Fourth quarter 2025 GAAP diluted earnings per share of $1.73
Fourth quarter 2025 adjusted airline-only diluted earnings per share of $2.72(1)(2)(3)
Full-year 2025 GAAP diluted loss per share of $(2.48)
Full-year 2025 adjusted airline-only diluted earnings per share of $5.07(1)(2)(3)
Full-year 2025 adjusted diluted earnings per share of $3.80(1)(2)(3)
LAS VEGAS, Feb. 4, 2026 /PRNewswire/ -- Allegiant Travel Company (NASDAQ: ALGT) today reported the below financial results for fourth quarter and full-year 2025, as well as comparisons to the prior year.
"We closed out 2025 with meaningful momentum, and I'm extremely proud of how the team executed," stated Gregory Anderson, chief executive officer of Allegiant Travel Company. "We delivered a 12.9 percent adjusted airline-only operating margin in the fourth quarter, exceeding our initial guidance, despite the impact of the government shutdown. Demand accelerated sharply in December, driving a nearly six-point sequential improvement in year-over-year unit revenue versus the third quarter. At the same time, our relentless focus on efficiency produced more than a six percent reduction in unit costs for the full year, which we believe led the industry.
"Team Allegiant's performance truly stands out. In 2025, we led the industry with a controllable completion factor of 99.9 percent. That commitment to running a safe, reliable operation shows up in our high customer satisfaction scores and was recognized externally as well with the Wall Street Journal naming Allegiant one of the Top U.S. Airlines of 2025, a true testament to the work our people do every day.
"As we enter 2026, the positive trends continue. We're seeing strong demand to start the year and expect a 13.5 percent adjusted operating margin in the first quarter, representing more than a four-point improvement over the prior year. The commercial and operational initiatives we've discussed over the past several quarters, including the expansion of Allegiant Extra, ongoing technology modernization, and the growing contribution from our MAX aircraft, are now contributing meaningfully to our results. These efforts position us to generate full-year adjusted earnings per share of more than $8, an increase of 60 percent year-over-year.
"I am energized about the long-term trajectory of the company. Our recently announced agreement to acquire Sun Country represents an important step toward building the leading leisure carrier in the U.S., enhancing our position and accelerating our long-term value creation strategy."
Summary Results
Consolidated(6) Three Months Ended December 31, Percent Change
(unaudited) (in millions, except per share amounts) 2025 2024 YoY
Total operating revenue $656.2 $627.7 4.5 %
Total operating expense 589.3 891.7 (33.9) %
Operating income (loss) 66.8 (264.0)
NM
Income (loss) before income taxes 43.9 (281.7)
NM
Net income (loss) 31.9 (216.2)
NM
Diluted earnings (loss) per share 1.73 (12.00)
NM
Sunseeker special charges, net(2) (6.8) 325.5
NM
Airline special charges(2) 24.6 2.7
NM
Adjusted income before income taxes(1)(2)(3)(4) 65.1 47.6 36.8 %
Adjusted net income(1)(2)(3)(4) 51.9 38.9 33.4 %
Airline only Three Months Ended December 31, Percent
Change(5)
(unaudited) (in millions, except per share amounts) 2025 2024 YoY
Airline operating revenue $656.2 $609.7 7.6 %
Airline operating expense 596.1 531.7 12.1 %
Airline operating income 60.1 78.1 (23.0) %
Airline income before income taxes 37.1 64.9 (42.8) %
Airline special charges(2) 24.6 2.7
NM
Adjusted airline-only net income(1)(2)(3)(4) 50.1 55.6 (9.9) %
Adjusted airline-only operating margin(1)(2) 12.9 % 13.2 % (0.3)
Adjusted airline-only diluted earnings per share(1)(2)(3)(4) 2.72 3.00 (9.3) %
Consolidated(6) Twelve Months Ended December 31, Percent Change
(unaudited) (in millions, except per share amounts) 2025 2024 YoY
Total operating revenue $2,606.6 $2,512.6 3.7 %
Total operating expense 2,569.4 2,752.6 (6.7) %
Operating income (loss) 37.2 (240.0)
NM
Loss before income taxes (54.9) (308.5) 82.2 %
Net loss (44.7) (240.2) 81.4 %
Diluted loss per share (2.48) (13.49) 81.6 %
Sunseeker special charges, net(2) 94.2 322.8 (70.8) %
Airline special charges(2) 43.5 45.3 (4.0) %
Adjusted income before income taxes(1)(2)(3)(4) 90.7 60.9 48.9 %
Adjusted net income(1)(2)(3)(4) 70.3 45.7 53.8 %
Adjusted diluted earnings per share(1)(2)(3)(4) 3.80 2.48 53.2 %
Airline only Twelve Months Ended December 31, Percent
Change(5)
(unaudited) (in millions, except per share amounts) 2025 2024 YoY
Airline operating revenue $2,545.9 $2,440.8 4.3 %
Airline operating expense 2,402.0 2,298.6 4.5 %
Airline operating income 143.9 142.2 1.2 %
Airline income before income taxes 75.3 94.3 (20.1) %
Airline special charges(2) 43.5 45.3 (4.0) %
Adjusted airline-only net income(1)(2)(3)(4) 93.8 107.5 (12.7) %
Adjusted airline-only operating margin(1)(2) 7.4 % 7.7 % (0.3)
Adjusted airline-only diluted earnings per share(1)(2)(3)(4) 5.07 5.84 (13.2) %
(1) Denotes a non-GAAP financial measure. Refer to the Non-GAAP Presentation section within this document for further information and for
calculation of per share figures.
(2) In 2025 and 2024, we recognized certain expenses as special charges related to Airline activities (including accelerated depreciation on airframes
identified for early retirement, accelerated amortization and disposal of software identified for redevelopment, CBA ratification bonuses,
corporate restructuring costs, and costs related to the Sun Country Airlines acquisition), the sale of Sunseeker Resort and Aileron Golf Course,
and weather-related damages at Sunseeker Resort (net of recoveries). For a listing of these charges, see the special charges table in Appendix A
of this earnings release. The adjusted numbers in this earnings release exclude the effect of these special charges.
(3) In 2025, the Company incurred losses on debt extinguishment related to prepayment of certain debt facilities. These are added back in the adjusted
results where applicable.
(4) In fourth quarter 2024, the Company incurred a $1.2M non-operating loss on the sale of an investment which is being added back for comparison
purposes in our adjusted results figures.
(5)
Except adjusted airline-only operating margin which is percentage point change.
(6) Comparison of consolidated figures to prior year performance is significantly impacted by there being no significant Sunseeker Resort operating
revenues or operating expenses in the last four months of 2025.
