CIBC Capital Markets on Tuesday said recent Aviation Week data indicates business aviation utilization remains above both prior-year and pre-COVID levels, even as activity increasingly diverges across operators within the fractional segment.
At the aggregate level, the backdrop "remains constructive", said CIBC.
"For the Feb-Apr/26 period, Corporate, Fractional, Charter, and Private individual operator classes all exceeded their utilization levels from both 2025 and 2019," noted CIBC. "Corporate operators, the largest segment with fleets exceeding 21,600 aircraft, recorded just under 1MM flight hours over the three-month period, up 4% Y/Y and 33% above the same period in 2019."
Fractional operators were stronger, with activity up 11% Y/Y and 93% above pre-COVID levels, stated CIBC. It noted that, within the category, however, performance is not uniform. NetJets and Flexjet both saw higher flight hours over the period, with NetJets up 11% Y/Y and Flexjet up 12% Y/Y, said CIBC and noted that, in contrast, VistaJet, Flyexclusive, and Wheels Up all reported lower activity, with VistaJet down 9%, Flyexclusive down 4%, and Wheels Up down 46%.
According to CIBC, taken together, the data suggests that recent divergence is occurring within a market where overall utilization remains elevated. It further noted that, given that fractional utilization as a group is still growing (+11% Y/Y), gains at the largest operators are offsetting declines elsewhere within the same segment.
"There are also notable differences in fleet positioning across operators," said CIBC. "NetJets and Flexjet operate fleets across multiple cabin categories, while other operators are more concentrated in narrower segments of the market."
CIBC noted, while the utilization data does not isolate fleet mix as a driver, the split highlights that activity is not evenly distributed across the operator base.
For Bombardier Inc (BBD-B.TO), CIBC noted, the key takeaway is that the broader demand environment "remains intact". Utilization across both Corporate and Fractional segments continues to run above prior-year and pre-pandemic levels, supporting ongoing aircraft activity across core end markets.
"Overall, the data points to a market that remains active in aggregate, but where utilization trends are becoming increasingly uneven across operators," added CIBC.
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