NetJets
A Berkshire Hathaway company specializing in fractional ownership, jet cards, aircraft management, and private business-jet charter.
Last updated November 4, 2026
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Overview
NetJets is a United States-based private aviation company whose core business is the fractional ownership and management of business aircraft. Customers can purchase a share in a particular aircraft type and receive contracted access to an aircraft from the company’s managed fleet, generally with guaranteed availability and relatively short notice. The company also sells prepaid flight-hour programs, commonly known as jet cards, for customers who need private aviation without making a fractional investment. Additional services include whole-aircraft management, charter operations, aircraft brokerage, aviation security services, and related travel support. The business began in 1964 as Executive Jet Airways, later becoming Executive Jet Aviation. Its founders and early directors included former military aviation figures and pilots who sought to apply an air-taxi and pooled-aircraft model to corporate transportation. The company initially operated a small fleet of Learjet aircraft and developed aircraft-management and charter capabilities. Its early history was complicated by investment from the Pennsylvania Railroad and subsequent regulatory and financial problems. After Penn Central’s 1968 formation, the company went through ownership and management changes before being stabilized by new investors in the early 1970s. A decisive turning point came in 1984, when Richard Santulli acquired Executive Jet Aviation. Drawing on his experience leasing helicopters, Santulli developed the concept of selling shares in individual business aircraft while centralizing scheduling, maintenance, crew management, and operational control. The fractional-ownership program was formally introduced in 1986–1987 under the NetJets name and became the model for a major segment of private aviation. Rather than requiring one customer to purchase and operate an entire aircraft, the program allocated usage rights among several owners and supported those rights with a common fleet and operating infrastructure. Berkshire Hathaway acquired Executive Jet and NetJets in 1998 for approximately $725 million, with part of the consideration paid in Berkshire shares. The transaction gave NetJets access to a financially strong parent while preserving its position as a specialized aviation operator. The company expanded in Europe and other international markets, and its European business became associated with NetJets Europe, legally NetJets Transportes Aéreos, S.A., based in Portugal. In 2002, the corporate identity was consolidated around the NetJets name. NetJets broadened its offering during the 2010s. It acquired Marquis Jet in 2010, adding a prepaid 25-hour card program to its fractional-ownership platform. It placed a large multiyear aircraft order in 2012 covering Bombardier, Cessna, and Embraer aircraft, supporting fleet renewal and the expansion of its light, midsize, super-midsize, and large-cabin categories. In 2014 it received approval to begin charter operations in China. Executive Jet Management continued to provide aircraft management and charter services, while QS Partners, launched in 2016, added whole-aircraft brokerage and resale activities. The company experienced a surge in demand during the COVID-19 pandemic as travelers sought alternatives to commercial airline travel. NetJets introduced employee testing measures and later announced sustainable-aviation-fuel and carbon-offset initiatives. It also invested in WasteFuel and pursued potential future-aviation partnerships, including agreements involving Aerion’s planned supersonic aircraft and Lilium’s electric vertical-takeoff-and-landing aircraft. The Aerion program ended when Aerion ceased operations in 2021, and Lilium entered insolvency proceedings in 2024. NetJets’ current business model combines ownership-like access, prepaid hours, and managed-aircraft services. Fractional programs typically require a multiyear commitment and a minimum annual usage level, while jet cards are aimed at…
History
NetJets was founded in 1964 as Executive Jet Airways by retired United States Air Force brigadier general Olbert F. Lassiter. The company was created around the idea that a pool of corporate aircraft could provide business transportation more efficiently than individual companies purchasing and maintaining their own planes. Its early board included military leaders, pilots, and aviation-minded public figures. Operations began with Learjet aircraft, and the company later explored larger aircraft and acquisitions while operating within a heavily regulated United States air-transport system. The company’s early years were financially and legally difficult. The Pennsylvania Railroad became a major investor, but the structure of that investment attracted regulatory scrutiny because federal law restricted railroad ownership of air carriers. The railroad’s successor, Penn