Jake Lee, the hard-driving, fast-talking field boss for Newark's Federal Airlines, rehires his old friend, ace pilot Dizzy Davis, against the wishes of company supervisor Al Stone.  Dizzy, famous for his daredevil flying and his success with women, arrives at the airline and immediately goes after female flyer Tommy Thomas.  In order to further his romance, he feigns heart trouble, sending his pal, Texas Clark, out on a dangerous flight.

Tex's plane crashes while trying to land in bad weather, and Tex is near death.  When Jake learns that Tex was tricked and that his own wife Mary was once involved with Dizzy, his friendship wavers.  Jake proves his loyalty when, after Department of Commerce Inspector Joe Allen revokes Dizzy's license, Jake agrees to Allen's suggestion that he buy a fleet of inferior planes from Fred Adams in exchange for using Adams' pull in Washington to get Dizzy's license restored.  Nobly, Dizzy refuses Jake's offer.

When the news comes that Tex has died, Jake consoles his widow Lou, leaving the guilt-stricken Dizzy in charge.  Against Jake's orders to cancel Tay Lawson's night flight because of freezing conditions, Dizzy decides to fly the route himself.  He knocks Lawson unconscious and appropriates the plane.  Although Dizzy sacrifices his life during the hazardous flight, he manages to solve a design problem in the new de-icing mechanism before dying.

Tommy can now marry Lawson, who is genuinely in love with her, while Jake resumes his duties with stalwart professionalism.