Velarion · Company Intelligence
Compensation Brief
Fiscal year 2025 · Filings through 2026-10-07

Firefly Aerospace (FLY)

CEO Jason Kim was paid $38,219,515 in fiscal year 2025, ↑ up 1603.1% from fiscal year 2024 (SEC filing 0001193125-26-161474 ↗): executive and director compensation, incentive-plan design, equity activity, and governance — every figure in this brief is traceable to its exact location in the company’s SEC filing — the document, the section, the page, and the table, linked directly.

$38,219,515 ↑
Jason Kim total, FY2025
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CEO pay percentile vs peers
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CEO-to-median pay ratio
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Say-on-pay support, latest vote

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Sample answer — “What is the CEO’s total compensation?”
- Jason Kim (Chief Executive Officer), FY2025 total compensation $38,219,515 (base salary $488,462) [exec_comp, SEC accession 0001193125-26-161474, filed 2026-04-17]

Answered within 24 hours, every figure cited to its SEC filing. If our database cannot answer your question, you are refunded automatically.

FLY's next annual pay disclosure, estimated April 17, 2027.est. Filing ↗

01

Summary Compensation Table — fiscal year 2025

Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
Jason Kim$488,462$500,000$36,053,338$1,134,849$0$0$42,866$38,219,515
Chief Executive Officer
Darren Ma408,308252,0009,048,7371,613,963003,43311,326,441
Chief Financial Officer
Ramon Sanchez13,077175,00011,122,1970001,63511,311,909
Chief Operating Officer

A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.

Three-year trend — total compensation per named executive

Named executive officerFY2025 totalFY2024 totalFY2023 totalΔ FY2024→2025
Jason Kim$38,219,515$2,244,074—↑ +35,975,441
Darren Ma11,326,441581,223—↑ +10,745,218
Ramon Sanchez11,311,909———

Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.

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Companies that benchmark against FLY
2 companies name FLY as a compensation peer

Each company listed discloses FLY in its own benchmarking peer group, as disclosed in each company's most recent proxy statement within the last two proxy seasons. Two companies are therefore absent by design: one that named FLY in an earlier year and no longer does, and one whose own most recent disclosure is older than the last two seasons.

01c

Board of directors

One page per director: the seat, the committees and the fee table, read for one person at a time.

DirectorRoleFY2025 total
Christopher EmersonIndependent Director$69,973
Jed McCalebFormer director (through FY2025)—
Jon LusczakoskiIndependent Director$39,946
Kevin McAllisterIndependent Director$54,946
Kirk KonertChair of the Board$104,946
Marc WeiserIndependent Director$39,946
Pamela BradenIndependent Director$39,946
Ryan BolandIndependent Director$59,946
Thomas MarkusicFormer director (through FY2025)—
Thomas ZurbuchenIndependent Director$97,543
02

Equity transactions since the proxy statement was filed

Every insider equity transaction reported on Form 4 after the 2025 proxy statement — acquisitions, dispositions, exercises, and withholdings — and therefore not reflected in any table in that document.

