Document

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

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

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

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

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

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


Consolidated	Three Months Ended June 30,				Percent Change
(unaudited) (in millions, except per share amounts)	2025		2024			YoY
Total operating revenue	$	689.4	$	666.3		3.5	%
Total operating expense	756.9		631.4			19.9	%
Operating income (loss)	(67.5)		34.9			NM
Income (loss) before income taxes	(88.6)		18.0			NM
Net income (loss)	(65.2)		13.7			NM
Diluted earnings (loss) per share	(3.62)		0.75			NM
Sunseeker special charges, net(2)	103.3		(2.0)			NM
Airline special charges(2)	14.6		20.1			(27.4)	%

Adjusted income before income taxes(1)(2)	29.4		36.1			(18.6)	%
Adjusted net income(1)(2)	22.7		32.5			(30.2)	%
Adjusted diluted earnings per share(1)(2)	1.23		1.77			(30.5)	%


Airline only	Three Months Ended June 30,						Percent Change(4)
(unaudited) (in millions, except per share amounts)	2025			2024				YoY
Airline operating revenue	$	668.8		$	649.5			3.0	%
Airline operating expense	625.6			602.5				3.8	%
Airline operating income	43.2			47.0				(8.1)	%
Airline income before income taxes	29.7			35.5				(16.3)	%
Airline special charges(2)	14.6			20.1				(27.4)	%

Adjusted airline-only net income(1)(2)	34.3			41.0				(16.3)	%
Adjusted airline-only operating margin(1)(2)	8.6		%	10.3		%		(1.7)
Adjusted airline-only diluted earnings per share(1)(2)	1.86			2.24				(17.0)	%


Consolidated	Six Months Ended June 30,				Percent Change
(unaudited) (in millions, except per share amounts)	2025		2024		YoY
Total operating revenue	$	1,388.5	$	1,322.7	5.0	%
Total operating expense	1,390.9		1,272.3		9.3	%
Operating income (loss)	(2.5)		50.3		NM
Income (loss) before income taxes	(46.6)		16.7		NM
Net income (loss)	(33.1)		12.8		NM
Diluted earnings (loss) per share	(1.84)		0.68		NM
Sunseeker special charges, net(2)	100.4		(3.8)		NM
Airline special charges(2)	16.0		35.0		(54.3)	%

Adjusted income before income taxes(1)(2)(3)	73.2		47.9		52.8	%
Adjusted net income(1)(2)(3)	56.2		42.9		31.0	%
Adjusted diluted earnings per share(1)(2)(3)	3.03		2.34		29.5	%


Airline only	Six Months Ended June 30,						Percent Change(4)
(unaudited) (in millions, except per share amounts)	2025			2024				YoY
Airline operating revenue	$	1,337.1		$	1,282.0			4.3	%
Airline operating expense	1,233.1			1,210.8				1.8	%
Airline operating income	104.0			71.2				46.1	%
Airline income before income taxes	79.3			48.0				65.2	%
Airline special charges(2)	16.0			35.0				(54.3)	%

Adjusted airline-only net income(1)(2)	73.3			60.8				20.6	%
Adjusted airline-only operating margin(1)(2)	9.0		%	8.3		%		0.7
Adjusted airline-only diluted earnings per share(1)(2)	3.96			3.31				19.6	%

(2)In 2025 and 2024, we recognized certain expenses as special charges related to Airline activities, the pending sale of Sunseeker Resort and Aileron Golf Course, and weather-related damages at Sunseeker Resort (net of recoveries). For a listing of these charges, see the special charges table in Appendix A of this earnings release. We sometimes refer to all special charges as "specials" in this earnings release. The adjusted numbers in this earnings release exclude the effect of these special charges.

(2)In 2025 and 2024, we recognized certain expenses as special charges related to Airline activities, the pending sale of Sunseeker Resort and Aileron Golf Course, and weather-related damages at Sunseeker Resort (net of recoveries). For a listing of these charges, see the special charges table in Appendix A of this earnings release. The adjusted numbers in this earnings release exclude the effect of these special charges.

