The Jet Set: A Fit Summer June Used Jet Inventories Tighten Down -40% Y-o-Y

Research evidence excerpt

The Jet Set: A Fit Summer June Used Jet Inventories Tighten Down -40% Y-o-Y

Aerospace & Defense Electronics

Equity Research

June 24, 2026

Investment Summary

This report is a monthly update on the status of used jet market activity. The report focuses on

the following:

1. Used Business Jet Trends•

a) Inventory as a Percentage of Active Fleet at 2.1% •

b) Average List Prices •

2. Current Market Trends•

3. Annual Jefferies Delivery Forecasts•

1. Used Business Jet Trends

Over 60% of business jet sales are replacement aircraft for current owners. Demand for new aircraft

is stimulated by the prevailing conditions of the pre-owned market. New orders tend to increase as

inventory on the pre-owned market decreases and residual values increase. Inventory within the used

market has steadily been absorbed. In June 2026 there were 1,041 aircraft available for sale or 4.0%

of the total fleet. This compares with 1,179 units in June 2025. The 12-month average inventory as

a proportion of the fleet was 4.4%. Inventories were down 12% year-over-year, and were +1% on a

sequential basis. The used fleet creates excess inventory and cannibalizes demand for new aircraft.

The used market inventory is likely to take time to bleed through and thus will impact new aircraft

pricing.

Heavy jets comprise the smallest portion of the market, with 223 aircraft for sale, which compares with

308 in the prior year, down 26% y-o-y. Heavy jets as a proportion of the active fleet accounted for 3.1%,

vs the one-year average of 3.9%. The Light category had 4.4% of active aircraft available for sale. This

compares with 4.4% in May 2026 and 4.9% in June 2025. The number of light jets for sale was down

7% from the prior year. Medium jet inventories were down 6% from the prior year and represented 4.3%