ALLEGIANT TRAVEL CO, 10-K filed on 2/26/2026
Annual Report
v3.25.4
Cover Page - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Feb. 20, 2026
Jun. 30, 2025
Cover [Abstract]      
Document Type 10-K    
Document Annual Report true    
Document Period End Date Dec. 31, 2025    
Document Transition Report false    
Entity File Number 001-33166    
Entity Registrant Name Allegiant Travel Co    
Entity Incorporation, State or Country Code NV    
Entity Tax Identification Number 20-4745737    
Entity Address, Address Line One 1201 North Town Center Drive    
Entity Address, City or Town Las Vegas,    
Entity Address, State or Province NV    
Entity Address, Postal Zip Code 89144    
City Area Code 702    
Local Phone Number 851-7300    
Title of 12(b) Security Common Stock, $0.001 Par Value    
Trading Symbol ALGT    
Security Exchange Name NASDAQ    
Entity Well Known Seasoned Issuer Yes    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Interactive Data Current Yes    
Entity Filer Category Large Accelerated Filer    
Entity Emerging Growth Company false    
Entity Small Business false    
ICFR Auditor Attestation Flag true    
Document Financial Statement Error Correction [Flag] false    
Entity Shell Company false    
Entity Public Float     $ 860.7
Entity Common Stock, Shares Outstanding   18,452,294  
Documents Incorporated by Reference
Portions of the Proxy Statement to be used in connection with the solicitation of proxies to be voted at the registrant’s annual meeting to be held on June 25, 2026, and to be filed with the Commission subsequent to the date hereof, are incorporated by reference into Part III of this Report on Form 10-K.
    
Entity Central Index Key 0001362468    
Current Fiscal Year End Date --12-31    
Document Fiscal Year Focus 2025    
Document Fiscal Period Focus FY    
Amendment Flag false    
v3.25.4
Audit Information
 12 Months Ended
Dec. 31, 2025
Audit Information [Abstract]  
Auditor Name KPMG LLP
Auditor Location Dallas, TX
Auditor Firm ID 185
v3.25.4
Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
CURRENT ASSETS    
Cash and cash equivalents $ 172,696 $ 285,892
Restricted cash 18,064 16,427
Short-term investments 632,959 495,234
Accounts receivable 57,110 90,407
Expendable parts, supplies and fuel, net of reserve of $14,691 and $12,597 34,431 36,070
Prepaid expenses and other current assets 52,393 67,575
TOTAL CURRENT ASSETS 967,653 991,605
Property and equipment (including $101,712 and $107,290 from VIEs, Note 6), net of accumulated depreciation of $1,178,315 and $1,067,194 2,947,536 3,069,949
Long-term investments 32,823 51,725
Deferred major maintenance, net of accumulated amortization of $170,226 and $165,333 148,506 173,892
Operating lease right-of-use assets, net 63,389 81,218
Deposits and other assets 49,494 61,464
TOTAL ASSETS: 4,209,401 4,429,853
CURRENT LIABILITIES    
Accounts payable 64,506 62,092
Accrued liabilities 186,019 181,275
Accrued pilot retention bonus 235,887 146,129
Current operating lease liabilities 10,936 20,714
Air traffic liability 363,328 370,915
Current loyalty program liability 39,711 41,510
Current maturities of long-term debt and finance lease obligations (including $13,307 and $12,787 from VIEs, Note 6), net of related costs of $4,245 and $8,287 118,075 454,769
TOTAL CURRENT LIABILITIES 1,018,462 1,277,404
LONG-TERM DEBT AND OTHER NONCURRENT LIABILITIES    
Long-term debt and finance lease obligations (including $81,642 and $94,950 from VIEs, Note 6), net of current maturities and related costs of $12,404 and $8,842 1,681,541 1,611,735
Deferred income taxes 305,416 315,593
Noncurrent operating lease liabilities 54,170 62,392
Noncurrent loyalty program liability 37,921 39,201
Other noncurrent liabilities 59,214 34,136
TOTAL LIABILITIES: 3,156,724 3,340,461
SHAREHOLDERS' EQUITY    
Common stock, par value $0.001, 100,000,000 shares authorized; 25,559,128 and 25,580,445 shares issued; 18,377,737 and 18,407,799 shares outstanding at December 31 2025 and 2024, respectively 26 26
Treasury shares, at cost, 7,181,391 and 7,172,646 shares at December 31, 2025 and 2024, respectively (682,511) (678,431)
Additional paid-in capital 771,967 760,600
Accumulated other comprehensive income, net 4,644 3,949
Retained earnings 958,551 1,003,248
TOTAL EQUITY: 1,052,677 1,089,392
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY: $ 4,209,401 $ 4,429,853
v3.25.4
Consolidated Balance Sheets (Parentheticals) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Expendable parts, supplies and fuel, reserve $ 14,691 $ 12,597
Property, plant and equipment, net 2,947,536 3,069,949
Property, plant, and equipment, owned, accumulated depreciation 1,178,315 1,067,194
Accumulated amortization of other deferred costs 170,226 165,333
Long-term debt and lease obligation, current 118,075 454,769
Debt issuance costs, gross, current 4,245 8,287
Long-term debt and lease obligation 1,681,541 1,611,735
Debt issuance cost, gross, noncurrent $ 12,404 $ 8,842
Treasury stock, common, shares (in shares) 7,181,391 7,172,646
Accrued pilot retention bonus $ 235,887 $ 146,129
Common Stock    
Common stock, par or stated value per share (in dollars per share) $ 0.001 $ 0.001
Common stock, shares authorized (in shares) 100,000,000 100,000,000
Common stock, shares, issued (in shares) 25,559,128 25,580,445
Common stock, shares, outstanding (in shares) 18,377,737 18,407,799
Variable Interest Entity, Primary Beneficiary [Member]    
Property, plant and equipment, net $ 101,712 $ 107,290
Long-term debt and lease obligation, current 13,307 12,787
Long-term debt and lease obligation $ 81,642 $ 94,950
v3.25.4
Consolidated Statements of Income - USD ($)
shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
OPERATING REVENUES:      
Passenger $ 2,324,348 $ 2,217,059 $ 2,324,397
Third party products 143,188 142,128 112,579
Fixed fee contracts 77,647 80,660 68,548
Resort and other 61,396 72,742 4,333
Total operating revenues 2,606,579 2,512,589 2,509,857
OPERATING EXPENSES:      
Aircraft fuel 639,731 627,755 695,871
Salaries and benefits 833,017 819,843 687,803
Station operations 297,549 272,843 256,560
Depreciation and amortization 249,185 258,251 223,130
Maintenance and repairs 149,938 125,430 123,802
Sales and marketing 99,443 106,340 114,616
Aircraft lease rentals 36,488 23,573 24,948
Other 126,356 150,399 133,501
Special charges, net of recoveries 137,705 368,131 28,645
Total operating expenses 2,569,412 2,752,565 2,288,876
OPERATING INCOME (LOSS) 37,167 (239,976) 220,981
OTHER (INCOME) EXPENSES:      
Interest income (41,697) (44,012) (46,615)
Interest expense 150,235 156,443 153,186
Capitalized interest (17,604) (45,385) (45,132)
Other, net 1,107 1,428 491
Total other expenses 92,041 68,474 61,930
INCOME (LOSS) BEFORE INCOME TAXES (54,874) (308,450) 159,051
INCOME TAX PROVISION (BENEFIT) (10,177) (68,212) 41,455
NET INCOME (LOSS) $ (44,697) $ (240,238) $ 117,596
Earnings (loss) per share to common shareholders:      
Basic (in dollars per share) $ (2.48) $ (13.49) $ 6.32
Diluted (in dollars per share) $ (2.48) $ (13.49) $ 6.29
Shares used for computation:      
Basic (in shares) 18,050 17,852 17,945
Diluted (in shares) 18,050 17,852 18,019
Cash dividends declared per share (in dollars per share) $ 0 $ 1.20 $ 1.20
v3.25.4
Consolidated Statements of Comprehensive Income - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Statement of Comprehensive Income [Abstract]      
NET INCOME (LOSS) $ (44,697) $ (240,238) $ 117,596
Other comprehensive income:      
Change in available-for-sale securities, net of tax 695 (42) 2,734
TOTAL COMPREHENSIVE INCOME (LOSS) $ (44,002) $ (240,280) $ 120,330
v3.25.4
Consolidated Statements of Stockholders' Equity Statement - USD ($)
$ in Thousands
Total
Common Stock
Additional Paid-in Capital
Accumulated Other Comprehensive Income (Loss)
Retained Earnings
Treasury Stock
Parent
Common stock, shares, outstanding (in shares)   18,128,000          
TOTAL EQUITY $ 1,220,698 $ 25 $ 709,471 $ 1,257 $ 1,169,968 $ (660,023)  
Common Stocks, Including Additional Paid in Capital     1        
Exercises of stock options and stock-settled SARs (Shares)   415,000          
APIC, Share-based Payment Arrangement, Increase for Cost Recognition     31,584       $ 31,585
Stock Repurchased During Period, Shares   (374,000)          
Treasury Stock, Value, Acquired, Cost Method           (30,076) (30,076)
Total number of shares purchased in year 99,802 100,000          
Stock Issued During Period, Value, Employee Stock Purchase Plan           8,167 8,167
Dividends, Cash         (22,144)   (22,144)
Other Comprehensive Income (Loss), Net of Tax       2,734      
Unrealized gain on short-term investments, net of tax             2,734
Net Income $ 117,596       117,596   117,596
Cash dividends (per Share) $ 1.20            
Common stock, shares, outstanding (in shares)   18,269,000          
TOTAL EQUITY $ 1,328,560 $ 26 741,055 3,991 1,265,420 (681,932)  
Exercises of stock options and stock-settled SARs (Shares)   79,000          
APIC, Share-based Payment Arrangement, Increase for Cost Recognition     19,545       19,545
Stock Repurchased During Period, Shares   (95,000)          
Treasury Stock, Value, Acquired, Cost Method           (5,642) (5,642)
Total number of shares purchased in year 155,101 155,000          
Stock Issued During Period, Value, Employee Stock Purchase Plan           9,143 9,143
Dividends, Cash         (21,934)   (21,934)
Other Comprehensive Income (Loss), Net of Tax       (42)      
Unrealized gain on short-term investments, net of tax             (42)
Net Income $ (240,238)       (240,238)   (240,238)
Cash dividends (per Share) $ 1.20            
Common stock, shares, outstanding (in shares)   18,408,000          
Common Stock, Value, Issued $ 26            
TOTAL EQUITY $ 1,089,392 $ 26 760,600 3,949 1,003,248 (678,431)  
Exercises of stock options and stock-settled SARs (Shares)   (21,000)          
APIC, Share-based Payment Arrangement, Increase for Cost Recognition     11,367       11,367
Stock Repurchased During Period, Shares   (189,000)          
Treasury Stock, Value, Acquired, Cost Method           (13,588) (13,588)
Total number of shares purchased in year 180,437 180,000          
Stock Issued During Period, Value, Employee Stock Purchase Plan           9,508 9,508
Other Comprehensive Income (Loss), Net of Tax       695      
Unrealized gain on short-term investments, net of tax             695
Net Income $ (44,697)       (44,697)   $ (44,697)
Cash dividends (per Share) $ 0            
Common stock, shares, outstanding (in shares)   18,378,000          
Common Stock, Value, Issued $ 26            
TOTAL EQUITY $ 1,052,677 $ 26 $ 771,967 $ 4,644 $ 958,551 $ (682,511)  
v3.25.4
Consolidated Statements of Stockholders' Equity (Parentheticals) - $ / shares
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Statement of Stockholders' Equity [Abstract]      
Cash dividends (per Share) $ 0 $ 1.20 $ 1.20
v3.25.4
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
OPERATING ACTIVITIES:      
Net income (loss) $ (44,697) $ (240,238) $ 117,596
Adjustments to reconcile net loss to net cash provided by operating activities:      
Depreciation and amortization 249,185 258,251 223,130
(Gain) loss on aircraft and other equipment disposals (37,664) (34,936) 920
Special charges 127,636 348,985 27,189
Share-based compensation expense 10,867 22,568 29,749
Deferred income taxes (10,177) (69,009) 38,214
Other adjustments (639) (6,290) (11,284)
Changes in certain assets and liabilities:      
Accounts receivable 12,204 4,362 29,390
Tax receivable 13,053 (5,616) 3,932
Accrued pilot retention bonus (89,758) (91,498) (54,631)
Loyalty program liability (3,079) 9,899 14,313
Air traffic liability (7,587) 17,427 (25,971)
Deferred major maintenance (44,686) (73,331) (67,862)
Other assets/liabilities 35,594 14,886 (10,855)
Net cash provided by operating activities 389,768 338,456 423,092
INVESTING ACTIVITIES:      
Purchase of investment securities (949,220) (567,299) (890,880)
Proceeds from maturities of investment securities 844,050 763,841 976,804
Proceeds from sale of Sunseeker Resort 189,936 0 0
Proceeds from sale of property and equipment 76,804 86,156 26,526
Aircraft pre-delivery deposits (72,941) (35,053) (342,167)
Purchase of property and equipment, including capitalized interest (314,664) (300,154) (528,320)
Proceeds from loan receivable 0 50,000 0
Insurance proceeds from damage to property & equipment 4,890 6,646 35,730
Other investing activities 718 1,441 430
Net cash provided by (used in) investing activities (220,427) 5,578 (721,877)
FINANCING ACTIVITIES:      
Cash dividends paid to shareholders 0 (21,934) (22,144)
Proceeds from the issuance of debt and finance lease obligations 638,926 386,975 642,581
Repurchase of common stock (13,588) (6,030) (30,078)
Principal payments on debt and finance lease obligations (906,294) (585,511) (480,818)
Debt issuance costs (11,450) (2,260) (7,116)
Proceeds from Sunseeker construction financing account 2,000 18,320 102,330
Other financing activities 9,506 9,141 8,168
Net cash provided by (used in) financing activities (280,900) (201,299) 212,923
NET CHANGE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH (111,559) 142,735 (85,862)
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT BEGINNING OF PERIOD 302,319 159,584 245,446
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT END OF PERIOD 190,760 302,319 159,584
CASH PAYMENTS/(RECEIPTS) FOR:      
Interest paid, net of amount capitalized 121,663 107,381 111,912
Income tax paid (refunds) 15,264 (8,738) (1,012)
SUPPLEMENTAL DISCLOSURE OF NONCASH TRANSACTIONS      
Right-of-use (ROU) assets acquired 2,879 1,379 8,320
Purchases of property and equipment in accrued liabilities and other $ 42,403 $ (671) $ 71,672
v3.25.4
Organization and Business of Company (Notes)
 12 Months Ended
Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Organization and Business of Company Organization and Business of Company
 
Allegiant Travel Company (the “Company”) is a leisure travel company focused on providing travel services and products to residents of underserved cities in the United States. The Company operates a low-cost, low utilization passenger airline which sells air transportation both on a stand-alone basis and bundled with the sale of ancillary air-related and third party services and products. The Company also provides air transportation under fixed fee flying arrangements and generates other ancillary revenues. Until September 4, 2025, the Company also owned and operated Sunseeker Resort and Aileron, the related golf course.
v3.25.4
Special Charges
 12 Months Ended
Dec. 31, 2025
Unusual or Infrequent Items, or Both [Abstract]  
Special Charges Special Charges
Airline

The Company has identified airframes for early retirement to coincide with 737 MAX aircraft deliveries as scheduled under an amendment to the Company's agreement with The Boeing Company signed in September 2023. To date, the Company has retired a total of 15 airframes under this plan. The remaining airframes are to be retired between January 2026 and January 2027. The accelerated depreciation on these airframes resulting from a change in the estimated useful life is recorded as a special charge in the years ended December 31, 2025, 2024, and 2023.

In second quarter 2025, the Company recorded $12.1 million of special charges related to corporate restructuring efforts taken in response to softness in air travel demand due to heightened macroeconomic uncertainty. These efforts included voluntary separation packages offered to corporate and operational personnel and termination of certain marketing agreements.

In fourth quarter 2025, the Company committed to a plan to redevelop certain internal-use software to better suit operational needs. The redevelopment is expected to be completed by fourth quarter 2026. As a result, the estimated useful life of the existing internal-use software asset was shortened, and the accelerated amortization resulting from the change in estimated useful life is recorded as a special charge of $10.0 million in the year ended December 31, 2025. In conjunction with the software redevelopment, the Company also identified certain software development costs that were yet to be placed in service and will be replaced by the redeveloped software. As a result, the Company recorded an additional one-time special charge of $9.3 million to reflect the write-off of those costs.

