Allegiant Travel CO 8-K, filed Nov 4, 2026
Allegiant Travel CO (ALGT)
8-K
2026-11-04
For: 2026-11-04
View Original
Added on
November 04, 2026
About this 8-K
Allegiant Travel CO filed this 8-K on November 4, 2026.
Items reported
- Item 2.02: Financial results
- Item 7.01: Regulation FD disclosure
- Item 9.01: Financial statements and exhibits
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington D.C. 20549
_____________________________________________
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): November 4, 2026
| (Exact name of registrant as specified in its charter) | ||||||||||||||||||||||||||||||||
| (State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) | ||||||||||||||||||||||||||||||
| (Address of principal executive offices) | (Zip Code) | |||||||||||||||||||||||||||||||
Registrant’s telephone number, including area code: (702 ) 851-7300
| N/A | ||||||||||||||||||||||||||||||||
| (Former name or former address, if changed since last report.) | ||||||||||||||||||||||||||||||||
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol | Name of each exchange on which registered | ||||||||||||
Common stock, par value $0.001 | ALGT | NASDAQ Global Select Market | ||||||||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (Section 17 CFR §230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (Section 17 CFR §240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Section 2 Financial Information
Item 2.02 Results of Operations and Financial Condition.
On November 4, 2026, Allegiant Travel Company (the “Company”) issued the press release attached as Exhibit 99.1 to this Form 8-K concerning our results of operations for the quarter ended September 30, 2026.
This information is being furnished under Item 2.02 of Form 8-K. This report and Exhibit 99.1 are deemed to be furnished and are not considered “filed” with the Securities and Exchange Commission. As such, this information shall not be incorporated by reference into any of our reports or other filings made with the Securities and Exchange Commission.
Non-GAAP Financial Measures: The press release contains non-GAAP financial measures as such term is defined in Regulation G under the rules of the Securities and Exchange Commission. While the Company believes these financial measures are useful in evaluating the Company’s performance, this information should be considered to be supplemental in nature and not as a substitute for or superior to the related financial information prepared in accordance with GAAP. Further, these non-GAAP financial measures may differ from similarly titled measures presented by other companies.
Forward-Looking Statements: Under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, statements in the press release filed as Exhibit 99.1 and statements in the 3Q26 Earnings Call Slides furnished as Exhibit 99.2 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 in connection with our fleet and network; the effect of economic conditions on leisure travel; debt covenants and balances; the impact of government regulations on the airline industry; the ability to finance aircraft to be acquired; the ability to obtain necessary government approvals to offer international service; terrorist attacks; risks inherent to airlines; our competitive environment; our reliance on third parties who provide facilities or services to us; the impact of the possible loss of key personnel; economic and other conditions in markets in which we operate; increases in maintenance costs and availability of outside maintenance contractors to perform needed work on our aircraft on a timely basis and at acceptable rates; cyclical and seasonal fluctuations in our operating results; the perceived acceptability of our environmental, social and governance efforts; the risk that the combined company after the Sun Country acquisition will not realize expected benefits, cost savings, accretion, synergies and/or growth from the Sun Country acquisition or that any of the foregoing may take longer to realize or be more costly to achieve than expected; the diversion of management's attention and time from ongoing business operations and opportunities to integration matters; the risk that the integration of Sun Country's operations will be materially delayed or will be more costly or difficult than expected or that Allegiant is otherwise unable to successfully integrate Sun Country's businesses into the combined company; and reputational risk and potential adverse reactions of Allegiant's or Sun Country's customers, suppliers, employees, labor unions or other business partners, including those resulting from the completion of the Sun Country acquisition and the integration of the companies.
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.
Section 7 Regulation FD
Item 7.01 Regulation FD Disclosure.
We are supplementing our press release with updated information for investors relating to our financial performance and outlook as well as other information regarding our business. The update is furnished herewith as Exhibit 99.2 and is incorporated herein by reference.
The information in Section 7 of this Current Report on Form 8-K and Exhibit 99.2 filed herewith is furnished pursuant to Item 7.01 of Form 8-K and shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that Section. As such, this information shall not be incorporated by reference into any of the Company’s reports or other filings made with the Securities and Exchange Commission.
Section 9 Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits.
a.Not applicable.
b.Not applicable.
c.Not applicable.
d.Exhibits
| Exhibit No. | Description of Document | ||||
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, Allegiant Travel Company has duly caused this Report to be signed on its behalf by the undersigned hereunto duly authorized.
| Date: November 4, 2026 | ALLEGIANT TRAVEL COMPANY | ||||||||||
| By: | /s/ Robert J. Neal | ||||||||||
| Name: | Robert J. Neal | ||||||||||
| Title: | President and Chief Financial Officer | ||||||||||
EXHIBIT INDEX
| Exhibit No. | Description of Document | ||||
Exhibit 99.1
ALLEGIANT TRAVEL COMPANY
THIRD QUARTER 2026 FINANCIAL RESULTS*
Third quarter 2026 GAAP loss per share of $(0.56)
Third quarter 2026 adjusted diluted loss per share of $(0.03)(1)(2)(3)
* Year-to-date results include the financial performance of Sun Country only from and after the date the acquisition closed on May 13, 2026
LAS VEGAS. November 4, 2026 — Allegiant Travel Company (NASDAQ: ALGT) today reported the below financial results for third quarter 2026, as well as comparisons to the prior year.
"Allegiant delivered another quarter of operating profitability, expanding our adjusted operating margin by 340 basis points year over year on a pro forma basis in our seasonally slowest quarter, despite a more than 55 percent surge in fuel costs per gallon," stated Greg Anderson, chief executive officer of Allegiant Travel Company. "These results underscore robust demand from our customer base as well as continued momentum in our commercial initiatives that drove a 28.3 percent year-over-year increase in TRASM, on a pro forma basis. They also demonstrate our flexible business model in action as we reduced pro forma capacity by nearly six percent year over year to protect margins in a high-fuel environment.
"I am particularly pleased with the momentum across our commercial initiatives, highlighted by co-brand remuneration growth of more than 23 percent, pricing and product enhancements that lifted ancillary revenue per passenger, and our new Expedia partnership that is introducing new customers into our ecosystem. Continued execution, combined with our expanding scale, creates multiple pathways to realize the underlying earnings power of the company.
"Looking ahead to the fourth quarter, 72 percent of our ASMs are scheduled on high-demand peak days, and fuel-efficient MAX aircraft are expected to account for 20 percent of our combined capacity. With strong booking momentum, we remain confident in our 2026 full-year adjusted earnings per share guidance of greater than $6.00, despite elevated fuel costs.
"I want to thank our dedicated teams for their exceptional execution and continued integration progress. Together, we are building the nation’s leading leisure carrier, and we look forward to sharing our integration milestones and long-term financial framework at our Investor Day on December 7."
1
Summary Results
Consolidated(4) | Three Months Ended September 30, | Percent Change | |||||||||||||||||||||||||||||||||||||||||||||
| (unaudited) (in millions, except per share amounts) | 2026(4) | 2025 | YoY | ||||||||||||||||||||||||||||||||||||||||||||
| Total operating revenue | $ | 961.6 | $ | 561.9 | 71.1 | % | |||||||||||||||||||||||||||||||||||||||||
| Total operating expense | 950.8 | 589.1 | 61.4 | % | |||||||||||||||||||||||||||||||||||||||||||
| Operating income (loss) | 10.8 | (27.2) | NM | ||||||||||||||||||||||||||||||||||||||||||||
| Loss before income taxes | (20.1) | (52.2) | 61.6 | % | |||||||||||||||||||||||||||||||||||||||||||
| Net loss | (15.2) | (43.6) | 65.2 | % | |||||||||||||||||||||||||||||||||||||||||||
| Diluted loss per share | (0.56) | (2.41) | 76.8 | % | |||||||||||||||||||||||||||||||||||||||||||
Sunseeker special charges, net(2) | — | 0.6 | NM | ||||||||||||||||||||||||||||||||||||||||||||
Airline special charges(2) | 19.1 | 2.9 | NM | ||||||||||||||||||||||||||||||||||||||||||||
Adjusted loss before income taxes(1)(2)(3) | (1.7) | (47.6) | 96.4 | % | |||||||||||||||||||||||||||||||||||||||||||
Adjusted net loss(1)(2)(3) | (0.9) | (37.7) | 97.6 | % | |||||||||||||||||||||||||||||||||||||||||||
Adjusted diluted loss per share(1)(2)(3) | (0.03) | (2.09) | 98.6 | % | |||||||||||||||||||||||||||||||||||||||||||
Consolidated(4) | Nine Months Ended September 30, | Percent Change | ||||||||||||||||||||||||||||||||||||||||||
| (unaudited) (in millions, except per share amounts) | 2026(4) | 2025 | YoY | |||||||||||||||||||||||||||||||||||||||||
| Total operating revenue | $ | 2,637.5 | $ | 1,950.4 | 35.2 | % | ||||||||||||||||||||||||||||||||||||||
| Total operating expense | 2,524.5 | 1,980.1 | 27.5 | % | ||||||||||||||||||||||||||||||||||||||||
| Operating income (loss) | 113.0 | (29.7) | NM | |||||||||||||||||||||||||||||||||||||||||
| Income (loss) before income taxes | 40.8 | (98.8) | NM | |||||||||||||||||||||||||||||||||||||||||
| Net income (loss) | 22.4 | (76.6) | NM | |||||||||||||||||||||||||||||||||||||||||
| Diluted earnings (loss) per share | 0.97 | (4.26) | NM | |||||||||||||||||||||||||||||||||||||||||
Sunseeker special charges, net(2) | — | 100.9 | NM | |||||||||||||||||||||||||||||||||||||||||
Airline special charges(2) | 112.8 | 18.9 | NM | |||||||||||||||||||||||||||||||||||||||||
Adjusted income before income taxes(1)(2)(3) | 156.5 | 25.6 | NM | |||||||||||||||||||||||||||||||||||||||||
Adjusted net income(1)(2)(3) | 119.8 | 18.4 | NM | |||||||||||||||||||||||||||||||||||||||||
Adjusted diluted earnings per share(1)(2)(3) | 5.16 | 1.00 | NM | |||||||||||||||||||||||||||||||||||||||||
(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 2026 and 2025, we recognized certain expenses as special charges related to both: (1) Airline activities including accelerated depreciation on airframes identified for early retirement, accelerated amortization of software identified for redevelopment, costs related to the Sun Country Airlines acquisition, organizational restructuring, and a credit loss on a note receivable, and (2) Sunseeker Resort including costs related to the sale of the resort and weather-related damages (net of recoveries). For a listing of these charges, see the special charges table in Appendix A of this earnings release. The adjusted numbers in this earnings release exclude the effect of these special charges.
(3)In 2026 and 2025, the Company incurred gains and losses on debt extinguishment related to prepayment of debt facilities. These are added back or subtracted out, where appropriate, in our adjusted results.
(4)Results include the financial performance of Sun Country only for the period from and after May 13, 2026. Comparability of consolidated figures to prior year performance is significantly impacted by the acquisition of Sun Country as of May 13, 2026, and by the sale of Sunseeker Resort in September 2025.
NM Not meaningful (in some cases, due to the lack of comparability as a result of Sun Country results only being reflected in 2026)
* Note that amounts may not recalculate due to rounding
2
Third Quarter 2026 Results and Highlights
•Consolidated total operating revenue of $961.6M
•Record third-quarter TRASM of 14.18 cents, up 28.3 percent year over year on 5.7 percent less capacity, both on a pro forma basis
•Total fixed fee revenue of $83.6M, up 7.9 percent year over year on a pro forma basis
•Total ancillary revenue per passenger of $76.64, up 5.8 percent from the prior year on a pro forma basis
•Adjusted operating income(1)(2) of $29.8M, yielding an adjusted operating margin of 3.1 percent, a 3.4 percentage point improvement year over year on a pro forma basis despite a 55.5 percent increase in pro forma fuel cost per gallon
•Adjusted loss before income taxes(1)(2)(3) of $1.7M, yielding an adjusted pre-tax margin of (0.2) percent
•Adjusted EBITDA(1)(2) of $110.9M, yielding an adjusted EBITDA margin of 11.5 percent, a 1.6 percentage point improvement over the prior year on a pro forma basis
•Adjusted operating CASM, excluding fuel, special charges, and cargo expenses(2) of 9.23 ¢, up 9.1 percent year over year on a pro forma basis
•$42.1M in total Allegiant Air co-brand credit card remuneration received, up 23.6 percent year over year (excluding Sun Country)
•Named 2026's Best Low-Cost Airline in North America by Skytrax, the international air transport rating organization, marking the third consecutive year Allegiant has won the award
•Earned the top spot in USA TODAY's 10Best 2026 Readers' Choice Awards, being recognized as Number 1 for Best Airline Credit Card and Best Frequent Flyer Program
•In October, exercised six Boeing 737-8 aircraft purchase options for delivery in 2028, bringing total firm aircraft orders under the Boeing purchase agreement to 56, of which 22 have been delivered to date, with 74 options remaining
On a "pro forma basis" means that we are comparing 2026 actual results to pro forma 2025 results calculated as if the acquisition of Sun Country and the sale of Sunseeker Resort were completed on January 1, 2025. See pro forma numbers in our Form 8-K filed with the SEC on November 2, 2026.