Central, eventually sought to dispose of its interest. Executive Jet and Penn Central were fined by the Civil Aeronautics Board in 1969. Management changed in the early 1970s, and Bruce Sundlun, Robert L. Scott Jr., and Joseph S. Sinclair acquired the Penn Central interest in 1972. Paul Tibbets later served as president. Richard Santulli acquired Executive Jet Aviation in 1984. After reviewing the company’s operating data and aircraft-log history, Santulli developed a fractional-ownership system in which several customers would purchase shares in an aircraft while NetJets handled scheduling, crews, maintenance, and operational administration. The program was announced in 1987 and became the first widely recognized fractional aircraft-ownership format. It transformed private business aviation by offering a middle ground between whole-aircraft ownership and ad hoc charter. Berkshire Hathaway purchased Executive Jet and NetJets in 1998. The company expanded internationally, including through NetJets Europe, and changed its corporate identity to NetJets in 2002. In 2009, Santulli resigned as chief executive and David Sokol succeeded him. The corporate headquarters subsequently moved from New Jersey back to Columbus, Ohio, the company’s original home. The 2010 acquisition of Marquis Jet strengthened NetJets’ prepaid jet-card business. The company continued renewing and enlarging its fleet, including a substantial 2012 aircraft order from Bombardier, Cessna, and Embraer. It obtained approval for charter operations in China in 2014. Its broader operating group includes Executive Jet Management, which manages and charters aircraft for owners, and QS Partners, a brokerage business focused on whole-aircraft transactions and resale of selected aircraft. NetJets experienced strong demand during the COVID-19 pandemic as customers sought to reduce exposure to commercial-airline travel. It introduced employee testing and announced measures related to sustainable aviation fuel and carbon offsets. The company subsequently invested in WasteFuel and explored new aircraft technologies, including Aerion supersonic aircraft and Lilium electric vertical-takeoff-and-landing aircraft. Aerion closed in 2021, while Lilium entered insolvency proceedings in 2024. The company’s principal commercial structure remains a combination of fractional ownership, prepaid flight hours, and aircraft management. Fractional customers generally commit to a share and a multiyear term, while jet-card customers purchase blocks of flight time. NetJets coordinates aircraft, crews, maintenance, scheduling, and regulatory compliance across a large fleet, offering customers access to a broad network without requiring them to operate an aircraft independently.
- 2023
Large Cessna Citation purchase plan
[1]NetJets announces an agreement to purchase up to 1,500 Cessna Citation aircraft over 15 years.
- 2022
Lilium partnership announced
[1]NetJets announces plans with Lilium for a Florida electric-aircraft network.
- 2021
WasteFuel investment and Aerion agreement
[1]NetJets invests in WasteFuel and announces a proposed supersonic aircraft program with Aerion.
- 2020
Pandemic demand and sustainability initiatives
[1]Demand rises during the COVID-19 pandemic, while NetJets announces sustainable aviation fuel purchases and carbon-offset measures.
- 2016
QS Partners launches
[1]NetJets establishes a whole-aircraft brokerage business.
- 2014
Chinese charter approval
[1]NetJets receives authorization to launch aircraft charter operations in China.
- 2010
Marquis Jet is acquired
[1]The acquisition expands NetJets’ prepaid jet-card offering.
- 2002
Corporate identity adopts the NetJets name
[1]The company changes its corporate name from Executive Jet Aviation to NetJets.
- 1998
Berkshire Hathaway acquisition
[1]Berkshire Hathaway acquires Executive Jet and NetJets.
- 1996
NetJets Europe launches
[1]The European operation is established and later becomes a NetJets subsidiary based in Portugal.
Products and positioning
Premium, managed private aviation with guaranteed access and an integrated global operating platform.
Fractional private aviation · 1987
NetJets Fractional Ownership
Customers purchase a share associated with an aircraft category and receive contracted access to NetJets aircraft. The company manages scheduling, crews, maintenance, regulatory requirements, and substitute-aircraft arrangements. Share sizes correspond to different annual usage levels, while owners generally pay acquisition, monthly management, and occupied-hour operating charges. The program is intended for frequent private flyers who want predictable access without taking responsibility for operating a whole aircraft.
Prepaid jet card · 2010
NetJets Card
The NetJets Card provides prepaid access to blocks of private-jet flight hours, historically in 25-hour increments. It is designed for individuals and companies whose usage does not justify fractional ownership or a long-term share commitment. Availability, aircraft category, pricing, and high-demand restrictions can vary by program terms and market conditions.