Certain forward-looking financial information in the following tables is not presented in accordance with accounting principles generally accepted in the U.S. (“GAAP”). Non-GAAP financial figures may be useful to stakeholders, but should not be considered a substitute for GAAP figures. In reliance on the 'unreasonable efforts' exception in Item 10(e)(1)(i)(B) of SEC Regulation S-K, a reconciliation to the most comparable GAAP financial measure is not provided for adjusted airline-only earnings per share and adjusted consolidated earnings per share. The Company is not able to reconcile these Non-GAAP financial figures without unreasonable effort because the special charge adjustments will not be known until the end of the indicated future periods and any range of projected values would be too broad to be meaningful. As a result, this information would not be significant to investors.




Third quarter 2025 airline-only guidance

System ASMs - year over year change	~9.0%
Scheduled service ASMs - year over year change	~10.0%

Fuel cost per gallon	$	2.55
Adjusted airline-only operating margin (1)	(3.0%) to (6.0%)
Adjusted airline-only earnings per share(1)	($1.25) to ($2.25)

Adjusted consolidated earnings per share(1)	($1.75) to ($2.75)

Full-year 2025 guidance

System ASMs - year over year change	~12.0%
Scheduled service ASMs - year over year change	~13.0%

Fuel cost per gallon	~2.53
Adjusted airline-only earnings per share(1)	> $3.25

Adjusted consolidated earnings per share(1)	> $2.25

Interest expense(2) (millions)	$140 to $150
Capitalized interest(3) (millions)	($15) to ($25)
Interest income (millions)	$30 to $40

Airline full-year CAPEX
Aircraft-related capital expenditures(4) (millions)	$260 to $280
Capitalized deferred heavy maintenance (millions)	$50 to $70
Other airline capital expenditures (millions)	$95 to $115

Recurring principal payments(5) (millions) (full year)	$160 to $170

Allegiant Travel Company will host a conference call with analysts at 4:30 p.m. ET Monday, August 4, 2025 to discuss its second quarter financial results. A live broadcast of the conference call will be available via the Company’s Investor Relations website homepage at http://ir.allegiantair.com. The webcast will also be archived in the “Events & Presentations” section of the website.

Las Vegas-based Allegiant (NASDAQ: ALGT) is an integrated travel company with an airline at its heart, focused on connecting customers with the people, places and experiences that matter most. Since 1999, Allegiant Air has linked travelers in underserved cities to world-class vacation destinations with all-nonstop flights and industry-low average fares. Today, Allegiant serves communities across the nation, with base airfares less than half the cost of the average domestic round trip ticket. For more information, visit us at Allegiant.com. Media information, including photos, is available at http://gofly.us/iiFa303wrtF.

Under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, statements in this press release that are not historical facts are forward-looking statements. These forward-looking statements are only estimates or predictions based on our management's beliefs and assumptions and on information currently available to our management. Forward-looking statements include our statements regarding future airline operations, revenue, expenses and earnings, available seat mile growth, expected capital expenditures, the cost of fuel, the timing of aircraft acquisitions and retirements, the number of contracted aircraft to be placed in service in the future, our ability to consummate announced aircraft transactions, estimated tax rate, as well as other information concerning future results of operations, business strategies, financing plans, industry environment and potential growth opportunities. Forward-looking statements include all statements that are not historical facts and can be identified by the use of forward-looking terminology such as the words "believe," "expect," “guidance,” "anticipate," "intend," "plan," "estimate", “project”, “hope” or similar expressions.

