ALLEGIANT TRAVEL COMPANY SECOND QUARTER 2025 FINANCIAL RESULTS

Rhea-AI Summary

Allegiant Travel Company (NASDAQ: ALGT) reported mixed second quarter 2025 results, with a GAAP diluted loss of $(3.62) per share but adjusted airline-only earnings of $1.86 per share. The company achieved record operational performance with 37,000 flights and a 99.9% controllable completion factor.

Key financial metrics include total operating revenue of $689.4M (up 3.5% YoY), adjusted airline-only operating margin of 8.6%, and capacity growth of 15.7%. The company recorded significant special charges of $103.3M related to the pending $200M sale of Sunseeker Resort.

Looking ahead, Allegiant expects ~9% ASM growth in Q3 2025 but projects negative operating margins of -3% to -6%. The company maintains a strong liquidity position of $1.1B and plans to keep its fleet count steady at 122 aircraft by year-end 2025.

Positive

• Record operational performance with 37,000 flights and 99.9% controllable completion factor
• Revenue increased 3.5% year-over-year to $689.4M
• Aircraft utilization improved by 17% year-over-year
• Unit costs excluding fuel decreased by 8% year-over-year
• Strong liquidity position of $1.1B including $852.7M in cash
• Pending sale of Sunseeker Resort for $200M to improve focus on core airline business

Negative

• GAAP net loss of $65.2M in Q2 2025 compared to $13.7M profit in Q2 2024
• Operating margin declined with adjusted airline-only margin falling to 8.6% from 10.3%
• Special charges of $103.3M related to Sunseeker Resort sale
• Negative Q3 2025 guidance with operating margins projected at -3% to -6%
• Total debt remains high at $2.0B with net debt of $1.1B

Insights

Airline Industry Financial Analyst

Allegiant posted adjusted airline-only EPS of $1.86 despite operational challenges, with improved cost controls offsetting revenue headwinds.

Allegiant delivered mixed financial results in Q2 2025, reporting an adjusted airline-only EPS of $1.86 while posting a GAAP loss of $3.62 per share. The significant difference stems from $103.3 million in special charges related to the pending $200 million sale of Sunseeker Resort, which required a substantial write-down to fair value.

On the operational front, the airline achieved a 99.9% controllable completion factor while operating 37,000 flights—their highest quarterly total ever. This operational excellence earned them a second consecutive SkyTrax Award for best North American low-cost carrier.

The company reported an adjusted airline-only operating margin of 8.6%, down from 10.3% in Q2 2024 but above initial projections. Despite revenue headwinds, Allegiant demonstrated remarkable cost discipline, reducing unit costs excluding fuel by nearly 8% year-over-year—an industry-leading reduction.

Capacity increased significantly by 15.7% year-over-year, outpacing revenue growth of 3.5%, indicating yield pressure. However, aircraft utilization improved by nearly 17%, showing more efficient use of existing assets.

The airline's commercial initiatives are gaining traction after resolving Navitaire implementation issues. Ancillary revenue improved by $3 per passenger during the first half of 2025, driven by new pricing tools, product evolutions, and Allegiant Extra expansion.

Looking ahead, management expressed cautious optimism about strengthening domestic demand in the second half of 2025 but noted that Q3 remains their seasonally weakest quarter. For 2026, Allegiant forecasts flat capacity year-over-year, with MAX deliveries serving as replacement aircraft rather than growth.

The balance sheet shows $1.1 billion in total liquidity, including $852.7 million in cash and investments. The company reduced debt through $152 million in principal payments during the quarter, including $59.1 million in voluntary prepayments.

For Q3 2025, Allegiant projects a negative adjusted airline-only operating margin of -3% to -6%, reflecting seasonal challenges. However, full-year 2025 guidance remains positive with adjusted airline-only EPS expected to exceed $3.25.

Second quarter 2025 GAAP diluted loss per share of $(3.62)

Second quarter 2025 adjusted airline-only diluted earnings per share of $1.86⁽¹⁾⁽²⁾

Second quarter 2025 adjusted diluted earnings per share of $1.23⁽¹⁾⁽²⁾

LAS VEGAS, Aug. 4, 2025 /PRNewswire/ -- Allegiant Travel Company (NASDAQ: ALGT) today reported the below financial results for second quarter 2025, as well as comparisons to the prior year.

"During the quarter, we operated 37,000 flights — the highest quarterly total in company history," stated Gregory Anderson, chief executive officer of Allegiant Travel Company. "Equally important, we achieved a remarkable 99.9% controllable completion factor, which we believe is among the top in the industry. I'm incredibly proud of Team Allegiant for delivering such strong operational results. Due to their efforts, our airline has earned a second consecutive SkyTrax Award for best low-cost carrier in North America.

"One of the hallmarks for Allegiant is our ability to deliver great service at an affordable price. We achieved an adjusted airline-only operating margin of 8.6% in the second quarter, surpassing our initial projections. Despite a challenging demand environment, our first-half operating margin improved over 2024. This improved performance is the result of higher productivity of our existing assets with aircraft utilization up nearly 17 percent year over year combined with strong cost controls. Impressively, we drove an industry leading reduction in unit costs, excluding fuel and special charges, of nearly eight percent year over year. 

"Our commercial initiatives are gaining traction and yielding measurable outcomes. With the revenue headwinds associated with Navitaire behind us now, we are starting to take advantage of its ability to accelerate enhancements. These new pricing tools, in addition to product evolutions and Allegiant Extra expansion, have helped to increase ancillary revenue, as evidenced by our $3 per passenger improvement during the first half of 2025. Further improvements are anticipated as we move ahead with our focused digital transformation within our core business.