NM
Not meaningful
*
Note that amounts may not recalculate due to rounding
Fourth Quarter 2025 Results and Highlights
- Record fourth quarter total airline-only operating revenue of $656.2M, up 7.6 percent year-over-year
- Fixed fee revenue of $25.5M, up 8.4 percent year-over-year
- TRASM down 2.6 percent on scheduled service capacity growth of 10.5 percent year-over-year
- Adjusted airline-only operating income,(1)(2) of $84.7M, yielding an adjusted operating margin of 12.9 percent
- Adjusted airline-only income before income tax,(1)(2)(3)of $65.1M, yielding an adjusted pre-tax margin of 9.9 percent
- Adjusted airline-only EBITDA,(1)(2) of $143.1M, yielding an adjusted EBITDA margin of 21.8 percent
- Adjusted airline-only operating CASM, excluding fuel(2)of 8.01 ¢, down 3.4 percent year-over-year
- Available seat miles per gallon of fuel of 86.4, up 2.6 percent year-over-year
- $36.2M in total cobrand credit card remuneration received from Bank of America
- Ended the quarter with 21M total active Allways Rewards members
- During the fourth quarter, expanded the network by announcing 30 new nonstop routes and four new cities, La Crosse, Wisconsin, Philadelphia, Pennsylvania, Trenton, New Jersey, and Columbia, Missouri
- Published the company's fourth annual sustainability report
- In January 2026, announced a definitive merger agreement under which Allegiant will acquire Sun Country Airlines
Full-Year 2025 Results and Highlights
- Total airline-only operating revenue of $2.5B, up 4.3 percent year-over-year
- Total average ancillary fare of $76.35 per passenger, flat year-over-year
- Adjusted consolidated operating income,(1)(2) of $174.9M, yielding a 6.7 percent operating margin
- Adjusted airline-only operating income,(1)(2) of $187.4M, yielding an adjusted airline-only operating margin of 7.4 percent
- Adjusted airline-only Operating CASM, excluding fuel(2)of 8.04 ¢, down 6.1 percent as compared with full-year 2024, on capacity growth of 12.6 percent
- $139.6 million in total cobrand credit card remuneration received from Bank of America, up 3.6 percent from the prior year
- Ranked number 2 amongst major US carriers in the Wall Street Journal's "The Best and Worst Airlines of 2025"
Balance Sheet, Cash and Liquidity
- Total available liquidity at December 31, 2025 was $1.1B, which included $838.5M in cash and investments, and $250.0M in undrawn revolving credit facilities
- $112.2M cash from operations during fourth quarter 2025, with full-year cash from operations of $389.8M
- Total debt at December 31, 2025 was $1.8B
- Net debt at December 31, 2025 was $961.1M
- Debt principal payments of $259.1M during the quarter, including $224.3M in voluntary prepayments
- Air traffic liability at December 31, 2025 was $363.3M
Airline Capital Expenditures
- Fourth quarter capital expenditures of $56.7M, which included $35.9M for aircraft-related capital expenditures and $20.8M in other airline capital expenditures
- Fourth quarter deferred heavy maintenance expenditures were $11.5M
(1) Denotes a non-GAAP financial measure. Refer to the Non-GAAP Presentation section within this document for further information and for
calculation of per share figures.
(2) In 2025 and 2024, we recognized certain expenses as special charges related to Airline activities (including accelerated depreciation on airframes
identified for early retirement, accelerated amortization and disposal of software identified for redevelopment, CBA ratification bonuses,
corporate restructuring costs, and costs related to the Sun Country Airlines acquisition), the sale of Sunseeker Resort and Aileron Golf Course,
and weather-related damages at Sunseeker Resort (net of recoveries). For a listing of these charges, see the special charges table in Appendix A
of this earnings release. The adjusted numbers in this earnings release exclude the effect of these special charges.
(3) In 2025, the Company incurred losses on debt extinguishment related to prepayments made on certain debt facilities. These are added back in the
adjusted results where applicable.
Guidance, subject to revision
Certain forward-looking financial information in the following tables is not presented in accordance with accounting principles generally accepted in the U.S. ("GAAP"). Non-GAAP financial figures may be useful to stakeholders, but should not be considered a substitute for GAAP figures. In reliance on the 'unreasonable efforts' exception in Item 10(e)(1)(i)(B) of SEC Regulation S-K, a reconciliation to the most comparable GAAP financial measure is not provided for adjusted earnings per share and adjusted operating margin. The Company is not able to reconcile these Non-GAAP financial figures without unreasonable effort because the special charge adjustments will not be known until the end of the indicated future periods and any range of projected values would be too broad to be meaningful. As a result, this information would not be significant to investors.
The below guidance is for Allegiant on a stand-alone basis and excludes any contribution from our planned acquisition of Sun Country
First quarter 2026 guidance
---
System ASMs - year over year change (~5.7%)
Scheduled service ASMs - year over year change (~5.7%)
Fuel cost per gallon $2.60
Adjusted operating margin (1) 12.0% to 15.0%
Adjusted earnings per share (1)
$2.50 to $3.50
Full-year 2026 guidance
---
System ASMs - year over year change (~0.5%)
Scheduled service ASMs - year over year change (~0.5%)
Fuel cost per gallon ~$2.50
Interest expense(2) (millions)
$125 to $135
Capitalized interest(2) (millions) ($10) to ($20)
Interest income (millions)
$25 to $35
Tax rate 23 %
Share count (thousands) 18,200
Adjusted earnings per share(1) > $8.00
Full-year CAPEX
---
Aircraft-related capital expenditures(3) (millions)
$570 to $590
Capitalized deferred heavy maintenance (millions)
$80 to $90
Other capital expenditures (millions)
$80 to $90
Recurring principal payments(4) (millions) (full year)
$135 to $145
(1)
Denotes a non-GAAP financial measure for which no reconciliation to GAAP is provided as described above.
(2)
Includes capitalized interest related to pre-delivery deposits on new aircraft.
(3) Aircraft-related capital expenditures include the purchase of aircraft, engines, induction costs, and pre-delivery deposits. This amount
excludes capitalized interest related to pre-delivery deposits on new aircraft.
(4)
Does not include repayment of pre-delivery deposit debt facilities due on delivery of aircraft
Aircraft Fleet Plan by End of Period
Aircraft - (seats per AC) 4Q25 1Q26 2Q26 3Q26 4Q26
Boeing 737-8200 (190 seats) 16 17 20 21 25
Airbus A320 (180 seats) 71 71 71 71 71
Airbus A320 (177 seats) 8 7 6 5
Airbus A319 (156 seats) 28 28 28 27 27
Total 123 123 125 124 123
The table above is management's best estimate and is provided based on the Company's current plans and is subject to change. The numbers include aircraft expected to be in service at the end of each period and exclude both aircraft that we expect to take delivery of but not to be placed in service until a subsequent period as well as aircraft in temporary storage.