Forward-looking statements involve risks, uncertainties and assumptions. Actual results may differ materially from those expressed in the forward-looking statements. Important risk factors that could cause our results to differ materially from those expressed in the forward-looking statements generally may be found in our periodic reports filed with the Securities and Exchange Commission at www.sec.gov. These risk factors include, without limitation, regulatory reviews of, and production limits on, Boeing impacting our aircraft delivery schedule, an accident involving, or problems with, our aircraft, public perception of our safety, our reliance on our automated systems, our reliance on Boeing to deliver aircraft under contract to us on a timely basis, risk of breach of security of personal data, volatility of fuel costs, labor issues and costs, the ability to obtain regulatory approvals as needed , the effect of economic conditions on leisure travel, debt covenants and balances, the impact of government regulations on the airline industry, the ability to finance aircraft to be acquired, the ability to obtain necessary government approvals to implement the announced alliance with Viva Aerobus and to otherwise prepare to offer international service, terrorist attacks, risks inherent to airlines, our competitive environment, our reliance on third parties who provide facilities or services to us, the impact of the possible loss of key personnel, economic and other conditions in markets in which we operate, the ability to close the sale of Sunseeker Resort on the terms agreed, increases in maintenance costs and availability of outside maintenance contractors to perform needed work on our aircraft on a timely basis and at acceptable rates, cyclical and seasonal fluctuations in our operating results, and the perceived acceptability of our environmental, social and governance efforts.


	Three Months Ended June 30,				Percent Change
	2025		2024			YoY
OPERATING REVENUES:
Passenger	$	617,908	$	594,499		3.9	%
Third party products	33,649		37,102			(9.3)
Fixed fee contracts	17,019		17,699			(3.8)
Resort and other	20,808		16,983			22.5
Total operating revenues	689,384		666,283			3.5
OPERATING EXPENSES:
Salaries and benefits	214,102		209,942			2.0
Aircraft fuel	165,752		170,060			(2.5)
Station operations	75,248		69,798			7.8
Depreciation and amortization	68,519		65,361			4.8
Maintenance and repairs	36,379		30,730			18.4
Sales and marketing	26,837		27,498			(2.4)
Aircraft lease rentals	11,023		5,749			91.7
Other	41,089		34,134			20.4

Special charges, net of recoveries	117,924		18,114			NM
Total operating expenses	756,873		631,386			19.9
OPERATING INCOME (LOSS)	(67,489)		34,897			NM
OTHER (INCOME) EXPENSES:
Interest income	(10,359)		(11,130)			(6.9)
Interest expense	35,756		39,544			(9.6)
Capitalized interest	(4,562)		(11,609)			(60.7)


Other, net	240		67			NM
Total other expenses	21,075		16,872			24.9
INCOME (LOSS) BEFORE INCOME TAXES	(88,564)		18,025			NM
INCOME TAX PROVISION (BENEFIT)	(23,398)		4,326			NM
NET INCOME (LOSS)	$	(65,166)	$	13,699		NM


Earnings (loss) per share to common shareholders:
Basic	($3.62)		$0.75			NM
Diluted	($3.62)		$0.75			NM
Shares used for computation(1):
Basic	17,995		17,828			0.9
Diluted	17,995		17,869			0.7

(1)The Company's unvested restricted stock awards are considered participating securities as they receive non-forfeitable rights to cash dividends at the same rate as common stock. The basic and diluted earnings per share calculations for the periods presented reflect the two-class method mandated by ASC Topic 260, "Earnings Per Share." The two-class method adjusts both the net income and the shares used in the calculation. Application of the two-class method did not have a significant impact on the basic and diluted earnings per share for the periods presented.


	Three Months Ended June 30, 2025						Three Months Ended June 30, 2024
	Airline		Sunseeker		Consolidated		Airline		Sunseeker		Consolidated





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


Other non-operating expenses	240		—		240		67		—		67
Total other expenses	13,440		7,635		21,075		11,449		5,423		16,872
INCOME (LOSS) BEFORE INCOME TAXES	$	29,717	$	(118,281)	$	(88,564)	$	35,507	$	(17,482)	$	18,025


	Three Months Ended June 30,						Percent Change(1)
	2025			2024				YoY
AIRLINE OPERATING STATISTICS
Total system statistics:
Passengers	5,127,025			4,621,848				10.9	%
Available seat miles (ASMs) (thousands)	5,799,409			5,013,209				15.7