Balance Sheet, Cash and Liquidity
•Consolidated total available liquidity at September 30, 2026 was $1.1B, which included $864.7M in cash and investments and $250.0M in undrawn revolving credit facilities
◦Does not include $336.8M of undrawn aircraft and PDP financing commitments
•$211.0M of cash used in operations during third quarter 2026, including $267.0M pilot retention bonus payment
•Consolidated total debt at September 30, 2026 was $2.9B
•Net debt at September 30, 2026 was $2.1B
•Consolidated debt principal payments of $86.9M during the quarter
•Consolidated air traffic liability at September 30, 2026 was $632.5M
Capital Expenditures
•Third quarter consolidated capital expenditures of $135.7M, which included $114.6M for aircraft-related capital expenditures and $21.1M in other capital expenditures
•Third quarter consolidated deferred heavy maintenance expenditures were $19.6M
3
(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 2026 and 2025, we recognized certain expenses as special charges related to both: (1) Airline activities including accelerated depreciation on airframes identified for early retirement, accelerated amortization of software identified for redevelopment, costs related to the Sun Country Airlines acquisition, organizational restructuring, and a credit loss on a note receivable, and (2) Sunseeker Resort including costs related to the sale of the resort and weather-related damages (net of recoveries). For a listing of these charges, see the special charges table in Appendix A of this earnings release. The adjusted numbers in this earnings release exclude the effect of these special charges.
(3)In third quarter 2026, the Company incurred gains on debt extinguishment related to prepayment of debt facilities. These are added back or subtracted out, where appropriate, in our adjusted results.
4
Guidance, subject to revision
Certain forward-looking financial information in the following tables is not presented in accordance with accounting principles generally accepted in the U.S. (“GAAP”). Non-GAAP financial figures may be useful to stakeholders, but should not be considered a substitute for GAAP figures. In reliance on the 'unreasonable efforts' exception in Item 10(e)(1)(i)(B) of SEC Regulation S-K, a reconciliation to the most comparable GAAP financial measure is not provided for adjusted earnings per share and adjusted operating margin in the table below. The Company is not able to reconcile these Non-GAAP financial figures without unreasonable effort because the special charge adjustments will not be known until the end of the indicated future periods and any range of projected values would be too broad to be meaningful. As a result, this information would not be significant to investors.
The below guidance is for the combined Allegiant and Sun Country entity.
| Fourth quarter 2026 guidance | |||||||||||
System ASMs - year-over-year change(5) | ~Flat | ||||||||||
Scheduled service ASMs - year-over-year change(5) | ~+1.7% | ||||||||||
| Fuel cost per gallon | $ | 4.75 | |||||||||
Adjusted operating margin(1) | 6.0% - 7.0% | ||||||||||
Interest expense(2) (millions) | ~$50 | ||||||||||
Capitalized interest(2) (millions) | (~$6) | ||||||||||
| Interest income (millions) | ~$11 | ||||||||||
| Assumed tax rate | 23 | % | |||||||||
| Weighted average shares outstanding (millions) | 27.3 | ||||||||||
Adjusted earnings per share(1) | $1.00 - $1.50 | ||||||||||
| Full-year 2026 guidance | |||||||||||
| Weighted average shares outstanding (millions) | 23.9 | ||||||||||
Adjusted earnings per share(1) | >$6.00 | ||||||||||
| Full-year CAPEX (excluding Sun Country CAPEX prior to the acquisition) | |||||||||||
Aircraft-related capital expenditures(3) (millions) | $640 to $660 | ||||||||||
| Capitalized deferred heavy maintenance (millions) | $75 to $85 | ||||||||||
| Other capital expenditures (millions) | $115 to $125 | ||||||||||
Recurring principal payments(4) (millions) (full year) (excluding Sun Country principal payments prior to the acquisition) | $205 to $215 | ||||||||||
(1) Denotes a non-GAAP financial measure for which no reconciliation to GAAP is provided as described above.
(2) Includes capitalized interest related to pre-delivery deposits on new aircraft.
(3) Aircraft-related capital expenditures include the purchase of aircraft, engines, induction costs, and pre-delivery deposits. This amount excludes capitalized interest related to pre-delivery deposits on new aircraft.
(4) Does not include repayment of pre-delivery deposit debt facilities due on delivery of aircraft
(5) Year-over-year change is calculated relative to prior-year combined entity pro forma available seat miles (ASMs) for the three months ended December 31, 2025 of 7,027,800 (in thousands) for total system and 6,427,000 (in thousands) for scheduled service
5
Aircraft Fleet Plan by End of Period
| Aircraft | 3Q26 | YE26 | ||||||||||||||||||
| Passenger service | ||||||||||||||||||||
| Airbus A320 | 76 | 74 | ||||||||||||||||||
| Airbus A319 | 27 | 26 | ||||||||||||||||||
| Boeing 737 MAX-8 | 21 | 25 | ||||||||||||||||||
| Boeing 737-800 (Sun Country) | 43 | 43 | ||||||||||||||||||
| Boeing 737-900ER (Sun Country) | 3 | 3 | ||||||||||||||||||
| Total aircraft in passenger service | 170 | 171 | ||||||||||||||||||
| Boeing 737-800F (Sun Country - Cargo) | 22 | 22 | ||||||||||||||||||
| Total | 192 | 193 | ||||||||||||||||||
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 and aircraft in temporary storage. The numbers exclude three aircraft owned by the Company but on operating lease to other carriers.
6
Allegiant Travel Company will host a conference call with analysts at 4:30 p.m. ET Wednesday, November 4, 2026 to discuss its third quarter 2026 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. Through Allegiant Air and Sun Country Airlines, the Company serves approximately 22 million annual customers across scheduled passenger, charter and cargo operations. Together, the airlines operate more than 650 routes serving nearly 175 cities throughout the United States and select international destinations. Allegiant is committed to providing affordable travel options, operational excellence and long-term value for customers, employees, communities and shareholders. 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 in connection with our fleet and network, the effect of economic conditions on leisure travel, debt covenants and balances, the impact of government regulations on the airline industry, the ability to finance aircraft to be acquired, the ability to obtain necessary government approvals to offer international service, terrorist attacks, risks inherent to airlines, our competitive environment, our reliance on third parties who provide facilities or services to us, the impact of the possible loss of key personnel, economic and other conditions in markets in which we operate, increases in maintenance costs and availability of outside maintenance contractors to perform needed work on our aircraft on a timely basis and at acceptable rates, cyclical and seasonal fluctuations in our operating results, the perceived acceptability of our environmental, social and governance efforts, the risk that the combined company after the Sun Country acquisition will not realize expected benefits, cost savings, accretion, synergies and/or growth from the Sun Country acquisition or that any of the foregoing may take longer to realize or be more costly to achieve than expected, the diversion of management's attention and time from ongoing business operations and opportunities to integration matters, the risk that the integration of Sun Country's operations will be materially delayed or will be more costly or difficult than expected or that Allegiant is otherwise unable to successfully integrate Sun Country's businesses into the combined company, and reputational risk and potential adverse reactions of Allegiant's or Sun Country's customers, suppliers, employees, labor unions or other business partners, including those resulting from the completion of the Sun Country acquisition and the integration of the companies.
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:
7
Allegiant Travel Company
Consolidated Statements of Loss(1)
(in thousands, except per share amounts)
(Unaudited)
| Three Months Ended September 30, | Percent Change | ||||||||||||||||||||||||||||
| 2026 | 2025 | YoY | |||||||||||||||||||||||||||
| OPERATING REVENUES: | |||||||||||||||||||||||||||||
| Passenger | $ | 777,448 | $ | 494,144 | 57.3 | % | |||||||||||||||||||||||
| Third party products | 44,616 | 39,397 | 13.2 | ||||||||||||||||||||||||||
| Fixed fee contracts | 83,646 | 18,852 | 343.7 | ||||||||||||||||||||||||||
| Cargo | 52,393 | — | NM | ||||||||||||||||||||||||||
| Other | 3,456 | 9,539 | NM | ||||||||||||||||||||||||||
| Total operating revenues | 961,559 | 561,932 | 71.1 | ||||||||||||||||||||||||||
| OPERATING EXPENSES: | |||||||||||||||||||||||||||||
| Aircraft fuel | 293,575 | 151,254 | 94.1 | ||||||||||||||||||||||||||
| Salaries and benefits | 287,387 | 196,394 | 46.3 | ||||||||||||||||||||||||||
| Station operations | 113,986 | 71,390 | 59.7 | ||||||||||||||||||||||||||
| Depreciation and amortization | 81,172 | 58,952 | 37.7 | ||||||||||||||||||||||||||
| Maintenance and repairs | 59,784 | 39,908 | 49.8 | ||||||||||||||||||||||||||
| Sales and marketing | 35,810 | 23,040 | 55.4 | ||||||||||||||||||||||||||
| Aircraft rent | 7,739 | 11,096 | (30.3) | ||||||||||||||||||||||||||
| Other | 52,267 | 33,615 | 55.5 | ||||||||||||||||||||||||||
| Special charges, net of recoveries | 19,084 | 3,473 | NM | ||||||||||||||||||||||||||
| Total operating expenses | 950,804 | 589,122 | 61.4 | ||||||||||||||||||||||||||
| OPERATING INCOME (LOSS) | 10,755 | (27,190) | NM | ||||||||||||||||||||||||||
| OTHER (INCOME) EXPENSES: | |||||||||||||||||||||||||||||
| Interest income | (9,673) | (10,108) | (4.3) | ||||||||||||||||||||||||||
| Interest expense | 46,555 | 38,116 | 22.1 | ||||||||||||||||||||||||||
| Capitalized interest | (6,189) | (3,166) | 95.5 | ||||||||||||||||||||||||||
| Other, net | 112 | 122 | (8.2) | ||||||||||||||||||||||||||
| Total other expenses | 30,805 | 24,964 | 23.4 | ||||||||||||||||||||||||||
| LOSS BEFORE INCOME TAXES | (20,050) | (52,154) | 61.6 | ||||||||||||||||||||||||||
| INCOME TAX BENEFIT | (4,872) | (8,580) | 43.2 | ||||||||||||||||||||||||||
| NET LOSS | $ | (15,178) | $ | (43,574) | 65.2 | ||||||||||||||||||||||||
| Loss per share to common shareholders: | |||||||||||||||||||||||||||||
| Basic | ($0.56) | ($2.41) | 76.8 | ||||||||||||||||||||||||||
| Diluted | ($0.56) | ($2.41) | 76.8 | ||||||||||||||||||||||||||
Shares used for computation(2)(3): | |||||||||||||||||||||||||||||
| Basic | 26,990 | 18,050 | 49.5 | ||||||||||||||||||||||||||
| Diluted | 26,990 | 18,050 | 49.5 | ||||||||||||||||||||||||||
(1)Prior year figures are not comparable because prior year results do not include the financial performance of Sun Country but do include the financial performance of Sunseeker Resort, which was sold on September 4, 2025.
(2)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.
(3)The number of shares used for the earnings per share calculations are significantly impacted by the issuance of shares in connection with the Sun Country acquisition.