Allegiant Travel Company will host a conference call with analysts at 4:30 p.m. ET Wednesday, February 4, 2026 to discuss its fourth quarter and full-year 2025 financial results. A live broadcast of the conference call will be available via the Company's Investor Relations website homepage at http://ir.allegiantair.com. The webcast will also be archived in the "Events & Presentations" section of the website.
Allegiant Travel Company
Las Vegas-based Allegiant (NASDAQ: ALGT) is an integrated travel company with an airline at its heart, focused on connecting customers with the people, places and experiences that matter most. Since 1999, Allegiant Air has linked travelers in underserved cities to world-class vacation destinations with all-nonstop flights and industry-low average fares. Today, Allegiant serves communities across the nation, with base airfares less than half the cost of the average domestic round trip ticket. For more information, visit us at Allegiant.com. Media information, including photos, is available at http://gofly.us/iiFa303wrtF.
Media Inquiries: mediarelations@allegiantair.com
Investor Inquiries: ir@allegiantair.com
Under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, statements in this press release that are not historical facts are forward-looking statements. These forward-looking statements are only estimates or predictions based on our management's beliefs and assumptions and on information currently available to our management. Forward-looking statements include our statements regarding the announced merger with Sun Country Airlines, future airline operations, revenue, expenses and earnings, available seat mile growth, expected capital expenditures, the cost of fuel, the timing of aircraft acquisitions and retirements, the number of contracted aircraft to be placed in service in the future, our ability to consummate announced aircraft transactions, estimated tax rate, as well as other information concerning future results of operations, business strategies, financing plans, industry environment and potential growth opportunities. Forward-looking statements include all statements that are not historical facts and can be identified by the use of forward-looking terminology such as the words "believe," "expect," "guidance," "anticipate," "intend," "plan," "estimate", "project", "hope" or similar expressions.
Forward-looking statements involve risks, uncertainties and assumptions. Actual results may differ materially from those expressed in the forward-looking statements. Important risk factors that could cause our results to differ materially from those expressed in the forward-looking statements generally may be found in our periodic reports filed with the Securities and Exchange Commission at www.sec.gov. These risk factors include, without limitation, regulatory reviews of, and production limits on, Boeing impacting our aircraft delivery schedule, an accident involving, or problems with, our aircraft, public perception of our safety, our reliance on our automated systems, our reliance on Boeing to deliver aircraft under contract to us on a timely basis, risk of breach of security of personal data, volatility of fuel costs, labor issues and costs, the ability to obtain regulatory approvals as needed in connection with our fleet and network, the effect of economic conditions on leisure travel, debt covenants and balances, the impact of government regulations on the airline industry, the ability to finance aircraft to be acquired, the ability to obtain necessary government approvals to prepare to offer international service, terrorist attacks, risks inherent to airlines, our competitive environment, our reliance on third parties who provide facilities or services to us, the impact of the possible loss of key personnel, economic and other conditions in markets in which we operate, increases in maintenance costs and availability of outside maintenance contractors to perform needed work on our aircraft on a timely basis and at acceptable rates, cyclical and seasonal fluctuations in our operating results, and the perceived acceptability of our environmental, social and governance efforts, the occurrence of any event, change or other circumstance that could give rise to the right of one or both of Allegiant or Sun Country to terminate the definitive merger agreement for the Sun Country acquisition; the risk that potential legal proceedings may be instituted against Allegiant or Sun Country and result in significant costs of defense, indemnification or liability; the possibility that the Sun Country acquisition does not close when expected or at all because required stockholder approvals, required regulatory approvals or other conditions to closing are not received or satisfied on a timely basis or at all (and the risk that such regulatory approvals may result in the imposition of conditions that could adversely affect the combined company or the expected benefits of the proposed transaction); the risk that the combined company will not realize expected benefits, cost savings, accretion, synergies and/or growth from the Sun Country acquisition or that any of the foregoing may take longer to realize or be more costly to achieve than expected; disruption to the parties' businesses as a result of the announcement and pendency of the Sun Country acquisition; the costs associated with the anticipated length of time of the pendency of the Sun Country acquisition, including the restrictions contained in the definitive merger agreement on the ability of each of Sun Country and Allegiant to operate their respective businesses outside the ordinary course consistent with past practice during the pendency of the Sun Country acquisition; the diversion of Allegiant's and Sun Country's respective management teams' attention and time from ongoing business operations and opportunities on acquisition-related matters; the risk that the integration of Sun Country's operations will be materially delayed or will be more costly or difficult than expected or that Allegiant is otherwise unable to successfully integrate Sun Country's businesses into its businesses; the possibility that the Sun Country acquisition may be more expensive to complete than anticipated, including as a result of unexpected factors or events; reputational risk and potential adverse reactions of Allegiant's or Sun Country's customers, suppliers, employees, labor unions or other business partners, including those resulting from the announcement or completion of the Sun Country acquisition; and the dilution caused by Allegiant's issuance of additional shares of its common stock in connection with the consummation of the Sun Country acquisition.
Any forward-looking statements are based on information available to us today and we undertake no obligation to update publicly any forward-looking statements, whether as a result of future events, new information or otherwise.
Detailed financial information follows:
Allegiant Travel Company
Consolidated Statements of Income (Loss)
(in thousands, except per share amounts)
(Unaudited)
Three Months Ended December 31, Percent Change
2025 2024 YoY
OPERATING REVENUES:
Passenger $595,545 $553,636 7.6 %
Third party products 34,939 32,204 8.5
Fixed fee contracts 25,524 23,541 8.4
Resort and other 180 18,324 (99.0)
Total operating revenues 656,188 627,705 4.5
OPERATING EXPENSES:
Salaries and benefits 191,083 201,248 (5.1)
Aircraft fuel 156,391 139,367 12.2
Station operations 77,406 65,946 17.4
Depreciation and amortization 58,403 65,128 (10.3)
Maintenance and repairs 38,797 34,144 13.6
Sales and marketing 24,469 23,074 6.0
Aircraft lease rentals 8,450 5,920 42.7
Other 16,484 28,728 (42.6)
Special charges, net of recoveries 17,862 328,128 (94.6)
Total operating expenses 589,345 891,683 (33.9)
OPERATING INCOME (LOSS) 66,843 (263,978)
NM
OTHER (INCOME) EXPENSES:
Interest income (9,295) (10,571) (12.1)
Interest expense 35,579 37,674 (5.6)
Capitalized interest (3,388) (10,668) (68.2)
Other, net 43 1,282 (96.6)
Total other expenses 22,939 17,717 29.5
INCOME (LOSS) BEFORE INCOME TAXES 43,904 (281,695)
NM
INCOME TAX PROVISION (BENEFIT) 11,963 (65,466)
NM
NET INCOME (LOSS) $31,941 $(216,229)
NM
Earnings (loss) per share to common shareholders:
Basic $1.74 ($12.00)
NM
Diluted $1.73 ($12.00)
NM
Shares used for computation(1):
Basic 18,177 18,014 0.9
Diluted 18,188 18,014 1.0
(1) The Company's unvested restricted stock awards are considered participating securities as they receive non-forfeitable rights to cash dividends
at the same rate as common stock. The basic and diluted earnings per share calculations for the periods presented reflect the two-class method
mandated by ASC Topic 260, "Earnings Per Share." The two-class method adjusts both the net income and the shares used in the calculation.