In fourth quarter 2025, the Company recorded $4.1 million of special charges for professional services and other costs related to the proposed acquisition of Sun Country Airlines Holdings, Inc. ("Sun Country"), which is more fully discussed in Note 16.

In April 2024, the Company's flight attendants, represented by the Transport Workers Union of America, ratified a new five-year collective bargaining agreement. Under the agreement, a ratification bonus was paid in May 2024, which amount is included within special charges.

Sunseeker Resort

During the year ended December 31, 2025, the Company recorded $98.3 million of special charges related to sale of Sunseeker Resort and the associated Aileron Golf Course. This included an asset write-down charge of $100.4 million, offset by $2.1 million of closing adjustments associated with the sale. The sale of the Resort is more fully discussed in Note 15.

In fourth quarter 2024, the Company recorded an impairment charge of $321.8 million in special charges related to Sunseeker Resort and associated Aileron Golf Course. The impairment charge is more fully discussed in Note 15.

Sunseeker Resort was damaged by weather events occurring between 2022 and 2024. The Company considered these events unusual and accounted for their costs and related insurance recoveries as special charges. Estimated losses were recorded as special charges at the time of the event and offset by insurance recoveries when approved for payment. The Company recorded $4.2 million net insurance recoveries during 2025. No further insurance recoveries are expected.

Special Charges Table

The table below summarizes special charges recorded during the years ended December 31, 2025, 2024, and 2023.
Twelve Months Ended December 31,
(in thousands)202520242023
Accelerated depreciation on airframes identified for early retirement$8,029 $31,066 $35,091 
Organizational restructuring12,095 3,420 — 
Accelerated amortization and disposal of software identified for redevelopment19,292 — — 
Costs related to Sun Country Airlines acquisition4,123 — — 
Flight attendant ratification bonus— 10,821 — 
Airline special charges 43,539 45,307 35,091 
Sunseeker special charges, net of insurance recoveries94,166 322,824 (6,446)
Total special charges$137,705 $368,131 $28,645 
v3.25.4
Summary of Significant Accounting Policies
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies Summary of Significant Accounting Policies
Basis of Presentation

The accompanying consolidated financial statements include the accounts of Allegiant Travel Company and its majority-owned operating subsidiaries. The Company's investments in unconsolidated affiliates, which are 50 percent or less owned, are accounted for under the equity or cost method. All intercompany balances and transactions have been eliminated.

The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts in the financial statements and accompanying notes. Actual results could differ from these estimates.

The Company has reclassified certain prior period amounts to conform to the current period presentation.

Cash and Cash Equivalents

Cash and cash equivalents include highly liquid investments and interest bearing instruments with original maturities of three months or less when purchased. Such investments are carried at cost, which approximates fair value.

Restricted Cash
 
Restricted cash represents escrowed funds under fixed fee contracts and cash collateral held against letters of credit required by hotel properties for guaranteed room availability, airports and certain other parties.

Accounts Receivable

Accounts receivable are recorded at the invoiced amount, which approximates fair value. In addition to income taxes receivable, the accounts receivable consist primarily of amounts due from credit card companies associated with the sale of tickets for future travel. These receivables are short-term and generally settle within a few days of sale. There are also receivables related to commission amounts due from rental car providers based on terms in the rental car provider agreement and amounts due related to fixed fee charter agreements. If deemed necessary, the Company records charges to its allowance for doubtful accounts for amounts not expected to be collected, for which the balance was immaterial for all years presented.

Short-term and Long-term Investments
 
The Company’s investments in marketable securities are classified as available-for-sale and are reported at fair value with the net unrealized gain or (loss) reported as a component of accumulated other comprehensive income (loss) in shareholders’ equity. For investments in an unrealized loss position, the Company determines whether a credit loss exists by considering information about the collectability of the instrument and current market conditions. There have been no credit losses in the years presented. Investment securities with original maturities of three months or less are classified as cash equivalents. Investment securities with original maturities greater than three months are classified as either short-term investments or long-term investments based on the maturity date in relation to the balance sheet date. Short-term investments have a maturity date less than or equal to one year from the balance sheet date, and long-term investments have a maturity date greater than one year from the balance sheet date. 

The amortized cost of investment securities sold is determined by the specific identification method with any realized gains or losses reflected in interest income. The Company had no material realized losses during the years ended December 31, 2025, 2024, and 2023. The Company believes unrealized losses related to debt securities are not other-than-temporary and does not intend to sell these securities prior to amortized cost recoverability.

The Company attempts to minimize its concentration risk with regard to its cash, cash equivalents, and investment portfolio. This is accomplished by diversifying and limiting amounts among different counterparties, the type of investment, and the amount invested in any individual security, commercial paper, or money market fund.

Expendable Parts, Supplies and Fuel, Net
 
Expendable parts, supplies and fuel inventories are valued at cost using the first-in, first-out method. Such expendable parts, supplies and fuel are charged to expense as they are used in operations. An obsolescence allowance for expendable parts and supplies is based on salvage values and the average remaining useful life of the fleet. The obsolescence allowance for expendable parts and supplies was $14.7 million and $12.6 million at December 31, 2025 and 2024, respectively.

Deposits and Other Assets

Deposits and other assets consist primarily of airport deposits, aircraft lease deposits, investments in unconsolidated affiliates, credits receivable under aircraft purchase agreements and scrap assets. The Company also had outstanding receivables from
third parties as of December 31, 2025 and 2024, of which $10.5 million and $15.1 million respectively, were due more than one year after the balance sheet date.

Operating Lease Right-of-Use Asset and Liability

The Company determines if an arrangement is a lease at inception and has lease agreements for aircraft, training facilities, ground equipment, certain airport and terminal facilities, and other space and assets with non-cancelable lease terms. Certain real estate and property leases, aircraft leases, and various other operating leases are measured on the balance sheet with a lease liability and right-of-use ("ROU") asset. Airport terminal leases mostly include variable lease payments outside of those based on a fixed index, and are therefore excluded from consideration.

ROU assets represent the Company's right to use an underlying asset for the lease term, and lease liabilities represent the obligation to make scheduled lease payments. ROU assets and lease liabilities are recognized on the lease commencement date based on the present value of lease payments over the lease term. At lease commencement, the present value of lease payments is calculated using the rate implicit in the lease, if known, or an estimated incremental borrowing rate which takes into consideration recent debt issuances as well as other applicable market data available.

Lease payments include fixed payments, variable payments based on an index or rate, reasonably certain purchase options, termination penalties, and others as required by Accounting Standards Update ("ASU") 2016-02, Leases (Topic 842). Lease payments do not include variable lease payments other than those based on an index or rate, any guarantee by the lessee of the lessor’s debt, or any amount allocated to non-lease components.

Lease terms include options to extend when it is reasonably certain that the option will be exercised. Leases with a term of 12 months or less are not recorded on the balance sheet. Additionally, lease and non-lease components are accounted for as a single lease component for real estate agreements.

Leased Aircraft Return Costs

The Company's aircraft lease agreements generally require the Company to return airframes and engines to the lessor in a specified condition as required by the lease agreement or to pay an amount to the lessor based on the airframe and engines' actual condition on redelivery. Lease return conditions are evaluated at inception of a lease and throughout the lease term. Return conditions that are based on usage of the aircraft during the lease are considered a variable rent expense. Due to the inherent uncertainty in estimating (i) the condition of the airframe and engines at redelivery, and (ii) whether the Company intends to satisfy those conditions by performing repairs, making a required payment to the lessor, or, for aircraft engines, replacing the leased engine with an owned engine that meets the required conditions, lease return costs generally become probable and estimable near the end of the lease term and after the last major maintenance event occurring during the lease. Once the return costs have become probable and estimable, the Company recognizes the estimated expense over the remaining lease term as a component of aircraft lease rentals in the Company's consolidated statements of income (loss).

Property and Equipment
 
Property and equipment are recorded at cost and depreciated using the straight-line method over their estimated useful lives less any estimated salvage value. Property under finance leases and related obligations are initially recorded at an amount equal to the present value of future minimum lease payments computed using the rate implicit in the lease, if known, or on the basis of the Company’s estimated incremental borrowing rate, and depreciation is recorded on a straight-line basis and is included within depreciation and amortization expense. The estimated useful lives of the principal asset classes are shown below.

Aircraft, engines and related rotable parts 10-25 Years
Buildings and leasehold improvements10-39 Years
Equipment5-10 Years
Computer hardware and software3-15 Years

In estimating the useful lives and residual values of aircraft, the Company primarily relies upon actual experience with the same or similar aircraft types, current and projected future market information, and input from other industry sources. Subsequent revisions to these estimates could be caused by changing market prices of the Company’s aircraft, changes in utilization of the aircraft, and other fleet events. Changes in the estimate for useful lives or residual values of the Company’s property and equipment could result in changes in depreciation expense.

The Company is required to make pre-delivery payments ("PDPs") towards the purchase price of new aircraft and engines prior to delivery. These deposits are included in flight equipment on the Company's consolidated balance sheets.

Interest is capitalized by applying a capitalization rate to the weighted-average carrying amount of expenditures for qualifying assets over the period and depreciated over the estimated useful life of the related asset(s) acquired/developed.
Software Capitalization
 
The Company capitalizes certain internal and external costs related to the acquisition and development of computer software during the application development stage of projects. The Company amortizes these capitalized costs using the straight-line method over the estimated useful life of the software, which typically ranges from three to fifteen years. The Company had unamortized computer software development costs of $139.7 million and $149.7 million as of December 31, 2025 and 2024, respectively. Amortization expense related to computer software was $19.2 million, $18.8 million and $12.4 million for the years ended December 31, 2025, 2024 and 2023 respectively. Costs incurred during the preliminary and post-implementation stages are expensed as incurred.

Aircraft Maintenance and Repair Costs
 
The Company accounts for all non-major maintenance and repair costs incurred for its fleet under the direct expense method. Under this method, maintenance and repair costs for aircraft are charged to maintenance and repair expenses as incurred. Maintenance and repair costs include all parts, materials, and line maintenance activities required to maintain the Company's fleet.

The Company accounts for major maintenance costs for airframes and engines using the deferral method. Under this method, the Company capitalizes the cost of major maintenance events, which are amortized as a component of depreciation and amortization expense, over the estimated period until the next scheduled major maintenance event. During 2025 and 2024, the Company capitalized $45.9 million and $76.8 million of major maintenance costs as deferred major maintenance.

Amortization expense related to deferred major maintenance, excluding amounts recorded in special charges related to the Company's aircraft retirement plan, was $64.4 million, $65.8 million, and $55.5 million for the years ended December 31, 2025, 2024, and 2023, respectively.

Measurement of Impairment of Long-Lived Assets

The Company records impairment losses on long-lived assets used in operations, consisting principally of property and equipment, when events or changes in circumstances indicate, in management’s judgment, that the assets might be impaired, and the undiscounted future cash flows estimated to be generated by those assets are less than the carrying amount of those assets. In making these determinations, the Company utilizes certain assumptions, including, but not limited to: (i) estimated fair value of the assets; and (ii) estimated future cash flows expected to be generated by those assets which are based on additional assumptions such as (but not limited to) asset utilization, average fare, block hours, fuel costs, fixed fee contracts, estimated salvage values, discount rate, projected growth rates and terminal value assumptions.

During the year ended December 31, 2024, the Company recorded an impairment loss of $321.8 million related to Sunseeker Resort. The impairment charges are more fully discussed in Note 15.

Assets Held for Sale

The Company classifies assets as held for sale when the asset or asset group meets all of the accounting requirements to be classified as held for sale. Assets held for sale and any related liabilities are presented as single asset and liability amounts on the balance sheet with a valuation allowance, if necessary, to reduce the carrying amount of the net assets to the lower of carrying amount or estimated fair value less cost to sell. Estimates are required to determine the fair value and the related disposal costs. The estimated fair value is generally based on solicited offers or a discounted cash flow model. In subsequent periods, the valuation allowance may be adjusted based on changes in management’s estimate of fair value less cost to sell. Depreciation and amortization of long-lived assets are not recorded during the period in which such assets are classified as held for sale.

In second quarter 2025, the Company determined that Sunseeker Resort met all of the held for sale accounting criteria and recorded a write-down loss of $100.4 million to reduce the Resort's carrying value to its estimated fair value. The sale of Sunseeker Resort is more fully discussed in Note 15.

Manufacturer's Credits

The Company periodically receives credits in connection with the acquisition of aircraft and engines or in connection with delivery delays or manufacturer's incentives. These credits are generally applied as a reduction of the cost of each item acquired under the purchase agreement at the time of delivery, which results in either deferral of the credit or recognition of an asset depending on the timing of receipt. As of December 31, 2025, and 2024 respectively, the Company had $40.2 million and $16.8 million of deferred credit liabilities, recorded in other noncurrent liabilities in the Company's balance sheet, and $7.1 million and $17.0 million of credits receivable, recorded in deposits and other assets in the Company's balance sheet.
Accrued Pilot Retention Bonus

In May 2023, to address pilot pay issues while a new collective bargaining agreement is negotiated, the Company began to accrue a retention bonus for pilots who continue employment with the Company until a new labor agreement is approved. The amount being accrued is 35 percent of current pay for a minimum 85 pay credit hours per month, except for first year first officers, for whom the percentage is 82 percent. At December 31, 2025 and 2024, the accrued pilot retention bonus, inclusive of payroll tax, was $235.9 million and $146.1 million, respectively.

Revenue Recognition

Passenger revenue

Passenger revenue includes scheduled service revenue, ancillary air-related charges, and travel point redemptions from the co-brand Allegiant credit card and the Company's non-card loyalty program. Revenue from travel point redemptions from the co-brand credit card and the loyalty program are described in the Allways Rewards® Credit Card Program and Allways Rewards® Loyalty Program sections below.

Scheduled service revenue consists of ticket revenue generated from nonstop flights in the Company’s route network, recognized either when the transportation is provided, or when ticket voucher breakage occurs. Nonrefundable scheduled itineraries expire on the date of the intended flight, unless the itinerary is changed or canceled in advance of the flight under the terms and conditions of the ticket. Itineraries sold for transportation not yet used, as well as unexpired vouchers, are included in air traffic liability.

Ancillary air-related charges include various services and products related to the flight such as baggage fees, the use of the Company’s website to purchase scheduled service transportation, advance seat assignments, and other services which are not included in the base ticket price. Revenues from air-related charges are nonrefundable and recognized when the transportation is provided. If a customer cancels a flight, a voucher may be issued for a future flight under certain circumstances, at which time the associated revenue is recognized in scheduled service revenue upon completion of the future flight. Additionally, the Company estimates the value of vouchers that will expire unused and recognizes such estimate into revenue at the time of issuance. Air-related charges sold for transportation not yet used, as well as unexpired vouchers, are included in air traffic liability.

Various taxes and fees, assessed on the sale of tickets to customers, are collected by the Company serving as an agent, and remitted to taxing authorities. These taxes and fees are not included as revenue in the Company’s consolidated statements of income and are recorded within accrued liabilities until remitted to the appropriate taxing authority.

Third party products revenue

Ancillary third party products revenue is generated from the sale of hotel rooms, rental cars, travel insurance and ticketed attractions, as well as marketing revenue associated with the co-brand credit card. Revenue from the sale of third party products is recognized at the time the product is utilized, such as the time a purchased hotel room is occupied. Revenue from the sale of third party products is recorded net of amounts paid to wholesale providers, travel agent commissions, and transaction costs.

Revenue from the marketing component associated with the co-brand credit card and the loyalty program are described in the Allways Rewards® Credit Card Program and Allways Rewards® Loyalty Program sections below.
Fixed fee contract revenue

Fixed fee contract revenue consists of fees under agreements to provide charter service on a year-round and ad hoc basis. Fixed fee contract revenue is recognized when the transportation is provided.

Sunseeker Resort

Until the sale of Sunseeker Resort at Charlotte Harbor (the "Resort" or "Sunseeker Resort") on September 4, 2025, the Company recorded revenue primarily consisting of sales of rooms, food and beverage, golf, retail and other goods and services. As compensation for such goods and services, the Company was typically entitled to a fixed nightly fee for an agreed upon period and additional fixed fees for any ancillary services purchased. Room charges were generally payable at the time the hotel guest checked out of the hotel. The Company generally satisfied the performance obligation related to room sales over time, and the Company recognized the revenue on a daily basis, as the rooms were occupied and the Company had rendered the services. Charges for food and beverage, golf, retail and other goods and services were settled at a point in time, as the sales were made. Sunseeker Resort revenues are included in resort and other revenue in the consolidated statements of income.

