventories		88.5		63.0
Total current assets		540.7		453.3
Property and equipment, net		2,410.0		2,109.5
Operating lease right-of-use assets		131.7		122.9
Goodwill		122.5		2.1
TOTAL ASSETS		3,276.6		2,767.8
CURRENT LIABILITIES:
Current portion of long-term debt and finance leases		202.0		259.6
Current portion of operating lease liabilities		16.5		13.5
Accrued and other liabilities		219.8		168.9
Total current liabilities		574.3		489.1
Long-term debt and finance leases – less current portion		882.9		752.2
Operating lease liabilities – less current portion		123.9		117.6
Deferred income taxes		220.9		206.0
Total liabilities		1,948.1		1,651.5
COMMITMENTS AND CONTINGENCIES (Notes 12 and 13)
MEZZANINE EQUITY (Note 14):
Restricted stock units (“RSUs”), zero and 2,892,094 authorized; zero and 102,901 shares issued and outstanding, respectively		0.0	[1]	5.8	[2]
SHAREHOLDERS’ EQUITY:
Common stock, $0.001 par value, 5,000,000,000 shares authorized; 45,713,286 and 38,993,300 shares issued and outstanding, respectively	[1]	0.0		0.0
Additional paid-in capital	[1]	620.0		478.0
Accumulated earnings	[1]	708.5		632.5
Total shareholders’ equity	[1]	1,328.5		1,110.5
TOTAL LIABILITIES, MEZZANINE EQUITY, AND SHAREHOLDERS’ EQUITY		3,276.6		2,767.8
Nonrelated Party
CURRENT ASSETS:
Receivables		21.0		9.8
Other current assets		26.2		15.0
Other non-current assets		40.0		45.0
CURRENT LIABILITIES:
Accounts payable		96.2		37.2
Accrued and other liabilities		219.8		168.9
Other non-current liabilities		42.9		44.8
Related Party
CURRENT ASSETS:
Receivables		69.2		31.1
Other current assets		15.9		11.0
Other non-current assets		31.7		35.0
CURRENT LIABILITIES:
Accounts payable and accrued and other liabilities—related parties		39.8		9.9
Other non-current liabilities		$ 103.2		$ 41.8

[1] Mezzanine equity and shareholders’ equity have been retrospectively adjusted to apply the Exchange and Reverse Stock Split as discussed in Note 3, Merger with Mesa Air Group, Inc.

[2] Mezzanine equity and shareholders’ equity have been retrospectively adjusted to apply the Exchange and Reverse Stock Split as discussed in Note 3, Merger with Mesa Air Group, Inc.