Mesa Air Group Financials
This page shows Mesa Air Group (MESA) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 10 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Financial Health Signals
Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores
Mesa Air Group has an operating margin of 10.0%, meaning the company retains $10 of operating profit per $100 of revenue. This results in a moderate score of 45/100, indicating healthy but not exceptional operating efficiency. This is up from -13.8% the prior year.
Mesa Air Group's revenue surged 251.9% year-over-year to $1.7B, reflecting rapid business expansion. This strong growth earns a score of 100/100.
Mesa Air Group carries a low D/E ratio of 0.77, meaning only $0.77 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 86/100, indicating a strong balance sheet with room for future borrowing.
Mesa Air Group's current ratio of 0.94 means current assets barely cover short-term liabilities. This tight liquidity results in a low score of 14/100, which could limit financial flexibility.
While Mesa Air Group generated $322.0M in operating cash flow, capex of $396.9M consumed most of it, leaving -$74.9M in free cash flow. This results in a low score of 14/100, reflecting heavy capital investment rather than weak cash generation.
Mesa Air Group generates a 5.7% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 24/100. This is up from -82.6% the prior year.
Mesa Air Group scores 0.99, below the 1.81 distress threshold. This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Mesa Air Group passes 6 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), 2 of 3 leverage/liquidity signals pass, neither operating efficiency signal passes.
For every $1 of reported earnings, Mesa Air Group generates $4.23 in operating cash flow ($322.0M OCF vs $76.2M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Mesa Air Group earns $2.8 in operating income for every $1 of interest expense ($168.3M vs $60.6M). This adequate coverage means the company can meet its interest obligations, but has limited cushion if earnings fall.
Key Financial Metrics
Earnings & Revenue
Mesa Air Group generated $1.7B in revenue in fiscal year 2025. This represents an increase of 251.9% from the prior year.
Mesa Air Group's EBITDA was $294.6M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 1242.8% from the prior year.
Mesa Air Group reported $76.2M in net income in fiscal year 2025. This represents an increase of 183.7% from the prior year.
Mesa Air Group earned $1.87 per diluted share (EPS) in fiscal year 2025. This represents an increase of 184.6% from the prior year.
Cash & Balance Sheet
Mesa Air Group generated -$74.9M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 637.6% from the prior year.
Mesa Air Group held $134.3M in cash against $1.0B in long-term debt as of fiscal year 2025.
Mesa Air Group had 47M shares outstanding in fiscal year 2025. This represents an increase of 13.3% from the prior year.
Margins & Returns
Mesa Air Group's operating margin was 10.0% in fiscal year 2025, reflecting core business profitability. This is up 23.9 percentage points from the prior year.
Mesa Air Group's net profit margin was 4.5% in fiscal year 2025, showing the share of revenue converted to profit. This is up 23.6 percentage points from the prior year.
Mesa Air Group's ROE was 5.7% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 88.3 percentage points from the prior year.
Capital Allocation
Mesa Air Group invested $396.9M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 1853.9% from the prior year.