Allways Rewards® Credit Card Program

Under the Allegiant co-brand credit card arrangement, points are sold and consideration is received under an agreement with the issuer bank that expires in 2031. Under this arrangement, the Company identified the following deliverables: travel points to be
awarded (the travel component), use of the Company’s brand and access to its member lists, and certain other advertising and marketing elements (collectively the marketing component). Each of these deliverables is accounted for separately and allocation of the consideration from the agreement is determined based on the relative selling price of each deliverable. The Company applied a level of management judgment and estimation in determining the best estimate of selling price for each deliverable by considering multiple inputs and methods including, but not limited to, the redemption value of points awarded, discounted cash flows, brand value, volume discounts, published selling prices, number of points to be awarded and number of points expected to be redeemed.

Revenue from the travel component is deferred based on its relative selling price and is recognized into passenger revenue when the points are redeemed by cardholders and the underlying service is provided. Revenue from the marketing component is considered earned in the period in which points are sold and is therefore recognized into third party products revenue in the same period.

The loyalty program deferred revenue classified as a current liability represents our estimate of revenue expected to be recognized in the next twelve months based on projected redemptions, while the balance classified as a noncurrent liability represents our estimate of revenue expected to be recognized beyond twelve months. Payments are typically due to us monthly based on the volume of points sold during the period.

Allways Rewards® Loyalty Program

Allegiant’s Allways Rewards® Loyalty Program, which launched in 2021, enables program members to earn points for every dollar they spend on the Company’s website. In addition to opportunities to redeem points for flights, lodging, and rental cars, the program leverages Allegiant's partnerships to offer additional rewards to members, including sports tickets and exclusive experiences. Members can also earn points by using their Allegiant co-brand credit card.

Under Allways Rewards®, members receive one point for every $1 spent at allegiantair.com, and two points per $1 for spending over $500 (excluding taxes and fees). Points earned through the program are deferred based on the stand-alone selling price, and revenue is recognized when points are redeemed and the underlying service has been provided. The stand-alone selling price of points is adjusted for an estimate of points that will not be redeemed (“breakage”) using a statistical model based on historical redemption patterns to develop an estimate of the likelihood of future redemption.

Advertising Costs

Advertising costs, included in sales and marketing expense in the consolidated statements of income, are charged to expense in the period incurred. Advertising expense was $29.1 million, $32.0 million and $41.0 million for the years ended December 31, 2025, 2024 and 2023, respectively.

Preopening expenses

Preopening expenses represent personnel, advertising, and other costs incurred prior to the opening of Sunseeker Resort and were expensed as incurred. During the year ended December 31, 2023, the Company incurred $26.5 million of preopening expenses related to the opening of the Resort, which is included in salaries and benefits expense, sales and marketing expense, and other expense in the consolidated statements of income.

Earnings per Share
 
Basic and diluted earnings per share are computed using the two-class method. Under the two-class method, the Company attributes net income to two classes, common stock and unvested restricted stock awards. Unvested restricted stock awards granted to employees under the Company’s Long-Term Incentive Plan are considered participating securities because they receive non-forfeitable rights to cash dividends at the same rate as common stock.

Diluted net income per share is calculated using the more dilutive of two methods. Under both methods, the exercise of employee stock options is assumed using the treasury stock method. The assumption of vesting of restricted stock, however, differs as described below:

1.Assume vesting of restricted stock using the treasury stock method.
2.Assume unvested restricted stock awards are not vested, and allocate earnings to common shares and unvested restricted stock awards using the two-class method.
For the years ended December 31, 2025, 2024 and 2023, the second method above was used in the computation because it was more dilutive than the first method. The following table sets forth the computation of net income per share on a basic and diluted basis for the periods indicated: 
 
 Year ended December 31,
(in thousands, except per share data)202520242023
Basic:  
Net income (loss)$(44,697)$(240,238)$117,596 
Less income allocated to participating securities— (618)(4,188)
Net income (loss) attributable to common stock$(44,697)$(240,856)$113,408 
Earnings (loss) per share, basic$(2.48)$(13.49)$6.32 
Weighted-average shares outstanding18,050 17,852 17,945 
Diluted:  
Net income (loss)$(44,697)$(240,238)$117,596 
Less income allocated to participating securities— (618)(4,175)
Net income (loss) attributable to common stock$(44,697)$(240,856)$113,421 
Earnings (loss) per share, diluted$(2.48)$(13.49)$6.29 
Weighted-average shares outstanding18,050 17,852 17,945 
Dilutive effect of stock options and restricted stock— — 249 
Adjusted weighted-average shares outstanding under treasury stock method18,050 17,852 18,194 
Participating securities excluded under two-class method— — (175)
Adjusted weighted-average shares outstanding under two-class method18,050 17,852 18,019 

Stock awards outstanding of 290,873, 452,560, and 81,748 shares (not in thousands) as of December 31, 2025, 2024, and 2023, respectively, were excluded from the computation of diluted earnings per share as they were antidilutive.
 
Share-Based Compensation
 
The Company accounts for share-based compensation in accordance with accounting standards which require the compensation cost related to share-based payment transactions be recognized in the Company’s consolidated statements of income. The share-based compensation cost is measured based on grant date fair value. The Company’s share-based employee compensation plan is more fully discussed in Note 12.

Income Taxes

The Company recognizes deferred income taxes based on the asset and liability method required by accounting standards. Deferred tax assets and liabilities are determined based on the timing differences between book basis for financial reporting purposes and tax basis of the assets and liabilities and measured using the enacted tax rates and provisions of the enacted tax law. A valuation allowance for deferred tax assets is recorded if it is more likely than not that some portion or all of the deferred tax assets will not be realized. The Company determines the net non-current deferred tax assets or liabilities separately for federal, state, foreign and other local jurisdictions.
The Company’s income tax returns are subject to examination by the Internal Revenue Service (“IRS”) and other tax authorities in the jurisdictions where the Company operates. The Company assesses potentially unfavorable outcomes of such examinations based on the criteria set forth in uncertain tax position accounting standards. The accounting standards prescribe a minimum recognition threshold a tax position is required to meet before being recognized in the financial statements.
Accounting standards for income taxes utilize a two-step approach for evaluating tax positions. Recognition (Step I) occurs when the Company concludes that a tax position, based on its technical merits, is more likely than not to be sustained upon examination. Measurement (Step II) is only addressed if the position is deemed to be more likely than not to be sustained. Under Step II, the tax benefit is measured as the largest amount of benefit that is greater than 50 percent likely to be realized upon settlement.
The tax positions failing to qualify for initial recognition are recognized in the first subsequent interim period they meet the “more likely than not” standard. If it is subsequently determined that a previously recognized tax position no longer meets the “more likely than not” standard, it is required that the tax position be derecognized. As applicable, the Company will recognize accrued penalties and interest related to unrecognized tax benefits in the provision for income taxes.
Recent Accounting Pronouncements
Beginning with annual reporting for the year ended December 31, 2025, the Company adopted Accounting Standards Update ("ASU") 2023-09 "Income Taxes (Topic 740): Improvements to Income Tax Disclosures." This new standard requires expanded income tax disclosure of specific categories in the rate reconciliation and income taxes paid, disaggregated by jurisdiction. Upon adoption, the guidance was applied retrospectively to all prior periods presented in the financial statements. See Note 10 - Income Taxes for additional information.

In November 2024, the FASB issued ASU 2024-03 "Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses." This new standard requires public entities to disclose additional information about specific expense categories in the notes to the financial statements on an interim and annual basis. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and for interim periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact of adopting ASU 2024-03.

In September 2025, the FASB issued ASU 2025-06 "Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal Use Software." This new standard clarifies and modernizes the accounting for costs related to internal-use software in Accounting Standards Codification (ASC) 350-40, including removing references to project stages and clarifying the threshold entities may apply to begin capitalizing costs. ASU 2025-06 is effective for all fiscal years beginning after December 15, 2027, and interim reporting periods within those annual reporting periods. The Company is currently evaluating the impact of adopting ASU 2025-06.
In December 2025, the FASB issued ASU 2025-11 "Interim Reporting (Topic 270)." This new standard clarifies interim reporting guidance, develops a list of disclosures required by other Topics and intends to enhance consistency in interim reporting across entities. ASU 2025-11 is effective for fiscal years beginning after December 15, 2027, and interim reporting periods within those annual reporting periods, with early adoption permitted. The Company is currently evaluating the impact of adopting ASU 2025-11.
v3.25.4
Revenue Recognition
 12 Months Ended
Dec. 31, 2025
Revenue from Contract with Customer [Abstract]  
Revenue Recognition Revenue Recognition
Passenger revenue

Passenger revenue is the most significant category in the Company's reported operating revenues, as outlined below:

Year Ended December 31,
(in thousands)202520242023
Scheduled service$974,901 $1,030,795 $1,133,001 
Ancillary air-related charges1,270,807 1,129,149 1,137,226 
Loyalty redemptions78,640 57,115 54,170 
Total passenger revenue$2,324,348 $2,217,059 $2,324,397 

Sales of passenger tickets not yet flown are recorded in air traffic liability. As of December 31, 2025, the air traffic liability balance was $363.3 million, of which approximately $319.8 million was related to forward bookings, with the remaining $43.5 million related to credit vouchers for future travel.

The normal contract term of passenger tickets is 12 months and passenger revenue associated with future travel will principally be recognized within this time frame. Of the $370.9 million that was recorded in the air traffic liability balance at December 31, 2024, substantially all was recognized into passenger revenue during the 12 months ended December 31, 2025.

The Company periodically evaluates the estimated amount of credit vouchers expected to expire unused and any adjustment is removed from air traffic liability and included in passenger revenue in the period in which the evaluation is complete.

Loyalty redemptions

In relation to the travel component of the Allways Rewards® co-brand credit card contract and the Allways Rewards® loyalty program, the Company has a performance obligation to its members with future travel award redemptions at the airline. The accounting and recognition for the loyalty program redemptions are discussed in Note 2 above.

The following table presents the activity of the co-brand credit card and the loyalty program as of the dates indicated:
Year Ended December 31,
(in thousands)20252024
Balance at January 1$80,711 $70,813 
Points awarded (deferral of revenue)75,546 67,050 
Points redeemed (recognition of revenue) (1)
(78,625)(57,152)
Balance at December 31 (2)
$77,632 $80,711 

(1) Points are combined in one homogeneous pool and are not separately identifiable. Revenue from points redeemed includes both points that were part of the loyalty program liability at the beginning of the period, as well as points that were issued during the period.
(2) The current portion of the loyalty program liability represents the estimate of revenue to be recognized in the next 12 months based on historical trends, with the remaining balance reflected in noncurrent liabilities expected to be recognized into revenue in periods thereafter.

Third Party Products Revenue

Third party products revenue primarily includes revenue associated with our loyalty program, which is comprised of the marketing component of point sales to the co-brand credit card provider and other marketing related payments which totaled $82.8 million, $86.5 million and $65.4 million for the twelve months ended December 31, 2025, 2024 and 2023, respectively. The accounting and recognition for the loyalty program marketing services are discussed in Note 2 above. The remaining amounts included within third party products revenue relate to travel insurance, hotel rooms, rental cars and ticket attractions.
Resort Revenue

The revenues of Sunseeker Resort prior to its sale on September 4, 2025 (Note 15), are set forth in the table below:

Year Ended December 31,
(in thousands)202520242023
Rooms$28,172 $31,628 $946 
Food and beverage21,280 29,895 1,713 
Other11,228 10,227 222 
Total resort revenue$60,680 $71,750 $2,881 
Revenue from banquets, golf, retail, and spa services is included in other resort revenue. Resort revenue was recognized as the underlying services or goods were provided, with minimal timing differences between service delivery and payment. There were no advance deposit liabilities or guest ledger receivables at December 31, 2025, due to the sale of the Resort on September 4, 2025.
v3.25.4
Property and Equipment
 12 Months Ended
Dec. 31, 2025
Property, Plant and Equipment [Abstract]  
Property and Equipment Property and Equipment
 
Property and equipment consisted of the following:
As of December 31,
 (in thousands)20252024
Airline
Flight equipment$3,584,212 $3,345,458 
Computer hardware and software339,441 320,432 
Land and buildings/leasehold improvements83,304 66,115 
Other property and equipment118,894 115,043 
Sunseeker Resort (1)
Land and buildings/leasehold improvements— 255,201 
Other property and equipment— 34,894 
Total property and equipment4,125,851 4,137,143 
Less accumulated depreciation and amortization(1,178,315)(1,067,194)
Property and equipment, net$2,947,536 $3,069,949 

(1) On September 4, 2025, the Company completed the sale of Sunseeker Resort and related Aileron Golf Course. See Note 15.

As of December 31, 2025, the Company had firm commitments to purchase 34 aircraft which are expected to be delivered between 2026 and 2028.
v3.25.4
Long-Term Debt
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Long-Term Debt Long-Term Debt
Long-term debt consisted of the following:
As of December 31,
(in thousands)20252024
Fixed-rate debt and finance lease obligations due through 2032$1,062,935 $1,481,186 
Variable-rate debt due through 2037736,681 585,318 
Total long-term debt and finance lease obligations, net of related costs1,799,616 2,066,504 
Less current maturities, net of related costs118,075 454,769 
Long-term debt and finance lease obligations, net of current maturities and related costs$1,681,541 $1,611,735 
Weighted average fixed-interest rate on debt6.7 %6.5 %
Weighted average variable-interest rate on debt5.9 %6.8 %
Interest Rate(s) Per Annum atAs of December 31,
(in thousands)Maturity DatesDecember 31, 202520252024
Senior secured notes20277.25%$403,009 $550,000 
Consolidated variable interest entities2028—20292.92 %—5.19%95,111 107,959 
Revolving credit facilities2028—2030N/A— — 
Debt secured by aircraft, engines, other equipment and real estate2028—20371.87 %—7.93%915,084 765,278 
Finance leases2028—20324.44 %—7.02%403,060 429,896 
Construction loan agreementN/AN/A— 100,000 
Unsecured debtN/AN/A— 130,500 
Total debt and finance lease obligations$1,816,264 $2,083,633 
Related costs(16,648)(17,129)
Total debt and finance lease obligations, net of related costs$1,799,616 $2,066,504 
Maturities of long-term debt as of December 31, 2025, for the next five years and thereafter, in the aggregate, are:

(in thousands)As of December 31, 2025
2026118,075 
2027527,473 
2028169,924 
2029203,299 
2030177,460 
Thereafter603,385 
Total debt and finance lease obligations, net of related costs$1,799,616 
Senior Secured Notes

In August 2022, the Company issued $550.0 million in aggregate principal amount of its 7.250% Senior Secured Notes due 2027 (the “2027 Notes”) pursuant to an Indenture, dated as of August 17, 2022. The 2027 Notes are secured by first priority security interests in, subject to permitted liens, substantially all of the property and assets of the Company and its subsidiaries, except that the collateral package excludes aircraft, aircraft engines, and certain other assets. The collateral also secures the Company’s $150.0 million revolving credit facility (described below), on a pari passu basis. The 2027 Notes bear interest at a fixed rate of 7.25 percent per annum, payable in cash on February 15 and August 15 of each year. The 2027 Notes mature on August 15, 2027.
The 2027 Notes contain certain covenants that limit the ability of the Company to, among other things: (i) make restricted payments; (ii) incur indebtedness or issue preferred stock; (iii) create or incur certain liens; (iv) dispose of loyalty program or brand intellectual property collateral; (v) merge, consolidate or sell all or substantially all assets and (vi) enter into certain transactions with affiliates.

The 2027 Notes also require the Company to comply with certain affirmative covenants, including to maintain a minimum aggregate amount of liquidity of $300.0 million. If the Company fails to satisfy the minimum liquidity requirement, then the Company will be required to pay additional interest on all outstanding 2027 Notes in an amount equal to 2.0% per annum of the principal amount of such 2027 Notes until the Company demonstrates compliance with the liquidity requirement.

During the year ended December 31, 2025, the Company redeemed and repurchased $147.0 million of the 2027 Notes through a combination of redemptions and open-market repurchases. As of December 31, 2025, $403.0 million of the 2027 Notes remain outstanding.
Consolidated Variable Interest Entities

The Company evaluates ownership, contractual lease arrangements and other interests in entities to determine if they are variable interest entities ("VIEs") based on the nature and extent of those interests. The Company consolidates a VIE when, among other criteria, it has the power to direct the activities that most significantly impact the VIE’s economic performance as well as the obligation to absorb losses or the right to receive benefits of the VIE, thus making the Company the primary beneficiary of the VIE.

The Company, through a wholly owned subsidiary, has entered into similarly structured agreements with trusts to borrow amounts collateralized by aircraft and engines.The trusts were funded at inception of the loan and at maturity, the Company will have purchase options at fixed amounts. As these transactions are common control transactions, the Company, as the primary beneficiary, measured and recorded the assets at their carrying values at the time of borrowing.

