Volaris Reports Financial Results for the Third Quarter 2026: $1 Billion Revenue, up 32% YoY

Q: What were Volaris VLRS third-quarter 2026 financial results?

Volaris reported $1,038 million in revenue and a $26 million net loss for third-quarter 2026. Revenue increased 32.4% year over year, while operating income fell 50.0% to $34 million. Loss per American Depositary Share was $0.23.

Q: What is Volaris VLRS full-year 2026 outlook?

Volaris expects approximately 5% capacity growth, measured in available seat miles, and an approximately 21% EBITDAR margin for 2026. Expected capital spending is approximately $350 million, net of financed fleet predelivery payments. The comparable 2025 figures were 6.3%, 32.5% and $251 million, respectively.

Operating expenses rose 40.2% year over year, outpacing revenue growth despite higher fares and passenger traffic.

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Rhea-AI Summary

Volaris (VLRS) reported third-quarter 2026 revenue of $1,038 million, as higher fares and passenger traffic accompanied rising operating costs. Revenue increased 32.4% year over year, but operating income fell 50.0% to $34 million. Net loss was $26 million, or $0.23 per American Depositary Share, versus $6 million net income a year earlier.

Revenue per available seat mile rose 19.2% to 10.31 cents, while operating cost per available seat mile increased 26.2% to 9.97 cents. EBITDAR, earnings before interest, taxes, depreciation, amortization and rent, fell 0.4% to $263 million; its margin declined to 25.3%. Cash, cash equivalents and short-term investments totaled $823 million. Volaris expects full-year capacity growth of approximately 5% and an EBITDAR margin of approximately 21%, versus 32.5% in 2025. Its proposed airline group with Viva is expected to close in 2026, subject to regulatory approvals and closing conditions.

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1 major · 19 points

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Positive

Moderate pointThird-quarter revenue increased 32.4% year over year to $1,038 million.
Moderate pointRevenue per available seat mile rose 19.2% year over year to 10.31 cents.
Moderate pointFinancial debt decreased 14.9% from year-end 2025 to $598 million.
Moderate pointOperating cash flow provided $234 million; investing activities provided $36 million.
Moderate point. Forward-looking: it has not happened yet and may not happen.Full-year 2026 capacity growth is expected at approximately 5%, versus 6.3% growth in 2025.
Moderate point. Forward-looking: it has not happened yet and may not happen.Fourth-quarter revenue per available seat mile is expected at approximately 10.90 cents, versus 9.35 cents a year earlier.

10 minor points

Minor pointAverage base fare increased 25.5% year over year to $55 per passenger.
Minor pointAncillary revenue per passenger increased 8.4% year over year to $61.
Minor pointRevenue per passenger rose 15.8% year over year to $116.
Minor pointPassengers increased 14.3% year over year to 8.977 million.
Minor pointDomestic passengers increased 13.7% year over year; international passengers increased 16.0%.
Minor pointAvailable seat miles, a capacity measure, increased 11.1% year over year to 10,071 million.
Minor pointLoad factor, the share of seats filled, rose 1.3 percentage points to 85.7%.
Minor pointIncome tax benefit was $15 million, versus a $3 million expense in third-quarter 2025.
Minor point. Forward-looking: it has not happened yet and may not happen.Fourth-quarter capacity growth is expected at approximately 4%, versus 5.6% growth in fourth-quarter 2025.
Minor point. Forward-looking: it has not happened yet and may not happen.Proposed Viva airline group targets broader point-to-point travel access while retaining separate brands and operating certificates.

Negative

Major point. Forward-looking: it has not happened yet and may not happen.Full-year 2026 EBITDAR margin is expected at approximately 21%, versus 32.5% in 2025.
Moderate pointNet loss was $26 million, or $0.23 per ADS, versus $6 million net income in third-quarter 2025.
Moderate pointOperating income fell 50.0% year over year to $34 million; margin was 3.3%, versus 8.6%.
Moderate pointOperating cost per available seat mile increased 26.2% year over year to 9.97 cents.
Moderate pointEBITDAR margin declined 8.3 percentage points year over year to 25.3%.
Moderate pointFinancing activities used $271 million in cash.
Moderate point. Forward-looking: it has not happened yet and may not happen.Full-year capital spending is expected at approximately $350 million, net of financed fleet predelivery payments, versus $251 million in 2025.
Moderate point. Forward-looking: it has not happened yet and may not happen.Fourth-quarter EBITDAR margin is expected at approximately 20%, versus 37.2% in fourth-quarter 2025.