MESA Income Statement
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $90.7M-2.3% | $92.8M-2.1% | $94.7M-8.2% | $103.2M-10.4% | $115.3M+4.0% | $110.8M-15.8% | $131.6M+10.8% | $118.8M |
| Cost of Revenue | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Gross Profit | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | $10.9M-5.8% | $11.6M+0.9% | $11.5M+20.6% | $9.5M-16.4% | $11.4M+17.3% | $9.7M-12.7% | $11.1M-7.3% | $12.0M |
| Operating Income | -$9.2M-6185.6% | -$146K+99.7% | -$57.3M+48.3% | -$110.8M-550.5% | -$17.0M-88.7% | -$9.0M-177.5% | $11.6M+122.7% | -$51.4M |
| Interest Expense | $2.8M-13.1% | $3.3M-39.0% | $5.3M-24.5% | $7.1M-7.3% | $7.6M-15.6% | $9.0M-15.1% | $10.6M-4.7% | $11.2M |
| Income Tax | $2.5M+1166.8% | -$238K+93.8% | -$3.9M+11.1% | -$4.3M-1205.1% | $393K+148.5% | -$810K-1225.0% | $72K-91.7% | $864K |
| Net Income | -$14.1M-167.7% | $20.9M+135.6% | -$58.6M+47.6% | -$111.9M-349.3% | -$24.9M-25.2% | -$19.9M-270.7% | $11.7M+120.2% | -$57.9M |
| EPS (Diluted) | $-0.34-168.0% | $0.50+135.2% | $-1.42+47.6% | $-2.71-351.7% | $-0.60-25.0% | $-0.48-271.4% | $0.28+119.9% | $-1.41 |
MESA Balance Sheet
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $158.9M-11.0% | $178.6M-16.9% | $215.0M-44.0% | $383.6M-35.7% | $596.9M-10.2% | $664.4M-5.9% | $706.3M-8.9% | $775.6M |
| Current Assets | $114.6M-14.1% | $133.4M-18.4% | $163.6M+1.8% | $160.7M+162.3% | $61.3M-27.8% | $84.9M-13.7% | $98.4M-34.5% | $150.3M |
| Cash & Equivalents | $38.7M-8.8% | $42.5M-21.5% | $54.1M+35.4% | $40.0M+155.9% | $15.6M-4.2% | $16.3M-12.0% | $18.5M+15.3% | $16.1M |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Goodwill | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $211.6M-3.8% | $219.9M-20.7% | $277.4M-28.0% | $385.0M-20.9% | $486.6M-8.1% | $529.5M-4.0% | $551.6M-12.9% | $633.0M |
| Current Liabilities | $170.0M-2.7% | $174.6M-13.6% | $202.0M-20.1% | $252.7M+44.9% | $174.5M-7.0% | $187.5M-4.7% | $196.8M-22.5% | $253.9M |
| Long-Term Debt | $27.0M-4.4% | $28.2M-10.8% | $31.7M-62.2% | $83.8M-67.8% | $259.8M-9.7% | $287.7M-3.8% | $299.0M-5.2% | $315.5M |
| Total Equity | -$52.6M-36.1% | -$38.7M+35.3% | -$59.8M-4101.8% | -$1.4M-101.3% | $110.2M-18.3% | $134.9M-12.8% | $154.7M+8.5% | $142.6M |
| Retained Earnings | -$326.0M-3.7% | -$314.5M+6.2% | -$335.3M-22.3% | -$274.1M-69.0% | -$162.1M-18.2% | -$137.2M-17.0% | -$117.3M+9.0% | -$129.0M |
MESA Cash Flow Statement
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | N/A | -$9.4M+58.0% | -$22.4M-93.7% | -$11.6M-178.9% | $14.6M+30.7% | $11.2M-30.9% | $16.2M+307.0% | -$7.8M |
| Capital Expenditures | N/A | $1.1M-50.8% | $2.2M+8.6% | $2.1M-39.4% | $3.4M-8.4% | $3.7M-41.1% | $6.3M-8.4% | $6.9M |
| Free Cash Flow | N/A | -$10.5M+57.4% | -$24.6M-80.8% | -$13.6M-221.2% | $11.2M+50.1% | $7.5M-24.5% | $9.9M+167.4% | -$14.7M |
| Investing Cash Flow | N/A | $15.7M-74.7% | $62.1M-46.4% | $115.8M+222.9% | $35.9M+94.8% | $18.4M-61.6% | $47.9M+2.8% | $46.6M |
| Financing Cash Flow | N/A | -$17.9M+29.9% | -$25.6M+68.0% | -$79.9M-56.2% | -$51.2M-60.7% | -$31.9M+48.5% | -$61.8M-11.1% | -$55.6M |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
MESA Financial Ratios
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Margin | -10.1%-10.0pp | -0.2%+60.3pp | -60.4%+46.9pp | -107.3%-92.5pp | -14.8%-6.6pp | -8.2%-17.0pp | 8.8%+52.1pp | -43.3% |
| Net Margin | -15.6%-38.1pp | 22.5%+84.4pp | -61.9%+46.6pp | -108.4%-86.8pp | -21.6%-3.7pp | -18.0%-26.8pp | 8.9%+57.6pp | -48.7% |
| Return on Equity | N/A | N/A | N/A | N/A | -22.6%-7.8pp | -14.8%-22.3pp | 7.5%+48.1pp | -40.6% |