Revolving Credit Facilities

In August 2022, the Company entered into a credit agreement that provided a senior secured revolving loan facility of $75.0 million, with an original term of 57 months. The facility is secured by the same collateral that secures the 2027 Senior Secured Notes (discussed above), and notes under the facility will bear interest at a floating rate based on SOFR. In December 2025, the Company amended the revolving loan facility to increase the total commitment to $150.0 million and extend the maturity date to December 5, 2030, subject to acceleration based on the balance and status of the 2027 Notes. As of December 31, 2025, the facility remained undrawn.

In March 2021, the Company entered into a revolving credit facility, under which it was entitled to borrow up to $50.0 million. In February 2023, the Company extended the term of this agreement to March 2026 and the commitment was increased to $100.0 million. In April 2025, the agreement was further amended to extend the maturity date to April 2028. The borrowing ability is based on the value of the aircraft and engines placed into the collateral pool. The notes for amounts borrowed under the facility will bear interest at a floating rate based on SOFR. As of December 31, 2025, the facility was undrawn.

Debt Secured by Aircraft and Other Assets

The Company is party to financing agreements under which aircraft, other equipment or other assets serve as collateral. Below are described those debt transactions entered into or that were drawn or repaid during 2025.

In September 2023, the Company entered into a credit agreement under which it was entitled to borrow up to $412.1 million collateralized by aircraft, which was drawn in full during 2023 and 2024. In December 2025, the Company made a voluntary prepayment of $50.8 million reducing the principal amount owed under this credit agreement.

In March 2024, the Company entered into credit agreements under which it was entitled to borrow up to $218.5 million, collateralized by new aircraft upon delivery. During the year ended December 31, 2025, the Company borrowed the entirety of the $218.5 million available under these agreements, resulting in the facilities being fully drawn. The loans bear interest at a variable rate based on three-month SOFR and are payable in quarterly installments over a term of 12 years.

In April 2025, the Company entered into a credit agreement with a borrowing capacity of up to $221.3 million to be secured by new aircraft upon delivery. During the year ended December 31, 2025, the Company borrowed the entirety of the $221.3 million available under the agreement, resulting in the facility being fully drawn. The borrowing carries a variable interest rate based on three-month SOFR and consists of two tranches maturing in seven and twelve years payable in quarterly installments with a balloon payment at maturity.

In June 2025, the Company entered into a financing agreement providing for borrowings of up to $149.2 million secured by new aircraft upon delivery. During the year ended December 31, 2025, the Company borrowed the entirety of the $149.2 million
available under the agreement, resulting in the facility being fully drawn. The loan bears interest at a variable rate based on three-month SOFR and matures twelve years from the drawing date, payable in quarterly installments.

During the year ended December 31, 2025, the Company fully repaid several facilities secured by aircraft and other assets ahead of their originally scheduled maturity dates. The repayments totaled $204.7 million, including the $50.8 million mentioned above. The loans repaid were originally scheduled to mature between October 2025 and September 2036.

PDP Financing

In November 2023, the Company entered into a pre-delivery deposit financing facility to borrow up to $158.0 million secured by the Company's purchase rights for certain Boeing 737 MAX aircraft. The facility bears a floating interest rate based on SOFR and was originally due upon delivery of each aircraft or no later than June 30, 2025. In April 2025, the Company entered into an amendment to extend the maturity date of the agreement to no later than March 2027. The Company drew a total of $132.6 million on the facility between November 2023 and February 2024. During the year ended December 31, 2025, the Company fully repaid the $132.6 million in outstanding principal, and the facility had undrawn borrowing capacity of $25.1 million as of that same date.

Finance Leases

The Company has finance lease obligations related to 23 aircraft, which impacted the Company's recognized assets and liabilities as of December 31, 2025. See Note 7 for more information on the Company's finance lease obligations.

Construction Loan Agreement

In October 2021, the Company, through a wholly-owned subsidiary, entered into a credit agreement to borrow $350.0 million to fund the initial phases of Sunseeker Resort construction. The Company prepaid $250.0 million of the loan's principal balance during 2024, and in February 2025, prepaid the remaining $100.0 million principal balance resulting in full repayment of the loan.

Unsecured Debt
In December 2024, the Company entered into an unsecured credit facility and received proceeds of $130.5 million. The loan matured upon delivery of certain aircraft and was to be repaid using the proceeds from financing associated with those aircraft. During the year ended December 31, 2025, the Company repaid the entirety of the $130.5 million outstanding under the facility as the associated aircraft delivered.
v3.25.4
Leases
 12 Months Ended
Dec. 31, 2025
Leases [Abstract]  
Leases Leases
The Company had 23 aircraft under finance leases and nine aircraft under operating leases as of December 31, 2025 (excluding six aircraft under operating lease which have been removed from service pending redelivery), with remaining terms through 2032. As of December 31, 2024, there were 23 aircraft under finance lease and 17 aircraft under operating lease.

Lease Costs

The components of lease costs recognized on the statements of income were as follows:
Year Ended December 31,
(in thousands)Classification on the Statements of Income202520242023
Finance lease costs:
Amortization of assetsDepreciation and amortization$24,013 $23,855 $27,170 
Interest on lease liabilitiesInterest expense24,505 25,994 27,502 
Operating lease costAircraft lease rentals; Station operations; Maintenance and repairs; Other operating expense25,250 26,178 25,246 
Variable lease cost(1)
Aircraft lease rentals; Station operations; Maintenance and repairs; Other operating expense13,509 492 1,563 
Total lease cost$87,277 $76,519 $81,481 
(1) In 2025, includes estimated lease return costs which we began to accrue in second quarter 2025 for certain aircraft on operating leases related to redeliveries in 2025 and future years.

Lease position as of December 31, 2025 and December 31, 2024

The table below presents the lease-related assets and liabilities recorded on the balance sheet.
As of December 31,
(in thousands)Classification on the Balance Sheet20252024
Assets
Operating lease assetsOperating lease right-of-use assets, net$63,389 $81,218 
Finance lease assetsProperty and equipment, net of accumulated depreciation403,783 427,664 
Total lease assets$467,172 $508,882 
Liabilities
Current
OperatingCurrent operating lease liabilities$10,936 $20,714 
FinanceCurrent maturities of long-term debt and finance lease obligations28,106 26,836 
Noncurrent
OperatingNoncurrent operating lease liabilities54,170 62,392 
FinanceLong-term debt and finance lease obligations374,954 403,060 
Total lease liabilities$468,166 $513,002 
Weighted-average remaining lease term
Operating leases7.6 years7.2 years
Finance leases5.1 years6.1 years
Weighted-average discount rate
Operating leases5.7 %5.6 %
Finance leases5.9 %5.9 %
Other Information

The table below presents supplemental cash flow information related to leases during the years ended December 31, 2025, 2024 and 2023.

Year Ended December 31,
(in thousands)202520242023
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows for operating leases$24,545 $26,679 $25,774 
Operating cash flows for finance leases24,572 26,056 27,672 
Financing cash flows for finance leases26,836 25,352 39,044 

Maturities of Lease Liabilities

The table below indicates the future minimum payments of lease liabilities as of December 31, 2025.

(in thousands)Operating LeasesFinance Leases
2026$14,143 $51,108 
202712,048 51,108 
202810,382 65,908 
202910,447 104,396 
20309,952 105,233 
Thereafter25,176 126,539 
Total lease payments82,148 504,292 
Less imputed interest(17,042)(101,232)
Total lease obligations65,106 403,060 
Less current obligations(10,936)(28,106)
Long-term lease obligations$54,170 $374,954 
v3.25.4
Stockholders' Equity
 12 Months Ended
Dec. 31, 2025
Equity [Abstract]  
Stockholders' Equity Shareholders’ Equity
The Company is authorized by its Board of Directors to acquire the Company’s stock through open market purchases under its share repurchase program. As of December 31, 2025, the Company had remaining unused purchase authority of $64.7 million. The Board of Directors has, to date, authorized additional expenditures for share repurchases when the authority is exhausted. The Company will make open market repurchases when advantageous opportunities arise.

Share repurchases consisted of the following during the periods indicated:
Year Ended December 31,
202520242023
Shares repurchased(1)
144,967 — 309,155 
Average price per share$75.90 $— $78.61 
Total (in thousands)$11,003 $— $24,303 
(1)Share amounts shown above include only open market repurchases and do not include shares withheld from employees for tax withholding obligations related to restricted stock vestings, which were 44,215, 95,014, and 65,284 shares (not in thousands) for 2025, 2024, and 2023 respectively.

Cash dividends declared by the Board of Directors and paid by the Company consisted of the following during the periods indicated:

Year Ended December 31,
202520242023
Total quarterly cash dividends declared, per share$— $1.20 $1.20 
Total cash dividends paid (in thousands)— 21,934 22,144 
The Company has suspended its quarterly dividend indefinitely
v3.25.4
Fair Value Measurements
 12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
Investments

The Company measures certain financial assets and liabilities at fair value on a recurring basis. Fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. Accounting standards pertaining to fair value measurements establish a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows:

    Level 1 - Defined as observable inputs such as quoted prices in active markets for identical assets or liabilities

Level 2 - Defined as inputs other than Level 1 inputs that are either directly or indirectly observable

Level 3 - Defined as unobservable inputs for which little or no market data exists, therefore requiring an entity to develop its own assumptions

The Company uses the market approach valuation technique to determine fair value for investment securities. The assets classified as Level 1 consist of money market funds for which original cost approximates fair value. The assets classified as Level 2 consist of commercial paper, municipal debt securities, federal agency debt securities, U.S. treasury bonds, corporate debt securities and certificates of deposit, which are valued using quoted market prices or alternative pricing sources including transactions involving identical or comparable assets and models utilizing market observable inputs. The Company has no investment securities classified as Level 3.

For those assets classified as Level 2 that are not in active markets, the Company obtains fair value from pricing sources using quoted market prices for identical or comparable instruments, and uses pricing models which include all significant observable inputs: maturity dates, issue dates, settlement dates, benchmark yields, reported trades, broker-dealer quotes, issue spreads, benchmark securities, bids, offers and other market related data. These inputs are observable or can be derived from, or corroborated by, observable market data for substantially the full term of the asset.

Financial instruments measured at fair value on a recurring basis:

As of December 31, 2025As of December 31, 2024
(in thousands)TotalLevel 1Level 2TotalLevel 1Level 2
Cash equivalents   
Money market funds$42,833 $42,833 $— $41,494 $41,494 $— 
US Government and agency obligations16,901 — 16,901 81,535 — 81,535 
Commercial paper14,712 — 14,712 22,689 — 22,689 
Corporate debt securities5,713 — 5,713 4,133 — 4,133 
Municipal debt securities4,520 — 4,520 10,299 — 10,299 
Total cash equivalents84,679 42,833 41,846 160,150 41,494 118,656 
Short-term   
Corporate debt securities337,988 — 337,988 242,313 — 242,313 
Commercial paper179,697 — 179,697 149,807 — 149,807 
US Government and agency obligations67,696 — 67,696 94,295 — 94,295 
Certificates of deposit27,960 — 27,960 7,239 — 7,239 
Municipal debt securities19,618 — 19,618 1,580 — 1,580 
Total short-term632,959 — 632,959 495,234 — 495,234 
Long-term
Corporate debt securities30,127 — 30,127 39,931 — 39,931 
US Government and agency obligations2,696 — 2,696 10,452 — 10,452 
Municipal debt securities— — — 1,342 — 1,342 
Total long-term32,823 — 32,823 51,725 — 51,725 
Total financial instruments$750,461 $42,833 $707,628 $707,109 $41,494 $665,615 

There were no significant transfers between Level 1 and Level 2 assets for the years ended December 31, 2025 and 2024.
Long-term Debt

None of the Company's long-term debt is publicly traded. The Company has determined the estimated fair value of all of this debt to be Level 3, as certain inputs used to determine the fair value of these agreements are unobservable and, therefore, could be sensitive to changes in inputs.The Company utilizes the discounted cash flow method to estimate the fair value of Level 3 debt.

Carrying value and estimated fair value of long-term debt, including current maturities and without reduction for related costs, are as follows:

As of December 31, 2025As of December 31, 2024
(in thousands)Carrying ValueEstimated Fair ValueCarrying ValueEstimated Fair ValueFair Value Level
Long-term debt$1,413,205 $1,424,251 $1,653,737 $1,667,275 3

Other

Due to the short term nature, carrying amounts of cash, restricted cash, accounts receivable and accounts payable approximate fair value.
v3.25.4
Income Taxes
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
The Company is subject to income taxation in the United States and various state jurisdictions in which it operates. In accordance with income tax accounting standards, the Company recognizes tax benefits or expenses on the temporary differences between the financial reporting and tax bases of its assets and liabilities. Substantially all of the Company's income before taxes is from its domestic operations.
Income Tax Provision/(Benefit)

The provision (benefit) for income taxes is composed of the following:
Year ended December 31,
(in thousands)202520242023
Current:
Federal$532 $1,431 $— 
State(200)(1,665)3,306 
Foreign— 311 204 
Total current332 77 3,510 
Deferred:
Federal(10,448)(62,244)36,910 
State(61)(6,045)1,035 
Total deferred(10,509)(68,289)37,945 
Total:
Federal(9,916)(60,813)36,910 
State(261)(7,710)4,341 
Foreign— 311 204 
Total income tax provision (benefit)$(10,177)$(68,212)$41,455 
Income Taxes Paid (Refunded)
Year ended December 31,
(in thousands)202520242023
Federal$(15,000)$8,700 $3 
State(264)(274)596 
Foreign— 312 413 
Total $(15,264)$8,738 $1,012 
Reconciliation of Effective Tax Rate

The effective tax rate on income before income taxes differed from the federal statutory income tax rate as follows:
Year ended December 31,
202520242023
(in thousands)AmountPercentAmountPercentAmountPercent
Pre-tax income$(54,874)$(308,450)$159,051 
Federal statutory income tax rate(11,524)21.0 %(64,774)21.0 %33,401 21.0 %
Domestic federal
Tax credits
Research credits— — %(459)0.1 %(1,652)(1.0)%
Other(117)0.2 %(501)0.2 %(90)(0.1)%
Nontaxable and nondeductible items
Executive compensation542 (1.0)%2,707 (0.9)%3,395 2.1 %
Share based compensation665 (1.2)%2,500 (0.8)%1,732 1.1 %
Other633 (1.2)%569 (0.2)%666 0.4 %
Other adjustments265 (0.5)%(1,366)0.4 %38 — %
Domestic state and local income taxes, net of federal effect(1)
(519)0.9 %(7,168)2.3 %3,503 2.2 %
Other foreign jurisdictions— — %311 (0.1)%204 0.1 %
Worldwide changes in unrecognized tax benefits(122)0.2 %(31)— %258 0.2 %
Total$(10,177)18.5 %$(68,212)22.1 %$41,455 26.1 %
(1) In 2025, 2024, and 2023, state and local income taxes in Arizona, California, Indiana, Florida, Tennessee, and New York comprise the majority of the domestic state and local income taxes, net of federal effect category.

Deferred Taxes

The major components of the Company’s net deferred tax assets and liabilities are as follows:
As of December 31,
(in thousands)20252024
Deferred tax assets:
Employee benefits$57,114 $38,277 
Interest expense36,649 24,692 
Net operating loss116,728 6,252 
Tax credits3,546 3,683 
Other39,523 45,543 
Less: valuation allowance(1,214)(1,214)
Total deferred tax assets252,346 117,233 
Deferred tax liabilities:
Prepaid expenses4,408 5,235 
Depreciation518,472 398,022 
Other34,882 29,569 
Total deferred tax liabilities557,762 432,826 
Net deferred tax liabilities$305,416 $315,593 

Net Operating Loss Carryforwards

At December 31, 2025, the Company recognized $103.1 million of tax-effected federal net operating loss carryforwards which may be carried forward indefinitely. Additionally, the Company recognized $13.6 million of tax-effected state net operating loss carryforwards. Under the current law, $1.6 million of the state net operating loss carryforward amounts do not expire and the remaining amounts expire in taxable years 2025 through 2044 if unused.
v3.25.4
Related Party Transactions
 12 Months Ended
Dec. 31, 2025
Related Party Transactions [Abstract]  
Related Party Transactions Related Party Transactions
During the years ended December 31, 2025, 2024 and 2023, there were no related party transactions that required disclosure.
v3.25.4
Employee Benefit Plans
 12 Months Ended
Dec. 31, 2025
Employee Benefit Plans [Abstract]  
Employee Benefit Plans Employee Benefit Plans
 
401(k) Plan
 
The Company has a defined contribution plan covering all eligible employees. Under the plan, employees may contribute up to 90 percent of their eligible annual compensation with the Company making matching contributions on up to 5 percent of eligible employee wages.