InsiderRoleTransaction dateCodeSharesPriceValueSecuritySource
David Leigh WheelerGeneral Counsel2026-04-17D3,766$0$0Derivative, Class A CommonForm 4 ↗
David Leigh WheelerGeneral Counsel2026-04-17A3,76628,702CommonForm 4 ↗
David Leigh WheelerGeneral Counsel2026-04-17D3,76645169,608Common, open-market saleForm 4 ↗
David Leigh WheelerGeneral Counsel2026-05-18D3,76545169,885Common, open-market saleForm 4 ↗
David Leigh WheelerGeneral Counsel2026-05-18A3,76528,699CommonForm 4 ↗
David Leigh WheelerGeneral Counsel2026-05-18D3,76500Derivative, Class A CommonForm 4 ↗
AEROEQUITY GP, LLCGreater-than-10% holder2026-06-01D2,801,12848134,454,144Common, indirectForm 4 ↗
AEROEQUITY GP, LLCGreater-than-10% holder2026-06-01D5,198,87248249,545,856Common, indirectForm 4 ↗
Kirk KonertDirector2026-06-04A3,63000CommonForm 4 ↗
Jon LusczakoskiDirector2026-06-04A3,63000CommonForm 4 ↗
Ryan BolandDirector2026-06-04A3,63000CommonForm 4 ↗
Thomas ZurbuchenDirector2026-06-04A3,63000CommonForm 4 ↗
Kevin McAllisterDirector2026-06-04A3,63000CommonForm 4 ↗
Pamela BradenDirector2026-06-04A3,63000CommonForm 4 ↗
Christopher EmersonDirector2026-06-04A3,63000CommonForm 4 ↗
Nathan O'KonekGeneral Counsel & Secretary2026-08-04A103,15400CommonForm 4 ↗
Ryan BolandDirector2026-08-14A3,193——CommonForm 4 ↗
Ryan BolandDirector2026-08-14D40,821——CommonForm 4 ↗
Darren MaChief Financial Officer2026-08-24D256235,914CommonForm 4 ↗
Jason KimDirector2026-09-16D86,265201,749,454CommonForm 4 ↗
Darren MaChief Financial Officer2026-09-16D18,30920371,307CommonForm 4 ↗
Russell Shea FerringChief Technology Officer2026-09-16D16,70020338,676CommonForm 4 ↗
Remington WuChief Accounting Officer2026-09-16D1,8272037,052CommonForm 4 ↗
Darren MaChief Financial Officer2026-09-17D33,23300Derivative, Class A CommonForm 4 ↗
Darren MaChief Financial Officer2026-09-17D54,28600Derivative, Class A CommonForm 4 ↗
Darren MaChief Financial Officer2026-09-17A33,233016,224CommonForm 4 ↗
Darren MaChief Financial Officer2026-09-17A54,286022,968CommonForm 4 ↗
Jason KimDirector2026-09-22D43,27800Derivative, Class A CommonForm 4 ↗
Jason KimDirector2026-09-22A43,278299,998CommonForm 4 ↗
AEROEQUITY GP, LLCGreater-than-10% holder2026-09-30D42,21500Common, indirectForm 4 ↗
Richard F. AmbroseDirector2026-10-05A6,71600CommonForm 4 ↗

Transaction codes per Form 4: A acquisition · S open-market sale · F tax withholding · M option exercise · G gift. Value = shares × price as reported. Dividend-equivalent and fractional-share accrual rows (derivative Class A, under $10,000 and under 2,000 shares) are aggregated per date; every row appears in full below.

03

Grants of plan-based awards — fiscal year 2025

ExecutiveAwardGrant dateThresholdTargetGrantedMaximumGrant-date fair value
Jason KimOption—————$1,134,849
Darren MaPSU—————9,048,737
Darren MaOption—————1,613,963
Ramon SanchezPSU—————11,122,197
Jason KimPSU—————36,053,338
03b

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
Jason Kim$0$36,053,338$1,134,84996.9%
Darren Ma09,048,7371,613,96384.9%
Ramon Sanchez011,122,1970100.0%

% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.

04

Outstanding equity awards at fiscal year-end 2025

ExecutiveAwardShares unvestedExercise priceMarket value unvested
Jason KimRSU888,889—$19,884,447
Ramon SanchezRSU228,833—5,118,994
Darren MaRSU222,222—4,971,106
Ramon SanchezRSU100,000—2,237,000
Darren MaRSU768—17,180
05

Incentive-plan design — the Compensation Discussion & Analysis

The Company provides compensation to its Named Executive Officers that is competitive with the market, designed to attract and retain talent, and aligned with the Company's performance and long-term success.

CEO STI target (% of salary)100%
CEO LTI target (% of salary)—
Independent consultant—
Clawback policytrue
Anti-hedging—
Anti-pledging—
06

Say-on-pay — recent advisory votes

Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20262026-06-04—————

Rows are labeled by annual-meeting year, with the meeting date beside each; the vote held in a given year acts on the prior fiscal year's compensation.

Say-on-pay — history, company's computation

Meeting yearMeeting dateApproval — company's computation
20262026-06-04—a

a. Voting standard not stated in the filing.

Approval percentages are the company's own reported computations under its own stated standard, not recomputed by Velarion. Where a company does not state a standard, none is assumed.