11 minor points

Minor pointOperating expenses increased 40.2% year over year to $1,004 million.
Minor pointAverage economic fuel cost increased 57.4% year over year to $4.10 per gallon.
Minor pointCost per available seat mile excluding fuel rose 13.7% to 6.23 cents, though below guidance.
Minor pointFinancing expense increased to $75 million from $59 million in third-quarter 2025.
Minor pointEBITDAR decreased 0.4% year over year to $263 million.
Minor pointLease liabilities increased 1.4% from year-end 2025 to $3,196 million.
Minor pointNet debt-to-trailing-12-month EBITDAR was 3.3x, unchanged sequentially but above 3.1x in third-quarter 2025.
Minor point. Forward-looking: it has not happened yet and may not happen.Fourth-quarter cost per available seat mile excluding fuel is expected at approximately 6.50 cents, versus 5.76 cents a year earlier.
Minor point. Forward-looking: it has not happened yet and may not happen.Fourth-quarter jet fuel assumption is approximately $4.40 per gallon, versus $2.13 in fourth-quarter 2025.
Minor point. Forward-looking: it has not happened yet and may not happen.2026 outlook includes expected Pratt & Whitney compensation for projected aircraft groundings resulting from engine inspections.
Minor pointProposed Viva group closing remains subject to regulatory approvals and closing conditions, with closing expected in 2026.

News Explained

Volaris's unaudited third-quarter report adds fourth-quarter 2026 guidance: an expected EBITDAR margin of about 20%, versus 37.2% in fourth-quarter 2025; the outlook includes expected compensation for aircraft grounded by GTF engine inspections, so these figures are forecasts, not completed results.

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Key Figures

Operating revenue: $1,038 million; +32.4% Net loss: $26 million EBIT: $34 million; down 50.0% +5 more

Operating revenue: $1,038 million; +32.4%; Third quarter 2026 versus third quarter 2025
Net loss: $26 million; Third quarter 2026
EBIT: $34 million; down 50.0%; Third quarter 2026 versus third quarter 2025
TRASM: 10.31 cents; +19.2%; Third quarter 2026 versus third quarter 2025
Economic fuel cost: $4.10 per gallon; +57.4%; Third quarter 2026 versus third quarter 2025
EBITDAR margin: 25.3%; down 8.3 percentage points; Third quarter 2026 versus third quarter 2025
Liquidity: $823 million; Cash, cash equivalents, and short-term investments as of September 30, 2026
Full-year EBITDAR margin guidance: ~21%; Updated full-year 2026 guidance

Previous Earnings Reports

1 past event · Latest: Apr 27

Same Type 1 event

Apr 27
1Q26 earnings report

24h Move

-1.5%

Reported a $71 million net loss and higher unit costs, with CASM rising year over year.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

asms, casm, ebitdar, ifrs, +1 more

5 terms

asms technical

"Available seat miles (ASMs) increased by 11% to 10.1 billion."

Antiseizure medications (ASMs) are drugs used to prevent or reduce the frequency and severity of epileptic seizures and other related neurological conditions. For investors, ASMs matter because their development, approval, patent status and market uptake drive drug company revenues much like a new product line can make or break a consumer brand; clinical trial results and regulatory decisions therefore directly affect a company’s sales prospects and valuation.

casm technical

"Total operating expenses per available seat mile (CASM) increased 26%"

CASM is the average operating cost to carry one available seat one mile on an airline, found by dividing total operating expenses by the number of seats flown multiplied by miles. Think of it like the cost to run one seat on a bus for one mile. Investors watch CASM because it shows how efficiently an airline controls costs and how much margin exists between ticket prices and operating expenses, affecting profitability and competitiveness.

ebitdar financial

"EBITDAR remained essentially stable at $263 million."

EBITDAR stands for Earnings Before Interest, Taxes, Depreciation, Amortization, and Rent; it measures a company's operating profit before the cost of financing, taxes, accounting write-downs, and lease or rent payments. For investors, it reveals how much cash a business generates from its core activities without the effects of capital structure or rent commitments — similar to checking how much money a store makes from selling goods before paying for the building, loan interest, or taxes.

ifrs financial

"The financial information, unless otherwise indicated, is presented in accordance with the International Financial Reporting Standards (IFRS)."

International Financial Reporting Standards (IFRS) are a set of common accounting rules used by many companies worldwide to prepare financial statements, so numbers like revenue, profit and assets are measured in the same way across borders. For investors, IFRS matters because it makes it easier to compare the financial health and performance of different companies—like using the same ruler to measure different objects—reducing surprises and helping informed investment decisions.

ads financial

"Loss per American Depositary Share (ADS) of 23 cents."

Ads are paid promotional messages a company places across media — online, on TV, in print, or on social platforms — to attract customers, explain products, or shape public perception. For investors, ads matter because they drive sales growth, affect how much a company must spend to win customers, and influence brand strength and long-term value. Ads can also create regulatory or reputational risk if claims are misleading, which can affect profits and stock price.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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10/26/2026 - 05:30 PM EDT

MEXICO CITY, Oct. 26, 2026 (GLOBE NEWSWIRE) -- Controladora Vuela Compañía de Aviación, S.A.B. de C.V. (NYSE: VLRS and BMV: VOLAR) (“Volaris” or “the Company”), the ultra-low-cost carrier (ULCC) serving Mexico, the United States, Central and South America, today reports its unaudited financial results for the third quarter 2026¹.