Application of the two-class method did not have a significant impact on the basic and diluted earnings per share for the periods presented.
NM
Not meaningful
Allegiant Travel Company
Segment Profit or Loss
(in thousands)
(Unaudited)
Three Months Ended December 31, 2025 Three Months Ended December 31, 2024
Airline Sunseeker Consolidated Airline Sunseeker Consolidated
REVENUES FROM EXTERNAL CUSTOMERS $656,188
$ - $656,188 $609,723 $17,982 $627,705
OPERATING EXPENSES:
Salaries and benefits 191,083 191,083 189,892 11,356 201,248
Aircraft fuel 156,391 156,391 139,367 139,367
Station operations 77,406 77,406 65,946 65,946
Depreciation and amortization 58,403 58,403 58,552 6,576 65,128
Maintenance and repairs 38,797 38,797 34,144 34,144
Sales and marketing 24,469 24,469 21,104 1,970 23,074
Aircraft lease rentals 8,450 8,450 5,920 5,920
Other operating expenses 16,484 16,484 14,076 14,652 28,728
Special charges, net of recoveries 24,644 (6,782) 17,862 2,668 325,460 328,128
Total operating expenses 596,127 (6,782) 589,345 531,669 360,014 891,683
OPERATING INCOME (LOSS) 60,061 6,782 66,843 78,054 (342,032) (263,978)
OTHER (INCOME) EXPENSES:
Interest income (9,295) (9,295) (10,571) (10,571)
Interest expense 35,579 35,579 33,144 4,530 37,674
Capitalized interest (3,388) (3,388) (10,668) (10,668)
Other non-operating expenses 43 43 1,282 1,282
Total other expenses 22,939 22,939 13,187 4,530 17,717
INCOME (LOSS) BEFORE INCOME TAXES $37,122 $6,782 $43,904 $64,867 $(346,562) $(281,695)
Allegiant Travel Company
Airline Operating Statistics
(Unaudited)
Three Months Ended December 31, Percent
Change(1)
2025 2024 YoY
AIRLINE OPERATING STATISTICS
Total system statistics:
Passengers 4,528,986 3,999,879 13.2 %
Available seat miles (ASMs) (thousands) 5,179,098 4,697,999 10.2
Airline operating expense per ASM (CASM) (cents) 11.51 ¢ 11.32 ¢ 1.7
Fuel expense per ASM (cents) 3.02 ¢ 2.97 ¢ 1.7
Airline special charges per ASM (cents) 0.48 ¢ 0.06 ¢ NM
Airline operating CASM, excluding fuel and special charges (cents) 8.01 ¢ 8.29 ¢ (3.4)
Departures 33,499 30,219 10.9
Block hours 79,354 71,563 10.9
Average stage length (miles) 875 889 (1.6)
Average number of operating aircraft during period 123.9 123.5 0.3
Average block hours per aircraft per day 7.0 6.3 11.1
Full-time equivalent employees at end of period 5,616 5,991 (6.3)
Fuel gallons consumed (thousands) 59,945 55,789 7.4
ASMs per gallon of fuel 86.4 84.2 2.6
Average fuel cost per gallon $2.61 $2.50 4.4
Scheduled service statistics:
Passengers 4,447,973 3,927,423 13.3
Revenue passenger miles (RPMs) (thousands) 4,043,244 3,609,892 12.0
Available seat miles (ASMs) (thousands) 4,976,428 4,503,059 10.5
Load factor 81.2 % 80.2 % 1.0
Departures 31,823 28,617 11.2
Block hours 76,017 68,407 11.1
Average seats per departure 176.1 174.6 0.9
Yield (cents)(2) 7.13 ¢ 7.70 ¢ (7.4)
Total passenger revenue per ASM (TRASM) (cents)(3) 12.67 ¢ 13.01 ¢ (2.6)
Average fare - scheduled service(4) $64.85 $70.74 (8.3)
Average fare - air-related charges(4) $69.04 $70.23 (1.7)
Average fare - third party products $7.85 $8.20 (4.3)
Average fare - total $141.75 $149.17 (5.0)
Average stage length (miles) 885 900 (1.7)
Fuel gallons consumed (thousands) 57,476 53,333 7.8
Average fuel cost per gallon $2.58 $2.49 3.6
Percent of sales via website and mobile app during period 92.0 % 92.4 % (0.4)
Other data:
Rental car days sold 288,231 255,350 12.9
Hotel room nights sold 19,506 27,854 (30.0)
(1)
Except load factor and percent of sales through website, which is percentage point change.
(2)
Defined as scheduled service revenue divided by revenue passenger miles.
(3) Various components of this measurement do not have a direct correlation to ASMs. These figures are provided on a per ASM basis to facilitate
comparison with airlines reporting revenues on a per ASM basis.
(4)
Reflects division of passenger revenue between scheduled service and air-related charges in Company's booking path.