NM Not meaningful
8
Allegiant Travel Company
Segment Profit or Loss(1)
(in thousands)
(Unaudited)
| Three Months Ended September 30, 2026 | Three Months Ended September 30, 2025 | ||||||||||||||||||||||||||||||||||
| Allegiant | Sun Country | Consolidated | Allegiant | Sunseeker | Consolidated | ||||||||||||||||||||||||||||||
| OPERATING REVENUES: | |||||||||||||||||||||||||||||||||||
| Passenger | $ | 620,668 | $ | 156,780 | $ | 777,448 | $ | 494,144 | $ | — | $ | 494,144 | |||||||||||||||||||||||
| Third party products | 42,292 | 2,324 | 44,616 | 39,397 | — | 39,397 | |||||||||||||||||||||||||||||
| Fixed fee contracts | 20,627 | 63,019 | 83,646 | 18,852 | — | 18,852 | |||||||||||||||||||||||||||||
| Cargo | — | 52,393 | 52,393 | — | — | — | |||||||||||||||||||||||||||||
| Other | 174 | 3,282 | 3,456 | 181 | 9,358 | 9,539 | |||||||||||||||||||||||||||||
| Total operating revenues | $ | 683,761 | $ | 277,798 | $ | 961,559 | $ | 552,574 | $ | 9,358 | $ | 561,932 | |||||||||||||||||||||||
| OPERATING EXPENSES: | |||||||||||||||||||||||||||||||||||
| Aircraft fuel | 226,192 | 67,383 | 293,575 | 151,254 | — | 151,254 | |||||||||||||||||||||||||||||
| Salaries and benefits | 188,979 | 98,408 | 287,387 | 190,491 | 5,903 | 196,394 | |||||||||||||||||||||||||||||
| Station operations | 78,255 | 35,731 | 113,986 | 71,390 | — | 71,390 | |||||||||||||||||||||||||||||
| Depreciation and amortization | 57,561 | 23,611 | 81,172 | 58,952 | — | 58,952 | |||||||||||||||||||||||||||||
| Maintenance and repairs | 39,211 | 20,573 | 59,784 | 39,908 | — | 39,908 | |||||||||||||||||||||||||||||
| Sales and marketing | 27,632 | 8,178 | 35,810 | 22,093 | 947 | 23,040 | |||||||||||||||||||||||||||||
| Aircraft rent | 7,739 | — | 7,739 | 11,096 | — | 11,096 | |||||||||||||||||||||||||||||
| Other operating expenses | 31,531 | 20,736 | 52,267 | 24,684 | 8,931 | 33,615 | |||||||||||||||||||||||||||||
| Special charges, net of recoveries | 11,792 | 7,292 | 19,084 | 2,907 | 566 | 3,473 | |||||||||||||||||||||||||||||
| Total operating expenses | 668,892 | 281,912 | 950,804 | 572,775 | 16,347 | 589,122 | |||||||||||||||||||||||||||||
| OPERATING INCOME (LOSS) | 14,869 | (4,114) | 10,755 | (20,201) | (6,989) | (27,190) | |||||||||||||||||||||||||||||
| OTHER (INCOME) EXPENSES: | |||||||||||||||||||||||||||||||||||
| Interest income | (8,472) | (1,201) | (9,673) | (10,108) | — | (10,108) | |||||||||||||||||||||||||||||
| Interest expense | 38,418 | 8,137 | 46,555 | 34,120 | 3,996 | 38,116 | |||||||||||||||||||||||||||||
| Capitalized interest | (6,189) | — | (6,189) | (3,166) | — | (3,166) | |||||||||||||||||||||||||||||
| Other non-operating expenses | 42 | 70 | 112 | 122 | — | 122 | |||||||||||||||||||||||||||||
| Total other expenses | 23,799 | 7,006 | 30,805 | 20,968 | 3,996 | 24,964 | |||||||||||||||||||||||||||||
| LOSS BEFORE INCOME TAXES | $ | (8,930) | $ | (11,120) | $ | (20,050) | $ | (41,169) | $ | (10,985) | $ | (52,154) | |||||||||||||||||||||||
(1) Segment results for 2025 only are presented for Allegiant and Sunseeker Resort, as Sunseeker Resort was sold in September 2025. Following the acquisition of Sun Country Airlines on May 13, 2026, segment results for 2026 are presented for Allegiant and Sun Country.
9
Allegiant Travel Company
Airline Operating Statistics(1)
(Unaudited)
| Three Months Ended September 30, | Percent Change(2) | ||||||||||||||||||||||||||||
| 2026 | 2025 | YoY | |||||||||||||||||||||||||||
| AIRLINE OPERATING STATISTICS (CONSOLIDATED) | |||||||||||||||||||||||||||||
| Total system statistics: | |||||||||||||||||||||||||||||
| Passengers | 5,707,095 | 4,629,834 | 23.3 | % | |||||||||||||||||||||||||
| Available seat miles (ASMs) (thousands) | 6,305,477 | 4,939,441 | 27.7 | ||||||||||||||||||||||||||
| Operating expense per ASM, excluding cargo expenses (CASM) (cents) | 14.14 | ¢ | 11.59 | ¢ | 22.0 | ||||||||||||||||||||||||
| Operating CASM, excluding fuel, special charges, and cargo expenses (cents) | 9.23 | ¢ | 8.47 | ¢ | 9.0 | ||||||||||||||||||||||||
| Departures | 45,747 | 32,991 | 38.7 | ||||||||||||||||||||||||||
| Block hours (including cargo) | 109,816 | 75,466 | 45.5 | ||||||||||||||||||||||||||
| Average stage length (miles) | 887 | 850 | 4.4 | ||||||||||||||||||||||||||
| Average block hours per aircraft per day (excluding cargo) | 6.1 | 6.6 | (7.6) | ||||||||||||||||||||||||||
| Full-time equivalent employees at end of period | 8,210 | 5,871 | 39.8 | ||||||||||||||||||||||||||
| Fuel gallons consumed (thousands) | 73,579 | 59,015 | 24.7 | ||||||||||||||||||||||||||
| ASMs per gallon of fuel | 85.7 | 83.7 | 2.4 | ||||||||||||||||||||||||||
| Average fuel cost per gallon | $ | 3.98 | $ | 2.56 | 55.5 | ||||||||||||||||||||||||
| Scheduled service statistics: | |||||||||||||||||||||||||||||
| Passengers | 5,447,166 | 4,572,081 | 19.1 | ||||||||||||||||||||||||||
| Revenue passenger miles (RPMs) (thousands) | 5,024,132 | 4,022,761 | 24.9 | ||||||||||||||||||||||||||
| Available seat miles (ASMs) (thousands) | 5,796,211 | 4,769,245 | 21.5 | ||||||||||||||||||||||||||
| Load factor | 86.7 | % | 84.3 | % | 2.4 | ||||||||||||||||||||||||
| Departures | 36,011 | 31,656 | 13.8 | ||||||||||||||||||||||||||
| Block hours | 87,376 | 72,726 | 20.1 | ||||||||||||||||||||||||||
| Average seats per departure | 178.1 | 175.6 | 1.4 | ||||||||||||||||||||||||||
Yield (cents)(3) | 8.05 | ¢ | 4.94 | ¢ | 63.0 | ||||||||||||||||||||||||
Total passenger revenue per ASM (TRASM) (cents)(4) | 14.18 | ¢ | 11.19 | ¢ | 26.7 | ||||||||||||||||||||||||
Average fare - scheduled service(5) | $ | 74.27 | $ | 43.44 | 71.0 | ||||||||||||||||||||||||
Average fare - air-related charges(5) | $ | 68.45 | $ | 64.64 | 5.9 | ||||||||||||||||||||||||
| Average fare - third party products | $ | 8.19 | $ | 8.62 | (5.0) | ||||||||||||||||||||||||
| Average fare - total | $ | 150.92 | $ | 116.70 | 29.3 | ||||||||||||||||||||||||
| Average stage length (miles) | 900 | 856 | 5.1 | ||||||||||||||||||||||||||
| Fuel gallons consumed (thousands) | 67,765 | 56,952 | 19.0 | ||||||||||||||||||||||||||
| Average fuel cost per gallon | $ | 3.97 | $ | 2.55 | 55.7 | ||||||||||||||||||||||||
(1)Prior year figures are not comparable as third quarter 2026 results include Sun Country, while prior year figures do not.
(2)Except load factor, which is percentage point change.
(3)Defined as scheduled service revenue divided by revenue passenger miles.
(4)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.
(5)Reflects division of passenger revenue between scheduled service and air-related charges in the Company's booking path.
10
Allegiant Travel Company
Consolidated Statements of Income (Loss)(1)
(in thousands, except per share amounts)
(Unaudited)
| Nine Months Ended September 30, | Percent Change | ||||||||||||||||||||||||||||
| 2026 | 2025 | YoY | |||||||||||||||||||||||||||
| OPERATING REVENUES: | |||||||||||||||||||||||||||||
| Passenger | $ | 2,271,739 | $ | 1,728,802 | 31.4 | % | |||||||||||||||||||||||
| Third party products | 132,709 | 108,249 | 22.6 | ||||||||||||||||||||||||||
| Fixed fee contracts | 147,491 | 52,123 | 183.0 | ||||||||||||||||||||||||||
| Cargo | 79,978 | — | NM | ||||||||||||||||||||||||||
| Other | 5,564 | 61,216 | NM | ||||||||||||||||||||||||||
| Total operating revenues | 2,637,481 | 1,950,390 | 35.2 | ||||||||||||||||||||||||||
| OPERATING EXPENSES: | |||||||||||||||||||||||||||||
| Aircraft fuel | 781,485 | 483,339 | 61.7 | ||||||||||||||||||||||||||
| Salaries and benefits | 755,790 | 641,935 | 17.7 | ||||||||||||||||||||||||||
| Station operations | 286,020 | 220,143 | 29.9 | ||||||||||||||||||||||||||
| Depreciation and amortization | 209,806 | 190,782 | 10.0 | ||||||||||||||||||||||||||
| Maintenance and repairs | 144,253 | 111,141 | 29.8 | ||||||||||||||||||||||||||
| Sales and marketing | 99,205 | 74,973 | 32.3 | ||||||||||||||||||||||||||
| Aircraft rent | 22,215 | 28,038 | (20.8) | ||||||||||||||||||||||||||
| Other | 112,916 | 109,873 | 2.8 | ||||||||||||||||||||||||||
| Special charges, net of recoveries | 112,818 | 119,842 | (5.9) | ||||||||||||||||||||||||||
| Total operating expenses | 2,524,508 | 1,980,066 | 27.5 | ||||||||||||||||||||||||||
| OPERATING INCOME (LOSS) | 112,973 | (29,676) | NM | ||||||||||||||||||||||||||
| OTHER (INCOME) EXPENSES: | |||||||||||||||||||||||||||||
| Interest income | (27,226) | (32,402) | (16.0) | ||||||||||||||||||||||||||
| Interest expense | 115,856 | 114,656 | 1.0 | ||||||||||||||||||||||||||
| Capitalized interest | (15,417) | (14,216) | 8.4 | ||||||||||||||||||||||||||
| Other, net | (994) | 1,064 | NM | ||||||||||||||||||||||||||
| Total other expenses | 72,219 | 69,102 | 4.5 | ||||||||||||||||||||||||||
| INCOME (LOSS) BEFORE INCOME TAXES | 40,754 | (98,778) | NM | ||||||||||||||||||||||||||
| INCOME TAX EXPENSE (BENEFIT) | 18,314 | (22,140) | NM | ||||||||||||||||||||||||||
| NET INCOME (LOSS) | $ | 22,440 | $ | (76,638) | NM | ||||||||||||||||||||||||
| Earnings (loss) per share to common shareholders: | |||||||||||||||||||||||||||||
| Basic | $0.97 | ($4.26) | NM | ||||||||||||||||||||||||||
| Diluted | $0.97 | ($4.26) | NM | ||||||||||||||||||||||||||
Shares used for computation(2)(3): | |||||||||||||||||||||||||||||
| Basic | 22,715 | 18,010 | 26.1 | ||||||||||||||||||||||||||
| Diluted | 22,872 | 18,010 | 27.0 | ||||||||||||||||||||||||||
(1)Results include the financial performance of Sun Country only for the period from and after May 13, 2026. Comparability of consolidated figures to prior year performance is significantly impacted by the acquisition of Sun Country as of May 13, 2026, and by the sale of Sunseeker Resort in September 2025.
(2)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.
(3)The number of shares used for the earnings per share calculations are significantly impacted by the issuance of shares in connection with the Sun Country acquisition and the period of time such shares were outstanding.
NM Not meaningful
11
Allegiant Travel Company
Segment Profit or Loss(1)
(in thousands)
(Unaudited)
| Nine Months Ended September 30, 2026 | Nine Months Ended September 30, 2025 | ||||||||||||||||||||||||||||||||||
| Allegiant | Sun Country(2) | Consolidated | Allegiant | Sunseeker | Consolidated | ||||||||||||||||||||||||||||||
| OPERATING REVENUES: | |||||||||||||||||||||||||||||||||||
| Passenger | $ | 2,009,483 | $ | 262,256 | $ | 2,271,739 | $ | 1,728,802 | $ | — | $ | 1,728,802 | |||||||||||||||||||||||
| Third party products | 129,110 | 3,599 | 132,709 | 108,249 | — | 108,249 | |||||||||||||||||||||||||||||
| Fixed fee contracts | 53,273 | 94,218 | 147,491 | 52,123 | — | 52,123 | |||||||||||||||||||||||||||||
| Cargo | — | 79,978 | 79,978 | — | — | — | |||||||||||||||||||||||||||||
| Other | 533 | 5,031 | 5,564 | 536 | 60,680 | 61,216 | |||||||||||||||||||||||||||||
| Total operating revenues | $ | 2,192,399 | $ | 445,082 | $ | 2,637,481 | $ | 1,889,710 | $ | 60,680 | $ | 1,950,390 | |||||||||||||||||||||||
| OPERATING EXPENSES: | |||||||||||||||||||||||||||||||||||
| Aircraft fuel | 671,556 | 109,929 | 781,485 | 483,339 | — | 483,339 | |||||||||||||||||||||||||||||
| Salaries and benefits | 608,401 | 147,389 | 755,790 | 614,350 | 27,585 | 641,935 | |||||||||||||||||||||||||||||
| Station operations | 230,877 | 55,143 | 286,020 | 220,143 | — | 220,143 | |||||||||||||||||||||||||||||
| Depreciation and amortization | 174,008 | 35,798 | 209,806 | 183,623 | 7,159 | 190,782 | |||||||||||||||||||||||||||||
| Maintenance and repairs | 113,777 | 30,476 | 144,253 | 111,141 | — | 111,141 | |||||||||||||||||||||||||||||
| Sales and marketing | 85,693 | 13,512 | 99,205 | 70,583 | 4,390 | 74,973 | |||||||||||||||||||||||||||||
| Aircraft rent | 22,215 | — | 22,215 | 28,038 | — | 28,038 | |||||||||||||||||||||||||||||
Other operating expenses | 80,725 | 32,191 | 112,916 | 75,790 | 34,083 | 109,873 | |||||||||||||||||||||||||||||
| Special charges, net of recoveries | 79,089 | 33,729 | 112,818 | 18,894 | 100,948 | 119,842 | |||||||||||||||||||||||||||||
| Total operating expenses | 2,066,341 | 458,167 | 2,524,508 | 1,805,901 | 174,165 | 1,980,066 | |||||||||||||||||||||||||||||
| OPERATING INCOME (LOSS) | 126,058 | (13,085) | 112,973 | 83,809 | (113,485) | (29,676) | |||||||||||||||||||||||||||||
| OTHER (INCOME) EXPENSES: | |||||||||||||||||||||||||||||||||||
| Interest income | (25,279) | (1,947) | (27,226) | (32,402) | — | (32,402) | |||||||||||||||||||||||||||||
| Interest expense | 102,847 | 13,009 | 115,856 | 91,190 | 23,466 | 114,656 | |||||||||||||||||||||||||||||
| Capitalized interest | (15,417) | — | (15,417) | (14,216) | — | (14,216) | |||||||||||||||||||||||||||||
| Other non-operating expenses | (1,028) | 34 | (994) | 1,064 | — | 1,064 | |||||||||||||||||||||||||||||
| Total other expenses | 61,123 | 11,096 | 72,219 | 45,636 | 23,466 | 69,102 | |||||||||||||||||||||||||||||
| INCOME (LOSS) BEFORE INCOME TAXES | $ | 64,935 | $ | (24,181) | $ | 40,754 | $ | 38,173 | $ | (136,951) | $ | (98,778) | |||||||||||||||||||||||
(1) Segment results for 2025 only are presented for Allegiant and Sunseeker Resort, as Sunseeker Resort was sold in September 2025. Following the acquisition of Sun Country Airlines on May 13, 2026, segment results for 2026 are presented for Allegiant and Sun Country.