"We are encouraged by improving consumer confidence and are cautiously optimistic as recent bookings suggest strengthening of domestic demand in the second half of the year, as compared to previous levels. Keep in mind, however, that third quarter remains our seasonally weakest quarter of the year given the last few weeks of August and most of September represent the lowest period for leisure travel during the year.

"Our team is simplifying the business and focusing on our core strengths, as evidenced by the pending sale of our Sunseeker Resort, which is expected to close shortly.  We will continue to take actions to structurally lower our airline costs. Importantly, cost improvements made this year have allowed us to rebalance our infrastructure, particularly considering the significant MAX aircraft delivery delays in prior years.

"As we look to 2026, we are currently forecasting full-year capacity to be roughly flat on a year-over-year basis, with MAX deliveries slated as replacement aircraft as we maintain our goal of 'peaking the peaks'. We expect TRASM to improve as new markets and routes mature, off-peak becomes a smaller mix of our ASMs, and new commercial initiatives continue to gain traction, including increased Allegiant Extra availability, refining dynamic pricing for ancillary products, and the continued strengthening of our co-brand and loyalty program. We will continue to meet the evolving needs of our customers and adjust our schedules to the demand environment, as we target expanding our earnings and delivering long-term value for our stakeholders."

Summary Results
Consolidated	Three Months Ended June 30,				Percent Change
(unaudited) (in millions, except per share amounts)	2025		2024		YoY
Total operating revenue	$                    689.4		$                    666.3		3.5 %
Total operating expense	756.9		631.4		19.9 %
Operating income (loss)	(67.5)		34.9		NM
Income (loss) before income taxes	(88.6)		18.0		NM
Net income (loss)	(65.2)		13.7		NM
Diluted earnings (loss) per share	(3.62)		0.75		NM
Sunseeker special charges, net(2)	103.3		(2.0)		NM
Airline special charges(2)	14.6		20.1		(27.4) %
Adjusted income before income taxes(1)(2)	29.4		36.1		(18.6) %
Adjusted net income(1)(2)	22.7		32.5		(30.2) %
Adjusted diluted earnings per share(1)(2)	1.23		1.77		(30.5) %
Airline only	Three Months Ended June 30,				Percent Change(4)
(unaudited) (in millions, except per share amounts)	2025		2024		YoY
Airline operating revenue	$                 668.8		$                 649.5		3.0 %
Airline operating expense	625.6		602.5		3.8 %
Airline operating income	43.2		47.0		(8.1) %
Airline income before income taxes	29.7		35.5		(16.3) %
Airline special charges(2)	14.6		20.1		(27.4) %
Adjusted airline-only net income(1)(2)	34.3		41.0		(16.3) %
Adjusted airline-only operating margin(1)(2)	8.6 %		10.3 %		(1.7)
Adjusted airline-only diluted earnings per share(1)(2)	1.86		2.24		(17.0) %
Consolidated	Six Months Ended June 30,				Percent Change
(unaudited) (in millions, except per share amounts)	2025		2024		YoY
Total operating revenue	$                 1,388.5		$                 1,322.7		5.0 %
Total operating expense	1,390.9		1,272.3		9.3 %
Operating income (loss)	(2.5)		50.3		NM
Income (loss) before income taxes	(46.6)		16.7		NM
Net income (loss)	(33.1)		12.8		NM
Diluted earnings (loss) per share	(1.84)		0.68		NM
Sunseeker special charges, net(2)	100.4		(3.8)		NM
Airline special charges(2)	16.0		35.0		(54.3) %
Adjusted income before income taxes(1)(2)(3)	73.2		47.9		52.8 %
Adjusted net income(1)(2)(3)	56.2		42.9		31.0 %
Adjusted diluted earnings per share(1)(2)(3)	3.03		2.34		29.5 %
Airline only	Six Months Ended June 30,				Percent Change(4)
(unaudited) (in millions, except per share amounts)	2025		2024		YoY
Airline operating revenue	$              1,337.1		$              1,282.0		4.3 %
Airline operating expense	1,233.1		1,210.8		1.8 %
Airline operating income	104.0		71.2		46.1 %
Airline income before income taxes	79.3		48.0		65.2 %
Airline special charges(2)	16.0		35.0		(54.3) %
Adjusted airline-only net income(1)(2)	73.3		60.8		20.6 %
Adjusted airline-only operating margin(1)(2)	9.0 %		8.3 %		0.7
Adjusted airline-only diluted earnings per share(1)(2)	3.96		3.31		19.6 %

(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, the pending 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. We sometimes refer to all special charges as "specials" in this earnings release. The adjusted numbers in this earnings release exclude the effect of these special charges.
(3)	In first quarter 2025, the Company incurred a $3.4M non-operating loss on the extinguishment of debt secured by Sunseeker Resort which is being added back, where appropriate, in our adjusted results.
(4)	Except adjusted airline-only operating margin which is percentage point change.
NM	Not meaningful
*	Note that amounts may not recalculate due to rounding

Second Quarter 2025 Results and Highlights

• Total consolidated operating revenue of $689.4M, up 3.5 percent over the prior year, on capacity growth of 15.7 percent year-over-year
• Adjusted consolidated operating income,⁽¹⁾⁽²⁾ of $50.4M, yielding an adjusted operating margin of 7.3 percent
  • Adjusted airline-only operating income,⁽¹⁾⁽²⁾ of $57.8M, yielding an adjusted airline-only operating margin of 8.6 percent
• Adjusted consolidated income before income tax,⁽¹⁾⁽²⁾ of $29.4M, yielding an adjusted pre-tax margin of 4.3 percent
  • Adjusted airline-only income before income tax,⁽¹⁾⁽²⁾ of $44.3M, yielding an adjusted airline-only pre-tax margin of 6.6 percent
• Adjusted consolidated EBITDA,⁽¹⁾⁽²⁾ of $118.7M, yielding an adjusted EBITDA margin of 17.2 percent
  • Adjusted airline-only EBITDA,⁽¹⁾⁽²⁾ of $122.5M, yielding an adjusted airline-only EBITDA margin of 18.3 percent
• Adjusted airline-only operating CASM, excluding fuel⁽²⁾ of 7.68 ¢, down 6.7 percent year-over-year
• $33.3M in total cobrand credit card remuneration received from Bank of America
• Ended the quarter with 20M total active Allways Rewards members
• During the second quarter, expanded the network by announcing five new nonstop routes
  • In July announced seven new nonstop routes connecting 12 cities across the country