Airline operating expense per ASM (CASM) (cents)	10.79		¢	12.02		¢		(10.2)
Fuel expense per ASM (cents)	2.86		¢	3.39		¢		(15.6)



Airline special charges per ASM (cents)	0.25		¢	0.40		¢		(37.5)
Airline operating CASM, excluding fuel and special charges (cents)	7.68		¢	8.23		¢		(6.7)

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


	Six Months Ended June 30,				Percent Change
	2025		2024			YoY
OPERATING REVENUES:
Passenger	$	1,234,658	$	1,174,434		5.1	%
Third party products	68,852		70,501			(2.3)
Fixed fee contracts	33,271		36,560			(9.0)
Resort and other	51,677		41,193			25.5
Total operating revenues	1,388,458		1,322,688			5.0
OPERATING EXPENSES:
Salaries and benefits	445,541		423,269			5.3
Aircraft fuel	332,085		340,147			(2.4)
Station operations	148,753		136,266			9.2
Depreciation and amortization	131,830		129,205			2.0
Maintenance and repairs	71,233		61,008			16.8
Sales and marketing	51,933		58,398			(11.1)
Aircraft lease rentals	16,942		11,734			44.4
Other	76,259		81,105			(6.0)

Special charges, net of recoveries	116,369		31,212			NM
Total operating expenses	1,390,945		1,272,344			9.3
OPERATING INCOME (LOSS)	(2,487)		50,344			NM
OTHER (INCOME) EXPENSES:
Interest income	(22,294)		(23,371)			(4.6)
Interest expense	76,540		79,704			(4.0)
Capitalized interest	(11,050)		(22,794)			(51.5)


Other, net	941		117			NM
Total other expenses	44,137		33,656			31.1
INCOME (LOSS) BEFORE INCOME TAXES	(46,624)		16,688			NM
INCOME TAX PROVISION (BENEFIT)	(13,560)		3,908			NM
NET INCOME (LOSS)	$	(33,064)	$	12,780		NM


Earnings (loss) per share to common shareholders:
Basic	($1.84)		$0.69			NM
Diluted	($1.84)		$0.68			NM
Shares used for computation(1):
Basic	17,989		17,746			1.4
Diluted	17,989		17,836			0.9


	Six Months Ended June 30, 2025						Six Months Ended June 30, 2024
	Airline		Sunseeker		Consolidated		Airline		Sunseeker		Consolidated





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


	Six Months Ended June 30,						Percent Change(1)
	2025			2024				YoY
AIRLINE OPERATING STATISTICS
Total system statistics:
Passengers	9,578,331			8,726,708				9.8	%
Available seat miles (ASMs) (thousands)	11,250,993			9,785,180				15.0


Airline operating expense per ASM (CASM) (cents)	10.96		¢	12.38		¢		(11.5)
Fuel expense per ASM (cents)	2.95		¢	3.48		¢		(15.2)



Airline special charges per ASM (cents)	0.14		¢	0.36		¢		(61.1)
Airline operating CASM, excluding fuel and special charges (cents)	7.87		¢	8.54		¢		(7.8)

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


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


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

We present adjusted consolidated operating expense and adjusted consolidated operating income, which exclude special charges related to (i) the impact of losses and insurance recoveries incurred primarily as the result of hurricanes and other insured events at Sunseeker, (ii) a writedown loss related to the pending sale of Sunseeker, and (iii) the airline special charges listed in the table below. We also present adjusted consolidated interest expense, adjusted consolidated income before income taxes, adjusted consolidated net income, and adjusted consolidated diluted earnings per share, which exclude the special charges described above and a one-time loss on extinguishment of debt.