The Company recognized expense under this plan of $32.3 million, $28.9 million, and $25.5 million for the years ended December 31, 2025, 2024 and 2023, respectively.

Share-based employee compensation

The Company reserved 2,000,000 shares of common stock for the Company to grant stock options, restricted stock, cash-settled stock appreciation rights ("SARs") and other stock-based awards to certain officers, directors and employees of the Company under the 2022 Long-Term Incentive Plan (the "2022 Plan"). The 2022 Plan is administered by the compensation committee of the Board of Directors. In 2025, the Board and stockholders approved an amendment to the 2022 Plan to authorize an additional 1,000,000 shares for issuance under the Plan, which increased restricted-stock capacity by 500,000 shares pursuant to the Plan's fungible ratio.

Employee Stock Purchase Plan

The Company reserved 1,000,000 shares of common stock for employee purchases under the 2014 Employee Stock Purchase Plan ("ESPP"). The 2014 ESPP was extended for an additional ten years until October 2034 through an amendment and restatement of the ESPP ratified at the Company's 2024 annual meeting of stockholders. Shares are purchased semi-annually, at a discount, based on the market value at period-end. Employees may contribute up to 25 percent of their base pay per offering period, not to exceed $25,000 each calendar year, for the purchase of common stock. The ESPP is a compensatory plan under applicable accounting guidance and results in the recognition of compensation expense.

The following table provides information about the Company’s ESPP activity during 2025, 2024, and 2023:
Year EndedTotal number of shares purchased in yearAverage price paid per share
Weighted-average fair value of discount under the ESPP (1)
December 31, 202399,802 $85.27 $14.44 
December 31, 2024155,101 $50.82 $8.84 
December 31, 2025
180,437 $46.37 $7.90 
(1) The weighted-average fair value of the discount under the ESPP granted is equal to a percentage discount from the market value of the common stock at the end of each semi-annual purchase period. 15 percent is the maximum allowable discount under the ESPP and was the discount percentage in effect in each of 2025, 2024 and 2023.

Share-based compensation expense

For the years ended December 31, 2025, 2024 and 2023, the Company recorded expense of $14.5 million, $24.0 million and $31.5 million, respectively, related to share-based compensation, including restricted stock awards, phantom stock awards, and the ESPP. Forfeiture rates are estimated at the time of grant based on historical actuals for similar grants and are reconciled to actuals over the vesting period.

Restricted stock awards

The closing price of the Company's stock on the date of grant is used as the fair value for the issuance of restricted stock. Most of the Company's non-vested restricted stock awards, subject generally to the individual's continued employment or service, are subject to a three-year graded vesting schedule. A summary of the status of non-vested restricted stock grants during the years ended December 31, 2025, 2024 and 2023 is presented below:

SharesWeighted Average Grant Date Fair Value Per Share
Non-vested at December 31, 2022
429,868 $109.33 
Granted567,004 93.57 
Vested(238,020)119.00 
Forfeited(151,459)94.07 
Non-vested at December 31, 2023
607,393 $94.64 
Granted223,825 51.12 
Vested(321,281)92.24 
Forfeited(145,203)92.91 
Non-vested at December 31, 2024
364,734 $70.73 
Granted7,672 65.45 
Vested(172,176)74.60 
Forfeited(28,989)64.73 
Non-vested at December 31, 2025
171,241 $67.61 

The total grant date fair value of restricted stock that vested during the years ended December 31, 2025, 2024 and 2023 was $12.8 million, $29.6 million and $28.3 million, respectively.

Unrecognized compensation cost was $8.1 million as of December 31, 2025 for unvested restricted stock expected to be recognized over a weighted-average period of 1.46 years.
Phantom stock awards

In 2024, the Company granted phantom stock awards ("PSAs") to certain employees. The value of one PSA share is equal to the value of one share of the Company's common stock, and each grant is subject to a three-year graded vesting schedule. The awards are settled in cash at vesting, with compensation costs recognized over the vesting period and adjusted to market value at each period end. As of December 31, 2025, share-based compensation liability related to PSAs was $0.6 million, which is included in accrued liabilities in the Company's consolidated balance sheet.

A summary of the status of non-vested PSA grants during the year ended December 31, 2025, is presented below. No PSAs were granted prior to 2024.
Phantom Stock Awards
Weighted Average Fair Value Per Share(1)
Non-vested at December 31, 2023
— — 
Granted125,121 $46.15 
Vested— — 
Forfeited(812)46.15 
Non-vested at December 31, 2024
124,309 $94.12 
Granted— $— 
Vested(63,180)46.15 
Forfeited(12,878)46.15 
Non-vested at December 31, 2025
48,251 $85.27 
(1) Reflects grant date fair value, except for awards outstanding at December 31, which reflects fair value at that date.

Unrecognized compensation cost was $3.0 million as of December 31, 2025 for unvested phantom stock awards expected to be recognized over a weighted-average period of 1.23 years.
v3.25.4
Commitments and Contingencies
 12 Months Ended
Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
The Company leases assets including aircraft, office facilities, office equipment, certain airport and terminal facilities, and other space. These commitments have remaining non-cancelable lease terms, which range from 2026 to 2048. Refer to Note 7 for more information on the Company's lease agreements.

As of December 31, 2025, the Company had outstanding purchase commitments for 34 aircraft which are expected to deliver from 2026 through 2028.

The Company's contractual purchase commitments consist primarily of aircraft and engine acquisitions. The total future commitments are as follows, based on contractual terms in place at December 31, 2025:

(in thousands)As of December 31, 2025
2026$632,159 
2027601,083 
202870,084 
Total purchase commitments$1,303,326 

Contingencies
The Company is party to collective bargaining agreements with the employee groups listed below. As of December 31, 2025, the percentage of full-time equivalent employees for each of these pay groups was as follows:
As of December 31, 2025
Pilots23.6 %
Flight Attendants31.8 
Maintenance Technicians14.6 
Flight Dispatchers1.2 
Total71.2 %
As of December 31, 2025, the Company employed approximately 5,620 full-time equivalent employees, 23.6 percent of whom (the pilots) are covered by collective bargaining agreements that are currently amendable and are in negotiation.
See Item I - Business, for further discussion on the status of each group which has elected union representation.

The Company's credit card processing agreements provide that no cash reserve ("Reserve") is required, and no withholding of payment related to receivables collected will occur, except in certain circumstances, including when a required level of liquidity is not maintained. To date, the Company has always satisfied the required level of liquidity. In circumstances in which the credit card processor can establish a Reserve or withhold payments, the amount of the Reserve or payments that may be withheld would be up to the potential liability of the credit card processor for tickets purchased with credit cards, as applicable, that had not yet been used for travel. The Company did not have a Reserve or any amount withheld as of December 31, 2025 or 2024.

The Company is party to aircraft and other financial transactions that include provisions that require payments to preserve an economic return to the lenders if that economic return is diminished due to specified changes in law or regulations. In some of these financing transactions, the Company would also bear the risk of changes in tax laws that would subject payments to non-U.S. lenders to withholding taxes. The Company cannot reasonably estimate potential future payments under these provisions as it cannot predict when and under what circumstances these provisions may be triggered.

The Company is subject to certain other legal and administrative actions it considers routine to its business activities. The Company believes the ultimate outcome of any pending legal or administrative matters will not have a material adverse impact on its financial position, liquidity or results of operations.
v3.25.4
Segments
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Segments Operating Segments
Operating segments are components of a company for which separate financial and operating information is regularly evaluated and reported to the Chief Operating Decision Maker ("CODM"), and is used to allocate resources and analyze performance. The Company's CODM is the CEO, who assesses segment performance and makes resource allocation decisions using information about each operating segment's operating income and pretax income.

During 2025, the CODM reviewed separate financial information and made resource allocation decisions for the Company's two operating segments: Airline and Sunseeker Resort. Subsequent to the sale of Sunseeker Resort in September 2025, the Company is managed as a single Airline operating segment.

Airline Segment

The Airline segment operates as a single business unit and includes all scheduled service air transportation, ancillary air-related products and services, third party products and services, fixed fee contract air transportation and other airline-related revenue. Scheduled service and fixed fee air transportation services have similar operating margins, economic characteristics, and production processes (check-in, baggage handling and flight services) which target the same class of customers, and are subject to the same regulatory environment. As a result, the Company believes its airline activities operate under one reportable segment and does not separately track expenses for scheduled service and fixed fee air transportation services.

Sunseeker Resort Segment

The Company's consolidated financial statements include the operating results of Sunseeker Resort through the completion of the sale of the Resort's assets on September 4, 2025. The Sunseeker Resort segment was operated as a single business unit and included hotel rooms and suites for occupancy, group meeting facilities, food and beverage options, Aileron Golf Course and other Resort amenities.

Segment profit or loss, revenues, significant segment expenses, and other required financial information for each of the Company's operating segments are set forth below:
Twelve Months Ended December 31, 2025
(in thousands)AirlineSunseekerConsolidated
REVENUES FROM EXTERNAL CUSTOMERS$2,545,899 $60,680 $2,606,579 
OPERATING EXPENSES:
Salaries and benefits805,432 27,585 833,017 
Aircraft fuel639,731 — 639,731 
Station operations297,549 — 297,549 
Depreciation and amortization242,026 7,159 249,185 
Maintenance and repairs149,938 — 149,938 
Sales and marketing95,053 4,390 99,443 
Aircraft lease rentals36,488 — 36,488 
Other operating expense(1)
92,273 34,083 126,356 
Special charges, net of recoveries43,539 94,166 137,705 
Total operating expenses2,402,029 167,383 2,569,412 
OPERATING INCOME (LOSS)143,870 (106,703)37,167 
OTHER (INCOME) EXPENSES:
Interest income(41,697)— (41,697)
Interest expense126,769 23,466 150,235 
Capitalized interest(17,604)— (17,604)
Other non-operating expense(2)
1,107 — 1,107 
INCOME (LOSS) BEFORE INCOME TAXES$75,295 $(130,169)$(54,874)
Capital expenditures406,805 1,442 408,247 
Total assets4,209,401 — 4,209,401 

Twelve Months Ended December 31, 2024
(in thousands)AirlineSunseekerConsolidated
REVENUES FROM EXTERNAL CUSTOMERS$2,440,839 $71,750 $2,512,589 
OPERATING EXPENSES:
Salaries and benefits770,667 49,176 819,843 
Aircraft fuel627,755 — 627,755 
Station operations272,843 — 272,843 
Depreciation and amortization231,789 26,462 258,251 
Maintenance and repairs125,430 — 125,430 
Sales and marketing99,269 7,071 106,340 
Aircraft lease rentals23,573 — 23,573 
Other operating expense(1)
102,007 48,392 150,399 
Special charges, net of recoveries45,307 322,824 368,131 
Total operating expenses2,298,640 453,925 2,752,565 
OPERATING INCOME (LOSS)142,199 (382,175)(239,976)
OTHER (INCOME) EXPENSES:
Interest income(44,012)— (44,012)
Interest expense135,584 20,859 156,443 
Capitalized interest(45,059)(326)(45,385)
Other non-operating expense(2)
1,428 — 1,428 
INCOME (LOSS) BEFORE INCOME TAXES$94,258 $(402,708)$(308,450)
Capital expenditures244,802 19,499 264,301 
Total assets4,116,289 313,564 4,429,853 
Twelve Months Ended December 31, 2023
(in thousands)AirlineSunseekerConsolidated
REVENUES FROM EXTERNAL CUSTOMERS$2,506,976 $2,881 $2,509,857 
OPERATING EXPENSES:
Salaries and benefits672,459 15,344 687,803 
Aircraft fuel695,871 — 695,871 
Station operations256,560 — 256,560 
Depreciation and amortization220,915 2,215 223,130 
Maintenance and repairs123,802 — 123,802 
Sales and marketing108,453 6,163 114,616 
Aircraft lease rentals24,948 — 24,948 
Other operating expense(1)
117,400 16,101 133,501 
Special charges, net of recoveries35,091 (6,446)28,645 
Total operating expenses2,255,499 33,377 2,288,876 
OPERATING INCOME (LOSS)251,477 (30,496)220,981 
OTHER (INCOME) EXPENSES:
Interest income(46,615)— (46,615)
Interest expense131,318 21,868 153,186 
Capitalized interest(21,838)(23,294)(45,132)
Other non-operating expense(2)
491 — 491 
INCOME (LOSS) BEFORE INCOME TAXES$188,121 $(29,070)$159,051 
Capital expenditures568,309 321,044 889,353 
Total assets4,200,545 656,122 4,856,667 

(1) Other operating expenses in the Airline segment consist of insurance, crew training and travel, legal expense, gains and losses on the sale of flight equipment, and other general and administrative expenses. Other operating expenses in the Sunseeker segment consist of food and beverage cost of goods sold, contract labor, property tax, insurance, and other general and administrative expenses.

(2) Other non-operating expenses in the Airline segment consist primarily of a loss on the sale in 2024 of a cost-method investment that arose from the contribution of intellectual property rights to a private company and realized income from equity method investments in all years presented.
v3.25.4
Impairment (Notes)
 12 Months Ended
Dec. 31, 2025
Property, Plant and Equipment [Abstract]  
Restructuring, Impairment, and Other Activities Disclosure [Text Block] Impairment & Sale of Sunseeker Resort
In fourth quarter 2024, the Company engaged an advisor to conduct a strategic review of the Resort with the aim of enhancing financial performance and ultimately facilitating a sale of the Resort. These circumstances constituted a triggering event, necessitating an impairment test which consequently resulted in an impairment loss of $321.8 million that was recorded and included in special charges at the end of fourth quarter 2024.

Through a competitive bidding process, the Company received multiple offers for the sale of the Resort. In June 2025, the Company's board of directors approved a plan for the sale of the Resort and management determined that all of the held-for-sale accounting requirements were met.

On July 3, 2025, the Company and its Sunseeker subsidiaries entered into an Agreement of Purchase and Sale with a third-party buyer for the sale of substantially all of the Resort's assets, including the Aileron Golf Course and related property, for a sale price of $200.0 million, subject to various adjustments.

Upon meeting the held-for-sale criteria in second quarter 2025, the Resort disposal group was measured at its fair value less costs to sell, resulting in a $100.4 million write-down charge included in special charges during the three months ended June 30, 2025. Upon classification as held for sale, the Company ceased recording depreciation and amortization expense for long-lived assets of the disposal group.

On September 4, 2025, the Company completed the sale of the Resort and received cash proceeds of $189.9 million after various closing adjustments. There were $2.1 million of closing adjustments recorded as an offset to special charges, which partially offset the second quarter 2025 write down charge. For the year ended December 31, 2025, total special charges related to the Resort sale were $98.3 million. All assets and liabilities associated with Sunseeker Resort were derecognized from the Company's balance sheet as of September 4, 2025.
v3.25.4
Proposed Acquisition of Sun Country Airlines Holdings, Inc.
 12 Months Ended
Dec. 31, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
Proposed Acquisition of Sun Country Airlines Holdings, Inc. Proposed Acquisition of Sun Country Airlines Holdings, Inc.
On January 11, 2026, the Company announced the proposed acquisition of Sun Country Airlines Holdings, Inc. (“Sun Country”) pursuant to an Agreement and Plan of Merger (the “Merger Agreement”). Pursuant to the Merger Agreement, each existing share of Sun Country common stock will be converted into the right to receive (i) $4.10 in cash, without interest and (ii) 0.1557 shares of the Company's common stock.

The transaction has been unanimously approved by the boards of directors of both companies and is expected to close in the second half of 2026, subject to satisfaction of customary closing conditions, including each company’s receipt of certain shareholder approvals and regulatory reviews and approvals.

To date, the financial impacts of the pending acquisition have not been material, and future financial impacts are not yet estimable.
v3.25.4
Insider Trading Arrangements
 3 Months Ended
Dec. 31, 2025
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.25.4
Insider Trading Policies and Procedures
 12 Months Ended
Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted true
v3.25.4
Cybersecurity Risk Management and Strategy Disclosure
 12 Months Ended
Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]  
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]
As a critical infrastructure company, we regularly face cybersecurity threats from malicious third parties that could obtain unauthorized access to our internal systems, networks and data. It is virtually impossible for us to entirely mitigate the risk of these and other security threats we face. The security, performance, and reliability of our network may in the future be disrupted by third parties, including nation-states, competitors, hackers, disgruntled employees, former employees, or contractors. While we have implemented security measures internally and have integrated security measures into our systems, network, and products, these measures have not always functioned as expected and have not always detected or prevented all unauthorized activity, prevented all security breaches or incidents, mitigated all security breaches or incidents, or protected against all attacks or incidents.