(2) Results include the financial performance of Sun Country only for the period from and after May 13, 2026.
12
Allegiant Travel Company
Airline Operating Statistics(1)
(Unaudited)
| Nine Months Ended September 30, | Percent Change(2) | ||||||||||||||||||||||||||||
| 2026 | 2025 | YoY | |||||||||||||||||||||||||||
| AIRLINE OPERATING STATISTICS (CONSOLIDATED) | |||||||||||||||||||||||||||||
| Total system statistics: | |||||||||||||||||||||||||||||
| Passengers | 15,889,097 | 14,208,165 | 11.8 | % | |||||||||||||||||||||||||
| Available seat miles (ASMs) (thousands) | 17,842,343 | 16,190,434 | 10.2 | ||||||||||||||||||||||||||
| Operating expense per ASM, excluding cargo expenses (CASM) (cents) | 13.64 | ¢ | 11.16 | ¢ | 22.2 | ||||||||||||||||||||||||
| Operating CASM, excluding fuel, special charges, and cargo expenses (cents) | 8.69 | ¢ | 8.05 | ¢ | 8.0 | ||||||||||||||||||||||||
| Departures | 120,150 | 103,540 | 16.0 | ||||||||||||||||||||||||||
| Block hours (including cargo) | 293,291 | 248,086 | 18.2 | ||||||||||||||||||||||||||
| Average stage length (miles) | 902 | 891 | 1.2 | ||||||||||||||||||||||||||
| Average block hours per aircraft per day (excluding cargo) | 6.8 | 7.3 | (6.8) | ||||||||||||||||||||||||||
| Full-time equivalent employees at end of period | 8,210 | 5,871 | 39.8 | ||||||||||||||||||||||||||
| Fuel gallons consumed (thousands) | 207,071 | 191,103 | 8.4 | ||||||||||||||||||||||||||
| ASMs per gallon of fuel | 86.2 | 84.7 | 1.8 | ||||||||||||||||||||||||||
| Average fuel cost per gallon | $ | 3.77 | $ | 2.53 | 49.0 | ||||||||||||||||||||||||
| Scheduled service statistics: | |||||||||||||||||||||||||||||
| Passengers | 15,461,480 | 14,070,680 | 9.9 | ||||||||||||||||||||||||||
| Revenue passenger miles (RPMs) (thousands) | 14,461,097 | 12,904,411 | 12.1 | ||||||||||||||||||||||||||
| Available seat miles (ASMs) (thousands) | 16,884,878 | 15,703,477 | 7.5 | ||||||||||||||||||||||||||
| Load factor | 85.6 | % | 82.2 | % | 3.4 | ||||||||||||||||||||||||
| Departures | 103,985 | 99,845 | 4.1 | ||||||||||||||||||||||||||
| Block hours | 256,132 | 240,120 | 6.7 | ||||||||||||||||||||||||||
| Average seats per departure | 177.1 | 175.2 | 1.1 | ||||||||||||||||||||||||||
Yield (cents)(3) | 8.27 | ¢ | 5.93 | ¢ | 39.5 | ||||||||||||||||||||||||
Total passenger revenue per ASM (TRASM) (cents)(4) | 14.24 | ¢ | 11.70 | ¢ | 21.7 | ||||||||||||||||||||||||
Average fare - scheduled service(5) | $ | 77.33 | $ | 54.38 | 42.2 | ||||||||||||||||||||||||
Average fare - air-related charges(5) | $ | 69.60 | $ | 68.49 | 1.6 | ||||||||||||||||||||||||
| Average fare - third party products | $ | 8.58 | $ | 7.69 | 11.6 | ||||||||||||||||||||||||
| Average fare - total | $ | 155.51 | $ | 130.56 | 19.1 | ||||||||||||||||||||||||
| Average stage length (miles) | 913 | 896 | 1.9 | ||||||||||||||||||||||||||
| Fuel gallons consumed (thousands) | 195,961 | 185,197 | 5.8 | ||||||||||||||||||||||||||
| Average fuel cost per gallon | $ | 3.76 | $ | 2.53 | 48.6 | ||||||||||||||||||||||||
(1)Prior year figures are not comparable because Sun Country figures are only included in 2026 numbers from May 13, 2026 and not at all in 2025.
(2)Except load factor, which is percentage point change.
(3)Defined as scheduled service revenue divided by revenue passenger miles.
(4)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.
(5)Reflects division of passenger revenue between scheduled service and air-related charges in the Company's booking path.
13
Summary Balance Sheet
| (in millions) | September 30, 2026 (unaudited) | December 31, 2025(1) | Percent Change | ||||||||||||||
| Unrestricted cash and investments | |||||||||||||||||
| Cash and cash equivalents | $ | 339.4 | $ | 172.7 | 96.5 | % | |||||||||||
| Short-term investments | 514.8 | 633.0 | (18.7) | ||||||||||||||
| Long-term investments | 10.5 | 32.8 | (68.0) | ||||||||||||||
| Total unrestricted cash and investments | 864.7 | 838.5 | 3.1 | ||||||||||||||
| Debt | |||||||||||||||||
| Current maturities of long-term debt and finance lease obligations, net of related costs | 371.5 | 118.1 | NM | ||||||||||||||
| Long-term debt and finance lease obligations, net of current maturities and related costs | 2,566.5 | 1,681.5 | 52.6 | ||||||||||||||
| Total debt | 2,938.0 | 1,799.6 | 63.3 | ||||||||||||||
| Debt, net of unrestricted cash and investments | 2,073.3 | 961.1 | 115.7 | ||||||||||||||
| Total Allegiant Travel Company shareholders’ equity | 1,765.0 | 1,052.7 | 67.7 | ||||||||||||||
(1) The December 31, 2025 figures do not include Sun Country as the acquisition did not close until May 13, 2026.
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 September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Basic: | |||||||||||||||||||||||
| Net income (loss) | $ | (15,178) | $ | (43,574) | $ | 22,440 | $ | (76,638) | |||||||||||||||
| Less income allocated to participating securities | — | — | (319) | — | |||||||||||||||||||
| Net income (loss) attributable to common stock | $ | (15,178) | $ | (43,574) | $ | 22,121 | $ | (76,638) | |||||||||||||||
| Earnings (loss) per share, basic | $ | (0.56) | $ | (2.41) | $ | 0.97 | $ | (4.26) | |||||||||||||||
Weighted-average shares outstanding(1) | 26,990 | 18,050 | 22,715 | 18,010 | |||||||||||||||||||
| Diluted: | |||||||||||||||||||||||
| Net income (loss) | $ | (15,178) | $ | (43,574) | $ | 22,440 | $ | (76,638) | |||||||||||||||
| Less income allocated to participating securities | — | — | (317) | — | |||||||||||||||||||
| Net income (loss) attributable to common stock | $ | (15,178) | $ | (43,574) | $ | 22,123 | $ | (76,638) | |||||||||||||||
| Earnings (loss) per share, diluted | $ | (0.56) | $ | (2.41) | $ | 0.97 | $ | (4.26) | |||||||||||||||
Weighted-average shares outstanding(1)(2) | 26,990 | 18,050 | 22,715 | 18,010 | |||||||||||||||||||
| Dilutive effect of outstanding stock awards | — | — | 284 | — | |||||||||||||||||||
| Adjusted weighted-average shares outstanding under treasury stock method | 26,990 | 18,050 | 22,999 | 18,010 | |||||||||||||||||||
| Participating securities excluded under two-class method | — | — | (127) | — | |||||||||||||||||||
| Adjusted weighted-average shares outstanding under two-class method | 26,990 | 18,050 | 22,872 | 18,010 | |||||||||||||||||||
(1)The number of shares used for the earnings per share calculations are significantly impacted by the issuance of shares in connection with the Sun Country acquisition and the period of time such shares were outstanding.
(2)Dilutive effect of common stock equivalents excluded from the diluted per share calculation is not material.
14
Appendix A
Non-GAAP Presentation
Three and Nine Months Ended September 30, 2026 and 2025
(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 Resort, (ii) other charges related to the sale of Sunseeker, and (iii) the airline special charges listed in the table below. We also present adjusted consolidated interest expense, adjusted consolidated income before income taxes, adjusted consolidated net income, and adjusted consolidated diluted earnings per share, which exclude the special charges described above and gains and losses 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 and other costs related to (i) aircraft accelerated depreciation on early retirement of certain airframes, (ii) accelerated amortization of software identified to be redeveloped, (iii) costs related to the Sun Country acquisition, (iv) a credit loss on a note receivable, and (v) gains and losses on extinguishment of debt.
All of the measures described above are non-GAAP financial measures. We believe the presentation of these measures is relevant and useful for investors because it allows them to better gauge the performance of the airlines 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, special charges, and cargo expenses. Fuel price volatility impacts the comparability of year over year financial performance as do the airline special charges. Cargo expenses are excluded because they do not relate to available seat miles. We believe the adjustments for fuel expense, airline special charges, and cargo expenses 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, and estimated adjusted earnings per share, as presented in this press release, are supplemental measures of our performance that are not required by, or presented in accordance with, accounting principles generally accepted in the United States (“GAAP”). These are not measurements of our financial performance under GAAP and should not be considered in isolation or as an alternative to net income or any other performance measures derived in accordance with GAAP or as an alternative to cash flows from operating activities as a measure of our liquidity.
We define “EBITDA” as earnings before interest, taxes, depreciation and amortization. The adjusted EBITDA measures also exclude special charges and gains and losses on the extinguishment of debt. We caution investors that amounts presented in accordance with this definition may not be comparable to similar measures disclosed by other issuers, because not all issuers and analysts calculate EBITDA in the same manner.
We use EBITDA and adjusted EBITDA to evaluate our operating performance and liquidity, and these are among the primary measures used by management for planning and forecasting of future periods. We believe these presentations of EBITDA are relevant and useful for investors because they allow investors to view results in a manner similar to the method used by management and make it easier to compare our results with other companies that have different financing and capital structures. EBITDA has important limitations as an analytical tool. These limitations include the following:
•EBITDA does not reflect our capital expenditures, future requirements for capital expenditures or contractual commitments to purchase capital equipment;
•EBITDA does not reflect interest expense or the cash requirements necessary to service principal or interest payments on our debt;
•although depreciation and amortization are non-cash charges, the assets that we currently depreciate and amortize will likely have to be replaced in the future, and EBITDA does not reflect the cash required to fund such replacements; and
•other companies in our industry may calculate EBITDA differently than we do, limiting its usefulness as a comparative measure.
Presented below is a quantitative reconciliation of these adjusted numbers (other than the estimated adjusted earnings per share and adjusted operating margin 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 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.