| Return on Assets | -8.9%-20.6pp | 11.7%+38.9pp | -27.3%+1.9pp | -29.2%-25.0pp | -4.2%-1.2pp | -3.0%-4.7pp | 1.7%+9.1pp | -7.5% |
| Current Ratio | 0.67-0.1 | 0.76-0.0 | 0.81+0.2 | 0.64+0.3 | 0.35-0.1 | 0.45-0.0 | 0.50-0.1 | 0.59 |
| Debt-to-Equity | -0.51+0.2 | -0.73-0.2 | -0.53+58.4 | -58.88-61.2 | 2.36+0.2 | 2.13+0.2 | 1.93-0.3 | 2.21 |
| FCF Margin | N/A | -11.3%+14.7pp | -26.0%-12.8pp | -13.2%-22.9pp | 9.8%+3.0pp | 6.8%-0.8pp | 7.5%+19.9pp | -12.4% |
Note: The current ratio is below 1.0 (0.94), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.
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Frequently Asked Questions
What is Mesa Air Group's annual revenue?
Mesa Air Group (MESA) reported $1.7B in total revenue for fiscal year 2025. This represents a 251.9% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Mesa Air Group's revenue growing?
Mesa Air Group (MESA) revenue grew by 251.9% year-over-year, from $476.4M to $1.7B in fiscal year 2025.
Is Mesa Air Group profitable?
Yes, Mesa Air Group (MESA) reported a net income of $76.2M in fiscal year 2025, with a net profit margin of 4.5%.
What is Mesa Air Group's EBITDA?
Mesa Air Group (MESA) had EBITDA of $294.6M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Mesa Air Group have?
As of fiscal year 2025, Mesa Air Group (MESA) had $134.3M in cash and equivalents against $1.0B in long-term debt.
What is Mesa Air Group's operating margin?
Mesa Air Group (MESA) had an operating margin of 10.0% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Mesa Air Group's net profit margin?
Mesa Air Group (MESA) had a net profit margin of 4.5% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Mesa Air Group's return on equity (ROE)?
Mesa Air Group (MESA) has a return on equity of 5.7% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Mesa Air Group's free cash flow?
Mesa Air Group (MESA) generated -$74.9M in free cash flow during fiscal year 2025. This represents a -637.6% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Mesa Air Group's operating cash flow?
Mesa Air Group (MESA) generated $322.0M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Mesa Air Group's total assets?
Mesa Air Group (MESA) had $3.3B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Mesa Air Group's capital expenditures?
Mesa Air Group (MESA) invested $396.9M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is Mesa Air Group's current ratio?
Mesa Air Group (MESA) had a current ratio of 0.94 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.
What is Mesa Air Group's debt-to-equity ratio?
Mesa Air Group (MESA) had a debt-to-equity ratio of 0.77 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Mesa Air Group's return on assets (ROA)?
Mesa Air Group (MESA) had a return on assets of 2.3% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Mesa Air Group's Altman Z-Score?
Mesa Air Group (MESA) has an Altman Z-Score of 0.99, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios—working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets—to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Mesa Air Group's Piotroski F-Score?
Mesa Air Group (MESA) has a Piotroski F-Score of 6 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Mesa Air Group's earnings high quality?
Mesa Air Group (MESA) has an earnings quality ratio of 4.23x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Mesa Air Group cover its interest payments?
Mesa Air Group (MESA) has an interest coverage ratio of 2.8x, meaning it can adequately cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Mesa Air Group?
Mesa Air Group (MESA) scores 47 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.