Aircraft management and charter
Executive Jet Management
Executive Jet Management is a NetJets subsidiary providing aircraft-management, crew, operational, and charter services. It enables aircraft owners to outsource the complex functions required to operate private aircraft and may place eligible aircraft into charter service when permitted by regulation and owner arrangements.
Aircraft brokerage · 2016
QS Partners
QS Partners is NetJets’ whole-aircraft brokerage business. It supports aircraft acquisition and resale and has been associated with the resale of used aircraft from the NetJets fleet. The business operates from locations including Columbus, Boulder, and London.
Aviation security · 2019
QS Security Services
QS Security Services provides tiered security packages intended to reflect passenger requirements and destination risk. The service was initially introduced at selected locations, including Paris Le Bourget and destinations in Mexico, with stated ambitions for broader coverage.
Marketing campaigns
- 2020Sustainable aviation fuel and carbon-offset program
United States
NetJets committed to purchase sustainable aviation fuel for use at San Francisco and Columbus bases, encouraged customers to purchase offsets, and planned to offset certain administrative and training flights.
Outcome. Established a visible sustainability component within the company’s private-aviation offering.
- 2020COVID-19 health-safety response
Global
During the pandemic demand surge, NetJets introduced regular employee COVID-19 testing and positioned private aviation as a way to reduce exposure to commercial-airline travel.
Outcome. Supported continued operations during a period of heightened health and travel concerns.
Brand decisions
2023
Plan major Cessna Citation expansionOtherBackground
NetJets continued planning for long-term fleet renewal and capacity growth.
Action taken
The company announced an agreement to purchase up to 1,500 Cessna Citation jets over 15 years.
Aftermath
Deliveries were expected to begin in 2025, subject to the agreement’s implementation.
2022
Explore electric vertical aviationStrategyBackground
NetJets sought potential applications for electric vertical-takeoff-and-landing aircraft in regional private transportation.
Action taken
The company announced a partnership with Lilium to develop a proposed Florida eVTOL network and planned to purchase 150 Lilium aircraft.
Aftermath
Lilium filed for insolvency in October 2024, placing the proposed program’s future in doubt.
2021
Pursue future supersonic aircraftProduct launchBackground
NetJets explored new aircraft technologies that could extend private aviation beyond conventional business jets.
Action taken
It signed a memorandum involving 20 Aerion AS2 aircraft and a proposed Aerion Connect network.
Aftermath
Aerion ceased operations in May 2021 after failing to raise the capital needed to continue.
2012
Commit to a large fleet-renewal orderOtherBackground
NetJets sought to expand and modernize its fleet across several business-jet categories.
Action taken
The company placed firm and conditional orders with Bombardier, Cessna, and Embraer.
Aftermath
The order reinforced NetJets’ position as a major fleet customer and made it Cessna’s largest business-jet fleet owner.
Announced order value. Approximately US$17.6 billion (2012 announced value)
1998
Join Berkshire HathawayM&ABackground
NetJets required a stable owner capable of supporting international expansion and fleet investment.
Action taken
Berkshire Hathaway acquired Executive Jet and NetJets from Richard Santulli.
Aftermath
NetJets became a Berkshire Hathaway subsidiary and continued expanding its aviation platform.
Acquisition value. Approximately US$725 million (1998)
1987
Launch the fractional-ownership modelStrategyBackground
Whole-aircraft ownership was expensive and operationally demanding for many corporate and individual customers.
Action taken
NetJets created a pooled model in which multiple customers purchased shares and received guaranteed access while the company centralized aircraft operations.
Aftermath
The format became the foundation of the modern fractional business-jet sector.
Recent events
- Unconfirmed
NetJets opens Las Vegas campus[3]
Reported:
NetJets said it opened a 300,000-square-foot facility at Harry Reid International Airport in Las Vegas, developed in partnership with Signature Aviation.
NetJets launches a customer mobile app[4]
Reported:
NetJets unveiled a mobile iPhone app that lets customers book flights, update personal travel needs, review flight status and contact customer service.
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