Private aviation continues to move billions of dollars in aircraft assets, yet the sector remains one of the least transparent areas of global aviation finance, according to a new report from ACC Aviation examining how leading private jet operators fund fleet growth.

The study analyses financial structures across major private aviation operators and challenges assumptions about how fleets are financed in a sector where significant asset transactions often take place with limited public financial disclosure.

According to ACC Aviation, limited visibility into balance sheets across parts of the private jet sector has historically made it difficult to understand how operators fund expansion and manage financial risk, despite the scale of aircraft asset movement.

The report compares seven major operators — NetJets, Vista, Flexjet, Wheels Up, flyExclusive, AirX and Jet Linx — which together account for nearly 10% of the global business jet inventory and approximately 40% of US fractional and charter flight hours.

ACC Aviation’s research evaluates three primary business models in private aviation: operator-owned fleets, fractional ownership and aircraft management. The study found that each model has distinct financial characteristics, with differences influencing resilience, investor confidence and long-term sustainability.

Based on the analysis, Vista, NetJets and Flexjet were identified as among the most financially resilient operators. The report notes that scale, strong cash flow generation and access to diversified capital sources are key indicators of long-term financial stability.

The research also highlights a shift in investor perception. Private aviation companies, once viewed primarily as luxury-focused brands, are increasingly being assessed as institutional-grade businesses supported by recurring revenue streams. The report notes recent oversubscribed unsecured bond issuances by Vista and Flexjet as indicators of growing investor confidence in the sector.

Looking ahead, the report suggests that fleet strategy and capital discipline will play an important role in shaping competitive positioning. Operators that balance utilisation, financing strategy and customer demand are expected to maintain stronger long-term performance.

ACC Aviation also calls for greater financial transparency across the private aviation sector. The report states that improved visibility can help customers better understand pricing and ownership structures, while providing investors with clearer frameworks to assess long-term scalability and risk.

The report, titled ACC Aviation Insight: Private Aviation Business Models and Financing Strategies, is now available for download. An accompanying opinion article from report author Naishal Chag is available on request.