Balance Sheet, Cash and Liquidity

• Total available liquidity at June 30, 2025 was $1.1B, which included $852.7M in cash and investments, and $275.0M in undrawn revolving credit facilities
• $92.2M in cash from operations during second quarter 2025
• Total debt at June 30, 2025 was $2.0B
  • Net debt at June 30, 2025 was $1.1B
• Debt principal payments of $152.0M during the quarter, including $59.1M in voluntary prepayments
• Debt proceeds of $97.9M during the quarter, net of issuance costs
• Air traffic liability at June 30, 2025 was $363.5M

Airline Capital Expenditures

• Second quarter capital expenditures of $137.7M, which included $108.3M for aircraft-related capital expenditures and $29.4M in other airline capital expenditures
• Second quarter deferred heavy maintenance expenditures were $10.0M

Sunseeker Resort Charlotte Harbor

• Second quarter occupancy was 51 percent with an average daily rate (excluding resort fee) of $225 per night
• During the third quarter, announced a contract for the sale of Sunseeker Resort for $200 million (subject to certain adjustments), with the transaction expected to close during the third quarter
  • Recorded special charges of $102.2M during the second quarter related to the pending sale of Sunseeker Resort and Aileron Golf Course, reflecting a write-down to fair value less estimated costs to sell and other related expenses

(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, the pending 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.

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 airline-only earnings per share and adjusted consolidated earnings per share. 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.

Third quarter 2025 airline-only guidance
System ASMs - year over year change			~9.0%
Scheduled service  ASMs - year over year change			~10.0%
Fuel cost per gallon			$                     2.55
Adjusted airline-only operating margin (1)			(3.0%) to (6.0%)
Adjusted airline-only earnings per share(1)			($1.25) to ($2.25)
Adjusted consolidated earnings per share(1)			($1.75) to ($2.75)
Full-year 2025 guidance
System ASMs - year over year change			~12.0%
Scheduled service  ASMs - year over year change			~13.0%
Fuel cost per gallon			~2.53
Adjusted airline-only earnings per share(1)			> $3.25
Adjusted consolidated earnings per share(1)			> $2.25
Interest expense(2)  (millions)			$140 to $150
Capitalized interest(3) (millions)			($15) to ($25)
Interest income (millions)			$30 to $40
Airline full-year CAPEX
Aircraft-related capital expenditures(4) (millions)			$260 to $280
Capitalized deferred heavy maintenance (millions)			$50 to $70
Other airline capital expenditures (millions)			$95 to $115
Recurring principal payments(5)  (millions) (full year)			$160 to $170

(1)	Denotes a non-GAAP financial measure for which no reconciliation to GAAP is provided as described above.
(2)	Includes consolidated gross interest expense attributable to both the airline segment and the Sunseeker Resort segment
(3)	Includes capitalized interest related to pre-delivery deposits on new aircraft.
(4)	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.
(5)	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)	2Q25	3Q25	YE25
Boeing 737-8200 (190 seats)	9	10	16
Airbus A320 (180 seats)	67	74	71
Airbus A320 (186 seats)	8	—	—
Airbus A320 (177 seats)	10	8	7
Airbus A319 (156 seats)	32	30	28
Total	126	122	122

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 Monday, August 4, 2025 to discuss its second quarter 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 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 , 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 implement the announced alliance with Viva Aerobus and to otherwise 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, the ability to close the sale of Sunseeker Resort on the terms agreed, 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.

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
(in thousands, except per share amounts)
(Unaudited)
	Three Months Ended June 30,				Percent Change
	2025		2024		YoY
OPERATING REVENUES:
Passenger	$               617,908		$               594,499		3.9 %
Third party products	33,649		37,102		(9.3)
Fixed fee contracts	17,019		17,699		(3.8)
Resort and other	20,808		16,983		22.5
Total operating revenues	689,384		666,283		3.5
OPERATING EXPENSES:
Salaries and benefits	214,102		209,942		2.0
Aircraft fuel	165,752		170,060		(2.5)
Station operations	75,248		69,798		7.8
Depreciation and amortization	68,519		65,361		4.8
Maintenance and repairs	36,379		30,730		18.4
Sales and marketing	26,837		27,498		(2.4)
Aircraft lease rentals	11,023		5,749		91.7
Other	41,089		34,134		20.4
Special charges, net of recoveries	117,924		18,114		NM
Total operating expenses	756,873		631,386		19.9
OPERATING INCOME (LOSS)	(67,489)		34,897		NM
OTHER (INCOME) EXPENSES:
Interest income	(10,359)		(11,130)		(6.9)
Interest expense	35,756		39,544		(9.6)
Capitalized interest	(4,562)		(11,609)		(60.7)
Other, net	240		67		NM
Total other expenses	21,075		16,872		24.9
INCOME (LOSS) BEFORE INCOME TAXES	(88,564)		18,025		NM
INCOME TAX PROVISION (BENEFIT)	(23,398)		4,326		NM
NET INCOME (LOSS)	$                (65,166)		$                 13,699		NM
Earnings (loss) per share to common shareholders:
Basic	($3.62)		$0.75		NM
Diluted	($3.62)		$0.75		NM
Shares used for computation(1):
Basic	17,995		17,828		0.9
Diluted	17,995		17,869		0.7