15
Reconciliation of Non-GAAP Financial Measures
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||||||
| Special Charges (millions) | ||||||||||||||||||||||||||
| Accelerated depreciation on airframes identified for early retirement | $ | 0.8 | $ | 2.9 | $ | 3.5 | $ | 6.8 | ||||||||||||||||||
| Accelerated amortization of software identified for redevelopment | 1.3 | — | 21.2 | — | ||||||||||||||||||||||
| Integration costs | 18.9 | — | 83.7 | — | ||||||||||||||||||||||
| Organizational restructuring | — | — | — | 12.1 | ||||||||||||||||||||||
| Credit loss on note receivable | — | — | 7.0 | — | ||||||||||||||||||||||
Airline special charges(2) | 21.0 | 2.9 | 115.4 | 18.9 | ||||||||||||||||||||||
Sunseeker special charges, net of recoveries(2) | (1.9) | 0.6 | (2.6) | 100.9 | ||||||||||||||||||||||
Consolidated special charges, net of recoveries(2) | $ | 19.1 | $ | 3.5 | $ | 112.8 | $ | 119.8 | ||||||||||||||||||
| Three Months Ended September 30, 2026 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Consolidated | Allegiant Air | Sun Country | |||||||||||||||||||||||||||||||||||||||||||||||||||
| 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)(3) | Adjusted (Non-GAAP)(1) | GAAP | Adjustments(2) | Adjusted (Non-GAAP)(1) | ||||||||||||||||||||||||||||||||||||||||||||
| Total operating revenues | $ | 961.6 | $ | — | $ | 961.6 | $ | 683.8 | $ | — | $ | 683.8 | $ | 277.8 | $ | — | $ | 277.8 | |||||||||||||||||||||||||||||||||||
| Total operating expenses | 950.8 | (19.1) | 931.7 | 668.9 | (11.8) | 657.1 | 281.9 | (7.3) | 274.6 | ||||||||||||||||||||||||||||||||||||||||||||
| Operating income (loss) | $ | 10.8 | $ | 19.1 | $ | 29.8 | $ | 14.9 | $ | 11.8 | $ | 26.7 | $ | (4.1) | $ | 7.3 | $ | 3.2 | |||||||||||||||||||||||||||||||||||
| Operating margin (percent) | 1.1 | 3.1 | 2.2 | 3.9 | (1.5) | 1.1 | |||||||||||||||||||||||||||||||||||||||||||||||
| Interest expense | $ | 46.6 | $ | 0.8 | $ | 47.3 | $ | 38.4 | $ | 0.8 | $ | 39.2 | $ | 8.1 | $ | — | $ | 8.1 | |||||||||||||||||||||||||||||||||||
| INCOME (LOSS) BEFORE INCOME TAXES | $ | (20.1) | $ | 18.3 | $ | (1.7) | $ | (8.9) | $ | 11.0 | $ | 2.1 | $ | (11.1) | $ | 7.3 | $ | (3.8) | |||||||||||||||||||||||||||||||||||
| Three Months Ended September 30, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Consolidated | Allegiant Air | Sunseeker | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Reconciliation of adjusted operating expenses, adjusted operating loss, adjusted operating margin, adjusted interest expense, and adjusted loss before income taxes (millions) | GAAP | Adjustments(2)(3) | Adjusted (Non-GAAP)(1) | GAAP | Adjustments(2)(3) | Adjusted (Non-GAAP)(1) | GAAP | Adjustments(2) | Adjusted (Non-GAAP)(1) | ||||||||||||||||||||||||||||||||||||||||||||
| Total operating revenues | $ | 561.9 | $ | — | $ | 561.9 | $ | 552.6 | $ | — | $ | 552.6 | $ | 9.4 | $ | — | $ | 9.4 | |||||||||||||||||||||||||||||||||||
| Total operating expenses | 589.1 | (3.5) | 585.6 | 572.8 | (2.9) | 569.9 | 16.3 | (0.6) | 15.8 | ||||||||||||||||||||||||||||||||||||||||||||
| Operating loss | $ | (27.2) | $ | 3.5 | $ | (23.7) | $ | (20.2) | $ | 2.9 | $ | (17.3) | $ | (7.0) | $ | 0.6 | $ | (6.4) | |||||||||||||||||||||||||||||||||||
| Operating margin (percent) | (4.8) | (4.2) | (3.7) | (3.1) | (74.7) | (68.6) | |||||||||||||||||||||||||||||||||||||||||||||||
| Interest expense | $ | 38.1 | $ | (1.1) | $ | 37.0 | $ | 34.1 | $ | (1.1) | $ | 33.0 | $ | 4.0 | $ | — | $ | 4.0 | |||||||||||||||||||||||||||||||||||
| LOSS BEFORE INCOME TAXES | $ | (52.2) | $ | 4.6 | $ | (47.6) | $ | (41.2) | $ | 4.0 | $ | (37.1) | $ | (11.0) | $ | 0.6 | $ | (10.4) | |||||||||||||||||||||||||||||||||||
16
| Nine Months Ended September 30, 2026 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Consolidated | Allegiant Air | Sun Country(4) | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Reconciliation of adjusted operating expenses, adjusted operating income, adjusted operating margin, adjusted interest expense, and adjusted income before income taxes (millions) | GAAP | Adjustments(2)(3) | Adjusted (Non-GAAP)(1) | GAAP | Adjustments(2)(3) | Adjusted (Non-GAAP)(1) | GAAP | Adjustments(2) | Adjusted (Non-GAAP)(1) | ||||||||||||||||||||||||||||||||||||||||||||
| Total operating revenues | $ | 2,637.5 | $ | — | $ | 2,637.5 | $ | 2,192.4 | $ | — | $ | 2,192.4 | $ | 445.1 | $ | — | $ | 445.1 | |||||||||||||||||||||||||||||||||||
| Total operating expenses | 2,524.5 | (112.8) | 2,411.7 | 2,066.3 | (79.1) | 1,987.3 | 458.2 | (33.7) | 424.4 | ||||||||||||||||||||||||||||||||||||||||||||
| Operating income (loss) | $ | 113.0 | $ | 112.8 | $ | 225.8 | $ | 126.1 | $ | 79.1 | $ | 205.1 | $ | (13.1) | $ | 33.7 | $ | 20.6 | |||||||||||||||||||||||||||||||||||
| Operating margin (percent) | 4.3 | 8.6 | 5.7 | 9.4 | (2.9) | % | 4.6 | ||||||||||||||||||||||||||||||||||||||||||||||
| Interest expense | $ | 115.9 | $ | (3.0) | $ | 112.9 | $ | 102.8 | $ | (3.0) | $ | 99.9 | $ | 13.0 | $ | — | $ | 13.0 | |||||||||||||||||||||||||||||||||||
| INCOME (LOSS) BEFORE INCOME TAXES | $ | 40.8 | $ | 115.8 | $ | 156.5 | $ | 64.9 | $ | 82.0 | $ | 147.0 | $ | (24.2) | $ | 33.7 | $ | 9.5 | |||||||||||||||||||||||||||||||||||
| Nine Months Ended September 30, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Consolidated | Allegiant Air | 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)(3) | Adjusted (Non-GAAP)(1) | GAAP | Adjustments(2)(3) | Adjusted (Non-GAAP)(1) | ||||||||||||||||||||||||||||||||||||||||||||
| Total operating revenues | $ | 1,950.4 | $ | — | $ | 1,950.4 | $ | 1,889.7 | $ | — | $ | 1,889.7 | $ | 60.7 | $ | — | $ | 60.7 | |||||||||||||||||||||||||||||||||||
| Total operating expenses | 1,980.1 | (119.8) | 1,860.2 | 1,805.9 | (18.9) | 1,787.0 | 174.2 | (100.9) | 73.2 | ||||||||||||||||||||||||||||||||||||||||||||
| Operating income (loss) | $ | (29.7) | $ | 119.8 | $ | 90.2 | $ | 83.8 | $ | 18.9 | $ | 102.7 | $ | (113.5) | $ | 100.9 | $ | (12.5) | |||||||||||||||||||||||||||||||||||
| Operating margin (percent) | (1.5) | 4.6 | 4.4 | 5.4 | NM | (20.7) | |||||||||||||||||||||||||||||||||||||||||||||||
| Interest expense | $ | 114.7 | $ | (4.5) | $ | 110.1 | $ | 91.2 | $ | (1.1) | $ | 90.1 | $ | 23.5 | $ | (3.4) | $ | 20.1 | |||||||||||||||||||||||||||||||||||
| INCOME (LOSS) BEFORE INCOME TAXES | $ | (98.8) | $ | 124.4 | $ | 25.6 | $ | 38.2 | $ | 20.0 | $ | 58.2 | $ | (137.0) | $ | 104.4 | $ | (32.6) | |||||||||||||||||||||||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||||||
Consolidated EBITDA and adjusted consolidated EBITDA (millions)(4) | ||||||||||||||||||||||||||
| Net income (loss) as reported (GAAP) | $ | (15.2) | $ | (43.6) | $ | 22.4 | $ | (76.6) | ||||||||||||||||||
| Interest expense, net | 30.7 | 24.8 | 73.2 | 68.0 | ||||||||||||||||||||||
| Income tax expense | (4.9) | (8.6) | 18.3 | (22.1) | ||||||||||||||||||||||
| Depreciation and amortization | 81.2 | 59.0 | 209.8 | 190.8 | ||||||||||||||||||||||
Consolidated EBITDA(1) | $ | 91.8 | $ | 31.6 | $ | 323.8 | $ | 160.0 | ||||||||||||||||||
Special charges, net of recoveries(2) | 19.1 | 3.5 | 112.8 | 119.8 | ||||||||||||||||||||||
Adjusted consolidated EBITDA(1)(2) | $ | 110.9 | $ | 35.1 | $ | 436.6 | $ | 279.9 | ||||||||||||||||||
Adjusted consolidated EBITDA margin(1)(2) | 11.5 | % | 6.2 | % | 16.6 | % | 14.4 | % | ||||||||||||||||||
17
| Three Months Ended September 30, 2026 | Three Months Ended September 30, 2025 | |||||||||||||||||||||||||
| Consolidated | Amount | Per Share | Amount | Per Share | ||||||||||||||||||||||
| Reconciliation of adjusted consolidated loss per share and adjusted consolidated net loss (millions except share and per share amounts) | ||||||||||||||||||||||||||
| Net loss as reported (GAAP) | $ | (15.2) | $ | (43.6) | ||||||||||||||||||||||
| Less: Net income allocated to participating securities | — | — | ||||||||||||||||||||||||
| Net loss attributable to common stock (GAAP) | $ | (15.2) | $ | (0.56) | $ | (43.6) | $ | (2.41) | ||||||||||||||||||
Plus (minus): Loss (gain) on extinguishment of debt(3) | (0.8) | (0.03) | 1.1 | 0.06 | ||||||||||||||||||||||
Plus: Special charges, net of recoveries(2) | 19.1 | 0.71 | 3.5 | 0.19 | ||||||||||||||||||||||
| Plus (minus): Income tax effect of adjustments above | (4.0) | (0.15) | 1.2 | 0.07 | ||||||||||||||||||||||
Adjusted net loss(1) | $ | (0.9) | $ | (37.7) | ||||||||||||||||||||||
| Less: Adjusted consolidated net income allocated to participating securities | — | — | — | — | ||||||||||||||||||||||
| Effect of dilutive securities | — | — | ||||||||||||||||||||||||
Adjusted net income attributable to common stock(1) | $ | (0.9) | $ | (0.03) | $ | (37.7) | $ | (2.09) | ||||||||||||||||||
Shares used for diluted computation (GAAP) (thousands)(6) | 26,990 | 18,050 | ||||||||||||||||||||||||
Shares used for diluted computation (adjusted) (thousands)(6) | 26,990 | 18,050 | ||||||||||||||||||||||||
| Nine Months Ended September 30, 2026 | Nine Months Ended September 30, 2025 | |||||||||||||||||||||||||
| Consolidated | 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) | $ | 22.4 | $ | (76.6) | ||||||||||||||||||||||
| Less: Net income allocated to participating securities | (0.3) | — | ||||||||||||||||||||||||
| Net income (loss) attributable to common stock (GAAP) | $ | 22.1 | $ | 0.97 | $ | (76.6) | $ | (4.26) | ||||||||||||||||||
| Plus: Net income allocated to participating securities | 0.3 | 0.01 | — | — | ||||||||||||||||||||||
Plus: Loss on extinguishment of debt(3) | 3.0 | 0.13 | 4.5 | 0.25 | ||||||||||||||||||||||
Plus: Special charges, net of recoveries(2) | 112.8 | 4.93 | 119.8 | 6.65 | ||||||||||||||||||||||
| Minus: Income tax effect of adjustments above | (18.4) | (0.81) | (29.3) | (1.63) | ||||||||||||||||||||||
Adjusted net income(1) | $ | 119.8 | $ | 18.4 | ||||||||||||||||||||||
| Less: Adjusted consolidated net income allocated to participating securities | (1.7) | (0.07) | (0.4) | (0.02) | ||||||||||||||||||||||
| Effect of dilutive securities | — | — | ||||||||||||||||||||||||
Adjusted net income attributable to common stock(1) | $ | 118.1 | $ | 5.16 | $ | 18.0 | $ | 1.00 | ||||||||||||||||||
Shares used for diluted computation (GAAP) (thousands)(6) | 22,872 | 18,010 | ||||||||||||||||||||||||
Shares used for diluted computation (adjusted) (thousands)(6) | 22,872 | 18,061 | ||||||||||||||||||||||||
18
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||||||
| Reconciliation of airline operating CASM excluding cargo expenses (millions) | ||||||||||||||||||||||||||
| Consolidated operating expenses (GAAP) | $ | 950.8 | $ | 589.1 | $ | 2,524.5 | $ | 1,980.1 | ||||||||||||||||||
| Minus: Sunseeker operating expenses | — | 16.3 | — | 174.2 | ||||||||||||||||||||||
| Minus: cargo operating expenses | 59.1 | — | 91.5 | — | ||||||||||||||||||||||
| Airline operating expenses, excluding cargo expenses | 891.7 | 572.8 | 2,433.0 | 1,805.9 | ||||||||||||||||||||||
System available seat miles (millions)(5) | 6,305.5 | 4,939.4 | 17,842.3 | 16,190.4 | ||||||||||||||||||||||
| Cost per available seat mile, excluding cargo expenses (cents) | 14.14 | ¢ | 11.59 | ¢ | 13.64 | ¢ | 11.16 | ¢ | ||||||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||||||
| Reconciliation of airline operating CASM excluding fuel, special charges, and cargo expenses (millions) | ||||||||||||||||||||||||||
| Consolidated operating expenses (GAAP) | $ | 950.8 | $ | 589.1 | $ | 2,524.5 | $ | 1,980.1 | ||||||||||||||||||
| Minus: Sunseeker operating expenses | — | 16.3 | — | 174.2 | ||||||||||||||||||||||
| Airline operating expenses | 950.8 | 572.8 | 2,524.5 | 1,805.9 | ||||||||||||||||||||||
Minus: airline special charges(2) | 19.1 | 2.9 | 112.8 | 18.9 | ||||||||||||||||||||||
| Minus: fuel expenses | 293.6 | 151.3 | 781.5 | 483.3 | ||||||||||||||||||||||
Minus: cargo operating expenses, not already included in reductions above(2) | 56.1 | — | 80.1 | — | ||||||||||||||||||||||
Airline operating expenses, excluding fuel, special charges and cargo expenses(1)(2) | $ | 582.0 | $ | 418.6 | $ | 1,550.1 | $ | 1,303.7 | ||||||||||||||||||
System available seat miles (millions)(5) | 6,305.5 | 4,939.4 | 17,842.3 | 16,190.4 | ||||||||||||||||||||||
Airline cost per available seat mile excluding fuel, special charges, and cargo expenses (cents)(2) | 9.23 | ¢ | 8.47 | ¢ | 8.69 | ¢ | 8.05 | ¢ | ||||||||||||||||||
(1)Denotes non-GAAP figure.