07

CEO pay ratio

Ratio (CEO : median employee)—
CEO total compensation—
Median employee compensation—
08

Director compensation — fiscal year 2025

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
Kirk KonertIndependent · Board Chair · Audit Committee · Compensation Committee (Chair)$104,946—$0——$104,946
Thomas ZurbuchenIndependent · Nominating and Corporate Governance Committee86,708—10,835——97,543
Christopher EmersonIndependent · Nominating and Corporate Governance Committee69,973—0——69,973
Ryan BolandIndependent · Audit Committee (Chair)59,946—0——59,946
Kevin McAllisterIndependent · Nominating and Corporate Governance Committee (Chair)54,946—0——54,946
Pamela BradenIndependent · Audit Committee39,946—0——39,946
Jon LusczakoskiIndependent · Compensation Committee39,946—0——39,946
Marc WeiserIndependent · Compensation39,946—0——39,946
Jed McCalebNot independent · Departed during FY0—0—00
Jason KimEmployee director—————0
Thomas MarkusicNot independent · Departed during FY0—0—00
09

Board fee structure and ownership guideline

Annual cash retainer$100,000
Annual equity retainer$150,000
Per board meeting fee—
Committee chair fees (audit / comp / nom-gov)20,000 / 15,000 / 15,000
Stock ownership guideline—
09b

Total cost of the board

ComponentFY2025
Cash retainers and fees$496,357
Equity awards (grant-date value)$0
All other compensation$0
Total cost of the board$496,357

Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.

10b

Chief executive pay against the peer group

Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company's own proxy statement.

RankCompanyFYChief executiveSalaryStock awardsOption awardsNon-equity incentiveTotal
1Firefly Aerospace2025Jason Kim$488,462$36,053,338$1,134,849$0$38,219,515

Each peer's compensation is from its most recently filed proxy; fiscal years differ by company. Each peer's figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.

10d

Frequently asked questions

Who was the highest-paid executive at Firefly Aerospace in fiscal 2025?
As disclosed, Jason Kim (Chief Executive Officer) was the highest-paid executive at Firefly Aerospace in fiscal 2025, with total compensation of $38,219,515.
How much does Firefly Aerospace spend in total on board compensation for fiscal 2025?
As disclosed, Firefly Aerospace reported total board compensation of $496,357 for fiscal 2025.

Answers are drawn only from the figures disclosed in this brief and cited to their location in the source filing. Where a figure required for an answer is not disclosed, that is stated rather than estimated.

11

Source register

Each figure's location is given both for the eye (section · page · table · row · column) and for a script (table/row/column index and exact character span in the filed document). Any figure can be independently confirmed against the source.

