Allegiant Travel (ALGT) FY2025 results: revenue $2.6 billion, up 3.7% on the year
Allegiant Travel Co. (ALGT) reported revenue of $2.6 billion for fiscal 2025, the year ended 31 December 2025, up 3.7% on the year before. Net income was -$45 million, and diluted earnings per share $-2.48. The figures are the company's own, from the 10-K it filed with the SEC on 26 February 2026.
Revenue
$2.6 billion
+3.7% on the year
FY2018FY2025
Operating margin
1.4%
-9.6% a year earlier
FY2018FY2025
Net income
-$45 million
FY2018FY2025
Diluted EPS
-$2.48
FY2018FY2025
this yearthe year beforeHover a bar for its figure.
The year in brief
What management said about the year
Guidance figures: 18 new.
Record fourth-quarter airline revenue: Management described fourth-quarter airline-only operating revenue of $656.2M as a record, up 7.6% year over year. Adjusted airline-only operating income was $84.7M.
Margin above initial guidance: Adjusted airline-only operating margin was 12.9%, against 13.2% a year earlier, and above the initial guidance management had given.
Full-year adjusted airline EPS fell: Full-year adjusted airline-only diluted EPS was $5.07, down from $5.84 in 2024. Adjusted consolidated diluted EPS was $3.80, up from $2.48.
December demand accelerated sharply: Management said demand accelerated sharply in December and lifted year-over-year unit revenue by nearly six points sequentially from the third quarter.
Full-year unit costs fell over six percent: Management said unit costs fell more than six percent for the full year, which it believes led the industry. Full-year CASM excluding fuel fell 6.1% on 12.6% capacity growth.
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Operating cash flow
390
338
423
+15.2%
Capital expenditure
315
300
528
+4.8%
Free cash flow
75.1
38.3
-105
+96.1%
Free cash flow margin
2.9%
1.5%
-4.2%
Cash from investing
-220
5.6
-722
Cash from financing
-281
-201
213
Depreciation and amortisation
249
258
223
-3.5%
Share-based compensation
10.9
22.6
29.7
-51.8%
Buybacks
13.6
6.0
30.1
+125.3%
Dividends paid
0.0
21.9
22.1
Dividend per share
$0.00
$1.20
$1.20
Diluted shares, weighted
18m
18m
18m
+1.1%
Balance sheet
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Shareholders' equity
1,053
1,089
1,329
-3.4%
Debt
1,800
2,067
2,260
-12.9%
Operating lease liabilities
54.2
62.4
82.4
-13.2%
Finance lease liabilities
375
403
430
-7.0%
Other liabilities
928
809
756
+14.8%
Total liabilities and equity
4,209
4,430
4,857
-5.0%
Fixed assets
2,948
3,070
3,430
-4.0%
Investments
666
547
727
+21.7%
Cash and equivalents
173
286
143
-39.6%
Receivables
57.1
90.4
70.7
-36.8%
Other assets
366
437
485
-16.1%
Total assets
4,209
4,430
4,857
-5.0%
10-K for the year ended 31 December 2025, filed 26 February 2026: the filing.