Allegiant Travel Company
Consolidated Statements of Income (Loss)
(in thousands, except per share amounts)
(Unaudited)
Twelve Months Ended December 31, Percent Change
2025 2024 YoY
OPERATING REVENUES:
Passenger $2,324,348 $2,217,059 4.8 %
Third party products 143,188 142,128 0.7
Fixed fee contracts 77,647 80,660 (3.7)
Resort and other 61,396 72,742 (15.6)
Total operating revenues 2,606,579 2,512,589 3.7
OPERATING EXPENSES:
Salaries and benefits 833,017 819,843 1.6
Aircraft fuel 639,731 627,755 1.9
Station operations 297,549 272,843 9.1
Depreciation and amortization 249,185 258,251 (3.5)
Maintenance and repairs 149,938 125,430 19.5
Sales and marketing 99,443 106,340 (6.5)
Aircraft lease rentals 36,488 23,573 54.8
Other 126,356 150,399 (16.0)
Special charges, net of recoveries 137,705 368,131 (62.6)
Total operating expenses 2,569,412 2,752,565 (6.7)
OPERATING INCOME (LOSS) 37,167 (239,976)
NM
OTHER (INCOME) EXPENSES:
Interest income (41,697) (44,012) (5.3)
Interest expense 150,235 156,443 (4.0)
Capitalized interest (17,604) (45,385) (61.2)
Other, net 1,107 1,428 (22.5)
Total other expenses 92,041 68,474 34.4
LOSS BEFORE INCOME TAXES (54,874) (308,450) 82.2
INCOME TAX BENEFIT (10,177) (68,212) 85.1
NET LOSS $(44,697) $(240,238) 81.4
Loss per share to common shareholders:
Basic ($2.48) ($13.49) 81.6
Diluted ($2.48) ($13.49) 81.6
Shares used for computation(1):
Basic 18,050 17,852 1.1
Diluted 18,050 17,852 1.1
(1) The Company's unvested restricted stock awards are considered participating securities as they receive non-forfeitable rights to cash dividends
at the same rate as common stock. The basic and diluted earnings per share calculations for the periods presented reflect the two-class method
mandated by ASC Topic 260, "Earnings Per Share." The two-class method adjusts both the net income and the shares used in the calculation.
Application of the two-class method did not have a significant impact on the basic and diluted earnings per share for the periods presented.
NM
Not meaningful
Allegiant Travel Company
Segment Profit or Loss
(in thousands)
(Unaudited)
Twelve Months Ended December 31, 2025 Twelve Months Ended December 31, 2024
Airline Sunseeker Consolidated Airline Sunseeker Consolidated
REVENUE FROM EXTERNAL CUSTOMERS $2,545,899 $60,680 $2,606,579 $2,440,839 $71,750 $2,512,589
OPERATING EXPENSES:
Salaries and benefits 805,432 27,585 833,017 770,667 49,176 819,843
Aircraft fuel 639,731 639,731 627,755 627,755
Station operations 297,549 297,549 272,843 272,843
Depreciation and amortization 242,026 7,159 249,185 231,789 26,462 258,251
Maintenance and repairs 149,938 149,938 125,430 125,430
Sales and marketing 95,053 4,390 99,443 99,269 7,071 106,340
Aircraft lease rentals 36,488 36,488 23,573 23,573
Other operating expenses 92,273 34,083 126,356 102,007 48,392 150,399
Special charges, net of recoveries 43,539 94,166 137,705 45,307 322,824 368,131
Total operating expenses 2,402,029 167,383 2,569,412 2,298,640 453,925 2,752,565
OPERATING INCOME (LOSS) 143,870 (106,703) 37,167 142,199 (382,175) (239,976)
OTHER (INCOME) EXPENSES:
Interest income (41,697) (41,697) (44,012) (44,012)
Interest expense 126,769 23,466 150,235 135,584 20,859 156,443
Capitalized interest (17,604) (17,604) (45,059) (326) (45,385)
Other non-operating expenses 1,107 1,107 1,428 1,428
Total other expenses 68,575 23,466 92,041 47,941 20,533 68,474
INCOME (LOSS) BEFORE INCOME TAXES $75,295 $(130,169) $(54,874) $94,258 $(402,708) $(308,450)
Allegiant Travel Company
Airline Operating Statistics
(Unaudited)
Twelve Months Ended December 31, Percent
Change(1)
2025 2024 YoY
AIRLINE OPERATING STATISTICS
Total system statistics:
Passengers 18,737,151 16,982,836 10.3 %
Available seat miles (ASMs) (thousands) 21,369,532 18,984,711 12.6
Airline operating expense per ASM (CASM) (cents) 11.24 ¢ 12.11 ¢ (7.2)
Fuel expense per ASM (cents) 2.99 ¢ 3.31 ¢ (9.7)
Airline special charges per ASM (cents) 0.21 ¢ 0.24 ¢ (12.5)
Airline operating CASM, excluding fuel and special charges (cents) 8.04 ¢ 8.56 ¢ (6.1)
Departures 137,039 121,580 12.7
Block hours 327,440 288,407 13.5
Average stage length (miles) 887 887
Average number of operating aircraft during period 124.8 124.7 0.1
Average block hours per aircraft per day 7.2 6.3 14.3
Full-time equivalent employees at end of period 5,616 5,991 (6.3)
Fuel gallons consumed (thousands) 251,049 227,345 10.4
ASMs per gallon of fuel 85.1 83.5 1.9
Average fuel cost per gallon $2.55 $2.76 (7.6)
Scheduled service statistics:
Passengers 18,518,653 16,765,283 10.5
Revenue passenger miles (RPMs) (thousands) 16,947,654 15,303,737 10.7
Available seat miles (ASMs) (thousands) 20,679,905 18,314,867 12.9
Load factor 82.0 % 83.6 % (1.6)
Departures 131,668 116,441 13.1
Block hours 316,137 277,626 13.9
Average seats per departure 175.4 176.0 (0.3)
Yield (cents)(2) 6.22 ¢ 7.11 ¢ (12.5)
Total passenger revenue per ASM (TRASM) (cents)(3) 11.93 ¢ 12.88 ¢ (7.4)
Average fare - scheduled service(4) $56.89 $64.89 (12.3)
Average fare - air-related charges(4) $68.62 $67.35 1.9
Average fare - third party products $7.73 $8.48 (8.8)
Average fare - total $133.25 $140.72 (5.3)
Average stage length (miles) 893 893
Fuel gallons consumed (thousands) 242,673 219,061 10.8
Average fuel cost per gallon $2.54 $2.76 (8.0)
Percent of sales via website and mobile app during period 92.3 % 93.6 % (1.3)
Other data:
Rental car days sold 1,347,975 1,306,775 3.2
Hotel room nights sold 122,780 196,605 (37.5)
(1)
Except load factor and percent of sales through website, which is percentage point change.
(2)
Defined as scheduled service revenue divided by revenue passenger miles.
(3) Various components of this measurement do not have a direct correlation to ASMs. These figures are provided on a per ASM basis to facilitate
comparison with airlines reporting revenues on a per ASM basis.
(4)
Reflects division of passenger revenue between scheduled service and air-related charges in Company's booking path.