(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 June 30, 2025						Three Months Ended June 30, 2024
	Airline		Sunseeker		Consolidated		Airline		Sunseeker		Consolidated
REVENUES FROM EXTERNAL CUSTOMERS	$     668,750		$        20,634		$         689,384		$     649,472		$        16,811		$         666,283
OPERATING EXPENSES:
Salaries and benefits	203,485		10,617		214,102		197,417		12,525		209,942
Aircraft fuel	165,752		—		165,752		170,060		—		170,060
Station operations	75,248		—		75,248		69,798		—		69,798
Depreciation and amortization	64,961		3,558		68,519		59,345		6,016		65,361
Maintenance and repairs	36,379		—		36,379		30,730		—		30,730
Sales and marketing	25,119		1,718		26,837		25,918		1,580		27,498
Aircraft lease rentals	11,023		—		11,023		5,749		—		5,749
Other operating expenses	29,031		12,058		41,089		23,426		10,708		34,134
Special charges, net of recoveries	14,595		103,329		117,924		20,073		(1,959)		18,114
Total operating expenses	625,593		131,280		756,873		602,516		28,870		631,386
OPERATING INCOME (LOSS)	43,157		(110,646)		(67,489)		46,956		(12,059)		34,897
OTHER (INCOME) EXPENSES:
Interest income	(10,359)		—		(10,359)		(11,130)		—		(11,130)
Interest expense	28,121		7,635		35,756		34,121		5,423		39,544
Capitalized interest	(4,562)		—		(4,562)		(11,609)		—		(11,609)
Other non-operating expenses	240		—		240		67		—		67
Total other expenses	13,440		7,635		21,075		11,449		5,423		16,872
INCOME (LOSS) BEFORE INCOME TAXES	$        29,717		$    (118,281)		$         (88,564)		$        35,507		$      (17,482)		$           18,025

 

Allegiant Travel Company
Airline Operating Statistics
(Unaudited)
	Three Months Ended June 30,				Percent Change(1)
	2025		2024		YoY
AIRLINE OPERATING STATISTICS
Total system statistics:
Passengers	5,127,025		4,621,848		10.9 %
Available seat miles (ASMs) (thousands)	5,799,409		5,013,209		15.7
Airline operating expense per ASM (CASM) (cents)	10.79 ¢		12.02 ¢		(10.2)
Fuel expense per ASM (cents)	2.86 ¢		3.39 ¢		(15.6)
Airline special charges per ASM (cents)	0.25 ¢		0.40 ¢		(37.5)
Airline operating CASM, excluding fuel and special charges (cents)	7.68 ¢		8.23 ¢		(6.7)
Departures	37,314		32,252		15.7
Block hours	88,749		75,759		17.1
Average stage length (miles)	886		883		0.3
Average number of operating aircraft during period	126.6		125.3		1.0
Average block hours per aircraft per day	7.7		6.6		16.7
Full-time equivalent employees at end of period	5,980		5,993		(0.2)
Fuel gallons consumed (thousands)	68,452		60,142		13.8
ASMs per gallon of fuel	84.7		83.4		1.6
Average fuel cost per gallon	$                     2.42		$                     2.83		(14.5)
Scheduled service statistics:
Passengers	5,077,788		4,572,769		11.0
Revenue passenger miles (RPMs) (thousands)	4,610,321		4,108,288		12.2
Available seat miles (ASMs) (thousands)	5,629,040		4,848,017		16.1
Load factor	81.9 %		84.7 %		(2.8)
Departures	36,056		31,128		15.8
Block hours	85,980		73,198		17.5
Average seats per departure	175.1		176.1		(0.6)
Yield (cents)(2)	5.75 ¢		6.99 ¢		(17.7)
Total passenger revenue per ASM (TRASM) (cents)(3)	11.57  ¢		13.03 ¢		(11.2)
Average fare - scheduled service(4)	$                   52.20		$                   62.79		(16.9)
Average fare - air-related charges(4)	$                   69.49		$                   67.22		3.4
Average fare - third party products	$                     6.63		$                     8.11		(18.2)
Average fare - total	$                 128.32		$                 138.12		(7.1)
Average stage length (miles)	891		885		0.7
Fuel gallons consumed (thousands)	66,419		58,169		14.2
Average fuel cost per gallon	$                     2.43		$                     2.83		(14.1)
Percent of sales through website during period	92.4 %		93.1 %		(0.7)
Other data:
Rental car days sold	380,176		371,405		2.4
Hotel room nights sold	37,538		61,837		(39.3)

(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
(in thousands, except per share amounts)
(Unaudited)
	Six Months Ended June 30,				Percent Change
	2025		2024		YoY
OPERATING REVENUES:
Passenger	$            1,234,658		$            1,174,434		5.1 %
Third party products	68,852		70,501		(2.3)
Fixed fee contracts	33,271		36,560		(9.0)
Resort and other	51,677		41,193		25.5
Total operating revenues	1,388,458		1,322,688		5.0
OPERATING EXPENSES:
Salaries and benefits	445,541		423,269		5.3
Aircraft fuel	332,085		340,147		(2.4)
Station operations	148,753		136,266		9.2
Depreciation and amortization	131,830		129,205		2.0
Maintenance and repairs	71,233		61,008		16.8
Sales and marketing	51,933		58,398		(11.1)
Aircraft lease rentals	16,942		11,734		44.4
Other	76,259		81,105		(6.0)
Special charges, net of recoveries	116,369		31,212		NM
Total operating expenses	1,390,945		1,272,344		9.3
OPERATING INCOME (LOSS)	(2,487)		50,344		NM
OTHER (INCOME) EXPENSES:
Interest income	(22,294)		(23,371)		(4.6)
Interest expense	76,540		79,704		(4.0)
Capitalized interest	(11,050)		(22,794)		(51.5)
Other, net	941		117		NM
Total other expenses	44,137		33,656		31.1
INCOME (LOSS) BEFORE INCOME TAXES	(46,624)		16,688		NM
INCOME TAX PROVISION (BENEFIT)	(13,560)		3,908		NM
NET INCOME (LOSS)	$                (33,064)		$                 12,780		NM
Earnings (loss) per share to common shareholders:
Basic	($1.84)		$0.69		NM
Diluted	($1.84)		$0.68		NM
Shares used for computation(1):
Basic	17,989		17,746		1.4
Diluted	17,989		17,836		0.9