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

Consolidated and airline-only earnings before interest, taxes, depreciation, and amortization ("Consolidated EBITDA" and "Airline EBITDA"), adjusted Consolidated EBITDA, adjusted Airline EBITDA, estimated adjusted airline-only and adjusted consolidated earnings per share, as presented in this press release, are supplemental measures of our performance that are not required by, or presented in accordance with, accounting principles generally accepted in the United States (“GAAP”). These are not measurements of our financial performance under GAAP and should not be considered in isolation or as an alternative to net income or any other performance measures derived in accordance with GAAP or as an alternative to cash flows from operating activities as a measure of our liquidity.

We define “EBITDA” as earnings before interest, taxes, depreciation and amortization. The adjusted EBITDA measures also exclude special charges and a one-time loss on the extinguishment of debt. We caution investors that amounts presented in accordance with this definition may not be comparable to similar measures disclosed by other issuers, because not all issuers and analysts calculate EBITDA in the same manner.

We use EBITDA and adjusted EBITDA to evaluate our operating performance and liquidity, and these are among the primary measures used by management for planning and forecasting of future periods. We believe these presentations of EBITDA are relevant and useful for investors because they allow investors to view results in a manner similar to the method used by management and make it easier to compare our results with other companies that have different financing and capital structures. EBITDA has important limitations as an analytical tool. These limitations include the following:

The SEC has adopted rules (Regulation G) regulating the use of non-GAAP financial measures. Because of our use of non-GAAP financial measures in this press release to supplement our consolidated financial statements presented on a GAAP basis, Regulation G requires us to include in this press release a presentation of the most directly comparable GAAP measures, which are operating expenses, operating income (loss), interest expense, income (loss) before income taxes, net income (loss), and earnings (loss) per share, and a reconciliation of the non-GAAP measures to the most comparable GAAP measure. Our utilization of non-GAAP measurements is not meant to be considered in isolation or as a substitute for operating expenses, operating income (loss), interest expense, income (loss) before income taxes, net income (loss), earnings (loss) per share, or other measures of financial performance prepared in accordance with GAAP. Our use of these non-GAAP measures may not be comparable to similarly titled measures employed by other companies in the airline and travel industry. The reconciliation of each of these measures to the most comparable GAAP measure for the periods is indicated below.


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Special Charges (millions)
Accelerated depreciation on airframes identified for early retirement	$	2.5	$	9.3	$	3.9	$	24.2
Flight attendant ratification bonus	—		10.8		—		10.8
Organizational restructuring	12.1		—		12.1		—
Airline special charges(2)	14.6		20.1		16.0		35.0


Sunseeker special charges, net of recoveries(2)	103.3		(2.0)		100.4		(3.8)
Consolidated special charges, net of recoveries(2)	$	117.9	$	18.1	$	116.4	$	31.2


	Three Months Ended June 30, 2025
	Consolidated						Airline						Sunseeker
Reconciliation of adjusted operating expenses, adjusted operating income (loss), adjusted operating margin, and adjusted income (loss) before income taxes (millions)	GAAP		Adjustments(2)		Adjusted (Non-GAAP)(1)		GAAP		Adjustments(2)		Adjusted (Non-GAAP)(1)		GAAP		Adjustments(2)		Adjusted (Non-GAAP)(1)





Total operating revenues	$	689.4	$	—	$	689.4	$	668.8	$	—	$	668.8	$	20.6	$	—	$	20.6










Total operating expenses	756.9		(117.9)		638.9		625.6		(14.6)		611.0		131.3		(103.3)		28.0
Operating income (loss)	$	(67.5)	$	117.9	$	50.4	$	43.2	$	14.6	$	57.8	$	(110.6)	$	103.3	$	(7.3)
Operating margin (percent)	(9.8)				7.3		6.5				8.6		NM				(35.5)











INCOME (LOSS) BEFORE INCOME TAXES	$	(88.6)	$	117.9	$	29.4	$	29.7	$	14.6	$	44.3	$	(118.3)	$	103.3	$	(15.0)


