Volaris
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Volaris (VOLARA) investor relations material

Volaris Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Logotype for Controladora Vuela Compañía de Aviación S.A.B. de C.V.
Q4 2025 earnings summary25 Feb, 2026

Executive summary

  • Achieved 5.6–6.3% capacity growth in Q4 2025, with TRASM converging to prior year levels despite operational headwinds and a focus on profitability.

  • Ancillary revenues comprised over 56% of total operating revenues, reinforcing the ultra-low-cost model.

  • Maintained strong cost discipline, ending 2025 with a full-year EBITDA/EBITDAR margin of 32.5%.

  • Sequential improvement in cross-border performance and loyalty program uptake, with ~800k new enrollments.

  • Announced proposed airline group with Viva to expand market reach, pending regulatory approval.

Financial highlights

  • Q4 2025 operating revenues were $882 million, up 5.6–6% year-over-year; full-year revenues were $3,038 million, down 3–3.3%.

  • Q4 EBITDA/EBITDAR was $328 million (37.2% margin); EBIT was $100 million (11.3% margin); net profit was $4 million ($0.04 per ADS).

  • Full-year 2025 EBITDA/EBITDAR was $988 million (32.5% margin); EBIT $135 million (4.4% margin); net loss $104 million ($0.91 per ADS).

  • Q4 CASM was $0.0829 (up 3.2%); CASM ex fuel $0.0576 (up 1.4%); full-year CASM ex fuel $0.0558.

  • Ended Q4 with $774 million liquidity (25–25.5% of LTM revenues); net debt/EBITDA or EBITDAR at 3.1x.

Outlook and guidance

  • 2026 ASM growth expected at ~7%, with most incremental capacity allocated to international markets.

  • 2026 EBITDA/EBITDAR margin guided at ~33%; CapEx expected at ~$350 million.

  • Q1 2026 guidance: ASM growth ~3%, TRASM ~$0.085 or 8.50¢, CASM ex fuel ~$0.06 or 6.00¢, EBITDA/EBITDAR margin ~25%.

  • Expect net debt/EBITDA to improve to 2.6x by end of 2026 as AOGs decline.

  • Fleet normalization and AOG recovery expected to drive multi-year earnings improvement.

Engine groundings: 2026 unit cost impact?
Viva group: How will it expand market access?
EBITDAR-to-EBIT spread: What narrows it in 2026?
Quantify AOG reduction's impact on EBITDAR-EBIT spread
Detail key regulatory milestones for Viva merger
Explain rationale for 2/3 capacity growth to cross-border
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Next Volaris earnings date

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Q1 202627 Apr, 2026
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Q1 202627 Apr, 2026

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Frequently asked questions

Controladora Vuela Compañía de Aviación S.A.B. de C.V., operating under the brand name Volaris, is an ultra-low-cost airline with point-to-point operations, serving Mexico, the United States, Central, and South America. It primarily caters to passengers visiting friends and relatives, as well as cost-conscious business and leisure travelers across its operating regions. The company is headquartered in Mexico City, Mexico, and its shares are listed on the NYSE and BMV.

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