Enrique Beltranena, President & Chief Executive Officer, said: “Our strong commercial performance in the third quarter marked a historic milestone for Volaris: we achieved double-digit TRASM for the first time in our history, with quarterly operating revenues crossing the US$1 billion mark, driven by both ancillary growth and fare strength. We entered the summer peak with a clear plan—and delivered. Strong demand absorbed our additional capacity, while our expanding transborder network, disciplined capacity allocation, and improving aircraft productivity reinforced our competitive position.

We delivered positive EBIT, an outcome not anticipated in our original outlook, and reduced our net loss by nearly 80% sequentially. Despite higher-than-anticipated fuel costs, we preserved US$823 million in liquidity, broadly unchanged quarter-over-quarter. Together, these achievements validate our strategy and reinforce the strength and resilience of our ultra-low-cost model, and our ability to turn disciplined execution into tangible results.”

Third Quarter 2026 Highlights
(All figures are reported in U.S. dollars and compared to 3Q 2025, unless otherwise noted)

Net loss of $26 million. Loss per American Depositary Share (ADS) of 23 cents.
Total operating revenues of $1,038 million, a 32% increase.
Total revenue per available seat mile (TRASM) stood at 10.31 cents, increasing by 19%.
Available seat miles (ASMs) increased by 11% to 10.1 billion.
Total operating expenses of $1,004 million, compared with $716 million in the previous year.
Total operating expenses per available seat mile (CASM) increased 26% to 9.97 cents.
Average economic fuel cost increased 57% to $4.10 per gallon.
CASM ex fuel increased 14% to 6.23 cents.
EBITDAR remained essentially stable at $263 million.
EBITDAR margin was 25.3%, down by 8.3 percentage points.
Total cash, cash equivalents, and short-term investments totaled $823 million, representing 23% of the last twelve months’ total operating revenue.
Net debt-to-LTM EBITDAR² ratio of 3.3x, unchanged from the previous quarter.

¹ The financial information, unless otherwise indicated, is presented in accordance with the International Financial Reporting Standards (IFRS).
² Includes short-term investments./

Third Quarter 2026 Consolidated Financial and Operating Highlights
(All figures are reported in U.S. dollars and compared to 3Q 2025, unless otherwise noted)

	Third Quarter
Consolidated Financial Highlights	2026	2025	Var.
Total operating revenues (millions)	1,038	784	32.4 %
TRASM (cents)	10.31	8.65	19.2%
ASMs (millions, scheduled & charter)	10,071	9,067	11.1%
Load Factor (scheduled, RPMs/ASMs)	85.7%	84.4%	1.3 pp
Passengers (thousands, scheduled & charter)	8,977	7,855	14.3%
Fleet (at the end of the period)	154	152	2
Total operating expenses (millions)	1,004	716	40.2 %
CASM (cents)	9.97	7.90	26.2%
CASM ex fuel (cents)	6.23	5.48	13.7%
Operating income (EBIT) (millions)	34	68	(50.0%)
% EBIT Margin	3.3%	8.6%	(5.4 pp)
Net (loss) income (millions)	(26)	6	N/A
% Net (loss) income Margin	(2.5%)	0.8%	(3.3 pp)
EBITDAR (millions)	263	264	(0.4%)
% EBITDAR Margin	25.3%	33.6%	(8.3 pp)
Net debt-to-LTM EBITDAR³	3.3x	3.1x	0.2x

Note: Figures are rounded for convenience purposes. Further detail found in financial and operating indicators.

³ Includes short-term investments.

Third Quarter 2026
(All figures are reported in U.S. dollars and compared to 3Q 2025, unless otherwise noted)

Total operating revenues for the quarter amounted to $1,038 million, up by 32.4%.

Total capacity, in terms of available seat miles (ASMs), was 10.1 billion, representing an 11.1% increase.

Booked passengers totaled 9.0 million, a 14.3% increase. Mexican domestic booked passengers increased 13.7%, while international booked passengers increased 16.0%.

TRASM increased 19.2% to 10.31 cents, primarily driven by a 25.5% increase in average base fare, which
reached $55 during the quarter. TRASM was further supported by an 8.4% increase in total ancillary revenue per passenger, which stood at $61.

Total operating revenue per passenger totaled $116, increasing 15.8%. During the quarter, ancillary revenues represented 52.8% of total operating revenues.

The load factor for the quarter reached 85.7%, representing a 1.3 percentage point increase.

Total operating expenses were $1,004 million, compared with $716 million in the previous year.

CASM totaled 9.97 cents, up 26.2%.

The average economic fuel cost increased 57.4%, reaching $4.10 per gallon.

CASM ex fuel stood at 6.23 cents, up 13.7% year-over-year, but below guidance, supported by improved fixed-cost absorption from higher-than-planned capacity and continued cost efficiencies.

Comprehensive financing result represented an expense of $75 million, compared to a $59 million expense in the same period of 2025.

Income tax benefit was $15 million, compared with a $3 million expense recorded in the third quarter of 2025. The Company expects the effective tax rate to be approximately in line with the statutory rate by the end of the fiscal year.