Summary Balance Sheet
(in millions) December 31, 2025 December 31, 2024 Percent Change
(unaudited)
Unrestricted cash and investments
Cash and cash equivalents $172.7 $285.9 (39.6) %
Short-term investments 633.0 495.2 27.8
Long-term investments 32.8 51.7 (36.6)
Total unrestricted cash and investments 838.5 832.8 0.7
Debt
Current maturities of long-term debt and finance lease obligations, net of related costs 118.1 454.8 (74.0)
Long-term debt and finance lease obligations, net of current maturities and related costs 1,681.5 1,611.7 4.3
Total debt 1,799.6 2,066.5 (12.9)
Debt, net of unrestricted cash and investments 961.1 1,233.7 (22.1)
Total Allegiant Travel Company shareholders' equity 1,052.7 1,089.4 (3.4)
EPS Calculation
The following table sets forth the computation of net income per share, on a basic and diluted basis, for the periods indicated (share count and dollar amounts other than per-share amounts in table are in thousands):
Three Months Ended Twelve Months Ended
December 31, December 31,
2025 2024 2025 2024
Basic:
Net income (loss) $31,941 $(216,229) $(44,697) $(240,238)
Less income allocated to participating securities (401) (618)
Net income (loss) attributable to common stock $31,540 $(216,229) $(44,697) $(240,856)
Earnings (loss) per share, basic $1.74 $(12.00) $(2.48) $(13.49)
Weighted-average shares outstanding 18,177 18,014 18,050 17,852
Diluted:
Net income (loss) $31,941 $(216,229) $(44,697) $(240,238)
Less income allocated to participating securities (401) (618)
Net income (loss) attributable to common stock $31,540 $(216,229) $(44,697) $(240,856)
Earnings (loss) per share, diluted $1.73 $(12.00) $(2.48) $(13.49)
Weighted-average shares outstanding(1) 18,177 18,014 18,050 17,852
Dilutive effect of restricted stock 63
Adjusted weighted-average shares outstanding under treasury stock method 18,240 18,014 18,050 17,852
Participating securities excluded under two-class method (52)
Adjusted weighted-average shares outstanding under two-class method 18,188 18,014 18,050 17,852
(1) Dilutive effect of common stock equivalents excluded from the diluted per share
calculation is not material.
Appendix A
Non-GAAP Presentation
Three and Twelve Months Ended December 31, 2025 and 2024
(Unaudited)
We present adjusted consolidated operating expense and adjusted consolidated operating income (loss), which exclude special charges related to (i) the impact of losses and insurance recoveries incurred primarily as the result of hurricanes and other insured events at Sunseeker Resort, (ii) a writedown loss and other charges related to the sale of Sunseeker, and (iii) the airline special charges listed in the table below. We also present adjusted consolidated interest expense, adjusted consolidated income (loss) before income taxes, adjusted consolidated net income (loss), and adjusted consolidated diluted earnings (loss) per share, which exclude the special charges described above and losses on extinguishment of debt.
We present adjusted airline-only operating expense, adjusted airline-only operating income (loss), adjusted airline-only income (loss) before income taxes, adjusted airline-only net income (loss), and adjusted airline-only diluted earnings (loss) per share which exclude special charges and other costs related to (i) aircraft accelerated depreciation on early retirement of certain airframes, (ii) corporate restructuring costs (iii) the flight attendant ratification bonus, and (iv) accelerated amortization and disposal of software identified to be redeveloped, (v) costs related to the Sun Country acquisition, and (vi) losses on extinguishment of debt.
All of the measures described above are non-GAAP financial measures. We believe the presentation of these measures is relevant and useful for investors because it allows them to better gauge the performance of the airline and to compare our results to other airlines. Management believes the exclusion of these items enhances comparability of financial information between periods.
We also present adjusted airline-only CASM, which excludes aircraft fuel expense and special charges. Fuel price volatility impacts the comparability of year over year financial performance as do the airline special charges. We believe the adjustments for fuel expense and airline special charges allow investors to better understand our non-fuel costs and related performance.
Consolidated and airline-only earnings (loss) before interest, taxes, depreciation, and amortization ("Consolidated EBITDA" and "Airline EBITDA"), adjusted Consolidated EBITDA, adjusted Airline EBITDA, estimated adjusted earnings per share, as presented in this press release, are supplemental measures of our performance that are not required by, or presented in accordance with, accounting principles generally accepted in the United States ("GAAP"). These are not measurements of our financial performance under GAAP and should not be considered in isolation or as an alternative to net income or any other performance measures derived in accordance with GAAP or as an alternative to cash flows from operating activities as a measure of our liquidity.
We define "EBITDA" as earnings before interest, taxes, depreciation and amortization. The adjusted EBITDA measures also exclude special charges and losses on the extinguishment of debt. We caution investors that amounts presented in accordance with this definition may not be comparable to similar measures disclosed by other issuers, because not all issuers and analysts calculate EBITDA in the same manner.
We use EBITDA and adjusted EBITDA to evaluate our operating performance and liquidity, and these are among the primary measures used by management for planning and forecasting of future periods. We believe these presentations of EBITDA are relevant and useful for investors because they allow investors to view results in a manner similar to the method used by management and make it easier to compare our results with other companies that have different financing and capital structures. EBITDA has important limitations as an analytical tool. These limitations include the following:
- EBITDA does not reflect our capital expenditures, future requirements for capital expenditures or contractual commitments to purchase capital equipment;
- EBITDA does not reflect interest expense or the cash requirements necessary to service principal or interest payments on our debt;
- although depreciation and amortization are non-cash charges, the assets that we currently depreciate and amortize will likely have to be replaced in the future, and EBITDA does not reflect the cash required to fund such replacements; and
- other companies in our industry may calculate EBITDA differently than we do, limiting its usefulness as a comparative measure.
Presented below is a quantitative reconciliation of these adjusted numbers (other than the estimated earnings per share figures) to the most directly comparable GAAP financial performance measure.
The SEC has adopted rules (Regulation G) regulating the use of non-GAAP financial measures. Because of our use of non-GAAP financial measures in this press release to supplement our consolidated financial statements presented on a GAAP basis, Regulation G requires us to include in this press release a presentation of the most directly comparable GAAP measures, which are operating expenses, operating income (loss), interest expense, income (loss) before income taxes, net income (loss), and earnings (loss) per share, and a reconciliation of the non-GAAP measures to the most comparable GAAP measure. Our utilization of non-GAAP measurements is not meant to be considered in isolation or as a substitute for operating expenses, operating income (loss), interest expense, income (loss) before income taxes, net income (loss), earnings (loss) per share, or other measures of financial performance prepared in accordance with GAAP. Our use of these non-GAAP measures may not be comparable to similarly titled measures employed by other companies in the airline and travel industry. The reconciliation of each of these measures to the most comparable GAAP measure for the periods is indicated below.