(2)In 2026 and 2025, we recognized certain expenses as special charges related to both: (1) Airline activities including accelerated depreciation on airframes identified for early retirement, accelerated amortization of software identified for redevelopment, costs related to the Sun Country Airlines acquisition, organizational restructuring, and a credit loss on a note receivable, and (2) Sunseeker Resort including costs related to the sale of the resort and weather-related damages (net of recoveries). For a listing of these charges, see the special charges table above. The adjusted numbers in this earnings release exclude the effect of these special charges.
(3)In 2026 and 2025, the Company incurred gains and losses on debt extinguishment related to prepayment of debt facilities. These are added back or subtracted out, where appropriate, in our adjusted results.
(4)Results include the financial performance of Sun Country only for the period from and after May 13, 2026.
(5)Available seat miles do not include cargo.
(6)The number of shares used for the earnings per share calculations are significantly impacted by the issuance of shares in connection with the Sun Country acquisition and the period of time such shares were outstanding.
* Note that amounts may not recalculate due to rounding
19
SUPPLEMENTARY PRO FORMA COMPARATIVE FINANCIAL AND OPERATING INFORMATION
(unaudited)
We believe that analysis of specific financial and operational results on a pro forma basis provides more meaningful year-over-year comparisons as the pro forma information includes full-period results for both Allegiant Air and Sun Country. The table below provides results comparing the three months ended September 30, 2026 as reported to the three months ended September 30, 2025 on a pro forma basis. Sun Country's financial information has been conformed to reflect Allegiant Travel Company historical financial statement presentation. The pro forma information has been adjusted to exclude the profit and loss of Sunseeker Resort, which was sold in September 2025, and as a result reflects airline-only amounts. This information does not purport to reflect what our financial and operational results would have been had the acquisition of Sun Country or the disposition of Sunseeker Resort been consummated at the beginning of the periods presented.
| Three Months Ended September 30, | ||||||||||||||||||||
| (in thousands, except statistical information) | 2026 As Reported | 2025 Pro Forma(1) | Change(2) | |||||||||||||||||
| Passenger | $ | 777,448 | $ | 636,850 | 22.1% | |||||||||||||||
| Third party products | 44,616 | 42,216 | 5.7% | |||||||||||||||||
| Fixed fee contracts | 83,646 | 77,525 | 7.9% | |||||||||||||||||
| Cargo and other | 55,849 | 51,521 | 8.4% | |||||||||||||||||
| Total operating revenues | 961,559 | 808,112 | 19.0% | |||||||||||||||||
| Operating expenses, excluding aircraft fuel | 657,229 | 613,916 | 7.1% | |||||||||||||||||
| Aircraft fuel | 293,575 | 199,872 | 46.9% | |||||||||||||||||
| Total operating expenses | 950,804 | 813,788 | 16.8% | |||||||||||||||||
| Operating income (loss) | 10,755 | (5,676) | NM | |||||||||||||||||
| Total other expenses | 30,805 | 27,680 | 11.3% | |||||||||||||||||
| Loss before income taxes | (20,050) | (33,356) | 39.9% | |||||||||||||||||
| Operating margin | 1.1 | % | (0.7) | % | 1.8 | |||||||||||||||
Adjusted operating margin(3) | 3.1 | % | (0.3) | % | 3.4 | |||||||||||||||
| Pro Forma Comparative Operating Statistics | ||||||||||||||||||||
| Scheduled service RPMs (millions) | 5,024.1 | 5,188.0 | (3.2)% | |||||||||||||||||
| Scheduled service ASMs (millions) | 5,796.2 | 6,143.7 | (5.7)% | |||||||||||||||||
| Total system ASMs (millions) | 6,305.5 | 6,710.0 | (6.0)% | |||||||||||||||||
| Scheduled service TRASM (cents) | 14.18 | ¢ | 11.05 | ¢ | 28.3% | |||||||||||||||
Average fare - scheduled service(4) | $ | 74.27 | $ | 49.43 | 50.3% | |||||||||||||||
Average fare - air-related charges(4) | $ | 68.45 | $ | 64.85 | 5.6% | |||||||||||||||
| Average fare - third party products | $ | 8.19 | $ | 7.58 | 8.0% | |||||||||||||||
| Average fare - total | $ | 150.92 | $ | 121.86 | 23.8% | |||||||||||||||
| Fuel gallons consumed (thousands) | 73,579 | 78,064 | (5.7)% | |||||||||||||||||
| ASMs per gallon of fuel | 85.7 | 86.0 | (0.3)% | |||||||||||||||||
| Load Factor | 86.7% | 84.4 | % | 2.3 | ||||||||||||||||
(1) As provided on Form 8-K filed with the SEC on November 2, 2026
(2) Except operating margin, adjusted operating margin, and load factor which are percentage point change.
(3) Denotes a non-GAAP financial measure. Refer to the Reconciliation of Pro Forma Non-GAAP Financial Measures section within this document for further information.
(4) Reflects division of passenger revenue between scheduled service and air-related charges in the Company's booking path.
20
Pro Forma Comparative CASM Reconciliation
| Three Months Ended September 30, | ||||||||||||||
| (in millions) | 2026 As Reported | 2025 Pro Forma(1) | ||||||||||||
| Total operating expenses | 950.8 | 813.8 | ||||||||||||
| Less the following components: | ||||||||||||||
| Special charges, net of recoveries | 19.1 | 3.3 | ||||||||||||
| Fuel expenses | 293.6 | 199.9 | ||||||||||||
| Cargo expenses, not already included in reductions above | 56.1 | 43.2 | ||||||||||||
| Total operating expenses, excluding fuel, special charges, and cargo expenses | 582.0 | 567.5 | ||||||||||||
| System available seat miles | 6,305.5 | 6,710.0 | ||||||||||||
| Airline cost per available seat mile excluding fuel, special charges and cargo expenses (cents) | 9.23 | ¢ | 8.46 | ¢ | ||||||||||
Reconciliation of Pro Forma Non-GAAP Financial Measures
| Three Months Ended September 30, | ||||||||||||||||||||||||||
| 2025 As Reported | 2025 Pro Forma(1) | |||||||||||||||||||||||||
| Allegiant | Sun Country | Pro Forma Adjustments | Condensed Combined Pro Forma | |||||||||||||||||||||||
| Reconciliation of operating income to adjusted operating income (millions) | ||||||||||||||||||||||||||
| Operating income (loss) | $ | (27.2) | $ | 9.9 | $ | 11.6 | $ | (5.7) | ||||||||||||||||||
| Special Items, net | 3.5 | — | (0.2) | 3.3 | ||||||||||||||||||||||
| Adjusted operating income (loss) | $ | (23.7) | $ | 9.9 | $ | 11.4 | $ | (2.4) | ||||||||||||||||||
| Adjusted operating margin | (4.2) | % | 3.9 | % | (0.3) | % | ||||||||||||||||||||
| Reconciliation of pro forma adjusted EBITDA (millions) | ||||||||||||||||||||||||||
| Net income (loss) as reported | $ | (43.6) | $ | 1.6 | $ | 11.4 | $ | (30.6) | ||||||||||||||||||
| Income taxes | (8.6) | 0.6 | 5.3 | (2.7) | ||||||||||||||||||||||
| Interest expense, net | 24.8 | 7.7 | (5.0) | 27.5 | ||||||||||||||||||||||
| Depreciation & amortization | 59.0 | 24.7 | (1.1) | 82.6 | ||||||||||||||||||||||
| Special charges, net of recoveries | 3.5 | — | (0.2) | 3.3 | ||||||||||||||||||||||
| Pro Forma Adjusted EBITDA | $ | 35.1 | $ | 34.6 | $ | 10.4 | $ | 80.1 | ||||||||||||||||||
| Pro Forma Adjusted EBITDA Margin | 6.2 | % | 13.5 | % | 9.9 | % | ||||||||||||||||||||
(1) As provided on Form 8-K filed with the SEC on November 2, 2026
21
#FD8103 #005595 #FFD105 #394B5D #38AC49 #394B5D #8294A6#FF5E1D November 4, 2026 3Q26 Earnings Presentation
#FD8103 #005595 #FFD105 #394B5D #38AC49 #394B5D #8294A6#FF5E1D Forward looking statements 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 in connection with our fleet and network, the effect of economic conditions on leisure travel, debt covenants and balances, the impact of government regulations on the airline industry, the ability to finance aircraft to be acquired, the ability to obtain necessary government approvals to offer international service, terrorist attacks, risks inherent to airlines, our competitive environment, our reliance on third parties who provide facilities or services to us, the impact of the possible loss of key personnel, economic and other conditions in markets in which we operate, increases in maintenance costs and availability of outside maintenance contractors to perform needed work on our aircraft on a timely basis and at acceptable rates, cyclical and seasonal fluctuations in our operating results, and the perceived acceptability of our environmental, social and governance efforts, the risk that the combined company after the Sun Country acquisition will not realize expected benefits, cost savings, accretion, synergies and/or growth from the Sun Country acquisition or that any of the foregoing may take longer to realize or be more costly to achieve than expected; the diversion of management's attention and time from ongoing business operations and opportunities to integration matters; the risk that the integration of Sun Country's operations will be materially delayed or will be more costly or difficult than expected or that Allegiant is otherwise unable to successfully integrate Sun Country's businesses into the combined company; and reputational risk and potential adverse reactions of Allegiant's or Sun Country's customers, suppliers, employees, labor unions or other business partners, including those resulting from the completion of the Sun Country acquisition and the integration of the companies. 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. 2
#FD8103 #005595 #FFD105 #394B5D #38AC49 #394B5D #8294A6#FF5E1D 3 Greg Anderson Chief Executive Officer
#FD8103 #005595 #FFD105 #394B5D #38AC49 #394B5D #8294A6#FF5E1D 4 Margin Expansion Despite 55% Higher Fuel 1. Adjusted operating margin is a non-GAAP measure. See appendix for reconciliation to the most comparable GAAP measure. 2. 3Q25 pro forma reflects the Sun Country acquisition and the Sunseeker Resort sale as if both occurred January 1, 2025. It is unaudited and prepared under Article 11 of Regulation S-X. See Form 8-K furnished on November 2, 2026, Exhibit 99.1 +3.4pts Adj. Op Margin1 +19% Total Revenue -6% System ASM +55% Fuel/gal Highest margin among leisure-focused U.S. airlines • Consolidated adjusted operating margin up +3.4 points YoY1, 2 Operating profit in what is typically our lowest-margin quarter • Consolidated revenue +19% on nearly 6% less capacity2 Capacity reduction helped offset a 55% increase in fuel cost per gallon • Margins expanded year-to-date despite higher fuel Peak-day focus, cuts to routes below return hurdles, commercial initiatives Pro forma2, YoY Pro forma2, YoY Pro forma2, YoY Pro forma2, YoY
#FD8103 #005595 #FFD105 #394B5D #38AC49 #394B5D #8294A6#FF5E1D 5 Low Fares and Reliable Service Sustain Leisure Demand Total fares ~30% below industry average Value proposition anchors leisure demand #1 or #2 carrier in more than 90% of origination markets Deep community presence Industry-leading completion factor through summer peak Reliable operation customers can depend on Skytrax Best Low-Cost Airline in North America Third consecutive year 1 2 3 4
#FD8103 #005595 #FFD105 #394B5D #38AC49 #394B5D #8294A6#FF5E1D 6 Commercial and Fleet Initiatives Expanding Earnings Power • Co-brand remuneration up nearly 24% YoY Program improvements support the 10% of revenue goal • Allegiant First bookings ahead of expectations Service commencing in March ‘27 • Expedia attracting new customers to Allegiant Helping boost load factor across our network 6% 10% 12% 17% 18% 18% 22% 25% 1Q25A 2Q25A 3Q25A 4Q25A 1Q26A 2Q26A 3Q26A 4Q26E Only 17% of the legacy fleet during 4Q26, lower fuel and maintenance costs on peak flying 737 MAX flew >22% of legacy Allegiant 3Q ASMs vs 12% a year ago Percent of 737 MAX ASMs vs Total Schedule Service 1Q25A – 4Q26E (Legacy Allegiant)
