Allegiant Travel

ALGT · Nasdaq · Industrials · Financials, fiscal 2016 to 2025

ALGT · Last close · November 6, 2026

$91.97

Allegiant Travel's revenue rose 3.7% to $2.6 billion in fiscal 2025. Its operating margin was 1.4%, up from −9.6% a year earlier. Free cash flow was $75 million, up 96.1%. It paid out $14 million in dividends and buybacks, 18% of free cash flow. The diluted share count rose 1.1%.

Allegiant Travel Co Latest fiscal year ended December 31, 2025 10-K filed February 26, 2026 · 0001362468-26-000008 Updated November 7, 2026

Revenue

$2.6B

3.7%

Operating margin

1.4%

11.0 pts

Net income

−$45M

Free cash flow

$75M

96.1%

Return on capital

1.1%

7.4 pts

Market cap

$2.5B

Nov 6 close

P/E

27.8x

On $3.31 EPS, 4 qtrs

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

Charts show fiscal years, from the 10-K filings.

What Allegiant Travel does

Allegiant Travel is a leisure travel company. Its main business is a low-cost airline that flies nonstop between smaller, under-served U.S. cities and popular vacation spots, usually a few times a week. It says many of its routes have no other nonstop airline. Its fleet is made up of Airbus A320-series and Boeing 737 aircraft.

Most revenue comes from ticket sales. It also charges for extras such as bags, seat assignments and priority boarding, sells hotel rooms, rental cars and insurance from other companies, and earns money from a co-branded credit card and a loyalty program. A smaller line flies planes under fixed-fee contracts and charters.

In January 2026 it announced a plan to buy Sun Country Airlines. Allegiant says its low-cost structure is its main edge over other airlines, and four groups of employees, including pilots and flight attendants, are unionized.

Its biggest risks, as it describes them

The planned purchase of Sun Country may not close, may disrupt its business, or may not be integrated well.
Fuel prices swing widely and have hurt its results before.
An accident or a grounding of aircraft in its fleet could hurt its reputation and sales.
Union contracts and a shortage of pilots and crew could raise costs and limit growth.
Its debt could limit its flexibility and its ability to respond to changes.

From Allegiant Travel's annual report on Form 10-K, filed February 26, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new annual report.

Income statement

Revenue and net income

US$ billions, fiscal years; net losses in red. Revenue on the left axis, net income on the right; zero is the same line on both.

Revenue (left axis)Net income (right axis)

Gross profit, R&D and operating income

US$ billions, fiscal years. Gross profit is revenue minus the cost of what was sold; research and development is one of the costs paid from it; what remains after all operating costs is operating income. Losses in red.

Gross profitResearch and developmentOperating income

Margins

Percent of revenue

GrossOperatingNetFree cash flow

From fiscal 2016 to 2023, earnings per share fell 10.1% a year and net income 8.6% a year, as new shares raised the share count by 9% and diluted each share's earnings. Allegiant Travel then lost money in fiscal 2024 and 2025.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Balance sheet

Cash and debt

US$ billions, at each fiscal year end. Debt includes finance leases.

Cash and short-term investmentsDebt

Assets, liabilities and equity

US$ billions, at each fiscal year end. Assets equal liabilities plus equity; negative equity in red.

Total assetsTotal liabilitiesShareholders' equity

Debt and liquidity ratios

Times. Debt to equity, current assets over current liabilities, and net debt over EBITDA (a full year's).

Debt to equityCurrent ratioNet debt to EBITDA

Five years at a glance

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	1,183	955	815	781	806
Debt incl. finance leases	2,061	2,591	2,715	2,496	2,203
Net debt (negative means net cash)	878	1,636	1,900	1,715	1,397
Net debt to EBITDA	2.0x	5.7x	4.3x	93.9x	4.9x
Debt to equity	1.7x	2.1x	2.0x	2.3x	2.1x
Interest coverage	3.8x	0.8x	1.4x	−1.5x	0.2x
Current ratio	2.0x	1.5x	0.8x	0.8x	0.9x
Quick ratio	2.0x	1.5x	0.8x	0.8x	0.9x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Cash flow

Cash from operations, capital spending and free cash flow

US$ billions, fiscal years. Free cash flow is cash from operations minus capital spending; negative years in red.

Cash from operationsCapital spendingFree cash flow

Stock-based compensation and buybacks

US$ billions, fiscal years. Shares paid to employees (stock-based compensation, a cost that uses no cash) against cash spent buying shares back. Buybacks that only match it leave the share count roughly where it was.

Stock-based compensationShare buybacks

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Projections

Project Allegiant Travel's revenue, net income and earnings per share five years ahead in a bull, a base and a bear case with your own figures, and see the share prices your P/E estimates give them, or value it with a discounted cash flow model. Every projected figure is yours: it is not a forecast of ours.

Open Allegiant Travel's projections

Insider trades

Over the 12 months between November 7, 2025 and November 6, 2026, no insider bought Allegiant Travel shares on the open market, and 2 insiders sold $35.3 million.

Buys and sells by month

US$ millions, open-market purchases (up) and sales (down) by officers, directors and 10% owners in each month.