We have implemented processes and procedures for the assessment, identification, and management of material risks from cybersecurity threats. These processes implement both qualitative and quantitative measurements that have been integrated into our overall risk management process. In evaluating cybersecurity incidents and risks, management assesses materiality by considering both quantitative and qualitative factors, including the potential impact on our operations, results of operations, customer relationships, regulatory obligations, reputation, and the sensitivity of the data involved.

Our process includes assessing, mitigating, and managing risk in three categories: cybersecurity or technical risk, vendor risk, and compliance and regulatory risk. To support those risk management categories, we partner with third parties in the implementation of tooling to help us decrease cyber risks and ensure compliance within Allegiant and with third parties. We verify third-party compliance, such as suppliers and business partners, by aligning with several standards.

As a publicly traded company and given the industry in which we operate, we have established a risk-based strategy informed by recognized cybersecurity and risk management frameworks and applicable regulatory requirements, including, where relevant, NIST CSF, PCI, and other industry standards. We use the National Institute of Standards and Technology Cybersecurity Framework ("NIST CSF") as a guide to help us identify, assess, and manage cybersecurity risks relevant to our business. This does not imply that we meet all of the technical standards, specifications or requirements under any of these frameworks. Achieving compliance with any cybersecurity standard does not guarantee that controls cannot be broken, bypassed, or circumvented by zero-day vulnerabilities, or malicious threat actors.

Our overall approach to cybersecurity risk management includes the following key elements:

•Multi-layered defenses, coupled with in-depth and continuous monitoring – We utilize data analytics to detect anomalies and search for cybersecurity threats. From time to time, we engage third party consultants or other advisors to assist in assessing, identifying and managing cybersecurity threats. We also periodically use our internal audit function to conduct additional assessments and reviews.
•Insider Threats – We maintain an insider threat program, designed to identify, assess, and address potential risks from within Allegiant. Our program seeks to evaluate potential risks consistent with industry best practices, customer requirements and applicable law, including privacy and other considerations.
•Information Sharing and Collaboration – We work with government, customer, industry and supplier partners including government-industry partnerships and critical infrastructure threat intelligence sharing platforms. These relationships enable the rapid sharing of threat intelligence and vulnerability mitigation across the industry and the defense industrial base and supply chain.
•Third Party Risk Assessments – We conduct information security assessments before sharing or allowing the hosting of sensitive information in our computing environments, and those managed by third parties. Our standard terms and conditions with third parties include contractual provisions requiring certain security protections.
•Training and Awareness – We seek to create a culture of security. We provide training to our employees to help identify, avoid, and mitigate cybersecurity threats. Our employees are required to participate in cybersecurity training at least annually and our training includes spear phishing and other awareness training. We regularly remind our employees and partners of the importance of handling and protecting customer and employee data, including through annual privacy and security training. We also host periodic tabletop exercises and drills with management and other employees to practice rapid response to cyber incidents.
•Supplier Engagement – We require our suppliers to comply with our standard information security terms and conditions and require them to complete information security questionnaires to enable us to review and assess any potential cyber-related risks depending on the nature of the services provided.
•Scalability – We continue to invest directly in our cybersecurity program, as well as augmentation of those cybersecurity services through managed services and third parties, depending on the maturity and risk of the operating model of the business unit.
Cybersecurity Risk Management Processes Integrated [Flag] true
Cybersecurity Risk Management Processes Integrated [Text Block] We have implemented processes and procedures for the assessment, identification, and management of material risks from cybersecurity threats. These processes implement both qualitative and quantitative measurements that have been integrated into our overall risk management process. In evaluating cybersecurity incidents and risks, management assesses materiality by considering both quantitative and qualitative factors, including the potential impact on our operations, results of operations, customer relationships, regulatory obligations, reputation, and the sensitivity of the data involved.
Cybersecurity Risk Management Third Party Engaged [Flag] true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] false
Cybersecurity Risk Board of Directors Oversight [Text Block] Our board is responsible for overseeing our enterprise risk management activities in general. The appropriate committees assist the board in the role of risk oversight. Our chief information security officer (CISO) presents a quarterly update to the full board, including an update on our risk management process and risk trends related to cybersecurity.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block] Our board is responsible for overseeing our enterprise risk management activities in general. The appropriate committees assist the board in the role of risk oversight. Our chief information security officer (CISO) presents a quarterly update to the full board, including an update on our risk management process and risk trends related to cybersecurity.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block] Our CISO leads our day-to-day data security and customer privacy efforts — overseeing operations, cybersecurity, privacy risk and compliance. The CISO, who has more than 20 years of experience, reports regularly to our President & CFO (chief financial officer), monthly to the risk and compliance committee (consisting of executive leadership), and quarterly to our board.
Cybersecurity Risk Role of Management [Text Block]
We have a dedicated cybersecurity team, composed of individuals with a diverse set of information security, cybersecurity, and governance, risk and compliance backgrounds, collectively giving our cybersecurity program significant experience. Our CISO leads our day-to-day data security and customer privacy efforts — overseeing operations, cybersecurity, privacy risk and compliance. The CISO, who has more than 20 years of experience, reports regularly to our President & CFO (chief financial officer), monthly to the risk and compliance committee (consisting of executive leadership), and quarterly to our board.
Cybersecurity Risk Management Positions or Committees Responsible [Flag] true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]
We have a dedicated cybersecurity team, composed of individuals with a diverse set of information security, cybersecurity, and governance, risk and compliance backgrounds, collectively giving our cybersecurity program significant experience. Our CISO leads our day-to-day data security and customer privacy efforts — overseeing operations, cybersecurity, privacy risk and compliance. The CISO, who has more than 20 years of experience, reports regularly to our President & CFO (chief financial officer), monthly to the risk and compliance committee (consisting of executive leadership), and quarterly to our board.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block] The CISO, who has more than 20 years of experience, reports regularly to our President & CFO (chief financial officer), monthly to the risk and compliance committee (consisting of executive leadership), and quarterly to our board.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block] Our chief information security officer (CISO) presents a quarterly update to the full board, including an update on our risk management process and risk trends related to cybersecurity.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] true
v3.25.4
Summary of Significant Accounting Policies - (Policies)
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Basis of Presentation [Policy Text Block]
Basis of Presentation

The accompanying consolidated financial statements include the accounts of Allegiant Travel Company and its majority-owned operating subsidiaries. The Company's investments in unconsolidated affiliates, which are 50 percent or less owned, are accounted for under the equity or cost method. All intercompany balances and transactions have been eliminated.

The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts in the financial statements and accompanying notes. Actual results could differ from these estimates.
The Company has reclassified certain prior period amounts to conform to the current period presentation.
Cash and Cash Equivalents, Policy [Policy Text Block]
Cash and Cash Equivalents

Cash and cash equivalents include highly liquid investments and interest bearing instruments with original maturities of three months or less when purchased. Such investments are carried at cost, which approximates fair value.
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block]
Restricted Cash
 
Restricted cash represents escrowed funds under fixed fee contracts and cash collateral held against letters of credit required by hotel properties for guaranteed room availability, airports and certain other parties.
Receivable [Policy Text Block]
Accounts Receivable

Accounts receivable are recorded at the invoiced amount, which approximates fair value. In addition to income taxes receivable, the accounts receivable consist primarily of amounts due from credit card companies associated with the sale of tickets for future travel. These receivables are short-term and generally settle within a few days of sale. There are also receivables related to commission amounts due from rental car providers based on terms in the rental car provider agreement and amounts due related to fixed fee charter agreements. If deemed necessary, the Company records charges to its allowance for doubtful accounts for amounts not expected to be collected, for which the balance was immaterial for all years presented.
Marketable Securities, Policy [Policy Text Block]
Short-term and Long-term Investments
 
The Company’s investments in marketable securities are classified as available-for-sale and are reported at fair value with the net unrealized gain or (loss) reported as a component of accumulated other comprehensive income (loss) in shareholders’ equity. For investments in an unrealized loss position, the Company determines whether a credit loss exists by considering information about the collectability of the instrument and current market conditions. There have been no credit losses in the years presented. Investment securities with original maturities of three months or less are classified as cash equivalents. Investment securities with original maturities greater than three months are classified as either short-term investments or long-term investments based on the maturity date in relation to the balance sheet date. Short-term investments have a maturity date less than or equal to one year from the balance sheet date, and long-term investments have a maturity date greater than one year from the balance sheet date. 

The amortized cost of investment securities sold is determined by the specific identification method with any realized gains or losses reflected in interest income. The Company had no material realized losses during the years ended December 31, 2025, 2024, and 2023. The Company believes unrealized losses related to debt securities are not other-than-temporary and does not intend to sell these securities prior to amortized cost recoverability.

The Company attempts to minimize its concentration risk with regard to its cash, cash equivalents, and investment portfolio. This is accomplished by diversifying and limiting amounts among different counterparties, the type of investment, and the amount invested in any individual security, commercial paper, or money market fund.
Inventory, Policy [Policy Text Block]
Expendable Parts, Supplies and Fuel, Net
 
Expendable parts, supplies and fuel inventories are valued at cost using the first-in, first-out method. Such expendable parts, supplies and fuel are charged to expense as they are used in operations. An obsolescence allowance for expendable parts and supplies is based on salvage values and the average remaining useful life of the fleet. The obsolescence allowance for expendable parts and supplies was $14.7 million and $12.6 million at December 31, 2025 and 2024, respectively.
Deposits and Other Assets
Deposits and Other Assets

Deposits and other assets consist primarily of airport deposits, aircraft lease deposits, investments in unconsolidated affiliates, credits receivable under aircraft purchase agreements and scrap assets. The Company also had outstanding receivables from
third parties as of December 31, 2025 and 2024, of which $10.5 million and $15.1 million respectively, were due more than one year after the balance sheet date.
Lessee, Leases [Policy Text Block]
Operating Lease Right-of-Use Asset and Liability

The Company determines if an arrangement is a lease at inception and has lease agreements for aircraft, training facilities, ground equipment, certain airport and terminal facilities, and other space and assets with non-cancelable lease terms. Certain real estate and property leases, aircraft leases, and various other operating leases are measured on the balance sheet with a lease liability and right-of-use ("ROU") asset. Airport terminal leases mostly include variable lease payments outside of those based on a fixed index, and are therefore excluded from consideration.

ROU assets represent the Company's right to use an underlying asset for the lease term, and lease liabilities represent the obligation to make scheduled lease payments. ROU assets and lease liabilities are recognized on the lease commencement date based on the present value of lease payments over the lease term. At lease commencement, the present value of lease payments is calculated using the rate implicit in the lease, if known, or an estimated incremental borrowing rate which takes into consideration recent debt issuances as well as other applicable market data available.

Lease payments include fixed payments, variable payments based on an index or rate, reasonably certain purchase options, termination penalties, and others as required by Accounting Standards Update ("ASU") 2016-02, Leases (Topic 842). Lease payments do not include variable lease payments other than those based on an index or rate, any guarantee by the lessee of the lessor’s debt, or any amount allocated to non-lease components.

Lease terms include options to extend when it is reasonably certain that the option will be exercised. Leases with a term of 12 months or less are not recorded on the balance sheet. Additionally, lease and non-lease components are accounted for as a single lease component for real estate agreements.

Leased Aircraft Return Costs
The Company's aircraft lease agreements generally require the Company to return airframes and engines to the lessor in a specified condition as required by the lease agreement or to pay an amount to the lessor based on the airframe and engines' actual condition on redelivery. Lease return conditions are evaluated at inception of a lease and throughout the lease term. Return conditions that are based on usage of the aircraft during the lease are considered a variable rent expense. Due to the inherent uncertainty in estimating (i) the condition of the airframe and engines at redelivery, and (ii) whether the Company intends to satisfy those conditions by performing repairs, making a required payment to the lessor, or, for aircraft engines, replacing the leased engine with an owned engine that meets the required conditions, lease return costs generally become probable and estimable near the end of the lease term and after the last major maintenance event occurring during the lease. Once the return costs have become probable and estimable, the Company recognizes the estimated expense over the remaining lease term as a component of aircraft lease rentals in the Company's consolidated statements of income (loss).
Property, Plant and Equipment, Policy [Policy Text Block]
Property and Equipment
 
Property and equipment are recorded at cost and depreciated using the straight-line method over their estimated useful lives less any estimated salvage value. Property under finance leases and related obligations are initially recorded at an amount equal to the present value of future minimum lease payments computed using the rate implicit in the lease, if known, or on the basis of the Company’s estimated incremental borrowing rate, and depreciation is recorded on a straight-line basis and is included within depreciation and amortization expense. The estimated useful lives of the principal asset classes are shown below.

Aircraft, engines and related rotable parts 10-25 Years
Buildings and leasehold improvements10-39 Years
Equipment5-10 Years
Computer hardware and software3-15 Years

In estimating the useful lives and residual values of aircraft, the Company primarily relies upon actual experience with the same or similar aircraft types, current and projected future market information, and input from other industry sources. Subsequent revisions to these estimates could be caused by changing market prices of the Company’s aircraft, changes in utilization of the aircraft, and other fleet events. Changes in the estimate for useful lives or residual values of the Company’s property and equipment could result in changes in depreciation expense.

The Company is required to make pre-delivery payments ("PDPs") towards the purchase price of new aircraft and engines prior to delivery. These deposits are included in flight equipment on the Company's consolidated balance sheets.

Interest is capitalized by applying a capitalization rate to the weighted-average carrying amount of expenditures for qualifying assets over the period and depreciated over the estimated useful life of the related asset(s) acquired/developed.
Internal Use Software, Policy [Policy Text Block]
Software Capitalization
 
The Company capitalizes certain internal and external costs related to the acquisition and development of computer software during the application development stage of projects. The Company amortizes these capitalized costs using the straight-line method over the estimated useful life of the software, which typically ranges from three to fifteen years. The Company had unamortized computer software development costs of $139.7 million and $149.7 million as of December 31, 2025 and 2024, respectively. Amortization expense related to computer software was $19.2 million, $18.8 million and $12.4 million for the years ended December 31, 2025, 2024 and 2023 respectively. Costs incurred during the preliminary and post-implementation stages are expensed as incurred.
Aircraft Maintenance And Repair Costs
Aircraft Maintenance and Repair Costs
 
The Company accounts for all non-major maintenance and repair costs incurred for its fleet under the direct expense method. Under this method, maintenance and repair costs for aircraft are charged to maintenance and repair expenses as incurred. Maintenance and repair costs include all parts, materials, and line maintenance activities required to maintain the Company's fleet.
The Company accounts for major maintenance costs for airframes and engines using the deferral method. Under this method, the Company capitalizes the cost of major maintenance events, which are amortized as a component of depreciation and amortization expense, over the estimated period until the next scheduled major maintenance event.
Measurement of Impairment of Long-Lived Assets, Policy [Policy Text Block]
Measurement of Impairment of Long-Lived Assets

The Company records impairment losses on long-lived assets used in operations, consisting principally of property and equipment, when events or changes in circumstances indicate, in management’s judgment, that the assets might be impaired, and the undiscounted future cash flows estimated to be generated by those assets are less than the carrying amount of those assets. In making these determinations, the Company utilizes certain assumptions, including, but not limited to: (i) estimated fair value of the assets; and (ii) estimated future cash flows expected to be generated by those assets which are based on additional assumptions such as (but not limited to) asset utilization, average fare, block hours, fuel costs, fixed fee contracts, estimated salvage values, discount rate, projected growth rates and terminal value assumptions.
Revenue [Policy Text Block]
Revenue Recognition

Passenger revenue

Passenger revenue includes scheduled service revenue, ancillary air-related charges, and travel point redemptions from the co-brand Allegiant credit card and the Company's non-card loyalty program. Revenue from travel point redemptions from the co-brand credit card and the loyalty program are described in the Allways Rewards® Credit Card Program and Allways Rewards® Loyalty Program sections below.

Scheduled service revenue consists of ticket revenue generated from nonstop flights in the Company’s route network, recognized either when the transportation is provided, or when ticket voucher breakage occurs. Nonrefundable scheduled itineraries expire on the date of the intended flight, unless the itinerary is changed or canceled in advance of the flight under the terms and conditions of the ticket. Itineraries sold for transportation not yet used, as well as unexpired vouchers, are included in air traffic liability.

Ancillary air-related charges include various services and products related to the flight such as baggage fees, the use of the Company’s website to purchase scheduled service transportation, advance seat assignments, and other services which are not included in the base ticket price. Revenues from air-related charges are nonrefundable and recognized when the transportation is provided. If a customer cancels a flight, a voucher may be issued for a future flight under certain circumstances, at which time the associated revenue is recognized in scheduled service revenue upon completion of the future flight. Additionally, the Company estimates the value of vouchers that will expire unused and recognizes such estimate into revenue at the time of issuance. Air-related charges sold for transportation not yet used, as well as unexpired vouchers, are included in air traffic liability.