(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)
	Six Months Ended June 30, 2025						Six Months Ended June 30, 2024
	Airline		Sunseeker		Consolidated		Airline		Sunseeker		Consolidated
REVENUE FROM EXTERNAL CUSTOMERS	$  1,337,136		$        51,322		$     1,388,458		$  1,281,990		$        40,698		$      1,322,688
OPERATING EXPENSES:
Salaries and benefits	423,859		21,682		445,541		396,926		26,343		423,269
Aircraft fuel	332,085		—		332,085		340,147		—		340,147
Station operations	148,753		—		148,753		136,266		—		136,266
Depreciation and amortization	124,672		7,158		131,830		117,212		11,993		129,205
Maintenance and repairs	71,233		—		71,233		61,008		—		61,008
Sales and marketing	48,489		3,444		51,933		54,796		3,602		58,398
Aircraft lease rentals	16,942		—		16,942		11,734		—		11,734
Other operating expenses	51,107		25,152		76,259		57,742		23,363		81,105
Special charges, net of recoveries	15,987		100,382		116,369		34,987		(3,775)		31,212
Total operating expenses	1,233,127		157,818		1,390,945		1,210,818		61,526		1,272,344
OPERATING INCOME (LOSS)	104,009		(106,496)		(2,487)		71,172		(20,828)		50,344
OTHER (INCOME) EXPENSES:
Interest income	(22,294)		—		(22,294)		(23,371)		—		(23,371)
Interest expense	57,070		19,470		76,540		68,858		10,846		79,704
Capitalized interest	(11,050)		—		(11,050)		(22,468)		(326)		(22,794)
Other non-operating expenses	941		—		941		117		—		117
Total other expenses	24,667		19,470		44,137		23,136		10,520		33,656
INCOME (LOSS) BEFORE INCOME TAXES	$        79,342		$    (125,966)		$         (46,624)		$        48,036		$      (31,348)		$           16,688

 

Allegiant Travel Company
Airline Operating Statistics
(Unaudited)
	Six Months Ended June 30,				Percent Change(1)
	2025		2024		YoY
AIRLINE OPERATING STATISTICS
Total system statistics:
Passengers	9,578,331		8,726,708		9.8 %
Available seat miles (ASMs) (thousands)	11,250,993		9,785,180		15.0
Airline operating expense per ASM (CASM) (cents)	10.96 ¢		12.38 ¢		(11.5)
Fuel expense per ASM (cents)	2.95 ¢		3.48 ¢		(15.2)
Airline special charges per ASM (cents)	0.14 ¢		0.36 ¢		(61.1)
Airline operating CASM, excluding fuel and special charges (cents)	7.87 ¢		8.54 ¢		(7.8)
Departures	70,549		61,477		14.8
Block hours	172,620		148,391		16.3
Average stage length (miles)	909		900		1.0
Average number of operating aircraft during period	125.8		125.6		0.2
Average block hours per aircraft per day	7.6		6.5		16.9
Full-time equivalent employees at end of period	5,980		5,993		(0.2)
Fuel gallons consumed (thousands)	132,089		116,366		13.5
ASMs per gallon of fuel	85.2		84.1		1.3
Average fuel cost per gallon	$                     2.51		$                     2.92		(14.0)
Scheduled service statistics:
Passengers	9,498,599		8,642,288		9.9
Revenue passenger miles (RPMs) (thousands)	8,881,650		7,992,097		11.1
Available seat miles (ASMs) (thousands)	10,934,232		9,484,939		15.3
Load factor	81.2 %		84.3 %		(3.1)
Departures	68,189		59,305		15.0
Block hours	167,394		143,563		16.6
Average seats per departure	175.0		176.7		(1.0)
Yield (cents)(2)	6.38 ¢		7.41 ¢		(13.9)
Total passenger revenue per ASM (TRASM) (cents)(3)	11.92  ¢		13.13 ¢		(9.2)
Average fare - scheduled service(4)	$                   59.64		$                   68.53		(13.0)
Average fare - air-related charges(4)	$                   70.34		$                   67.36		4.4
Average fare - third party products	$                     7.25		$                     8.16		(11.2)
Average fare - total	$                 137.23		$                 144.05		(4.7)
Average stage length (miles)	914		905		1.0
Fuel gallons consumed (thousands)	128,245		112,735		13.8
Average fuel cost per gallon	$                     2.52		$                     2.92		(13.7)
Percent of sales through website during period	92.4 %		94.8 %		(2.4)
Other data:
Rental car days sold	741,066		729,349		1.6
Hotel room nights sold	77,478		123,131		(37.1)

