Allegiant Travel Company (ALGT) investor relations material

Executive summary

• Q3 revenue was $961.6M, up 19% pro forma on ~6% lower capacity; adjusted operating margin rose 3.4 points YoY to 3.1% despite fuel costs up 55.5%.

• Adjusted operating income was $29.8M and adjusted EBITDA was $110.9M; GAAP net loss was $15.2M.

• FY2026 adjusted EPS guidance remained above $6.00; Q4 adjusted EPS guidance is $1.00–$1.50.

• Strong demand, higher fares, capacity flexibility, MAX growth, commercial initiatives, and Sun Country integration support the outlook.

Financial highlights

• Q3 operating revenue was $961.6M versus $808.1M pro forma in Q3 2025; adjusted operating income was $29.8M versus a $2.4M adjusted loss.

• Adjusted EBITDA was $110.9M with an 11.5% margin; adjusted net loss was ~$0.9M, or $0.03 per share.

• GAAP net loss was $15.2M, or $0.56 per diluted share; adjusted diluted loss per share was $0.03.

• Fuel expense was $293.6M; average fuel cost was $3.98/gal, up 55.5% YoY and $0.18 above initial guidance.

• Nine-month revenue was $2.64B; GAAP net income was $22.4M and adjusted net income was $119.8M.

Outlook and guidance

• Q4 adjusted operating margin guidance is 6%–7%, adjusted EPS $1.00–$1.50, and assumed fuel cost $4.75/gal; system capacity is expected approximately flat YoY.

• Q4 TRASM is expected to rise >20% YoY; scheduled-service ASMs are guided up 1.7%, with MAX aircraft representing 20% of combined capacity.

• FY2026 adjusted EPS guidance remains above $6.00; capex outlook is ~$850M, including aircraft, deferred heavy maintenance, and other airline spending.

• 2027 capacity plans remain unfinalized amid fuel, demand, delivery, utilization, and staffing uncertainty; ~20 aircraft deliveries are expected.

• 2027 capex is expected above 2026 levels; CASM-ex inflation is expected to remain positive, with pilot wages and staffing absorption pressuring costs.