#SupportsDocumentFiledAccessionLocation in document
1Section 01, Jason KimDEF 14A2026-04-170001193125-26-161474Section “Summary Compensation Table” · page 17. As printed: 38,219,515. Filing ↗machine: span 333323–333333
2Section 01, Darren MaDEF 14A2026-04-170001193125-26-161474Section “Summary Compensation Table” · page 17. As printed: 11,326,441. Filing ↗machine: span 347859–347869
3Section 01, Ramon SanchezDEF 14A2026-04-170001193125-26-161474Section “Summary Compensation Table” · page 17. As printed: 11,311,909. Filing ↗machine: span 362570–362580
4Section 03, Jason Kim OptionDEF 14A2026-04-170001193125-26-161474Section “EXECU TIVE COMPENSATION” · grants of plan-based awards table. Filing ↗machine: t5 · r2 · c11 · span 330652–330661
5Section 03, Darren Ma PSUDEF 14A2026-04-170001193125-26-161474Section “EXECU TIVE COMPENSATION” · grants of plan-based awards table. Filing ↗machine: t5 · r4 · c9 · span 344442–344451
6Section 03, Darren Ma OptionDEF 14A2026-04-170001193125-26-161474Section “EXECU TIVE COMPENSATION” · grants of plan-based awards table. Filing ↗machine: t5 · r4 · c11 · span 345189–345198
7Section 03, Ramon Sanchez PSUDEF 14A2026-04-170001193125-26-161474Section “EXECU TIVE COMPENSATION” · grants of plan-based awards table. Filing ↗machine: t5 · r6 · c9 · span 359153–359163
8Section 03, Jason Kim PSUDEF 14A2026-04-170001193125-26-161474Section “EXECU TIVE COMPENSATION” · grants of plan-based awards table. Filing ↗machine: t5 · r2 · c9 · span 329904–329914
9Section 07, pay ratio10-K2026-03-200001193125-26-116309Section “CEO Pay Ratio”. As printed: —. Filing ↗
10Section 08, Kirk KonertDEF 14A2026-04-170001193125-26-161474Section “Director Compensation”. As printed: 104,946. Filing ↗machine: span 543889–544128
11Section 08, Thomas ZurbuchenDEF 14A2026-04-170001193125-26-161474Section “Director Compensation”. As printed: 97,543. Filing ↗machine: span 554089–554327
12Section 08, Christopher EmersonDEF 14A2026-04-170001193125-26-161474Section “Director Compensation”. As printed: 69,973. Filing ↗machine: span 549697–549935
13Section 08, Ryan BolandDEF 14A2026-04-170001193125-26-161474Section “Director Compensation”. As printed: 59,946. Filing ↗machine: span 564207–564445
14Section 08, Kevin McAllisterDEF 14A2026-04-170001193125-26-161474Section “Director Compensation”. As printed: 54,946. Filing ↗machine: span 558405–558643
15Section 08, Pamela BradenDEF 14A2026-04-170001193125-26-161474Section “Director Compensation”. As printed: 39,946. Filing ↗machine: span 555501–555739
16Section 08, Jon LusczakoskiDEF 14A2026-04-170001193125-26-161474Section “Director Compensation”. As printed: 39,946. Filing ↗machine: span 561308–561546
17Section 08, Marc WeiserDEF 14A2026-04-170001193125-26-161474Section “Director Compensation”. As printed: 39,946. Filing ↗machine: span 546790–547028
18Section 08, Jed McCalebDEF 14A2026-04-170001193125-26-161474Section “Director Compensation”. As printed: 0. Filing ↗
19Section 08, Jason KimDEF 14A2026-04-170001193125-26-161474Section “Director Compensation”. As printed: 0. Filing ↗
20Section 08, Thomas MarkusicDEF 14A2026-04-170001193125-26-161474Section “Director Compensation”. As printed: 0. Filing ↗
21Section 02, David Leigh Wheeler 2026-04-17Form 42026-04-200001193125-26-164616Insider equity transaction reported since the proxy statement. Filing ↗
22Section 02, David Leigh Wheeler 2026-04-17Form 42026-04-200001193125-26-164616Insider equity transaction reported since the proxy statement. Filing ↗
23Section 02, David Leigh Wheeler 2026-04-17Form 42026-04-200001193125-26-164616Insider equity transaction reported since the proxy statement. Filing ↗
24Section 02, David Leigh Wheeler 2026-05-18Form 42026-05-190001193125-26-231242Insider equity transaction reported since the proxy statement. Filing ↗
25Section 02, David Leigh Wheeler 2026-05-18Form 42026-05-190001193125-26-231242Insider equity transaction reported since the proxy statement. Filing ↗
26Section 02, David Leigh Wheeler 2026-05-18Form 42026-05-190001193125-26-231242Insider equity transaction reported since the proxy statement. Filing ↗
27Section 02, AEROEQUITY GP, LLC 2026-06-01Form 42026-06-030001193125-26-255718Insider equity transaction reported since the proxy statement. Filing ↗