Net loss in the quarter was $26 million, with loss per ADS of 23 cents.

EBITDAR for the quarter reached $263 million, representing a 0.4% decrease. EBITDAR margin stood at 25.3%, down 8.3 percentage points.

Balance Sheet, Liquidity, and Capital Allocation

As of September 30, 2026, cash, cash equivalents and short-term investments were $823 million, representing 23.2% of the last twelve months' total operating revenue.

Net cash flow provided by operating and investing activities was $234 million and $36 million, respectively. Net cash flow used in financing activities was $271 million.

The financial debt amounted to $598 million, reflecting a decrease of 14.9% compared to the end of 2025, while total lease liabilities increased slightly by 1.4% to $3,196 million.

Net debt-to-LTM EBITDAR⁴ ratio stood at 3.3x, unchanged from the previous quarter, and compared to 3.1x at the end of 2025.

The average exchange rate for the quarter was Ps.17.25 per U.S. dollar, reflecting a 7.5% appreciation of the Mexican peso. At the end of September, the exchange rate stood at Ps.17.84 per U.S. dollar, compared to Ps. 18.38 per U.S. dollar in the previous year, reflecting a 2.9% appreciation of the Mexican peso.

⁴ Includes short-term investments.

Updated Full Year 2026 Guidance

For the full year 2026, the Company expects:

	2026	2025 ⁽¹⁾
Full Year 2026 Guidance
ASM growth (YoY) EBITDAR margin CAPEX ⁽²⁾	~5% ~21% ~$350 million	6.3% 32.5% $251 million

(1) For convenience purposes, actual reported figures for 2025 are included.
(2) CAPEX net of financed fleet predelivery payments.
Note: Full-year 2026 average USD/MXN exchange rate (Ps. 17.73) and average U.S. Gulf Coast jet fuel price ($3.58 per gallon) are implied by the 4Q'26 guidance assumptions.

Fourth Quarter 2026 Guidance

For the fourth quarter of 2026, the Company expects:

	4Q’26	4Q’25 ⁽¹⁾
4Q’26 Guidance
ASM growth (YoY) TRASM CASM ex fuel	~4% ~10.90 cents ~6.50 cents	5.6% 9.35 cents 5.76 cents
EBITDAR margin	~20%	37.2%
Average USD/MXN rate	Ps. ~18.70	Ps. 18.31
Average U.S. Gulf Coast jet fuel price	~$4.40	$2.13

(1) For convenience purposes, actual reported figures for 4Q'25 are included.

The fourth quarter and full year 2026 outlook presented above includes the compensation that Volaris expects to receive for the projected grounded aircraft resulting from the GTF engine inspections, in accordance with the Company’s agreement with Pratt & Whitney.

The Company's outlook is subject to unforeseen disruptions, macroeconomic factors, or other negative impacts that may affect its business and is based on several assumptions, including the foregoing, which are subject to change and may be outside the control of the Company and its management. The Company's expectations may change if actual results vary from these assumptions. There can be no assurances that Volaris will achieve these results.

Fleet

During the third quarter, Volaris added one A320neo and two A321neo’s to its fleet, and retired four A320ceo’s, bringing the total number of aircraft to 154. At the end of the quarter, Volaris’ fleet had an average age of 6.7 years and an average seating capacity of 201 passengers per aircraft. Of the total fleet, 71% of the aircraft are New Engine Option (NEO) models.

	Third Quarter			Second Quarter
Total Fleet	2026	2025	Var.	2026	Var.
CEO
A319	-	1	(1)	-	-
A320	35	44	(9)	39	(4)
A321	10	10	-	10	-
NEO
A320	67	61	6	66	1
A321	42	36	6	40	2
Total aircraft at the end of the period	154	152	2	155	(1)

Proposed Airline Group Formation

In December 2025, Volaris announced the proposed formation of a new Mexican airline group with Viva, aimed at expanding access to affordable air travel across the region and strengthening the Mexican aviation industry. The airline group would enable two ultra-low-cost operators with complementary networks and shared customer value propositions to broaden access to point-to-point travel solutions, while retaining their independent operating certificates and brands, preserving existing passenger options. Closing is expected in 2026, subject to customary regulatory approvals and closing conditions. For more information, please visit www.anunciovivayvolaris.com.

Investors are urged to carefully read the Company’s periodic reports filed with or provided to the Securities and Exchange Commission, for additional information regarding the Company.

Investor Relations Contact

Liliana Juárez / ir@volaris.com

Media Contact
Ricardo Flores / rflores@gcya.net

Conference Call Details

Date:	Tuesday, October 27, 2026
Time:	9:00 a.m. Mexico City / 11:00 a.m. New York (USA) (ET)
Webcast link:	Volaris Webcast (View the live webcast)
Dial-in & Live Q&A link:	Volaris Dial-in and Live Q&A Click on the call link and complete the online registration form. Upon registering you will receive the dial-in info and a unique PIN to join the call, as well as an email confirmation with the details. Select a method for joining the call: Dial-In: A dial-in number and unique PIN are displayed to connect directly from your phone. Call Me: Enter your phone number and click “Call Me” for an immediate callback from the system.