	Three Months Ended June 30, 2024
	Consolidated						Airline						Sunseeker
Reconciliation of adjusted operating expenses, adjusted operating income (loss), adjusted operating margin, and adjusted income (loss) before income taxes (millions)	GAAP		Adjustments(2)		Adjusted (Non-GAAP)(1)		GAAP		Adjustments(2)		Adjusted (Non-GAAP)(1)		GAAP		Adjustments(2)		Adjusted (Non-GAAP)(1)





Total operating revenues	$	666.3	$	—	$	666.3	$	649.5	$	—	$	649.5	$	16.8	$	—	$	16.8










Total operating expenses	631.4		(18.1)		613.3		602.5		(20.1)		582.4		28.9		2.0		30.8
Operating income (loss)	$	34.9	$	18.1	$	53.0	$	47.0	$	20.1	$	67.0	$	(12.1)	$	(2.0)	$	(14.0)
Operating margin (percent)	5.2				8.0		7.2				10.3		(71.7)				(83.4)











INCOME (LOSS) BEFORE INCOME TAXES	$	18.0	$	18.1	$	36.1	$	35.5	$	20.1	$	55.6	$	(17.5)	$	(2.0)	$	(19.4)


	Six Months Ended June 30, 2025
	Consolidated						Airline						Sunseeker
Reconciliation of adjusted operating expenses, adjusted operating income (loss), adjusted operating margin, adjusted interest expense, and adjusted income (loss) before income taxes (millions)	GAAP		Adjustments(2)(3)		Adjusted (Non-GAAP)(1)		GAAP		Adjustments(2)		Adjusted (Non-GAAP)(1)		GAAP		Adjustments(2)(3)		Adjusted (Non-GAAP)(1)





Total operating revenues	$	1,388.5	$	—	$	1,388.5	$	1,337.1	$	—	$	1,337.1	$	51.3	$	—	$	51.3










Total operating expenses	1,390.9		(116.4)		1,274.6		1,233.1		(16.0)		1,217.1		157.8		(100.4)		57.4
Operating income (loss)	$	(2.5)	$	116.4	$	113.9	$	104.0	$	16.0	$	120.0	$	(106.5)	$	100.4	$	(6.1)
Operating margin (percent)	(0.2)				8.2		7.8				9.0		NM				(11.9)



Interest expense	$	76.5	$	(3.4)	$	73.1	$	57.1	$	—	$	57.1	$	19.5	$	(3.4)	$	16.1






INCOME (LOSS) BEFORE INCOME TAXES	$	(46.6)	$	119.8	$	73.2	$	79.3	$	16.0	$	95.3	$	(126.0)	$	103.8	$	(22.2)


	Six Months Ended June 30, 2024
	Consolidated						Airline						Sunseeker
Reconciliation of adjusted operating expenses, adjusted operating income (loss), adjusted operating margin, and adjusted income (loss) before income taxes (millions)	GAAP		Adjustments(2)		Adjusted (Non-GAAP)(1)		GAAP		Adjustments(2)		Adjusted (Non-GAAP)(1)		GAAP		Adjustments(2)		Adjusted (Non-GAAP)(1)





Total operating revenues	$	1,322.7	$	—	$	1,322.7	$	1,282.0	$	—	$	1,282.0	$	40.7	$	—	$	40.7










Total operating expenses	1,272.3		(31.2)		1,241.1		1,210.8		(35.0)		1,175.8		61.5		3.8		65.3
Operating income (loss)	$	50.3	$	31.2	$	81.6	$	71.2	$	35.0	$	106.2	$	(20.8)	$	(3.8)	$	(24.6)
Operating margin (percent)	3.8				6.2		5.6				8.3		(51.2)				(60.5)



Interest expense	$	79.7	$	—	$	79.7	$	68.9	$	—	$	68.9	$	10.8	$	—	$	10.8






INCOME (LOSS) BEFORE INCOME TAXES	$	16.7	$	31.2	$	47.9	$	48.0	$	35.0	$	83.0	$	(31.3)	$	(3.8)	$	(35.1)