#FD8103 #005595 #FFD105 #394B5D #38AC49 #394B5D #8294A6#FF5E1D 7 Integration on Track for >$140M Annual Run-Rate Synergy Target by 2029 (1) Adjusted, non-GAAP, versus 2025 pro forma. • Customers can search and book across both airlines Bottom-up synergy plan sets the multi-year integration blueprint • Early benefits captured Gate and ground handling consolidation, combined insurance, duplicate corporate cost removal, purchasing scale • Commercial and operating system integration being carefully sequenced • Pilot recruiting classes full; Sun Country attrition trends have improved MSP remains the largest base and a long-term growth priority
#FD8103 #005595 #FFD105 #394B5D #38AC49 #394B5D #8294A6#FF5E1D 8 Record 4Q TRASM Expected; FY26 Adjusted EPS 1 Outlook of >$6.00 Reaffirmed • 4Q TRASM expected to be the highest in the company history • Planning 4Q fuel at ~$4.75 per gallon A sharp step-up from 3Q • FY adjusted EPS 1 outlook of >$6.00 reaffirmed Despite fuel well above the level assumed when guidance was first issued • Capital priorities: strong balance sheet, MAX and earnings initiatives, debt reduction • Investor Day, December 7, Las Vegas Integration milestones, long-term financial framework, simpler reporting structure 1. Adjusted, non-GAAP
#FD8103 #005595 #FFD105 #394B5D #38AC49 #394B5D #8294A6#FF5E1D 9 Drew Wells Executive Vice President, Chief Commercial Officer
#FD8103 #005595 #FFD105 #394B5D #38AC49 #394B5D #8294A6#FF5E1D 10 Record 3Q Revenue and TRASM on ~6% Less Capacity2 808 962 3Q25 (PF) 3Q26A Combined Total Revenue ($mm) 3Q26 vs 3Q25 Pro Forma1 +19.0% y/y • $962 million combined total operating revenue, +19.0% YoY 1 On ~6% 1 less capacity2; peak-day flying slightly increased • Combined TRASM of 14.18¢, +28.3% YoY 1 Third-quarter record for both brands; second-best quarterly TRASM in history • Record $136 million of charter and cargo revenue Fuel pass-through programs provide a predictable foundation 11.05¢ 14.18¢ 3Q25 (PF) 3Q26A Combined TRASM (Cents) 3Q26 vs 3Q25 Pro Forma1 +28.3% y/y 1. 3Q25 pro forma reflects the Sun Country acquisition and the Sunseeker Resort sale as if both occurred January 1, 2025. It is unaudited and prepared under Article 11 of Regulation S-X. See Form 8-K furnished on November 2, 2026, Exhibit 99.1 2. Available seat miles, schedule service
#FD8103 #005595 #FFD105 #394B5D #38AC49 #394B5D #8294A6#FF5E1D 11 Every Revenue Lever Improved: Load Factor, Ancillary, Yield, Co-Brand +2pts Load Factor Pro forma1, YoY +$3 Ancillary Rev/Pax Pro forma1, YoY +50% Air Rev/Pax Pro forma1, YoY 5-yr BofA Co-Brand Extension term • Load factor up 2 points1, the fourth consecutive quarter of expansion Nearly five more passengers per departure • Ancillary revenue up more than $3 1 per passenger Merchandising and pricing capabilities maturing; best practices shared across brands • Air revenue per passenger up 50% 1 YoY • Co-brand spend and card acquisitions each grew more than 20%, third consecutive quarter New 5-year extension with Bank of America unlocks improved economics 1. 3Q25 pro forma reflects the Sun Country acquisition and the Sunseeker Resort sale as if both occurred January 1, 2025. It is unaudited and prepared under Article 11 of Regulation S-X. See Form 8-K furnished on November 2, 2026, Exhibit 99.1
#FD8103 #005595 #FFD105 #394B5D #38AC49 #394B5D #8294A6#FF5E1D 12 Seasonal Network Puts Flying Where Demand Peaks • Summer 2026 network included 86 routes launched in the past 18 months Vast majority expected to return for summer 2027; 50 operated only in peak summer • July carried nearly 50% of 3Q scheduled service ASMs • Charter and cargo were nearly one-third of September block hours • 709 departures on a peak July Sunday vs. 28 on a late-August Tuesday Daily departures, peak vs. trough Departures, 3Q26 709 vs. 28 daily departures 709 28 Peak July Sunday Late-August Tuesday 25x swing
#FD8103 #005595 #FFD105 #394B5D #38AC49 #394B5D #8294A6#FF5E1D 13 4Q TRASM Expected Up >20% >20% 4Q Combined TRASM Expected YoY 1 ~1.7% Scheduled Service ASMs Expected vs. 4Q25 1 • 4Q combined TRASM expected up >20% YoY 1 Strong demand despite a return to YoY capacity growth • Scheduled service ASMs expected up ~1.7% vs. 4Q25 1 Driven by MAX deliveries; MAX ~20% of combined 4Q scheduled service ASMs • Holiday peak day expected at ~10x the lowest scheduled service day • Current cash sales growing double digits, ahead of forward seat growth 1. Forward-looking; 4Q25 pro forma basis.
#FD8103 #005595 #FFD105 #394B5D #38AC49 #394B5D #8294A6#FF5E1D 14 Expedia and Premium Products Broaden the Customer Base • Expedia now ~4% of bookings; more than half from net new customers Skews younger; supports travel from destination cities and newer routes • Allegiant First flights commence in March 2027; early bookings encouraging Introduced on new MAX deliveries throughout 2027 • Refreshed co-brand program rolling out • Complimentary in-flight beverages lifted NPS • UNLV College of Hospitality partnership on crew customer-experience training • More than 5 million customers carried in 3Q Allegiant First available only on new MAX deliveries beginning 2027 ~4% Expedia Share of Bookings vs. ~3% at the 2Q call
#FD8103 #005595 #FFD105 #394B5D #38AC49 #394B5D #8294A6#FF5E1D 15 Robert Neal President and Chief Financial Officer
#FD8103 #005595 #FFD105 #394B5D #38AC49 #394B5D #8294A6#FF5E1D 3.1% (0.3%) 3Q25 (PF) 3Q26 16 3Q Operating Profit Despite Fuel 18¢ Above Guidance • Adjusted operating income1 of $29.8 million; 3.1% adjusted operating margin Above the 1.0%–3.0% guidance range • Adjusted EBITDA1 of $111 million; 11.5% EBITDA margin • Adjusted net loss1 of ~$1 million, or ($0.03) per share Favorable end of the ($1.00)–$0.00 guidance range • Achieved with fuel averaging $3.98/gal vs. $3.80/gal guidance Consolidated Adjusted Operating Margin1 3Q26 vs 3Q25 Pro Forma2 $3.98 $2.56 3Q25 (PF) 3Q26A Consolidated Fuel Cost per Gallon 3Q26 vs 3Q25 Pro Forma2 +55% - y/y +3.4 pts - y/y 1. Non-GAAP measure. See appendix for reconciliation to the most comparable GAAP measure. See the earnings release for discussion as to why management believes presentation of these non- GAAP figures to be useful to investors 2. 3Q25 pro forma reflects the Sun Country acquisition and the Sunseeker Resort sale as if both occurred January 1, 2025. It is unaudited and prepared under Article 11 of Regulation S-X. See Form 8-K furnished on November 2, 2026, Exhibit 99.1
#FD8103 #005595 #FFD105 #394B5D #38AC49 #394B5D #8294A6#FF5E1D 9.1% (6.0%) 17 3Q Marks Peak Non-Fuel Unit Cost Pressure • CASM-ex of 9.23¢, +9.1%2 YoY on ~6%2 lower capacity 1 Better than expected; includes a true-up of the pilot retention bonus accrual • 3Q expected to mark the peak YoY non-fuel unit cost increase Crew productivity and operating efficiencies are the focus into 2027 • Fuel expense of ~$294 million, $94 million above prior year 2 $3.98/gal; MAX deployment and highest-return flying mitigate CASMex Fuel, Specials, and Cargo1 & ASMs 3Q26 vs 3Q25 Pro Forma2 ASMs CASMex 1. Non-GAAP measure. See appendix for reconciliation to the most comparable GAAP measure. See the earnings release for discussion as to why management believes presentation of these non- GAAP figures to be useful to investors 2. Pro forma reflects the Sun Country acquisition and the Sunseeker Resort sale as if both occurred January 1, 2025. It is unaudited and prepared under Article 11 of Regulation S-X. See Form 8-K furnished on November 2, 2026, Exhibit 99.1
#FD8103 #005595 #FFD105 #394B5D #38AC49 #394B5D #8294A6#FF5E1D 18 $1.1B Liquidity After Bonus Payout and Sun Country Close • $136 million of 3Q capex plus $20 million of deferred heavy maintenance FY26 capex ~$850 million, unchanged; 2027 expected above 2026 levels • $1.1 billion total liquidity $865 million cash and investments plus two undrawn revolvers totaling $250 million • Cash at ~21% of TTM pro forma revenue, by design More efficient cash position, in line with peers • $2.9 billion total debt; $2.1 billion net debt Remaining 2026 needs met by prearranged facilities • ~$2 billion of fleet equity 4.1x 3.2x 2.6x 2.6x 2.6x 2.3x 1.8x 2.6x 2.88x 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 Net Leverage (Net Debt / Adj. EBITDA) 3Q24 - 3Q26 (pro forma TTM Adj. EBITDA) 33% 34% 37% 34% 40% 32% 36% 27% 21% 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 Cash & Equivalents as % of TTM Airline Revenue 3Q24 - 3Q26 (pro forma TTM revenues for 2Q26 onward)
#FD8103 #005595 #FFD105 #394B5D #38AC49 #394B5D #8294A6#FF5E1D 19 MAX Deliveries Add Flexibility, Not Committed Capacity 76 74 27 26 21 25 43 43 22 22 3Q26A YE26E Fleet Plan Outlook 3Q26 - YE26E A320 A319 B737 MAX-8 B737-800 Sun Country’s Cargo Fleet • 192 aircraft in the combined operating fleet at quarter-end Two 737-MAX placed in service and three passenger aircraft retired; includes 22 freighters owned by our cargo customer • ~20 deliveries expected in 2027; ~45 MAX in service by YE27 2027 fleet and capacity plans not yet finalized given fuel • Exercised six MAX-8 options in October for 2028 delivery 56 firm aircraft (22 delivered through October); 74 options remaining 192 193 33 3 B737-900ER ~45 MAX in Service By YE27 56 / 74 Firm / Options 22 delivered through October
#FD8103 #005595 #FFD105 #394B5D #38AC49 #394B5D #8294A6#FF5E1D 20 Outlook Summary 4Q26 System ASMs – y/y change(5) ~Flat Scheduled service ASMs – y/y change(5) ~1.7% Fuel cost per gallon $4.75 Adjusted operating margin(1) 6.0% to 7.0% Interest expense(2) (millions) ~$50 Capitalized interest(2) (millions) (~$6) Interest income (million) ~$11 Weighted average shares outstanding (millions) 27.3 Adjusted earnings per share(1) $1.00 to $1.50 Assumed Tax Rate 23% Fourth Quarter Guidance For The Combined Allegiant And Sun Country Entity FY 2026 Aircraft-related capital expenditures (3) (millions) $640 to $660 Capitalized deferred heavy maintenance (millions) $75 to $85 Other airline capital expenditures (millions) $115 to $125 Recurring principal payments (millions) (4) $205 to $215 Full-Year CapEx For The Combined Allegiant And Sun Country Entity 1) Denotes a non-GAAP financial measure for which no reconciliation to GAAP is provided as described in earnings release. 2) Includes capitalized interest related to pre-delivery deposits on new aircraft 3) Aircraft-related capital expenditures include the purchase of aircraft, engines, induction costs, and pre-delivery deposits. This amount excludes capitalized interest related to pre-delivery deposits on new aircraft. 4) Does not include repayment of pre-delivery deposit debt facilities due on delivery of aircraft 5) Year-over-year change is calculated relative to prior-year combined entity pro forma available seat miles (ASMs) for the three months ended December 31, 2025, of 7,027,800 (in thousands) for total system and 6,427,000 (in thousands) for scheduled service FY 2026 Weighted average shares outstanding (millions) 23.9 Adjusted earnings per share(1) >$6.00 Full-Year 2026 Guidance For The Combined Allegiant And Sun Country Entity
