History

NetJets began in 1964 as Executive Jet Aviation — the world's first private business jet charter and management company. Its early board of directors included retired Air Force generals Curtis LeMay and Paul Tibbets Jr. (the pilot who dropped the atomic bomb on Hiroshima), as well as actor Jimmy Stewart and entertainer Arthur Godfrey. In 1984, mathematician and former Goldman Sachs executive Richard Santulli purchased the company and set about solving a problem that had challenged private aviation since its inception.

The Invention of Fractional Ownership

In 1986, following a rigorous statistical analysis of pilot logbooks and aircraft utilisation patterns, Santulli launched the world's first fractional ownership programme: the idea that a client could buy a fraction of an aircraft — typically one-sixteenth, representing 50 hours of annual use — and receive all the benefits of whole aircraft ownership at a proportionate cost, without the management burden. The concept, which NetJets marketed as the Marquis Jet Card, was immediately copied by competitors but NetJets retained its position as the largest fractional provider — at its peak commanding over 50% of the North American market.

Warren Buffett & Berkshire Hathaway

Warren Buffett purchased a NetJets share for personal use in 1995 and, characteristically, decided he had found a genuinely superior business. In 1998, Berkshire Hathaway acquired Executive Jet Aviation (soon rebranded NetJets) for approximately $725 million. It was one of Buffett's more turbulent investments — NetJets lost money for 11 consecutive years after the acquisition as it struggled to expand internationally — but by 2011 the company had turned profitable and has since generated consistent returns. NetJets' revenue is estimated at $6–8 billion annually, making it by far the world's largest private aviation company.

The Fleet

NetJets operates over 750 aircraft across 12 models — the most diverse fleet in private aviation, spanning light jets (Phenom 300), midsize jets (Citation XLS+), super-midsize (Challenger 350), large cabin (Citation Longitude) and ultra-long-range (Global 7500 and Gulfstream G700). This breadth allows NetJets to match the right aircraft to the right mission — not every client needs a global-range aircraft for every flight. As of 2024, NetJets had approximately 12,500 fractional, lease and jet card customers worldwide.

Programmes & Pricing

NetJets offers three primary access models. NetJets Shares provide fractional ownership: a one-sixteenth share (50 hours/year) of a Phenom 300 begins around $500,000 plus monthly management fees. NetJets Leases offer access without ownership. The Marquis Jet Card provides 25 hours of access on specific aircraft types — the Phenom 300 card begins at approximately $215,000. All programmes include guaranteed availability, 10-hour advance scheduling, and no deadhead (positioning) fees within the core programme.