(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)	June 30, 2025 (unaudited)		December 31, 2024		Percent Change
Unrestricted cash and investments
Cash and cash equivalents	$                           209.9		$                           285.9		(26.6) %
Short-term investments	632.9		495.2		27.8
Long-term investments	9.9		51.7		(80.9)
Total unrestricted cash and investments	852.7		832.8		2.4
Debt
Current maturities of long-term debt and finance lease obligations, net of related costs	183.1		454.8		(59.7)
Long-term debt and finance lease obligations, net of current maturities and related costs	1,778.9		1,611.7		10.4
Total debt	1,962.0		2,066.5		(5.1)
Debt, net of unrestricted cash and investments	1,109.3		1,233.7		(10.1)
Total Allegiant Travel Company shareholders' equity	1,055.9		1,089.4		(3.1)

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 June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Basic:
Net income (loss)	$          (65,166)		$            13,699		$          (33,064)		$            12,780
Less income allocated to participating securities	—		(333)		—		(618)
Net income (loss) attributable to common stock	$          (65,166)		$            13,366		$          (33,064)		$            12,162
Earnings (loss) per share, basic	$               (3.62)		$                0.75		$               (1.84)		$                0.69
Weighted-average shares outstanding	17,995		17,828		17,989		17,746
Diluted:
Net income (loss)	$          (65,166)		$            13,699		$          (33,064)		$            12,780
Less income allocated to participating securities	—		(333)		—		(618)
Net income (loss) attributable to common stock	$          (65,166)		$            13,366		$          (33,064)		$            12,162
Earnings (loss) per share, diluted	$               (3.62)		$                0.75		$               (1.84)		$                0.68
Weighted-average shares outstanding(1)	17,995		17,828		17,989		17,746
Dilutive effect of restricted stock	—		78		—		195
Adjusted weighted-average shares outstanding under treasury stock method	17,995		17,906		17,989		17,941
Participating securities excluded under two-class method	—		(37)		—		(105)
Adjusted weighted-average shares outstanding under two-class method	17,995		17,869		17,989		17,836

(1)	Dilutive effect of common stock equivalents excluded from the diluted per share calculation is not material.

Appendix A
Non-GAAP Presentation
Three and Six Months Ended June 30, 2025 and 2024
(Unaudited)

We present adjusted consolidated operating expense and adjusted consolidated operating income, 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, (ii) a writedown loss related to the pending sale of Sunseeker, and (iii) the airline special charges listed in the table below. We also present adjusted consolidated interest expense, adjusted consolidated income before income taxes, adjusted consolidated net income, and adjusted consolidated diluted earnings per share, which exclude the special charges described above and a one-time loss on extinguishment of debt. 

We present adjusted airline-only operating expense, adjusted airline-only operating income, adjusted airline-only income before income taxes, adjusted airline-only net income, and adjusted airline-only diluted earnings per share which exclude special charges related to (i) aircraft accelerated depreciation on early retirement of certain airframes, (ii) corporate restructuring costs and (iii) the flight attendant ratification bonus.

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 before interest, taxes, depreciation, and amortization ("Consolidated EBITDA" and "Airline EBITDA"), adjusted Consolidated EBITDA, adjusted Airline EBITDA, estimated adjusted airline-only and adjusted consolidated 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 a one-time loss 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 June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Special Charges (millions)
Accelerated depreciation on airframes identified for early retirement	$                   2.5		$                   9.3		$                   3.9		$                24.2
Flight attendant ratification bonus	—		10.8		—		10.8
Organizational restructuring	12.1		—		12.1		—
Airline special charges(2)	14.6		20.1		16.0		35.0
Sunseeker special charges, net of recoveries(2)	103.3		(2.0)		100.4		(3.8)
Consolidated special charges, net of recoveries(2)	$              117.9		$                18.1		$              116.4		$                31.2

 