Various taxes and fees, assessed on the sale of tickets to customers, are collected by the Company serving as an agent, and remitted to taxing authorities. These taxes and fees are not included as revenue in the Company’s consolidated statements of income and are recorded within accrued liabilities until remitted to the appropriate taxing authority.

Third party products revenue

Ancillary third party products revenue is generated from the sale of hotel rooms, rental cars, travel insurance and ticketed attractions, as well as marketing revenue associated with the co-brand credit card. Revenue from the sale of third party products is recognized at the time the product is utilized, such as the time a purchased hotel room is occupied. Revenue from the sale of third party products is recorded net of amounts paid to wholesale providers, travel agent commissions, and transaction costs.

Revenue from the marketing component associated with the co-brand credit card and the loyalty program are described in the Allways Rewards® Credit Card Program and Allways Rewards® Loyalty Program sections below.
Fixed fee contract revenue

Fixed fee contract revenue consists of fees under agreements to provide charter service on a year-round and ad hoc basis. Fixed fee contract revenue is recognized when the transportation is provided.

Sunseeker Resort

Until the sale of Sunseeker Resort at Charlotte Harbor (the "Resort" or "Sunseeker Resort") on September 4, 2025, the Company recorded revenue primarily consisting of sales of rooms, food and beverage, golf, retail and other goods and services. As compensation for such goods and services, the Company was typically entitled to a fixed nightly fee for an agreed upon period and additional fixed fees for any ancillary services purchased. Room charges were generally payable at the time the hotel guest checked out of the hotel. The Company generally satisfied the performance obligation related to room sales over time, and the Company recognized the revenue on a daily basis, as the rooms were occupied and the Company had rendered the services. Charges for food and beverage, golf, retail and other goods and services were settled at a point in time, as the sales were made. Sunseeker Resort revenues are included in resort and other revenue in the consolidated statements of income.

Allways Rewards® Credit Card Program

Under the Allegiant co-brand credit card arrangement, points are sold and consideration is received under an agreement with the issuer bank that expires in 2031. Under this arrangement, the Company identified the following deliverables: travel points to be
awarded (the travel component), use of the Company’s brand and access to its member lists, and certain other advertising and marketing elements (collectively the marketing component). Each of these deliverables is accounted for separately and allocation of the consideration from the agreement is determined based on the relative selling price of each deliverable. The Company applied a level of management judgment and estimation in determining the best estimate of selling price for each deliverable by considering multiple inputs and methods including, but not limited to, the redemption value of points awarded, discounted cash flows, brand value, volume discounts, published selling prices, number of points to be awarded and number of points expected to be redeemed.

Revenue from the travel component is deferred based on its relative selling price and is recognized into passenger revenue when the points are redeemed by cardholders and the underlying service is provided. Revenue from the marketing component is considered earned in the period in which points are sold and is therefore recognized into third party products revenue in the same period.

The loyalty program deferred revenue classified as a current liability represents our estimate of revenue expected to be recognized in the next twelve months based on projected redemptions, while the balance classified as a noncurrent liability represents our estimate of revenue expected to be recognized beyond twelve months. Payments are typically due to us monthly based on the volume of points sold during the period.

Allways Rewards® Loyalty Program

Allegiant’s Allways Rewards® Loyalty Program, which launched in 2021, enables program members to earn points for every dollar they spend on the Company’s website. In addition to opportunities to redeem points for flights, lodging, and rental cars, the program leverages Allegiant's partnerships to offer additional rewards to members, including sports tickets and exclusive experiences. Members can also earn points by using their Allegiant co-brand credit card.

Under Allways Rewards®, members receive one point for every $1 spent at allegiantair.com, and two points per $1 for spending over $500 (excluding taxes and fees). Points earned through the program are deferred based on the stand-alone selling price, and revenue is recognized when points are redeemed and the underlying service has been provided. The stand-alone selling price of points is adjusted for an estimate of points that will not be redeemed (“breakage”) using a statistical model based on historical redemption patterns to develop an estimate of the likelihood of future redemption.
Advertising Cost [Policy Text Block]
Advertising Costs
Advertising costs, included in sales and marketing expense in the consolidated statements of income, are charged to expense in the period incurred.
Preopening Expenses Policy
Preopening expenses

Preopening expenses represent personnel, advertising, and other costs incurred prior to the opening of Sunseeker Resort and were expensed as incurred. During the year ended December 31, 2023, the Company incurred $26.5 million of preopening expenses related to the opening of the Resort, which is included in salaries and benefits expense, sales and marketing expense, and other expense in the consolidated statements of income.
Earnings Per Share, Policy [Policy Text Block]
Earnings per Share
 
Basic and diluted earnings per share are computed using the two-class method. Under the two-class method, the Company attributes net income to two classes, common stock and unvested restricted stock awards. Unvested restricted stock awards granted to employees under the Company’s Long-Term Incentive Plan are considered participating securities because they receive non-forfeitable rights to cash dividends at the same rate as common stock.

Diluted net income per share is calculated using the more dilutive of two methods. Under both methods, the exercise of employee stock options is assumed using the treasury stock method. The assumption of vesting of restricted stock, however, differs as described below:

1.Assume vesting of restricted stock using the treasury stock method.
2.Assume unvested restricted stock awards are not vested, and allocate earnings to common shares and unvested restricted stock awards using the two-class method.
For the years ended December 31, 2025, 2024 and 2023, the second method above was used in the computation because it was more dilutive than the first method. The following table sets forth the computation of net income per share on a basic and diluted basis for the periods indicated: 
 
 Year ended December 31,
(in thousands, except per share data)202520242023
Basic:  
Net income (loss)$(44,697)$(240,238)$117,596 
Less income allocated to participating securities— (618)(4,188)
Net income (loss) attributable to common stock$(44,697)$(240,856)$113,408 
Earnings (loss) per share, basic$(2.48)$(13.49)$6.32 
Weighted-average shares outstanding18,050 17,852 17,945 
Diluted:  
Net income (loss)$(44,697)$(240,238)$117,596 
Less income allocated to participating securities— (618)(4,175)
Net income (loss) attributable to common stock$(44,697)$(240,856)$113,421 
Earnings (loss) per share, diluted$(2.48)$(13.49)$6.29 
Weighted-average shares outstanding18,050 17,852 17,945 
Dilutive effect of stock options and restricted stock— — 249 
Adjusted weighted-average shares outstanding under treasury stock method18,050 17,852 18,194 
Participating securities excluded under two-class method— — (175)
Adjusted weighted-average shares outstanding under two-class method18,050 17,852 18,019 

Stock awards outstanding of 290,873, 452,560, and 81,748 shares (not in thousands) as of December 31, 2025, 2024, and 2023, respectively, were excluded from the computation of diluted earnings per share as they were antidilutive.
Share-based Payment Arrangement [Policy Text Block]
Share-Based Compensation
 
The Company accounts for share-based compensation in accordance with accounting standards which require the compensation cost related to share-based payment transactions be recognized in the Company’s consolidated statements of income. The share-based compensation cost is measured based on grant date fair value. The Company’s share-based employee compensation plan is more fully discussed in Note 12.
Income Tax, Policy [Policy Text Block]
Income Taxes

The Company recognizes deferred income taxes based on the asset and liability method required by accounting standards. Deferred tax assets and liabilities are determined based on the timing differences between book basis for financial reporting purposes and tax basis of the assets and liabilities and measured using the enacted tax rates and provisions of the enacted tax law. A valuation allowance for deferred tax assets is recorded if it is more likely than not that some portion or all of the deferred tax assets will not be realized. The Company determines the net non-current deferred tax assets or liabilities separately for federal, state, foreign and other local jurisdictions.
The Company’s income tax returns are subject to examination by the Internal Revenue Service (“IRS”) and other tax authorities in the jurisdictions where the Company operates. The Company assesses potentially unfavorable outcomes of such examinations based on the criteria set forth in uncertain tax position accounting standards. The accounting standards prescribe a minimum recognition threshold a tax position is required to meet before being recognized in the financial statements.
Accounting standards for income taxes utilize a two-step approach for evaluating tax positions. Recognition (Step I) occurs when the Company concludes that a tax position, based on its technical merits, is more likely than not to be sustained upon examination. Measurement (Step II) is only addressed if the position is deemed to be more likely than not to be sustained. Under Step II, the tax benefit is measured as the largest amount of benefit that is greater than 50 percent likely to be realized upon settlement.
The tax positions failing to qualify for initial recognition are recognized in the first subsequent interim period they meet the “more likely than not” standard. If it is subsequently determined that a previously recognized tax position no longer meets the “more likely than not” standard, it is required that the tax position be derecognized. As applicable, the Company will recognize accrued penalties and interest related to unrecognized tax benefits in the provision for income taxes.
New Accounting Pronouncements, Policy [Policy Text Block]
Recent Accounting Pronouncements
Beginning with annual reporting for the year ended December 31, 2025, the Company adopted Accounting Standards Update ("ASU") 2023-09 "Income Taxes (Topic 740): Improvements to Income Tax Disclosures." This new standard requires expanded income tax disclosure of specific categories in the rate reconciliation and income taxes paid, disaggregated by jurisdiction. Upon adoption, the guidance was applied retrospectively to all prior periods presented in the financial statements. See Note 10 - Income Taxes for additional information.

In November 2024, the FASB issued ASU 2024-03 "Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses." This new standard requires public entities to disclose additional information about specific expense categories in the notes to the financial statements on an interim and annual basis. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and for interim periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact of adopting ASU 2024-03.

In September 2025, the FASB issued ASU 2025-06 "Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal Use Software." This new standard clarifies and modernizes the accounting for costs related to internal-use software in Accounting Standards Codification (ASC) 350-40, including removing references to project stages and clarifying the threshold entities may apply to begin capitalizing costs. ASU 2025-06 is effective for all fiscal years beginning after December 15, 2027, and interim reporting periods within those annual reporting periods. The Company is currently evaluating the impact of adopting ASU 2025-06.
In December 2025, the FASB issued ASU 2025-11 "Interim Reporting (Topic 270)." This new standard clarifies interim reporting guidance, develops a list of disclosures required by other Topics and intends to enhance consistency in interim reporting across entities. ASU 2025-11 is effective for fiscal years beginning after December 15, 2027, and interim reporting periods within those annual reporting periods, with early adoption permitted. The Company is currently evaluating the impact of adopting ASU 2025-11.
v3.25.4
Unusual or Infrequently Occurring Items (Tables)
 12 Months Ended
Dec. 31, 2025
Unusual or Infrequent Items, or Both [Abstract]  
Restructuring and Related Costs
The table below summarizes special charges recorded during the years ended December 31, 2025, 2024, and 2023.
Twelve Months Ended December 31,
(in thousands)202520242023
Accelerated depreciation on airframes identified for early retirement$8,029 $31,066 $35,091 
Organizational restructuring12,095 3,420 — 
Accelerated amortization and disposal of software identified for redevelopment19,292 — — 
Costs related to Sun Country Airlines acquisition4,123 — — 
Flight attendant ratification bonus— 10,821 — 
Airline special charges 43,539 45,307 35,091 
Sunseeker special charges, net of insurance recoveries94,166 322,824 (6,446)
Total special charges$137,705 $368,131 $28,645 
v3.25.4
Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Property, Plant and Equipment Estimated Useful Lives The estimated useful lives of the principal asset classes are shown below.
Aircraft, engines and related rotable parts 10-25 Years
Buildings and leasehold improvements10-39 Years
Equipment5-10 Years
Computer hardware and software3-15 Years
Property and equipment consisted of the following:
As of December 31,
 (in thousands)20252024
Airline
Flight equipment$3,584,212 $3,345,458 
Computer hardware and software339,441 320,432 
Land and buildings/leasehold improvements83,304 66,115 
Other property and equipment118,894 115,043 
Sunseeker Resort (1)
Land and buildings/leasehold improvements— 255,201 
Other property and equipment— 34,894 
Total property and equipment4,125,851 4,137,143 
Less accumulated depreciation and amortization(1,178,315)(1,067,194)
Property and equipment, net$2,947,536 $3,069,949 

(1) On September 4, 2025, the Company completed the sale of Sunseeker Resort and related Aileron Golf Course. See Note 15.
Schedule of Earnings Per Share, Basic and Diluted The following table sets forth the computation of net income per share on a basic and diluted basis for the periods indicated: 
 
 Year ended December 31,
(in thousands, except per share data)202520242023
Basic:  
Net income (loss)$(44,697)$(240,238)$117,596 
Less income allocated to participating securities— (618)(4,188)
Net income (loss) attributable to common stock$(44,697)$(240,856)$113,408 
Earnings (loss) per share, basic$(2.48)$(13.49)$6.32 
Weighted-average shares outstanding18,050 17,852 17,945 
Diluted:  
Net income (loss)$(44,697)$(240,238)$117,596 
Less income allocated to participating securities— (618)(4,175)
Net income (loss) attributable to common stock$(44,697)$(240,856)$113,421 
Earnings (loss) per share, diluted$(2.48)$(13.49)$6.29 
Weighted-average shares outstanding18,050 17,852 17,945 
Dilutive effect of stock options and restricted stock— — 249 
Adjusted weighted-average shares outstanding under treasury stock method18,050 17,852 18,194 
Participating securities excluded under two-class method— — (175)
Adjusted weighted-average shares outstanding under two-class method18,050 17,852 18,019 
v3.25.4
Revenue Recognition (Tables)
 12 Months Ended
Dec. 31, 2025
Revenue from Contract with Customer [Abstract]  
Contract with Customer, Asset and Liability
The following table presents the activity of the co-brand credit card and the loyalty program as of the dates indicated:
Year Ended December 31,
(in thousands)20252024
Balance at January 1$80,711 $70,813 
Points awarded (deferral of revenue)75,546 67,050 
Points redeemed (recognition of revenue) (1)
(78,625)(57,152)
Balance at December 31 (2)
$77,632 $80,711 
Disaggregation of Revenue
Passenger revenue is the most significant category in the Company's reported operating revenues, as outlined below:

Year Ended December 31,
(in thousands)202520242023
Scheduled service$974,901 $1,030,795 $1,133,001 
Ancillary air-related charges1,270,807 1,129,149 1,137,226 
Loyalty redemptions78,640 57,115 54,170 
Total passenger revenue$2,324,348 $2,217,059 $2,324,397 
The revenues of Sunseeker Resort prior to its sale on September 4, 2025 (Note 15), are set forth in the table below:

Year Ended December 31,
(in thousands)202520242023
Rooms$28,172 $31,628 $946 
Food and beverage21,280 29,895 1,713 
Other11,228 10,227 222 
Total resort revenue$60,680 $71,750 $2,881 
v3.25.4
Property and Equipment (Tables)
 12 Months Ended
Dec. 31, 2025
Property, Plant and Equipment [Abstract]  
Schedule of Property Plant and Equipment The estimated useful lives of the principal asset classes are shown below.
Aircraft, engines and related rotable parts 10-25 Years
Buildings and leasehold improvements10-39 Years
Equipment5-10 Years
Computer hardware and software3-15 Years
Property and equipment consisted of the following:
As of December 31,
 (in thousands)20252024
Airline
Flight equipment$3,584,212 $3,345,458 
Computer hardware and software339,441 320,432 
Land and buildings/leasehold improvements83,304 66,115 
Other property and equipment118,894 115,043 
Sunseeker Resort (1)
Land and buildings/leasehold improvements— 255,201 
Other property and equipment— 34,894 
Total property and equipment4,125,851 4,137,143 
Less accumulated depreciation and amortization(1,178,315)(1,067,194)
Property and equipment, net$2,947,536 $3,069,949 

(1) On September 4, 2025, the Company completed the sale of Sunseeker Resort and related Aileron Golf Course. See Note 15.
v3.25.4
Long-Term Debt (Tables)
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Summary of Long-Term Debt
Long-term debt consisted of the following:
As of December 31,
(in thousands)20252024
Fixed-rate debt and finance lease obligations due through 2032$1,062,935 $1,481,186 
Variable-rate debt due through 2037736,681 585,318 
Total long-term debt and finance lease obligations, net of related costs1,799,616 2,066,504 
Less current maturities, net of related costs118,075 454,769 
Long-term debt and finance lease obligations, net of current maturities and related costs$1,681,541 $1,611,735 
Weighted average fixed-interest rate on debt6.7 %6.5 %
Weighted average variable-interest rate on debt5.9 %6.8 %
Interest Rate(s) Per Annum atAs of December 31,
(in thousands)Maturity DatesDecember 31, 202520252024
Senior secured notes20277.25%$403,009 $550,000 
Consolidated variable interest entities2028—20292.92 %—5.19%95,111 107,959 
Revolving credit facilities2028—2030N/A— — 
Debt secured by aircraft, engines, other equipment and real estate2028—20371.87 %—7.93%915,084 765,278 
Finance leases2028—20324.44 %—7.02%403,060 429,896 
Construction loan agreementN/AN/A— 100,000 
Unsecured debtN/AN/A— 130,500 
Total debt and finance lease obligations$1,816,264 $2,083,633 
Related costs(16,648)(17,129)
Total debt and finance lease obligations, net of related costs$1,799,616 $2,066,504 
Schedule of Maturities of Long-term Debt
Maturities of long-term debt as of December 31, 2025, for the next five years and thereafter, in the aggregate, are:

