No Signs of a Slowdown at NetJets
In a recent interview, Patrick Gallagher, President of NetJets told CNBC that there are “no signs of a slowdown amongst the company's 13,600 owners.” He also told Fortune that the company is operating at 40-45% larger, than they were in 2019 and they are continuing to add aircraft to their fleet.
Fleet Growth
Patrick Gallagher recently told Fortune that they are approaching 1,100 aircraft in their overall fleet, continuing their position as the overall largest private jet provider. This 1,100 includes both the NetJets fractional aircraft and the managed wholly owned aircraft in sister company Executive Jet Management. In 2025, NetJets plans to take delivery of approximately 100 new jets.
Recently, the company took delivery of its first two Praetor 500 mid-size jets. These are configured with seven seats and have up to 7:45 hours of flight time endurance – equivalent to over 3,200 nm of range. NetJets placed an order for these Praetor 500s in 2023, saying it would buy up to 250 of the mid-size jets, as part of an agreement valued at $5 billion
Embraer and NetJets have worked together for 15 years, with NetJets being a longtime user of the best-selling Phenom 300 light jet. It has continued to add Phenom 300s and has over 150 in its fleet, making it by far the largest operator.
NetJets Customers
While discussing NetJets and private aviation in general, Patrick Gallagher noted that, although many new customers entered private aviation during the COVID pandemic, the big question within the industry was whether these new customers would continue to fly privately or return to flying commercially with the airlines. From NetJets point of view the answer is that many have continued to fly privately. As noted above Patrick Gallagher informed Fortune that NetJets is 40-45% larger than they were in 2019, and continued "we've maintained record retention rates."
He further added that "the average NetJets customer flies with us 75-100 hours per year." While noting that "anonymity is key to our business," explaining that flying in a fractional aircraft means that the passengers and owners’ flights cannot be tracked when compared to owning their own aircraft. This can be a significant advantage from both a safety and appearance perspective.
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