	Three Months Ended June 30, 2025
	Consolidated						Airline						Sunseeker
Reconciliation of adjusted operating expenses, adjusted operating income (loss), adjusted operating margin, and adjusted income (loss) before income taxes (millions)	GAAP		Adjustments(2)		Adjusted (Non- GAAP)(1)		GAAP		Adjustments(2)		Adjusted (Non- GAAP)(1)		GAAP		Adjustments(2)		Adjusted (Non- GAAP)(1)
Total operating revenues	$   689.4		$           —		$   689.4		$   668.8		$         —		$   668.8		$     20.6		$         —		$     20.6
Total operating expenses	756.9		(117.9)		638.9		625.6		(14.6)		611.0		131.3		(103.3)		28.0
Operating income (loss)	$   (67.5)		$     117.9		$     50.4		$     43.2		$     14.6		$     57.8		$   (110.6)		$   103.3		$     (7.3)
Operating margin (percent)	(9.8)				7.3		6.5				8.6		NM				(35.5)
INCOME (LOSS) BEFORE INCOME TAXES	$   (88.6)		$     117.9		$     29.4		$     29.7		$     14.6		$     44.3		$   (118.3)		$   103.3		$   (15.0)
	Three Months Ended June 30, 2024
	Consolidated						Airline						Sunseeker
Reconciliation of adjusted operating expenses, adjusted operating income (loss), adjusted operating margin, and adjusted income (loss) before income taxes (millions)	GAAP		Adjustments(2)		Adjusted (Non- GAAP)(1)		GAAP		Adjustments(2)		Adjusted (Non- GAAP)(1)		GAAP		Adjustments(2)		Adjusted (Non- GAAP)(1)
Total operating revenues	$  666.3		$           —		$  666.3		$  649.5		$        —		$  649.5		$     16.8		$        —		$     16.8
Total operating expenses	631.4		(18.1)		613.3		602.5		(20.1)		582.4		28.9		2.0		30.8
Operating income (loss)	$     34.9		$       18.1		$     53.0		$     47.0		$     20.1		$     67.0		$   (12.1)		$     (2.0)		$   (14.0)
Operating margin (percent)	5.2				8.0		7.2				10.3		(71.7)				(83.4)
INCOME (LOSS) BEFORE INCOME TAXES	$     18.0		$       18.1		$     36.1		$     35.5		$     20.1		$     55.6		$   (17.5)		$     (2.0)		$   (19.4)
	Six Months Ended June 30, 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 (Non- GAAP)(1)		GAAP		Adjustments(2)		Adjusted (Non- GAAP)(1)		GAAP		Adjustments(2)(3)		Adjusted (Non- GAAP)(1)
Total operating revenues	$  1,388.5		$           —		$  1,388.5		$  1,337.1		$         —		$  1,337.1		$     51.3		$         —		$     51.3
Total operating expenses	1,390.9		(116.4)		1,274.6		1,233.1		(16.0)		1,217.1		157.8		(100.4)		57.4
Operating income (loss)	$     (2.5)		$     116.4		$   113.9		$   104.0		$     16.0		$   120.0		$  (106.5)		$   100.4		$     (6.1)
Operating margin (percent)	(0.2)				8.2		7.8				9.0		NM				(11.9)
Interest expense	$     76.5		$        (3.4)		$     73.1		$     57.1		$         —		$     57.1		$     19.5		$     (3.4)		$     16.1
INCOME (LOSS) BEFORE INCOME TAXES	$   (46.6)		$     119.8		$     73.2		$     79.3		$     16.0		$     95.3		$  (126.0)		$   103.8		$   (22.2)
	Six Months Ended June 30, 2024
	Consolidated						Airline						Sunseeker
Reconciliation of adjusted operating expenses, adjusted operating income (loss), adjusted operating margin, and adjusted income (loss) before income taxes (millions)	GAAP		Adjustments(2)		Adjusted (Non- GAAP)(1)		GAAP		Adjustments(2)		Adjusted (Non- GAAP)(1)		GAAP		Adjustments(2)		Adjusted (Non- GAAP)(1)
Total operating revenues	$  1,322.7		$           —		$  1,322.7		$  1,282.0		$        —		$  1,282.0		$     40.7		$        —		$     40.7
Total operating expenses	1,272.3		(31.2)		1,241.1		1,210.8		(35.0)		1,175.8		61.5		3.8		65.3
Operating income (loss)	$     50.3		$       31.2		$     81.6		$     71.2		$     35.0		$  106.2		$   (20.8)		$     (3.8)		$   (24.6)
Operating margin (percent)	3.8				6.2		5.6				8.3		(51.2)				(60.5)
Interest expense	$     79.7		$           —		$     79.7		$     68.9		$        —		$     68.9		$     10.8		$        —		$     10.8
INCOME (LOSS) BEFORE INCOME TAXES	$     16.7		$       31.2		$     47.9		$     48.0		$     35.0		$     83.0		$   (31.3)		$     (3.8)		$   (35.1)

 

	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Consolidated EBITDA and adjusted consolidated EBITDA (millions)
Net income (loss) as reported (GAAP)	$            (65.2)		$              13.7		$            (33.1)		$              12.8
Interest expense, net	20.8		16.8		43.2		33.5
Income tax expense (benefit)	(23.4)		4.3		(13.6)		3.9
Depreciation and amortization	68.5		65.4		131.8		129.2
Consolidated EBITDA(1)	$                0.8		$            100.2		$            128.4		$            179.4
Special charges(2)	117.9		18.1		116.4		31.2
Adjusted consolidated EBITDA(1)(2)	$            118.7		$            118.3		$            244.8		$            210.6
Adjusted airline-only EBITDA (millions)
Airline income before income taxes as reported (GAAP)	$              29.7		$              35.5		$              79.3		$              48.0
Airline special charges(2)	14.6		20.1		16.0		35.0
Airline interest expense, net	13.2		11.4		23.7		23.0
Airline depreciation and amortization	65.0		59.3		124.7		117.2
Adjusted airline-only EBITDA(1)(2)	$            122.5		$            126.3		$            243.7		$            223.3

 

		Three Months Ended June 30, 2025				Three Months Ended June 30, 2024
		Amount		Per Share		Amount		Per Share
Reconciliation of adjusted consolidated earnings per share and adjusted consolidated net income (millions except share and per share amounts)
Net income (loss) as reported (GAAP)		$            (65.2)				$              13.7
Less: Net income allocated to participating securities		—				(0.3)
Net income attributable to common stock (GAAP)		$            (65.2)		$            (3.62)		$              13.4		$              0.75
Plus: Net income allocated to participating securities		—		—		0.3		0.02
Plus: Special charges, net of recoveries(2)		117.9		6.55		18.1		1.01
Plus (Minus): Income tax effect of adjustments above		(30.0)		(1.67)		0.7		0.04
Adjusted net income(1)		$              22.7				$              32.5
Less: Adjusted consolidated net income allocated to participating securities		(0.5)		(0.03)		(0.8)		(0.05)
Effect of dilutive securities				—				—
Adjusted net income attributable to common stock(1)		$              22.2		$              1.23		$              31.7		$              1.77
Shares used for diluted computation (GAAP) (thousands)				17,995				17,869
Shares used for diluted computation (adjusted) (thousands)				18,027				17,869
		Three Months Ended June 30, 2025				Three Months Ended June 30, 2024
		Amount		Per Share		Amount		Per Share
Reconciliation of adjusted airline-only earnings per share and adjusted airline-only net income (millions except share and per share amounts)
Net income (loss) as reported (GAAP)		$            (65.2)				$              13.7
Less: Net income allocated to participating securities		—				(0.3)
Net income (loss) attributable to common stock (GAAP)		$            (65.2)		$            (3.62)		$              13.4		$              0.75
Plus: Net income allocated to participating securities		—		—		0.3		0.02
Plus: Sunseeker loss before income taxes		118.3		6.57		17.5		0.98
Plus: Special charges, net of recoveries(2)		14.6		0.81		20.1		1.12
Minus: Income tax effect of adjustments above		(33.4)		(1.86)		(10.3)		(0.57)
Adjusted airline-only net income(1)		$              34.3				$              41.0
Less: Adjusted airline-only net income allocated to participating securities		(0.8)		(0.04)		(1.0)		(0.06)
Effect of dilutive securities				—				—
Adjusted airline-only net income attributable to common stock(1)		$              33.5		$              1.86		$              40.0		$              2.24
Shares used for diluted computation (GAAP) (thousands)				17,995				17,869
Shares used for diluted computation (adjusted) (thousands)				18,027				17,869