About Volaris

*Controladora Vuela Compañía de Aviación, S.A.B. de C.V. (“Volaris” or “the Company”) (NYSE: VLRS and BMV: VOLAR) is an ultra-low-cost carrier, with point-to-point operations, serving Mexico, the United States, Central and South America. Volaris offers low base fares to build its market, providing quality service and extensive customer choice. Since the beginning of operations in March 2006, Volaris has increased its routes from 5 to more than 247 and its fleet from 4 to 154 aircraft. Volaris offers more than 500 daily flight segments on routes that connect 46 cities in Mexico and 34 cities in the United States, Central and South America, with one of the youngest fleets in Mexico. Volaris targets passengers who are visiting friends and relatives, cost-conscious business and leisure travelers in Mexico, the United States, Central, and South America. For more information, please visit ir.volaris.com. Volaris routinely posts information that may be important to investors on its investor relations website. The Company encourages investors and potential investors to consult the Volaris website regularly for important information about Volaris.

Forward-Looking Statements

Statements in this release contain various forward-looking statements within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended, which represent the Company's expectations, beliefs, or projections concerning future events and financial trends affecting the financial condition of our business. When used in this release, the words "expects," “intends,” "estimates," “predicts,” "plans," "anticipates," "indicates," "believes," "forecast," "guidance," “potential,” "outlook," "may," “continue,” "will," "should," "seeks," "targets" and similar expressions are intended to identify forward-looking statements. Similarly, statements describing the Company's objectives, plans or goals, or actions the Company may take in the future are forward-looking. Forward-looking statements include, without limitation, statements regarding the Company's outlook, the expectation of receiving certain compensation in connection with the GTF engine removals, and the anticipated execution of its business plan and focus on its 2025 priorities. Forward-looking statements should not be read as a guarantee or assurance of future performance or results. They will not necessarily be accurate indications of the times at or by which such performance or results will be achieved. Forward-looking statements are based on information available at the time those statements are made and/or management’s good faith belief as of that time concerning future events and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements. Forward-looking statements are subject to several factors that could cause the Company's actual results to differ materially from the Company's expectations, including the competitive environment in the airline industry, the Company's ability to keep costs low; changes in fuel costs, the impact of worldwide economic conditions on customer travel behavior; the Company's ability to generate non-ticket revenue; and government regulation. The Company's U.S. Securities and Exchange Commission filings contain additional information concerning these and other factors. All forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by the cautionary statements set forth above. Forward-looking statements speak only as of the date of this release. You should not put undue reliance on any forward-looking statements. We assume no obligation to update forward-looking statements to reflect actual results, changes in assumptions, or changes in other factors affecting forward-looking information except to the extent required by applicable law. If we update one or more forward-looking statements, no inference should be drawn that we will make additional updates with respect to those or other forward-looking statements.

Supplemental Information on Non-IFRS Measures

We evaluate our financial performance by using various financial measures that are not performance measures under International Financial Reporting Standards (“non-IFRS measures”). These non-IFRS measures include CASM, CASM ex fuel, EBITDAR, Net debt-to-LTM EBITDAR, Total cash, cash equivalents and short-term investments. We define CASM as total operating expenses by available seat mile. We define CASM ex fuel as total operating expenses by available seat mile, excluding fuel expense. We define EBITDAR as earnings before interest, income tax, depreciation and amortization, depreciation of right of use assets and aircraft and engine variable lease expenses. We define Net debt-to-LTM EBITDAR as Net debt divided by LTM EBITDAR. We define Total cash, cash equivalents and short-term investments as the sum of cash, cash equivalents and short-term investments.

These non-IFRS measures are provided as supplemental information to the financial information presented in this release that is calculated and presented in accordance with International Financial Reporting Standards (“IFRS”) because we believe that they, in conjunction with the IFRS financial information, provide useful information to management’s, analysts and investors overall understanding of our operating performance.

Because non-IFRS measures are not calculated in accordance with IFRS, they should not be considered superior to and are not intended to be considered in isolation or as a substitute for the related IFRS measures presented in this release and may not be the same as or comparable to
similarly titled measures presented by other companies due to possible differences in the method of calculation and the items being adjusted.

We encourage investors to review our financial statements and other filings with the Securities and Exchange Commission in their entirety for additional information regarding the Company and not to rely on any single financial measure.