Reconciliation of Non-GAAP Financial Measures
Three Months Ended Twelve Months Ended
December 31, December 31,
2025 2024 2025 2024
Special Charges (millions)
Accelerated depreciation on airframes identified for early retirement $1.2 $2.7 $8.0 $31.1
Organizational restructuring 12.1 3.4
Accelerated amortization and disposal of software identified for redevelopment 19.3 19.3
Costs related to Sun Country acquisition 4.1 4.1
Flight attendant ratification bonus 10.8
Airline special charges(2) 24.6 2.7 43.5 45.3
Sunseeker special charges, net of recoveries(2) (6.8) 325.4 94.2 322.8
Consolidated special charges, net of recoveries(2) $17.9 $328.1 $137.7 $368.1
Three Months Ended December 31, 2025
Consolidated
Airline
Sunseeker
Reconciliation of adjusted operating
expenses, adjusted operating income,
adjusted operating margin, adjusted
interest expense, and adjusted income
before income taxes (millions) GAAP Adjustments(2)(3) Adjusted GAAP Adjustments(2)(3) Adjusted GAAP Adjustments(2) Adjusted
(Non-GAAP)(1) (Non-GAAP)(1) (Non-GAAP)(1)
Total operating revenues $656.2
$ - $656.2 $656.2
$ - $656.2
$ -
$ -
$ -
Total operating expenses 589.3 (17.9) 571.5 596.1 (24.6) 571.5 (6.8) 6.8
Operating income $66.8 $17.9 $84.7 $60.1 $24.6 $84.7 $6.8 $(6.8)
$ -
Operating margin (percent) 10.2 12.9 9.2 12.9 NM
NM
Interest expense $35.6 $(3.4) $32.2 $35.6 $(3.4) $32.2
$ -
$ -
$ -
INCOME BEFORE INCOME TAXES $43.9 $21.2 $65.1 $37.1 $28.0 $65.1 $6.8 $(6.8)
$ -
Three Months Ended December 31, 2024
Consolidated
Airline
Sunseeker
Reconciliation of adjusted operating
expenses, adjusted operating income
(loss), adjusted operating GAAP Adjustments(2)(4) Adjusted GAAP Adjustments(2)(4) Adjusted GAAP Adjustments(2) Adjusted
margin, adjusted other non-operating expenses,
and adjusted income (loss) before income taxes
(millions) (Non-GAAP)(1) (Non-GAAP)(1) (Non-GAAP)(1)
Total operating revenues $627.7
$ - $627.7 $609.7
$ - $609.7 $18.0
$ - $18.0
Total operating expenses 891.7 (328.1) 563.6 531.7 (2.7) 529.0 360.0 (325.5) 34.6
Operating income (loss) $(264.0) $328.1 $64.2 $78.1 $2.7 $80.7 $(342.0) $325.5 $(16.6)
Operating margin (percent) (42.1) 10.2 12.8 13.2 NM
NM
Interest expense $37.7
$ - $37.7 $33.1
$ - $33.1 $4.5
$ - $4.5
Other non-operating expenses $1.3 $(1.2) $0.1 $1.3 $(1.2) $0.1
$ -
$ -
$ -
INCOME (LOSS) BEFORE INCOME TAXES $(281.7) $329.3 $47.6 $64.9 $3.9 $68.7 $(346.6) $325.5 $(21.1)
Twelve Months Ended December 31, 2025
Consolidated
Airline
Sunseeker
Reconciliation of adjusted operating
expenses, adjusted operating income
(loss), adjusted operating margin,
adjusted interest expense, and
adjusted income (loss) before income
taxes (millions) GAAP Adjustments(2)(3) Adjusted GAAP Adjustments(2)(3) Adjusted GAAP Adjustments(2)(3) Adjusted
(Non-GAAP)(1) (Non-GAAP)(1) (Non-GAAP)(1)
Total operating revenues $2,606.6
$ - $2,606.6 $2,545.9
$ - $2,545.9 $60.7
$ - $60.7
Total operating expenses 2,569.4 (137.7) 2,431.7 2,402.0 (43.5) 2,358.5 167.4 (94.2) 73.2
Operating income (loss) $37.2 $137.7 $174.9 $143.9 $43.5 $187.4 $(106.7) $94.2 $(12.5)
Operating margin (percent) 1.4 6.7 5.7 7.4 NM (20.7)
Interest expense $150.2 $(7.9) $142.3 $126.8 $(4.5) $122.3 $23.5 $(3.4) $20.1
INCOME (LOSS) BEFORE INCOME TAXES $(54.9) $145.6 $90.7 $75.3 $48.0 $123.3 $(130.2) $97.6 $(32.6)
Twelve Months Ended December 31, 2024
Consolidated
Airline
Sunseeker
Reconciliation of adjusted operating
expenses, adjusted operating income
(loss), adjusted operating margin,
adjusted interest expense, adjusted
other non-operating expenses, and
adjusted income (loss) before income
taxes (millions) GAAP Adjustments(2)(4) Adjusted GAAP Adjustments(2)(4) Adjusted GAAP Adjustments(2) Adjusted
(Non-GAAP)(1) (Non-GAAP)(1) (Non-GAAP)(1)
Total operating revenues $2,512.6
$ - $2,512.6 $2,440.8
$ - $2,440.8 $71.8
$ - $71.8
Total operating expenses 2,752.6 (368.1) 2,384.4 2,298.6 (45.3) 2,253.3 453.9 (322.8) 131.1
Operating income (loss) $(240.0) $368.1 $128.2 $142.2 $45.3 $187.5 $(382.2) $322.8 $(59.4)
Operating margin (percent) (9.6) 5.1 5.8 7.7 NM (82.7)
Interest expense $156.4
$ - $156.4 $135.6
$ - $135.6 $20.9
$ - $20.9
Other non-operating expenses $1.4 $(1.2) $0.2 $1.4 $(1.2) $0.2
$ -
$ -
$ -
INCOME (LOSS) BEFORE $(308.5) $369.3 $60.9 $94.3 $46.5 $140.8 $(402.7) $322.8 $(79.9)
INCOME TAXES
Three Months Ended Twelve Months Ended
December 31, December 31,
2025 2024 2025 2024
Consolidated EBITDA and adjusted consolidated EBITDA (millions)
Net income (loss) as reported (GAAP) $31.9 $(216.2) $(44.7) $(240.2)
Interest expense, net 22.9 16.4 90.9 67.0
Income tax expense (benefit) 12.0 (65.5) (10.2) (68.2)
Depreciation and amortization 58.4 65.1 249.2 258.3
Consolidated EBITDA(1) $125.2 $(200.1) $285.2 $16.8
Special charges(2) 17.9 328.1 137.7 368.1
Loss on disposition of investment(4)
$ - $1.2
$ - $1.2
Adjusted consolidated EBITDA(1)(2) $143.1 $129.2 $423.0 $386.2
Adjusted airline-only EBITDA (millions)
Airline income before income taxes as reported (GAAP) $37.1 $64.9 $75.3 $94.3
Airline special charges(2) 24.6 2.7 43.5 45.3
Loss on disposition of investment(4) 1.2 1.2
Airline interest expense, net 22.9 11.9 67.5 46.5
Airline depreciation and amortization 58.4 58.6 242.0 231.8
Adjusted airline-only EBITDA(1)(2) $143.1 $139.2 $428.3 $419.1
Three Months Ended Three Months Ended
December 31, 2025 December 31, 2024
Airline-only Amount Per Share Amount Per Share
Reconciliation of adjusted airline-only earnings (loss) per share and adjusted airline-only net income (loss) (millions except share and per share amounts)