28Section 02, AEROEQUITY GP, LLC 2026-06-01Form 42026-06-030001193125-26-255718Insider equity transaction reported since the proxy statement. Filing ↗
29Section 02, Kirk Konert 2026-06-04Form 42026-06-080001193125-26-260765Insider equity transaction reported since the proxy statement. Filing ↗
30Section 02, Jon Lusczakoski 2026-06-04Form 42026-06-080001193125-26-260766Insider equity transaction reported since the proxy statement. Filing ↗
31Section 02, Ryan Boland 2026-06-04Form 42026-06-080001193125-26-260769Insider equity transaction reported since the proxy statement. Filing ↗
32Section 02, Thomas Zurbuchen 2026-06-04Form 42026-06-080001193125-26-260774Insider equity transaction reported since the proxy statement. Filing ↗
33Section 02, Kevin McAllister 2026-06-04Form 42026-06-080001193125-26-260779Insider equity transaction reported since the proxy statement. Filing ↗
34Section 02, Pamela Braden 2026-06-04Form 42026-06-080001193125-26-260768Insider equity transaction reported since the proxy statement. Filing ↗
35Section 02, Christopher Emerson 2026-06-04Form 42026-06-080001193125-26-260772Insider equity transaction reported since the proxy statement. Filing ↗
36Section 02, Nathan O'Konek 2026-08-04Form 42026-08-060001193125-26-338754Insider equity transaction reported since the proxy statement. Filing ↗
37Section 02, Ryan Boland 2026-08-14Form 42026-08-180001193125-26-355726Insider equity transaction reported since the proxy statement. Filing ↗
38Section 02, Ryan Boland 2026-08-14Form 42026-08-180001193125-26-355726Insider equity transaction reported since the proxy statement. Filing ↗
39Section 02, Darren Ma 2026-08-24Form 42026-09-180001193125-26-395865Insider equity transaction reported since the proxy statement. Filing ↗
40Section 02, Jason Kim 2026-09-16Form 42026-09-180001193125-26-395864Insider equity transaction reported since the proxy statement. Filing ↗
41Section 02, Darren Ma 2026-09-16Form 42026-09-180001193125-26-395865Insider equity transaction reported since the proxy statement. Filing ↗
42Section 02, Russell Shea Ferring 2026-09-16Form 42026-09-180001193125-26-395877Insider equity transaction reported since the proxy statement. Filing ↗
43Section 02, Remington Wu 2026-09-16Form 42026-09-180001193125-26-395871Insider equity transaction reported since the proxy statement. Filing ↗
44Section 02, Darren Ma 2026-09-17Form 42026-09-180001193125-26-395865Insider equity transaction reported since the proxy statement. Filing ↗
45Section 02, Darren Ma 2026-09-17Form 42026-09-180001193125-26-395865Insider equity transaction reported since the proxy statement. Filing ↗
46Section 02, Darren Ma 2026-09-17Form 42026-09-180001193125-26-395865Insider equity transaction reported since the proxy statement. Filing ↗
47Section 02, Darren Ma 2026-09-17Form 42026-09-180001193125-26-395865Insider equity transaction reported since the proxy statement. Filing ↗
48Section 02, Jason Kim 2026-09-22Form 42026-09-230001193125-26-399629Insider equity transaction reported since the proxy statement. Filing ↗
49Section 02, Jason Kim 2026-09-22Form 42026-09-230001193125-26-399629Insider equity transaction reported since the proxy statement. Filing ↗
50Section 02, AEROEQUITY GP, LLC 2026-09-30Form 42026-10-020001193125-26-412788Insider equity transaction reported since the proxy statement. Filing ↗
51Section 02, Richard F. Ambrose 2026-10-05Form 42026-10-070001193125-26-417080Insider equity transaction reported since the proxy statement. Filing ↗
52Section 06, 2026 voteForm 8-K2026-06-050001193125-26-259679Item 5.07 · say-on-pay result. As reported: —. Filing ↗
53Section 01 trend, Δ column (computed)Computed——Δ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1)
54Section 03b vehicle mix (computed)Computed——RSU / PSU / Options grant-date fair values summed per officer from the grants table; % performance-vested = PSU ÷ (RSU+PSU+Options).machine: formula: sums + PSU ratio
55Section 09b board cost (computed)Computed——Cash 496,357 + equity 0 + all other 0 = 496,357, summed across the director compensation table rows.machine: formula: Σ = 496,357
56Firefly Aerospace (subject), Section 10b CEO totalDEF 14A2026-04-170001193125-26-161474CEO total compensation as printed in Firefly Aerospace's own proxy. As printed: 38,219,515. Filing ↗machine: span 333323–333333

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