U.S. Air Charter Activity Robust, but Lags 2021 Peak

An analysis from Argus shows that North American Part 135 activity remains robust heading into year-end 2025, with October ranking as the second-busiest month on record—trailing only October 2021. The report, released this week, examines aircraft counts, total flight hours, and utilization trends to delve into industry performance.

Argus’ previous October analysis also framed the month as the second-busiest on record, pointing to a 5.3% year-over-year (YOY) increase in global activity and broad strength across North American and European segments. The new report confirms October’s activity and shifts the focus to the structural drivers behind it: fleet size, total hours flown, and utilization. While the earlier report emphasized demand trends—fractionals booming at double-digit rates, Part 135 up 4.9%, and regional breakouts—the new analysis adds a deeper operational lens.

The data indicates that while the overall number of aircraft on Part 135 certificates is roughly the same as in 2021, the industry has shed more than 900 registered aircraft in the past 12 months. The metric on fixed-wing turbine aircraft tells a different story. That segment has expanded steadily, rising from 6,380 aircraft in the same period of 2021 to 6,825 in 2025—an increase of approximately 7%, according to the chart on page 1.

Higher aircraft counts appear to be translating directly to increased flight hours. October 2025 recorded nearly 10,000 more hours than October 2021, and more than 20,000 additional hours compared with October 2024. Argus concludes that increased supply has helped lift total hours flown across the sector.

However, growth in total hours is not matched by aircraft utilization. Despite more aircraft and more flying overall, utilization remains slightly below the 2021 benchmark. The report notes that average hours per aircraft in October 2025 were “just shy of 40,” compared with approximately 41 hours in October 2021—a decline of about 1.3 hours per aircraft. The report also shows 41.2 hours per aircraft in the same period in 2021, dropping to 39.2 in 2024 before improving modestly to 39.9 hours in 2025.

Argus describes this picture as mixed but positive overall. All three indicators—aircraft count, total hours, and utilization—improved YOY between October 2024 and October 2025. At the same time, comparisons with 2021 depend on perspective. With more aircraft and more total hours, the industry appears stronger in aggregate, yet utilization softness suggests underlying operational dynamics.

The report outlines several possible explanations. Argus suggests, “the average airplane really operates one less hour per month than four years ago.” Operators may now be more efficient at managing empty legs, resulting in lower logged hours. Another possibility: the increase in aircraft on certificates may include a growing number of lightly flown aircraft, skewing average utilization downward. Whatever the cause, the firm emphasizes that the Part 135 sector remains healthy and that “there is clearly room for improvement.”

Argus notes that the 2025 activity pattern mirrors historic norms, with October typically representing the industry’s annual peak. The report concludes that while Part 135 is not flying as intensively as during its post-Covid high point, the combination of rising fleet capacity, strong flight activity, and YOY utilization improvement suggests continued upward momentum heading into 2026.

November Argus data also underscored the continued strength of global business aviation, with flight activity up 8.2% YOY and North America recording its largest single-month gain in more than a decade at 8%. The data showed all operational categories in North America posting increases, led by fractional activity at 12.8% and Part 135 at 9.7%. Midsize and small-cabin jets each saw 10.4% growth, while the strongest aircraft/operation pairing was midsize jets in charter service, up 16%. Europe remained modestly positive for the seventh consecutive month, and other regions recorded a 13.9% gain overall, driven largely by small-cabin jets. Argus expects this momentum to extend into December.