Net income (loss) as reported (GAAP) $31.9 $(216.2)
Less: Net income allocated to participating securities (0.4)
Net income (loss) attributable to common stock (GAAP) $31.5 $1.73 $(216.2) $(12.00)
Plus: Net income allocated to participating securities 0.4 0.02
Plus: Loss on extinguishment of debt(3) 3.4 0.19
Plus: Sunseeker loss (income) before income taxes (6.8) (0.37) 346.6 19.24
Plus: Special charges, net of recoveries(2) 24.6 1.35 2.7 0.15
Plus: Loss on disposition of investment(4) 1.2 0.07
Minus: Income tax effect of adjustments above (3.1) (0.17) (78.6) (4.36)
Adjusted airline-only net income(1) $50.1 $55.6
Less: Adjusted airline-only net income allocated to participating securities (0.6) (0.03) (1.5) (0.08)
Effect of dilutive securities
Adjusted airline-only net income attributable to common stock(1) $49.5 $2.72 $54.1 $3.00
Shares used for diluted computation (GAAP) (thousands) 18,188 18,014
Shares used for diluted computation (adjusted) (thousands) 18,188 18,021
Twelve Months Ended Twelve Months Ended
December 31, 2025 December 31, 2024
Consolidated Amount Per Share Amount Per Share
Reconciliation of adjusted consolidated earnings (loss) per share and adjusted consolidated net income (loss) (millions except share and per share amounts)
Net loss as reported (GAAP) $(44.7) $(240.2)
Less: Net income allocated to participating securities (0.6)
Net loss attributable to common stock (GAAP) $(44.7) $(2.48) $(240.9) $(13.49)
Plus: Net income allocated to participating securities 0.6 0.03
Plus: Loss on extinguishment of debt(3) 7.9 0.44
Plus: Special charges, net of recoveries(2) 137.7 7.63 368.1 20.62
Plus: Loss on disposition of investment(4) 1.2 0.07
Minus: Income tax effect of adjustments above (30.6) (1.69) (83.4) (4.67)
Adjusted net income(1) $70.3 $45.7
Less: Adjusted consolidated net income allocated to participating securities (1.4) (0.08) (1.2) (0.07)
Effect of dilutive securities (0.02) 0.01
Adjusted net income attributable to common stock(1) $68.9 $3.80 $44.4 $2.48
Shares used for diluted computation (GAAP) (thousands) 18,050 17,852
Shares used for diluted computation (adjusted) (thousands) 18,127 17,913
Twelve Months Ended Twelve Months Ended
December 31, 2025 December 31, 2024
Airline-only Amount Per Share Amount Per Share
Reconciliation of adjusted airline-only earnings (loss) per share and adjusted airline-only net income (loss) (millions except share and per share amounts)
Net loss as reported (GAAP) $(44.7) $(240.2)
Less: Net income allocated to participating securities (0.6)
Net loss attributable to common stock (GAAP) $(44.7) $(2.48) $(240.9) $(13.49)
Plus: Net income allocated to participating securities 0.6 0.03
Plus: Loss on extinguishment of debt(3) 4.5 0.25
Plus: Sunseeker loss before income taxes 130.2 7.21 402.7 22.56
Plus: Special charges, net of recoveries(2) 43.5 2.41 45.3 2.54
Plus: Loss on disposition of investment(4) 1.2 0.07
Minus: Income tax effect of adjustments above (39.7) (2.20) (101.4) (5.68)
Adjusted airline-only net income(1) $93.8 $107.5
Less: Adjusted airline-only net income allocated to participating securities (1.9) (0.11) (2.9) (0.16)
Effect of dilutive securities (0.02) (0.02)
Adjusted airline-only net income attributable to common stock(1) $91.9 $5.07 $104.6 $5.84
Shares used for diluted computation (GAAP) (thousands) 18,050 17,852
Shares used for diluted computation (adjusted) (thousands) 18,127 17,913
Three Months Ended Twelve Months Ended
December 31, December 31,
2025 2024 2025 2024
Reconciliation of adjusted airline-only operating CASM excluding fuel and special charges (millions)
Consolidated operating expenses (GAAP) $589.3 $891.7 $2,569.4 $2,752.6
Minus: Sunseeker operating expenses (6.8) 360.0 167.4 453.9
Airline-only operating expenses 596.1 531.8 2,402.0 2,298.7
Minus: airline special charges(2) 24.6 2.7 43.5 45.3
Minus: fuel expenses 156.4 139.4 639.7 627.8
Adjusted airline-only operating expenses, excluding fuel and special charges(1) $415.1 $389.6 $1,718.8 $1,625.6
System available seat miles (millions) 5,179.1 4,698.0 21,369.5 18,984.7
Airline-only cost per available seat mile (cents) 11.51 11.32 11.24 12.11
Adjusted airline-only cost per available seat mile excluding fuel and special charges (cents) 8.01 8.29 8.04 8.56
(1)
Denotes non-GAAP figure.
(2) In 2025 and 2024, we recognized certain expenses as special charges related to Airline activities (including accelerated depreciation on airframes
identified for early retirement, accelerated amortization and disposal of software identified for redevelopment, CBA ratification bonuses,
corporate restructuring costs, and costs related to the Sun Country Airlines acquisition), the sale of Sunseeker Resort and Aileron Golf Course,
and weather-related damages at Sunseeker Resort (net of recoveries). The adjusted numbers in this earnings release exclude the effect of these
special charges.
(3) In 2025, the Company incurred losses on debt extinguishment related to prepayment of debt facilities. These are added back in the adjusted results
where applicable.
(4) In fourth quarter 2024, the Company incurred a $1.2M non-operating loss on the sale of an investment which is being added back for comparison
purposes in our adjusted results figures.
*
Note that amounts may not recalculate due to rounding
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SOURCE Allegiant Travel Company