 

		Six Months Ended June 30, 2025				Six Months Ended June 30, 2024
		Amount		Per Share		Amount		Per Share
Reconciliation of adjusted consolidated earnings per share and adjusted consolidated net income (millions except share and per share amounts)
Net income (loss) as reported (GAAP)		$            (33.1)				$              12.8
Less: Net income allocated to participating securities		—				(0.6)
Net income (loss) attributable to common stock (GAAP)		$            (33.1)		$            (1.84)		$              12.2		$              0.68
Plus: Net income allocated to participating securities		—		—		0.6		0.04
Plus: Loss on extinguishment of debt(3)		3.4		0.19		—		—
Plus: Special charges, net of recoveries(2)		116.4		6.47		31.2		1.75
Minus: Income tax effect of adjustments above		(30.5)		(1.70)		(1.1)		(0.06)
Adjusted net income(1)		$              56.2				$              42.9
Less: Adjusted consolidated net income allocated to participating securities		(1.4)		(0.08)		(1.2)		(0.07)
Effect of dilutive securities				(0.01)				—
Adjusted net income attributable to common stock(1)		$              54.8		$              3.03		$              41.7		$              2.34
Shares used for diluted computation (GAAP) (thousands)				17,989				17,836
Shares used for diluted computation (adjusted) (thousands)				18,076				17,836
		Six Months Ended June 30, 2025				Six Months Ended June 30, 2024
		Amount		Per Share		Amount		Per Share
Reconciliation of adjusted airline-only earnings per share and adjusted airline-only net income (millions except share and per share amounts)
Net income (loss) as reported (GAAP)		$            (33.1)				$              12.8
Less: Net income allocated to participating securities		—				(0.6)
Net income (loss) attributable to common stock (GAAP)		$            (33.1)		$            (1.84)		$              12.2		$              0.68
Plus: Net income allocated to participating securities		—		—		0.6		0.04
Plus: Sunseeker loss before income taxes		126.0		7.00		31.3		1.76
Plus: Special charges, net of recoveries(2)		16.0		0.89		35.0		1.96
Minus: Income tax effect of adjustments above		(35.6)		(1.98)		(18.3)		(1.03)
Adjusted airline-only net income(1)		$              73.3				$              60.8
Less: Adjusted airline-only net income allocated to participating securities		(1.8)		(0.10)		(1.8)		(0.10)
Effect of dilutive securities				(0.01)				—
Adjusted airline-only net income attributable to common stock(1)		$              71.5		$              3.96		$              59.0		$              3.31
Shares used for diluted computation (GAAP) (thousands)				17,989				17,836
Shares used for diluted computation (adjusted) (thousands)				18,076				17,836

 

	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Reconciliation of adjusted airline-only operating CASM excluding fuel and special charges (millions)
Consolidated operating expenses (GAAP)	$            756.9		$            631.4		$        1,390.9		$        1,272.3
Minus: Sunseeker operating expenses	131.3		28.9		157.8		61.5
Airline-only operating expenses	625.6		602.5		1,233.1		1,210.8
Minus: airline special charges(2)	14.6		20.1		16.0		35.0
Minus: fuel expenses	165.8		170.1		332.1		340.1
Adjusted airline-only operating expenses, excluding fuel and special charges(1)	$            445.2		$            412.3		$            885.0		$            835.7
System available seat miles (millions)	5,799.4		5,013.2		11,251.0		9,785.2
Airline-only cost per available seat mile (cents)	10.79		12.02		10.96		12.38
Adjusted airline-only cost per available seat mile excluding fuel and special charges (cents)	7.68		8.23		7.87		8.54

(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, ratification bonuses, and corporate restructuring cost), the pending 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 first quarter 2025, the Company incurred a $3.4M non-operating loss on the extinguishment of debt secured by Sunseeker Resort which is being added back, where appropriate, in our adjusted results.
*	Note that amounts may not recalculate due to rounding

 

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SOURCE Allegiant Travel Company

FAQ

What were Allegiant's (ALGT) Q2 2025 earnings per share?

Allegiant reported a GAAP diluted loss of $(3.62) per share, but achieved adjusted airline-only earnings of $1.86 per share and adjusted consolidated earnings of $1.23 per share.

How much is Allegiant (ALGT) selling Sunseeker Resort for?

Allegiant announced a contract to sell Sunseeker Resort for $200 million (subject to adjustments), with the transaction expected to close in Q3 2025.

What is Allegiant's (ALGT) capacity growth guidance for 2025?

Allegiant expects full-year 2025 system capacity (ASMs) to grow approximately 12% year-over-year, with scheduled service ASMs growing about 13%.

What was Allegiant's (ALGT) Q2 2025 revenue and how did it compare to last year?

Allegiant reported total operating revenue of $689.4 million, representing a 3.5% increase compared to Q2 2024.

What is Allegiant's (ALGT) current fleet plan for the end of 2025?

Allegiant plans to maintain a fleet of 122 aircraft by year-end 2025, including 16 Boeing 737-8200s and various Airbus A320/A319 aircraft.