Income Taxes |
3 Months Ended |
|---|---|
Mar. 31, 2026 | |
| Income Tax Disclosure [Abstract] | |
| Income Taxes | 20. Income Taxes The Company is subject to U.S. federal, state, and local income taxes with respect to its allocable share of any taxable income or loss as well as any standalone income or loss that flyExclusive, Inc. generates. LGM was historically and remains a partnership for U.S. Federal income tax purposes, with each partner being separately taxed on its share of taxable income or loss. The Company’s effective tax rate was 0% for the three months ended March 31, 2026. The effective income tax rate differed significantly from the statutory rate of 21%, primarily due to the losses from LGM. The Company has assessed the realizability of its net deferred tax assets and in that analysis has considered the relevant positive and negative evidence available to determine whether it is more likely than not that some portion or all of the deferred tax assets will be realized. The Company had recorded a full valuation allowance against its deferred tax assets as of March 31, 2026, which will be maintained until there is sufficient evidence to support the reversal of all or some portion of these allowances. The Company files income tax returns in the U.S. federal jurisdiction and various state jurisdictions in which it operates. Therefore, the Company is subject to tax examination by various taxing authorities. The Company is not currently under examination, and is not aware of any issues that could result in significant payments, accruals, or material deviation from its tax positions. To the extent the Company has tax attribute carryforwards, the tax years in which the attribute was generated may still be adjusted upon examination by the Internal Revenue Service and state and local tax authorities to the extent utilized in a future period. As of March 31, 2026, the tax years from 2022 to present generally remain open to examination by relevant taxing jurisdictions to which the Company is subject. |