BoughtSold

Date	Insider	Trade	Shares	Price	Value	Filing
Nov 6, 2026	Charles W. PollardDirector	Sold	10,000	$93.04	$930,400	Form 4
Feb 10, 2026	Maurice J Gallagher JrExecutive Chairman, Director, 10% owner	Sold	19,618	$113.54	$2.2 million	Form 4
Feb 9, 2026	Maurice J Gallagher JrExecutive Chairman, Director, 10% owner	Sold	105,382	$115.13	$12.1 million	Form 4
Feb 6, 2026	Maurice J Gallagher JrExecutive Chairman, Director, 10% owner	Sold	175,000	$114.24	$20.0 million	Form 4

Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Indicators

Four widely used measures, worked out from the company's filings. The cutoffs are the ones their authors or users go by, not a verdict of ours.

Indicator	FY23	FY24	FY25
Piotroski F-score	6 of 8	4 of 8	6 of 8
Rule of 40	4.8%	1.6%	6.6%
Altman Z''	1.28	0.29	1.07
Accruals ratio	−6.5%	−12.5%	−10.1%

Piotroski F-score: how many of nine simple tests of profitability, funding and efficiency the company passed in the year (Piotroski, 2000); 8 or 9 is strong, 0 to 2 weak. Rule of 40: revenue growth plus free cash flow margin; software investors treat 40% or more as the bar. Altman Z'': working capital, retained earnings, operating income and equity weighed against assets and liabilities (Altman, 1995); Altman puts above 2.6 in the safe zone and below 1.1 in the distress zone. Accruals ratio: net income minus cash from operations, over average total assets; lower means profit is backed by cash.

The nine F-score tests

Test	FY23	FY24	FY25
Net income is positive	Pass	Fail	Fail
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Pass	Fail	Pass
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	Pass	Pass	Pass
Current ratio rose	Fail	Fail	Pass
Share count didn't rise	Pass	Pass	Fail
Gross margin rose	—	—	—
Revenue rose relative to assets	Fail	Fail	Pass
F-score	6 of 8	4 of 8	6 of 8

Companies that report no gross profit are scored on the other eight.

Compare

Put Allegiant Travel side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Allegiant Travel	FY25	3.7%	1.4%	2.9%	1.1%	4.9x	6
SkyWest	FY25	15.0%	15.2%	22.4%	10.7%	1.7x	7	Compare
JetBlue	FY25	−2.3%	−4.1%	−12.9%	−3.6%	19.8x	3	Compare
Alaska Air Group	FY25	21.3%	2.1%	6.6%	2.9%	3.1x	5	Compare
Southwest Airlines	FY25	2.1%	1.5%	−3.0%	3.7%	0.9x	7	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score under Indicators.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	1,379	1,511	1,667	1,841	990	1,708	2,302	2,510	2,513	2,607
Revenue growth	9.2%	9.6%	10.3%	10.4%	−46.2%	72.5%	34.8%	9.0%	0.1%	3.7%
Gross profit	—	—	—	—	—	—	—	—	—	—
Research and development	—	—	—	—	—	—	—	—	—	—
Operating income	373	231	244	364	−281	263	92	221	−240	37
Net income	221	198	162	232	−184	152	2	118	−240	−45
Diluted EPS (US$)	13.29	12.13	10.00	14.26	−11.53	8.68	0.14	6.29	−13.49	−2.48
Diluted shares (millions)	16	16	16	16	16	17	18	18	18	18
Cash flow
Cash from operations	348	391	357	442	235	538	303	423	338	390
Capital expenditure	200	580	335	507	281	244	435	528	300	315
Free cash flow	148	−190	22	−65	−47	295	−132	−105	38	75
Dividends paid	68	46	45	46	11	0	0	22	22	0
Share buybacks	66	90	4	19	34	0	30	30	6	14
Acquisitions	0	0	0	0	0	0	0	0	0	0
Stock-based compensation	9	14	15	18	19	16	15	30	23	11
Balance sheet at fiscal year end
Cash and short-term investments	65	59	82	122	685	1,183	955	815	781	806
Debt incl. finance leases	808	1,165	1,272	1,537	1,786	2,061	2,591	2,715	2,496	2,203
Total assets	1,672	2,180	2,499	3,011	3,259	3,991	4,511	4,857	4,430	4,209
Total liabilities	1,198	1,627	1,808	2,127	2,560	2,768	3,291	3,528	3,340	3,157
Shareholders' equity	474	553	690	884	699	1,224	1,221	1,329	1,089	1,053
Margins and ratios
Gross margin	—	—	—	—	—	—	—	—	—	—
Operating margin	27.0%	15.3%	14.6%	19.8%	−28.4%	15.4%	4.0%	8.8%	−9.6%	1.4%
Net margin	16.0%	13.1%	9.7%	12.6%	−18.6%	8.9%	0.1%	4.7%	−9.6%	−1.7%
Free cash flow margin	10.8%	−12.5%	1.3%	−3.5%	−4.7%	17.2%	−5.7%	−4.2%	1.5%	2.9%
Rule of 40 (growth + FCF margin)	20.0%	−3.0%	11.7%	6.9%	−50.9%	89.8%	29.1%	4.8%	1.6%	6.6%
Return on capital	22.3%	16.0%	11.2%	13.4%	−10.8%	10.4%	1.9%	5.4%	−6.3%	1.1%
Return on equity	53.6%	38.6%	26.0%	29.5%	−23.3%	15.8%	0.2%	9.2%	−19.9%	−4.2%
Return on assets	14.6%	10.3%	6.9%	8.4%	−5.9%	4.2%	0.1%	2.5%	−5.2%	−1.0%
Net debt to EBITDA	1.6x	3.1x	3.2x	2.7x	—	2.0x	5.7x	4.3x	93.9x	4.9x

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Allegiant Travel's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Allegiant Travel.