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Consolidated EBITDA and adjusted consolidated EBITDA (millions)
Net income (loss) as reported (GAAP)	$	(65.2)	$	13.7	$	(33.1)	$	12.8
Interest expense, net	20.8		16.8		43.2		33.5
Income tax expense (benefit)	(23.4)		4.3		(13.6)		3.9
Depreciation and amortization	68.5		65.4		131.8		129.2
Consolidated EBITDA(1)	$	0.8	$	100.2	$	128.4	$	179.4
Special charges(2)	117.9		18.1		116.4		31.2
Adjusted consolidated EBITDA(1)(2)	$	118.7	$	118.3	$	244.8	$	210.6

Adjusted airline-only EBITDA (millions)
Airline income before income taxes as reported (GAAP)	$	29.7	$	35.5	$	79.3	$	48.0
Airline special charges(2)	14.6		20.1		16.0		35.0
Airline interest expense, net	13.2		11.4		23.7		23.0
Airline depreciation and amortization	65.0		59.3		124.7		117.2
Adjusted airline-only EBITDA(1)(2)	$	122.5	$	126.3	$	243.7	$	223.3


	Three Months Ended June 30, 2025				Three Months Ended June 30, 2024
	Amount		Per Share		Amount		Per Share
Reconciliation of adjusted consolidated earnings per share and adjusted consolidated net income (millions except share and per share amounts)
Net income (loss) as reported (GAAP)	$	(65.2)			$	13.7
Less: Net income allocated to participating securities	—				(0.3)
Net income attributable to common stock (GAAP)	$	(65.2)	$	(3.62)	$	13.4	$	0.75

Plus: Net income allocated to participating securities	—		—		0.3		0.02

Plus: Special charges, net of recoveries(2)	117.9		6.55		18.1		1.01
Plus (Minus): Income tax effect of adjustments above	(30.0)		(1.67)		0.7		0.04
Adjusted net income(1)	$	22.7			$	32.5

Less: Adjusted consolidated net income allocated to participating securities	(0.5)		(0.03)		(0.8)		(0.05)
Effect of dilutive securities			—				—
Adjusted net income attributable to common stock(1)	$	22.2	$	1.23	$	31.7	$	1.77

Shares used for diluted computation (GAAP) (thousands)			17,995				17,869
Shares used for diluted computation (adjusted) (thousands)			18,027				17,869


	Three Months Ended June 30, 2025				Three Months Ended June 30, 2024
	Amount		Per Share		Amount		Per Share
Reconciliation of adjusted airline-only earnings per share and adjusted airline-only net income (millions except share and per share amounts)
Net income (loss) as reported (GAAP)	$	(65.2)			$	13.7
Less: Net income allocated to participating securities	—				(0.3)
Net income (loss) attributable to common stock (GAAP)	$	(65.2)	$	(3.62)	$	13.4	$	0.75

Plus: Net income allocated to participating securities	—		—		0.3		0.02
Plus: Sunseeker loss before income taxes	118.3		6.57		17.5		0.98
Plus: Special charges, net of recoveries(2)	14.6		0.81		20.1		1.12
Minus: Income tax effect of adjustments above	(33.4)		(1.86)		(10.3)		(0.57)
Adjusted airline-only net income(1)	$	34.3			$	41.0

Less: Adjusted airline-only net income allocated to participating securities	(0.8)		(0.04)		(1.0)		(0.06)
Effect of dilutive securities			—				—
Adjusted airline-only net income attributable to common stock(1)	$	33.5	$	1.86	$	40.0	$	2.24

Shares used for diluted computation (GAAP) (thousands)			17,995				17,869
Shares used for diluted computation (adjusted) (thousands)			18,027				17,869


	Six Months Ended June 30, 2025				Six Months Ended June 30, 2024
	Amount		Per Share		Amount		Per Share
Reconciliation of adjusted consolidated earnings per share and adjusted consolidated net income (millions except share and per share amounts)
Net income (loss) as reported (GAAP)	$	(33.1)			$	12.8
Less: Net income allocated to participating securities	—				(0.6)
Net income (loss) attributable to common stock (GAAP)	$	(33.1)	$	(1.84)	$	12.2	$	0.68