Controladora Vuela Compañía de Aviación, S.A.B. de C.V. and Subsidiaries Financial and Operating Indicators

Unaudited (U.S. dollars, except otherwise indicated)	Three months ended September 30, 2026	Three months ended September 30, 2025	Variance
Total operating revenues (millions)	1,038	784	32.4%
Total operating expenses (millions)	1,004	716	40.2%
EBIT (millions)	34	68	(50.0%)
EBIT margin	3.3%	8.6%	(5.4 pp)
Depreciation and amortization (millions)	175	167	4.8%
Aircraft and engine variable lease expenses (millions)	54	29	86.2%
Net loss (millions)	(26)	6	N/A
Net loss margin	(2.5%)	0.8%	(3.3 pp)
Loss per share ⁽¹⁾:
Basic	(0.02)	0.01	N/A
Diluted	(0.02)	0.01	N/A
*Loss per ADS:**
Basic	(0.23)	0.05	N/A
Diluted	(0.23)	0.05	N/A
Weighted average shares outstanding:
Basic	1,149,516,493	1,148,999,873	0.0%
Diluted	1,149,516,493	1,162,684,556	(1.1%)
Financial Indicators
Total operating revenue per ASM (TRASM) (cents) ₍₂₎	10.31	8.65	19.2%
Average base fare per passenger	55	44	25.5%
Total ancillary revenue per passenger ₍₃₎	61	56	8.4%
Total operating revenue per passenger	116	100	15.8%
Operating expenses per ASM (CASM) (cents) ₍₂₎	9.97	7.90	26.2%
CASM ex fuel (cents) ₍₂₎	6.23	5.48	13.7%
Operating Indicators
Available seat miles (ASMs) (millions) ₍₂₎	10,071	9,067	11.1%
Domestic	5,801	5,227	11.0%
International	4,271	3,840	11.2%
Revenue passenger miles (RPMs) (millions) ₍₂₎	8,629	7,650	12.8%
Domestic	5,118	4,692	9.1%
International	3,512	2,958	18.7%
Load factor ₍₄₎	85.7%	84.4%	1.3 pp
Domestic	88.2%	89.8%	(1.5 pp)
International	82.2%	77.0%	5.2 pp
Booked passengers (thousands) ₍₂₎	8,977	7,855	14.3%
Domestic	6,599	5,805	13.7%
International	2,378	2,050	16.0%
Departures ₍₂₎	52,810	48,031	9.9%
Block hours ₍₂₎	132,108	121,020	9.2%
Aircraft at end of period	154	152	2
Average aircraft utilization (block hours)	12.14	12.50	(2.9%)
Fuel gallons accrued (millions)	91.19	83.88	8.7%
Average economic fuel cost per gallon₍₅₎	4.10	2.61	57.4%
Average exchange rate	17.25	18.65	(7.5%)
Exchange rate at the end of the period	17.84	18.38	(2.9%)
*Each ADS represents ten CPOs and each CPO represents a financial interest in one Series A share
(1) The basic and diluted loss or earnings per share are calculated in accordance with IAS 33. Basic loss or earnings per share is calculated by dividing net loss or earnings by the average number of shares outstanding (excluding treasury shares). Diluted loss or earnings per share is calculated by dividing net loss or earnings by the average number of shares outstanding adjusted for dilutive effects.	(2) Includes scheduled and charter. (3) Includes “Other passenger revenues” and “Non-passenger revenues”. (4) Includes scheduled. (5) Excludes Non-creditable VAT.

Controladora Vuela Compañía de Aviación, S.A.B. de C.V. and Subsidiaries Financial and Operating Indicators

Unaudited (U.S. dollars, except otherwise indicated)	Nine months ended September 30, 2026	Nine months ended September 30, 2025	Variance
Total operating revenues (millions)	2,668	2,156	23.7%
Total operating expenses (millions)	2,754	2,121	29.8%
EBIT (millions)	(86)	35	N/A
EBIT margin	(3.2%)	1.6%	(4.9 pp)
Depreciation and amortization (millions)	524	486	7.8%
Aircraft and engine variable lease expenses (millions)	143	138	3.6%
Net loss (millions)	(225)	(108)	>100.0%
Net loss margin	(8.4%)	(5.0%)	(3.4 pp)
Loss per share ₍₁₎:
Basic	(0.20)	(0.09)	>100.0%
Diluted	(0.20)	(0.09)	>100.0%
*Loss per ADS:**
Basic	(1.96)	(0.94)	>100.0%
Diluted	(1.96)	(0.93)	>100.0%
Weighted average shares outstanding:
Basic	1,149,037,551	1,149,377,923	(0.0%)
Diluted	1,149,037,551	1,163,357,902	(1.2%)
Financial Indicators
Total operating revenue per ASM (TRASM) (cents) ₍₂₎	9.50	8.08	17.7%
Average base fare per passenger	48	40	21.0%
Total ancillary revenue per passenger ₍₃₎	59	54	8.6%
Total operating revenue per passenger	108	95	13.8%
Operating expenses per ASM (CASM) (cents) ₍₂₎	9.81	7.95	23.5%
CASM ex fuel (cents) ₍₂₎	6.34	5.52	14.7%
Operating Indicators
Available seat miles (ASMs) (millions) ₍₂₎	28,071	26,689	5.2%
Domestic	15,910	15,621	1.9%
International	12,160	11,069	9.9%
Revenue passenger miles (RPMs) (millions) ₍₂₎	23,910	22,434	6.6%
Domestic	14,097	13,853	1.8%
International	9,813	8,581	14.4%
Load factor ₍₄₎	85.2%	84.1%	1.1 pp
Domestic	88.6%	88.7%	(0.1 pp)
International	80.7%	77.5%	3.2 pp
Booked passengers (thousands) ₍₂₎	24,791	22,804	8.7%
Domestic	18,071	16,889	7.0%
International	6,720	5,916	13.6%
Departures ₍₂₎	147,508	139,383	5.8%
Block hours ₍₂₎	371,623	355,604	4.5%
Aircraft at end of period	154	152	2
Average aircraft utilization (block hours)	12.30	12.90	(4.7%)
Fuel gallons accrued (millions)	255.27	250.34	2.0%
Average economic fuel cost per gallon₍₅₎	3.79	2.56	47.9%
Average exchange rate	17.41	19.53	(10.9%)
Exchange rate at the end of the period	17.84	18.38	(2.9%)
*Each ADS represents ten CPOs and each CPO represents a financial interest in one Series A share
(1) The basic and diluted loss or earnings per share are calculated in accordance with IAS 33. Basic loss or earnings per share is calculated by dividing net loss or earnings by the average number of shares outstanding (excluding treasury shares). Diluted loss or earnings per share is calculated by dividing net loss or earnings by the average number of shares outstanding adjusted for dilutive effects.	(2) Includes scheduled and charter. (3) Includes “Other passenger revenues” and “Non-passenger revenues”. (4) Includes scheduled. (5) Excludes Non-creditable VAT.