#FD8103 #005595 #FFD105 #394B5D #38AC49 #394B5D #8294A6#FF5E1D Q&A 21
#FD8103 #005595 #FFD105 #394B5D #38AC49 #394B5D #8294A6#FF5E1D Q&A 22 Appendix
#FD8103 #005595 #FFD105 #394B5D #38AC49 #394B5D #8294A6#FF5E1D 23 Non-GAAP Financial Measures Reconciliation 1) Denotes non-GAAP figure. 2) In 2026 and 2025, we recognized certain expenses as special charges related to both: (1) Airline activities including accelerated depreciation on airframes identified for early retirement, accelerated amortization of software identified for redevelopment, costs related to the Sun Country Airlines acquisition, organizational restructuring, and a credit loss on a note receivable, and (2) Sunseeker Resort including costs related to the sale of the resort and weather-related damages (net of recoveries). For a listing of these charges, see the special charges table above. The adjusted numbers in the earnings release exclude the effect of these special charges. 3) Results include the financial performance of Sun Country only for the period from and after May 13, 2026. *Note that amounts may not recalculate due to rounding 2026 2025 2026 2025 Consolidated EBITDA and adjusted consolidated EBITDA (millions)⁽⁴⁾ Net income as reported (GAAP) $ (15.2) $ (43.6) $ 22.4 $ (76.6) Interest expense, net 30.7 24.8 73.2 68.0 Income tax expense (4.9) (8.6) 18.3 (22.1) Depreciation and amortization 81.2 59.0 209.8 190.8 Consolidated EBITDA⁽¹⁾ $ 91.8 $ 31.6 $ 323.8 $ 160.0 Special charges, net of recoveries⁽²⁾ 19.1 3.5 112.8 119.8 Adjusted consolidated EBITDA⁽¹⁾⁽²⁾ $ 110.9 $ 35.1 $ 436.6 $ 279.9 Adjusted consolidated EBITDA margin⁽¹⁾⁽²⁾ 11.5% 6.2% 16.6% 14.4% Three Months Ended September 30, Nine Months Ended September 30,
#FD8103 #005595 #FFD105 #394B5D #38AC49 #394B5D #8294A6#FF5E1D 24 Non-GAAP Financial Measures Reconciliation 1) Denotes non-GAAP figure. 2) In 2026 and 2025, we recognized certain expenses as special charges related to both: (1) Airline activities including accelerated depreciation on airframes identified for early retirement, accelerated amortization of software identified for redevelopment, costs related to the Sun Country Airlines acquisition, organizational restructuring, and a credit loss on a note receivable, and (2) Sunseeker Resort including costs related to the sale of the resort and weather-related damages (net of recoveries). For a listing of these charges, see the special charges table above. The adjusted numbers in the earnings release exclude the effect of these special charges. 3) In 2026 and 2025, the Company incurred gains and losses on debt extinguishment related to prepayment of debt facilities. These are added back or subtracted out, where appropriate, in our adjusted results. 4) Results include the financial performance of Sun Country only for the period from and after May 13, 2026. *Note that amounts may not recalculate due to rounding Three Months Ended September 30, 2026 Consolidated Allegiant Air Sun Country⁽⁴⁾ GAAP Adjustments ⁽²⁾⁽³⁾ Adjusted (Non-GAAP)⁽¹⁾ GAAP Adjustments ⁽²⁾⁽³⁾ Adjusted (Non-GAAP)⁽¹⁾ GAAP Adjustments ⁽²⁾ Adjusted (Non- GAAP)⁽¹⁾ Total operating revenues $ 961.6 $ — $ 961.6 $ 683.8 $ — $ 683.8 $ 277.8 $ — $ 277.8 Total operating expenses 950.8 (19.1) 931.7 668.9 (11.8) 657.1 281.9 (7.3) 274.6 Operating income (loss) $ 10.8 $ 19.1 $ 29.8 $ 14.9 $ 11.8 $ 26.7 $ (4.1) $ 7.3 $ 3.2 Operating margin (percent) 1.1 3.1 2.2 3.9 (1.5) 1.1 Interest expense $ 46.6 $ 0.8 $ 47.3 $ 38.4 $ 0.8 $ 39.2 $ 8.1 $ — $ 8.1 INCOME (LOSS) BEFORE INCOME TAXES $ (20.1) $ 18.3 $ (1.7) $ (8.9) $ 11.0 $ 2.1 $ (11.1) $ 7.3 $ (3.8) Reconciliation of adjusted operating expenses, adjusted operating income, adjusted operating margin, adjusted interest expense and adjusted income before income taxes (millions)
#FD8103 #005595 #FFD105 #394B5D #38AC49 #394B5D #8294A6#FF5E1D 25 Non-GAAP Financial Measures Reconciliation 1) Denotes non-GAAP figure. 2) In 2026 and 2025, we recognized certain expenses as special charges related to both: (1) Airline activities including accelerated depreciation on airframes identified for early retirement, accelerated amortization of software identified for redevelopment, costs related to the Sun Country Airlines acquisition, organizational restructuring, and a credit loss on a note receivable, and (2) Sunseeker Resort including costs related to the sale of the resort and weather-related damages (net of recoveries). For a listing of these charges, see the special charges table above. The adjusted numbers in the earnings release exclude the effect of these special charges. 3) Available seat miles do not include cargo. *Note that amounts may not recalculate due to rounding Three Months Ended September 30, Nine Months Ended September 30, 2026 2025 2026 2025 Reconciliation of adjusted airline-only operating CASM excluding fuel, special charges, and cargo (millions) Consolidated operating expenses (GAAP) $ 950.8 $ 589.1 $ 2,524.5 $ 1,980.1 Minus: Sunseeker operating expenses — 16.3 — 174.2 Airline-only operating expenses 950.8 572.8 2,524.5 1,805.9 Minus: airline special charges⁽²⁾ 19.1 2.9 112.8 18.9 Minus: fuel expenses 293.6 151.3 781.5 483.3 Minus: cargo operating expenses, not already adjusted above⁽²⁾ 56.1 — 80.1 — Adjusted airline-only operating expenses, excluding fuel, special charges and cargo expenses⁽¹⁾⁽²⁾ $ 582.0 $ 418.6 $ 1,550.1 $ 1,303.7 System available seat miles (millions)(5) 6,305.5 4,939.4 17,842.3 16,190.4 Adjusted airline-only cost per available seat mile excluding fuel, special charges, and cargo expenses (cents)⁽²⁾ 9.23 ¢ 8.47 ¢ 8.69 ¢ 8.05 ¢
#FD8103 #005595 #FFD105 #394B5D #38AC49 #394B5D #8294A6#FF5E1D 26 Non-GAAP Financial Measures Reconciliation 1) Denotes non-GAAP figure. 2) In 2026 and 2025, we recognized certain expenses as special charges related to both: (1) Airline activities including accelerated depreciation on airframes identified for early retirement, accelerated amortization of software identified for redevelopment, costs related to the Sun Country Airlines acquisition, organizational restructuring, and a credit loss on a note receivable, and (2) Sunseeker Resort including costs related to the sale of the resort and weather-related damages (net of recoveries). For a listing of these charges, see the special charges table above. The adjusted numbers in the earnings release exclude the effect of these special charges. 3) In 2026 and 2025, the Company incurred gains and losses on debt extinguishment related to prepayment of debt facilities. These are added back or subtracted out, where appropriate, in our adjusted results. 4) The number of shares used for the earnings per share calculations are significantly impacted by the issuance of shares in connection with the Sun Country acquisition and the period of time such shares were outstanding. *Note that amounts may not recalculate due to rounding Consolidated Amount Per Share Amount Per Share Net loss as reported (GAAP) $ (15.2) $ (43.6) Less: Net income allocated to participating securities — — Net loss attributable to common stock (GAAP) $ (15.2) $ (0.56) $ (43.6) $ (2.41) Plus (minus): Loss (gain) on extinguishment of debt⁽³⁾ (0.8) (0.03) 1.1 0.06 Plus: Special charges, net of recoveries⁽²⁾ 19.1 0.71 3.5 0.19 Minus: Income tax effect of adjustments above (4.0) (0.15) 1.2 0.07 Adjusted net loss⁽¹⁾ $ (0.9) $ (37.7) Less: Adjusted consolidated net income allocated to participating securities — — — — Effect of dilutive securities — — Adjusted net income attributable to common stock⁽¹⁾ $ (0.9) $ (0.03) $ (37.7) $ (2.09) Shares used for diluted computation (GAAP) (thousands)⁽⁶⁾ 26,990 18,050 Shares used for diluted computation (adjusted) (thousands)⁽⁶⁾ 26,990 18,050 Three Months Ended September 30, 2026 Three Months Ended September 30, 2025 Reconciliation of adjusted consolidated loss per share and adjusted consolidated net loss (millions except share and per share amounts)
#FD8103 #005595 #FFD105 #394B5D #38AC49 #394B5D #8294A6#FF5E1D 27 Non-GAAP Financial Measures Reconciliation 1) As provided on Form 8-K filed with the SEC on November 2, 2026 *Note that amounts may not recalculate due to rounding (in millions) 2026 As Reported 2025 Pro Forma(1) Pro Forma Comparative CASM Reconciliation Total operating expenses 950.8 813.8 Less the following components: Special charges, net of recoveries 19.1 3.3 Fuel expenses 293.6 199.9 Cargo expenses, not already included in reductions above 56.1 43.2 Total operating expenses, excluding fuel, special charges, and cargo expenses 582.0 567.5 System available seat miles 6,305.5 6,710.0 Airline-only cost per available seat mile excluding fuel, special charges, and cargo expenses (cents) 9.23 ¢ 8.46 ¢ Three Months Ended September 30,
#FD8103 #005595 #FFD105 #394B5D #38AC49 #394B5D #8294A6#FF5E1D 28 Pro Forma Comparative Financial Results (in thousands, except statistical information) 2026 As Reported 2025 Pro Forma(1) Change(2) Passenger $ 777,448 $ 636,850 22.1% Third party products 44,616 42,216 5.7% Fixed fee contracts 83,646 77,525 7.9% Cargo and other 55,849 51,521 8.4% Total operating revenues 961,559 808,112 19.0% Operating expenses, excluding aircraft fuel 657,229 613,916 7.1% Aircraft fuel 293,575 199,872 46.9% Total operating expenses 950,804 813,788 16.8% Operating income (loss) 10,755 (5,676) NM Other (income) expenses 30,805 27,680 11.3% Loss before income taxes (20,050) (33,356) 39.9% Operating margin 1.1 % (0.7)% 1.8 Adjusted operating margin(3) 3.1 % (0.3)% 3.4 Three Months Ended September 30, 1) As provided on Form 8-K filed with the SEC on November 2, 2026. 2) Except operating margin, adjusted operating margin, and load factor, which are percentage point change. 3) Denotes a non-GAAP financial measure. Refer to the Reconciliation of Pro Forma Non-GAAP Financial Measures section within this document for further information. *Note that amounts may not recalculate due to rounding
#FD8103 #005595 #FFD105 #394B5D #38AC49 #394B5D #8294A6#FF5E1D 29 Pro Forma Comparative Operating Statistics (in thousands, except statistical information) 2026 As Reported 2025 Pro Forma(1) Change(2) Pro Forma Comparative Operating Statistics Scheduled service RPMs (millions) 5,024.1 5,188.0 (3.2)% Scheduled service ASMs (millions) 5,796.2 6,143.7 (5.7)% Total system ASMs (millions) 6,305.5 6,710.0 (6.0)% Scheduled service TRASM (cents) 14.18 ¢ 11.05 ¢ 28.3% Average fare - scheduled service(4) $ 74.27 $ 49.43 50.3% Average fare - air-related charges(4) $ 68.45 $ 64.85 5.6% Average fare - third party products $ 8.19 $ 7.58 8.0% Average fare - total $ 150.92 $ 121.86 23.8% Fuel gallons consumed (thousands) 73,579 78,064 (5.7)% ASMs per gallon of fuel 85.7 86.0 (0.3)% Load factor 86.7% 84.4% 2.3 Three Months Ended September 30, 1) As provided on Form 8-K filed with the SEC on November 2, 2026. 2) Except operating margin, adjusted operating margin, and load factor, which are percentage point change. 3) Reflects division of passenger revenue between scheduled service and air-related charges in the Company's booking path. *Note that amounts may not recalculate due to rounding