Plus: Net income allocated to participating securities	—		—		0.6		0.04
Plus: Loss on extinguishment of debt(3)	3.4		0.19		—		—
Plus: Special charges, net of recoveries(2)	116.4		6.47		31.2		1.75
Minus: Income tax effect of adjustments above	(30.5)		(1.70)		(1.1)		(0.06)
Adjusted net income(1)	$	56.2			$	42.9

Less: Adjusted consolidated net income allocated to participating securities	(1.4)		(0.08)		(1.2)		(0.07)
Effect of dilutive securities			(0.01)				—
Adjusted net income attributable to common stock(1)	$	54.8	$	3.03	$	41.7	$	2.34

Shares used for diluted computation (GAAP) (thousands)			17,989				17,836
Shares used for diluted computation (adjusted) (thousands)			18,076				17,836


	Six Months Ended June 30, 2025				Six Months Ended June 30, 2024
	Amount		Per Share		Amount		Per Share
Reconciliation of adjusted airline-only earnings per share and adjusted airline-only net income (millions except share and per share amounts)
Net income (loss) as reported (GAAP)	$	(33.1)			$	12.8
Less: Net income allocated to participating securities	—				(0.6)
Net income (loss) attributable to common stock (GAAP)	$	(33.1)	$	(1.84)	$	12.2	$	0.68

Plus: Net income allocated to participating securities	—		—		0.6		0.04
Plus: Sunseeker loss before income taxes	126.0		7.00		31.3		1.76
Plus: Special charges, net of recoveries(2)	16.0		0.89		35.0		1.96
Minus: Income tax effect of adjustments above	(35.6)		(1.98)		(18.3)		(1.03)
Adjusted airline-only net income(1)	$	73.3			$	60.8

Less: Adjusted airline-only net income allocated to participating securities	(1.8)		(0.10)		(1.8)		(0.10)
Effect of dilutive securities			(0.01)				—
Adjusted airline-only net income attributable to common stock(1)	$	71.5	$	3.96	$	59.0	$	3.31

Shares used for diluted computation (GAAP) (thousands)			17,989				17,836
Shares used for diluted computation (adjusted) (thousands)			18,076				17,836


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Reconciliation of adjusted airline-only operating CASM excluding fuel and special charges (millions)
Consolidated operating expenses (GAAP)	$	756.9	$	631.4	$	1,390.9	$	1,272.3
Minus: Sunseeker operating expenses	131.3		28.9		157.8		61.5
Airline-only operating expenses	625.6		602.5		1,233.1		1,210.8


Minus: airline special charges(2)	14.6		20.1		16.0		35.0

Minus: fuel expenses	165.8		170.1		332.1		340.1
Adjusted airline-only operating expenses, excluding fuel and special charges(1)	$	445.2	$	412.3	$	885.0	$	835.7

System available seat miles (millions)	5,799.4		5,013.2		11,251.0		9,785.2

Airline-only cost per available seat mile (cents)	10.79		12.02		10.96		12.38
Adjusted airline-only cost per available seat mile excluding fuel and special charges (cents)	7.68		8.23		7.87		8.54

(2)In 2025 and 2024, we recognized certain expenses as special charges related to Airline activities (including accelerated depreciation on airframes identified for early retirement, ratification bonuses, and corporate restructuring cost), the pending sale of Sunseeker Resort and Aileron Golf Course, and weather-related damages at Sunseeker Resort (net of recoveries). The adjusted numbers in this earnings release exclude the effect of these special charges.




Aircraft - (seats per AC)	2Q25	3Q25	YE25
Boeing 737-8200 (190 seats)	9	10	16

Airbus A320 (180 seats)	67	74	71
Airbus A320 (186 seats)	8	—	—
Airbus A320 (177 seats)	10	8	7
Airbus A319 (156 seats)	32	30	28
Total	126	122	122