Controladora Vuela Compañía de Aviación, S.A.B. de C.V. and Subsidiaries Consolidated Statement of Operations

Unaudited (In millions of U.S. dollars)	Three months ended September 30, 2026	Three months ended September 30, 2025	Variance
Operating revenues:
Passenger revenues	1,018	744	36.8 %
Fare revenues	490	342	43.3%
Other passenger revenues	528	402	31.3%

Non-passenger revenues	20	40	(50.0%)
Cargo	6	5	20.0%
Other non-passenger revenues	14	35	(60.0%)

Total operating revenues	1,038	784	32.4 %

Other operating income	(40)	(60)	(33.3%)
Fuel expense	377	219	72.1%
Aircraft and engine variable lease expenses	54	29	86.2%
Salaries and benefits	138	119	16.0%
Landing, take-off and navigation expenses	171	139	23.0%
Sales, marketing and distribution expenses	46	33	39.4%
Maintenance expenses	38	34	11.8%
Depreciation and amortization	52	51	2.0%
Depreciation of right of use assets	123	116	6.0%
Other operating expenses	45	36	25.0%
Total operating expenses	1,004	716	40.2 %

Operating income	34	68	(50.0%)

Finance income	10	11	(9.1%)
Finance cost	(84)	(76)	10.5%
Exchange (loss) gain, net	(1)	6	N/A
Comprehensive financing result	(75)	(59)	27.1 %

(Loss) income before income tax	(41)	9	N/A
Income tax benefit (expense)	15	(3)	N/A
Net (loss) income	(26)	6	N/A

Controladora Vuela Compañía de Aviación, S.A.B. de C.V. and Subsidiaries Consolidated Statement of Operations

(In millions of U.S. dollars)	Nine months ended September 30, 2026	Nine months ended September 30, 2025	Variance
Operating revenues:
Passenger revenues	2,572	2,044	25.8 %
Fare revenues	1,201	913	31.5%
Other passenger revenues	1,371	1,131	21.2%

Non-passenger revenues	96	112	(14.3%)
Cargo	19	15	26.7%
Other non-passenger revenues	77	97	(20.6%)

Total operating revenues	2,668	2,156	23.7 %

Other operating income	(129)	(163)	(20.9%)
Fuel expense	975	646	50.9%
Aircraft and engine variable lease expenses	143	138	3.6%
Salaries and benefits	412	332	24.1%
Landing, take-off and navigation expenses	477	394	21.1%
Sales, marketing and distribution expenses	125	103	21.4%
Maintenance expenses	109	95	14.7%
Depreciation and amortization	157	154	1.9%
Depreciation of right of use assets	367	332	10.5%
Other operating expenses	118	90	31.1%
Total operating expenses	2,754	2,121	29.8 %

Operating loss	(86)	35	N/A

Finance income	29	35	(17.1%)
Finance cost	(240)	(233)	3.0%
Exchange (loss) gain, net	(18)	9	N/A
Comprehensive financing result	(229)	(189)	21.2 %

Loss before income tax	(315)	(154)	>100.0%
Income tax benefit	90	46	95.7%
Net loss	(225)	(108)	>100.0%

Controladora Vuela Compañía de Aviación, S.A.B. de C.V. and Subsidiaries Reconciliation of Total Ancillary Revenue per Passenger

The following table provides additional details about the components of total ancillary revenue for the quarter:

Unaudited (In millions of U.S. dollars)	Three months ended September 30, 2026	Three months ended September 30, 2025	Variance

Other passenger revenues	528	402	31.3%
Non-passenger revenues	20	40	(50.0%)
Total ancillary revenues	548	442	24.0 %

Booked passengers (thousands) ⁽¹⁾	8,977	7,855	14.3%

Total ancillary revenue per passenger	61	56	8.4 %

(1) Includes scheduled and charter.

