Allegiant Travel Company (ALGT) Q3 2025 earnings summary

Executive summary

• Achieved industry-leading completion factor in July and Q3, with record customer numbers and high net promoter scores; loyalty and credit card programs recognized with awards and on track for $135 million in remuneration for 2025.

• Completed the sale of Sunseeker Resort for $200 million, shifting strategic focus to core airline operations and improving the balance sheet.

• Integrated 16 MAX aircraft by year-end, with MAX fleet to comprise over 20% of ASMs in 2026, driving operational and financial improvements.

• Network expanded with 12 new nonstop routes and three new cities announced; 51 new summer routes in 2025, with 85% contributing positively to earnings.

• Retired 15 aging Airbus airframes, with further retirements planned as new 737 MAX aircraft are delivered.

Financial highlights

• Q3 2025 net loss was $43.6 million ($(2.41) per share), with airline segment net loss of $29.5 million ($(1.64) per share); consolidated operating revenue was $561.9 million, flat year-over-year.

• Airline EBITDA was $41.5 million (7.5% margin); adjusted consolidated EBITDA was $35.1 million (6.2% margin).

• Non-fuel unit costs down 4.7% year-over-year; airline-only CASM ex-fuel was 8.47¢ in Q3 2025.

• Liquidity at quarter-end was $1.2 billion, with $991.2 million in cash/investments and $175 million in undrawn credit.

• Net debt reduced by $168.5 million since December 31, 2024; $180 million in voluntary debt prepayments during the quarter.

Outlook and guidance

• Q4 2025 adjusted operating margin expected at 10–12%, with consolidated earnings of ~$2 per share.

• Full-year 2025 adjusted airline-only EPS guidance raised to over $4.35; adjusted consolidated EPS over $3.00.

• 2026 capacity expected to be flat year-over-year, with focus on peak day flying and margin expansion; 34 aircraft on order for delivery between 2026 and 2028.

• CapEx for 2025 expected at $260–$435 million; 2026 CapEx to be higher but not expected to pressure net leverage.

• Quarterly cash dividend suspended to prioritize capital for fleet investments.