Controladora Vuela Compañía de Aviación, S.A.B. de C.V. and Subsidiaries Reconciliation of Total Ancillary Revenue per Passenger

The following table provides additional details about the components of total ancillary revenue for the nine-month period ended September 30, 2026:

(In millions of U.S. dollars)	Nine months ended September 30, 2026	Nine months ended September 30, 2025	Variance

Other passenger revenues	1,371	1,131	21.2%
Non-passenger revenues	96	112	(14.3%)
Total ancillary revenues	1,467	1,243	18.0 %

Booked passengers (thousands) ⁽¹⁾	24,791	22,804	8.7%

Total ancillary revenue per passenger	59	54	8.6 %

(1) Includes scheduled and charter.

Controladora Vuela Compañía de Aviación, S.A.B. de C.V. and Subsidiaries Consolidated Statement of Financial Position

(In millions of U.S. dollars)	As of September 30, 2026 Unaudited	As of December 31, 2025 Audited
*Assets*
Cash and cash equivalents	803	754
Short-term investments	20	20
Total cash, cash equivalents, and short-term investments ₍₁₎	823	774
Accounts receivable, net	336	262
Inventories	21	17
Guarantee deposits	229	278
Prepaid expenses and other current assets	114	63
Total current assets	1,523	1,394
Right of use assets, net	2,518	2,531
Rotable spare parts, furniture and equipment, net	923	948
Intangible assets, net	43	38
Deferred income taxes	488	360
Guarantee deposits	287	341
Other long-term assets	23	25
Total non-current assets	4,282	4,243
Total assets	5,805	5,637
*Liabilities and equity*
Unearned transportation revenue	501	361
Accounts payable	268	192
Accrued liabilities	405	269
Other taxes and fees payable	279	269
Income taxes payable	18	11
Financial debt	165	262
Lease liabilities	457	409
Other liabilities	177	143
Total short-term liabilities	2,270	1,916
Financial debt	433	441
Accrued liabilities	4	7
Employee benefits	19	15
Deferred income taxes	10	12
Lease liabilities	2,739	2,744
Other liabilities	288	238
Total long-term liabilities	3,493	3,457
Total liabilities	5,763	5,373
*Equity*
Capital stock	248	248
Treasury shares	(13)	(13)
Contributions for future capital increases	-	-
Legal reserve	17	17
Additional paid-in capital	286	283
Accumulated deficit	(351)	(126)
Accumulated other comprehensive loss	(145)	(145)
Total equity	42	264
Total liabilities and equity	5,805	5,637

(1) Non-GAAP measure.

Controladora Vuela Compañía de Aviación, S.A.B. de C.V. and Subsidiaries Consolidated Statement of Cash Flows – Cash Flow Data Summary

Unaudited (In millions of U.S. dollars)	Three months ended September 30, 2026	Three months ended September 30, 2025

Net cash flow provided by operating activities	234	205
Net cash flow provided by (used in) investing activities	36	(69)
Net cash flow used in financing activities*	(271)	(130)
(Decrease) increase in cash and cash equivalents	(1)	6
Net foreign exchange differences	1	1
Cash and cash equivalents at beginning of period	803	772
Cash and cash equivalents at end of period	803	779
*Includes aircraft rental payments of $163 million and $165 million for the three-month period ended September 30, 2026, and 2025, respectively.

Controladora Vuela Compañía de Aviación, S.A.B. de C.V. and Subsidiaries Consolidated Statement of Cash Flows – Cash Flow Data Summary

(In millions of U.S. dollars)	Nine months ended September 30, 2026	Nine months ended September 30, 2025

Net cash flow provided by operating activities	757	498
Net cash flow used in investing activities	(61)	(91)
Net cash flow used in financing activities*	(649)	(539)
Increase (decrease) in cash and cash equivalents	47	(132)
Net foreign exchange differences	2	3
Cash and cash equivalents at beginning of period	754	908
Cash and cash equivalents at end of period	803	779
*Includes aircraft rental payments of $499 million and $466 million for the nine-month period ended September 30, 2026, and 2025, respectively.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were Volaris VLRS third-quarter 2026 financial results?

Volaris reported $1,038 million in revenue and a $26 million net loss for third-quarter 2026. Revenue increased 32.4% year over year, while operating income fell 50.0% to $34 million. Loss per American Depositary Share was $0.23.

What is Volaris VLRS full-year 2026 outlook?

Volaris expects approximately 5% capacity growth, measured in available seat miles, and an approximately 21% EBITDAR margin for 2026. Expected capital spending is approximately $350 million, net of financed fleet predelivery payments. The comparable 2025 figures were 6.3%, 32.5% and $251 million, respectively.

Volaris Reports Financial Results for the Third Quarter 2026: $1 Billion Revenue, up 32% YoY