(in thousands)As of December 31, 2025
2026118,075 
2027527,473 
2028169,924 
2029203,299 
2030177,460 
Thereafter603,385 
Total debt and finance lease obligations, net of related costs$1,799,616 
v3.25.4
Leases (Tables)
 12 Months Ended
Dec. 31, 2025
Leases [Abstract]  
Schedule of Lease Cost
The components of lease costs recognized on the statements of income were as follows:
Year Ended December 31,
(in thousands)Classification on the Statements of Income202520242023
Finance lease costs:
Amortization of assetsDepreciation and amortization$24,013 $23,855 $27,170 
Interest on lease liabilitiesInterest expense24,505 25,994 27,502 
Operating lease costAircraft lease rentals; Station operations; Maintenance and repairs; Other operating expense25,250 26,178 25,246 
Variable lease cost(1)
Aircraft lease rentals; Station operations; Maintenance and repairs; Other operating expense13,509 492 1,563 
Total lease cost$87,277 $76,519 $81,481 
(1) In 2025, includes estimated lease return costs which we began to accrue in second quarter 2025 for certain aircraft on operating leases related to redeliveries in 2025 and future years.
Schedule of Lease-related Asset and Liabilities
The table below presents the lease-related assets and liabilities recorded on the balance sheet.
As of December 31,
(in thousands)Classification on the Balance Sheet20252024
Assets
Operating lease assetsOperating lease right-of-use assets, net$63,389 $81,218 
Finance lease assetsProperty and equipment, net of accumulated depreciation403,783 427,664 
Total lease assets$467,172 $508,882 
Liabilities
Current
OperatingCurrent operating lease liabilities$10,936 $20,714 
FinanceCurrent maturities of long-term debt and finance lease obligations28,106 26,836 
Noncurrent
OperatingNoncurrent operating lease liabilities54,170 62,392 
FinanceLong-term debt and finance lease obligations374,954 403,060 
Total lease liabilities$468,166 $513,002 
Weighted-average remaining lease term
Operating leases7.6 years7.2 years
Finance leases5.1 years6.1 years
Weighted-average discount rate
Operating leases5.7 %5.6 %
Finance leases5.9 %5.9 %
Schedule of Cash Flow, Supplemental Disclosures
The table below presents supplemental cash flow information related to leases during the years ended December 31, 2025, 2024 and 2023.

Year Ended December 31,
(in thousands)202520242023
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows for operating leases$24,545 $26,679 $25,774 
Operating cash flows for finance leases24,572 26,056 27,672 
Financing cash flows for finance leases26,836 25,352 39,044 
Income Taxes Paid (Refunded)
Year ended December 31,
(in thousands)202520242023
Federal$(15,000)$8,700 $3 
State(264)(274)596 
Foreign— 312 413 
Total $(15,264)$8,738 $1,012 
Schedule of Future Minimum Payments of Lease Liabilities
The table below indicates the future minimum payments of lease liabilities as of December 31, 2025.

(in thousands)Operating LeasesFinance Leases
2026$14,143 $51,108 
202712,048 51,108 
202810,382 65,908 
202910,447 104,396 
20309,952 105,233 
Thereafter25,176 126,539 
Total lease payments82,148 504,292 
Less imputed interest(17,042)(101,232)
Total lease obligations65,106 403,060 
Less current obligations(10,936)(28,106)
Long-term lease obligations$54,170 $374,954 
v3.25.4
Stockholders' Equity (Tables)
 12 Months Ended
Dec. 31, 2025
Equity [Abstract]  
Schedule of Class of Treasury Stock
Share repurchases consisted of the following during the periods indicated:
Year Ended December 31,
202520242023
Shares repurchased(1)
144,967 — 309,155 
Average price per share$75.90 $— $78.61 
Total (in thousands)$11,003 $— $24,303 
(1)Share amounts shown above include only open market repurchases and do not include shares withheld from employees for tax withholding obligations related to restricted stock vestings, which were 44,215, 95,014, and 65,284 shares (not in thousands) for 2025, 2024, and 2023 respectively.
Schedule of Dividends Declared
Cash dividends declared by the Board of Directors and paid by the Company consisted of the following during the periods indicated:

Year Ended December 31,
202520242023
Total quarterly cash dividends declared, per share$— $1.20 $1.20 
Total cash dividends paid (in thousands)— 21,934 22,144 
v3.25.4
Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
Assets Measured at Fair Value On a Recurring Basis
Financial instruments measured at fair value on a recurring basis:

As of December 31, 2025As of December 31, 2024
(in thousands)TotalLevel 1Level 2TotalLevel 1Level 2
Cash equivalents   
Money market funds$42,833 $42,833 $— $41,494 $41,494 $— 
US Government and agency obligations16,901 — 16,901 81,535 — 81,535 
Commercial paper14,712 — 14,712 22,689 — 22,689 
Corporate debt securities5,713 — 5,713 4,133 — 4,133 
Municipal debt securities4,520 — 4,520 10,299 — 10,299 
Total cash equivalents84,679 42,833 41,846 160,150 41,494 118,656 
Short-term   
Corporate debt securities337,988 — 337,988 242,313 — 242,313 
Commercial paper179,697 — 179,697 149,807 — 149,807 
US Government and agency obligations67,696 — 67,696 94,295 — 94,295 
Certificates of deposit27,960 — 27,960 7,239 — 7,239 
Municipal debt securities19,618 — 19,618 1,580 — 1,580 
Total short-term632,959 — 632,959 495,234 — 495,234 
Long-term
Corporate debt securities30,127 — 30,127 39,931 — 39,931 
US Government and agency obligations2,696 — 2,696 10,452 — 10,452 
Municipal debt securities— — — 1,342 — 1,342 
Total long-term32,823 — 32,823 51,725 — 51,725 
Total financial instruments$750,461 $42,833 $707,628 $707,109 $41,494 $665,615 
Debt Instrument, Fair Value Disclosure
Carrying value and estimated fair value of long-term debt, including current maturities and without reduction for related costs, are as follows:

As of December 31, 2025As of December 31, 2024
(in thousands)Carrying ValueEstimated Fair ValueCarrying ValueEstimated Fair ValueFair Value Level
Long-term debt$1,413,205 $1,424,251 $1,653,737 $1,667,275 3
v3.25.4
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Schedule of Components of Income Tax Expense (Benefit)
The provision (benefit) for income taxes is composed of the following:
Year ended December 31,
(in thousands)202520242023
Current:
Federal$532 $1,431 $— 
State(200)(1,665)3,306 
Foreign— 311 204 
Total current332 77 3,510 
Deferred:
Federal(10,448)(62,244)36,910 
State(61)(6,045)1,035 
Total deferred(10,509)(68,289)37,945 
Total:
Federal(9,916)(60,813)36,910 
State(261)(7,710)4,341 
Foreign— 311 204 
Total income tax provision (benefit)$(10,177)$(68,212)$41,455 
Schedule of Cash Flow, Supplemental Disclosures
The table below presents supplemental cash flow information related to leases during the years ended December 31, 2025, 2024 and 2023.

Year Ended December 31,
(in thousands)202520242023
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows for operating leases$24,545 $26,679 $25,774 
Operating cash flows for finance leases24,572 26,056 27,672 
Financing cash flows for finance leases26,836 25,352 39,044 
Income Taxes Paid (Refunded)
Year ended December 31,
(in thousands)202520242023
Federal$(15,000)$8,700 $3 
State(264)(274)596 
Foreign— 312 413 
Total $(15,264)$8,738 $1,012 
Schedule of Effective Income Tax Rate Reconciliation
The effective tax rate on income before income taxes differed from the federal statutory income tax rate as follows:
Year ended December 31,
202520242023
(in thousands)AmountPercentAmountPercentAmountPercent
Pre-tax income$(54,874)$(308,450)$159,051 
Federal statutory income tax rate(11,524)21.0 %(64,774)21.0 %33,401 21.0 %
Domestic federal
Tax credits
Research credits— — %(459)0.1 %(1,652)(1.0)%
Other(117)0.2 %(501)0.2 %(90)(0.1)%
Nontaxable and nondeductible items
Executive compensation542 (1.0)%2,707 (0.9)%3,395 2.1 %
Share based compensation665 (1.2)%2,500 (0.8)%1,732 1.1 %
Other633 (1.2)%569 (0.2)%666 0.4 %
Other adjustments265 (0.5)%(1,366)0.4 %38 — %
Domestic state and local income taxes, net of federal effect(1)
(519)0.9 %(7,168)2.3 %3,503 2.2 %
Other foreign jurisdictions— — %311 (0.1)%204 0.1 %
Worldwide changes in unrecognized tax benefits(122)0.2 %(31)— %258 0.2 %
Total$(10,177)18.5 %$(68,212)22.1 %$41,455 26.1 %
(1) In 2025, 2024, and 2023, state and local income taxes in Arizona, California, Indiana, Florida, Tennessee, and New York comprise the majority of the domestic state and local income taxes, net of federal effect category.
Schedule of Deferred Tax Assets and Liabilities
The major components of the Company’s net deferred tax assets and liabilities are as follows:
As of December 31,
(in thousands)20252024
Deferred tax assets:
Employee benefits$57,114 $38,277 
Interest expense36,649 24,692 
Net operating loss116,728 6,252 
Tax credits3,546 3,683 
Other39,523 45,543 
Less: valuation allowance(1,214)(1,214)
Total deferred tax assets252,346 117,233 
Deferred tax liabilities:
Prepaid expenses4,408 5,235 
Depreciation518,472 398,022 
Other34,882 29,569 
Total deferred tax liabilities557,762 432,826 
Net deferred tax liabilities$305,416 $315,593 
v3.25.4
Employee Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2025
Employee Benefit Plans [Abstract]  
Schedule of Share-based Compensation, Employee Stock Purchase Plan, Activity
The following table provides information about the Company’s ESPP activity during 2025, 2024, and 2023:
Year EndedTotal number of shares purchased in yearAverage price paid per share
Weighted-average fair value of discount under the ESPP (1)
December 31, 202399,802 $85.27 $14.44 
December 31, 2024155,101 $50.82 $8.84 
December 31, 2025
180,437 $46.37 $7.90 
(1) The weighted-average fair value of the discount under the ESPP granted is equal to a percentage discount from the market value of the common stock at the end of each semi-annual purchase period. 15 percent is the maximum allowable discount under the ESPP and was the discount percentage in effect in each of 2025, 2024 and 2023.
Schedule of Nonvested Restricted Stock Units Activity A summary of the status of non-vested restricted stock grants during the years ended December 31, 2025, 2024 and 2023 is presented below:
SharesWeighted Average Grant Date Fair Value Per Share
Non-vested at December 31, 2022
429,868 $109.33 
Granted567,004 93.57 
Vested(238,020)119.00 
Forfeited(151,459)94.07 
Non-vested at December 31, 2023
607,393 $94.64 
Granted223,825 51.12 
Vested(321,281)92.24 
Forfeited(145,203)92.91 
Non-vested at December 31, 2024
364,734 $70.73 
Granted7,672 65.45 
Vested(172,176)74.60 
Forfeited(28,989)64.73 
Non-vested at December 31, 2025
171,241 $67.61 
Schedule of Nonvested Phantom Stock Awards
A summary of the status of non-vested PSA grants during the year ended December 31, 2025, is presented below. No PSAs were granted prior to 2024.
Phantom Stock Awards
Weighted Average Fair Value Per Share(1)
Non-vested at December 31, 2023
— — 
Granted125,121 $46.15 
Vested— — 
Forfeited(812)46.15 
Non-vested at December 31, 2024
124,309 $94.12 
Granted— $— 
Vested(63,180)46.15 
Forfeited(12,878)46.15 
Non-vested at December 31, 2025
48,251 $85.27 
(1) Reflects grant date fair value, except for awards outstanding at December 31, which reflects fair value at that date.
v3.25.4
Commitments and Contingencies (Tables)
 12 Months Ended
Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Contractual Obligation, Fiscal Year Maturity
The Company's contractual purchase commitments consist primarily of aircraft and engine acquisitions. The total future commitments are as follows, based on contractual terms in place at December 31, 2025:

(in thousands)As of December 31, 2025
2026$632,159 
2027601,083 
202870,084 
Total purchase commitments$1,303,326 
Employees Under Collective Bargaining Agreements
The Company is party to collective bargaining agreements with the employee groups listed below. As of December 31, 2025, the percentage of full-time equivalent employees for each of these pay groups was as follows:
As of December 31, 2025
Pilots23.6 %
Flight Attendants31.8 
Maintenance Technicians14.6 
Flight Dispatchers1.2 
Total71.2 %
v3.25.4
Segments (Tables)
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information, by Segment
Segment profit or loss, revenues, significant segment expenses, and other required financial information for each of the Company's operating segments are set forth below:
Twelve Months Ended December 31, 2025
(in thousands)AirlineSunseekerConsolidated
REVENUES FROM EXTERNAL CUSTOMERS$2,545,899 $60,680 $2,606,579 
OPERATING EXPENSES:
Salaries and benefits805,432 27,585 833,017 
Aircraft fuel639,731 — 639,731 
Station operations297,549 — 297,549 
Depreciation and amortization242,026 7,159 249,185 
Maintenance and repairs149,938 — 149,938 
Sales and marketing95,053 4,390 99,443 
Aircraft lease rentals36,488 — 36,488 
Other operating expense(1)
92,273 34,083 126,356 
Special charges, net of recoveries43,539 94,166 137,705 
Total operating expenses2,402,029 167,383 2,569,412 
OPERATING INCOME (LOSS)143,870 (106,703)37,167 
OTHER (INCOME) EXPENSES:
Interest income(41,697)— (41,697)
Interest expense126,769 23,466 150,235 
Capitalized interest(17,604)— (17,604)
Other non-operating expense(2)
1,107 — 1,107 
INCOME (LOSS) BEFORE INCOME TAXES$75,295 $(130,169)$(54,874)
Capital expenditures406,805 1,442 408,247 
Total assets4,209,401 — 4,209,401 

Twelve Months Ended December 31, 2024
(in thousands)AirlineSunseekerConsolidated
REVENUES FROM EXTERNAL CUSTOMERS$2,440,839 $71,750 $2,512,589 
OPERATING EXPENSES:
Salaries and benefits770,667 49,176 819,843 
Aircraft fuel627,755 — 627,755 
Station operations272,843 — 272,843 
Depreciation and amortization231,789 26,462 258,251 
Maintenance and repairs125,430 — 125,430 
Sales and marketing99,269 7,071 106,340 
Aircraft lease rentals23,573 — 23,573 
Other operating expense(1)
102,007 48,392 150,399 
Special charges, net of recoveries45,307 322,824 368,131 
Total operating expenses2,298,640 453,925 2,752,565 
OPERATING INCOME (LOSS)142,199 (382,175)(239,976)
OTHER (INCOME) EXPENSES:
Interest income(44,012)— (44,012)
Interest expense135,584 20,859 156,443 
Capitalized interest(45,059)(326)(45,385)
Other non-operating expense(2)
1,428 — 1,428 
INCOME (LOSS) BEFORE INCOME TAXES$94,258 $(402,708)$(308,450)
Capital expenditures244,802 19,499 264,301 
Total assets4,116,289 313,564 4,429,853 
Twelve Months Ended December 31, 2023
(in thousands)AirlineSunseekerConsolidated
REVENUES FROM EXTERNAL CUSTOMERS$2,506,976 $2,881 $2,509,857 
OPERATING EXPENSES:
Salaries and benefits672,459 15,344 687,803 
Aircraft fuel695,871 — 695,871 
Station operations256,560 — 256,560 
Depreciation and amortization220,915 2,215 223,130 
Maintenance and repairs123,802 — 123,802 
Sales and marketing108,453 6,163 114,616 
Aircraft lease rentals24,948 — 24,948 
Other operating expense(1)
117,400 16,101 133,501 
Special charges, net of recoveries35,091 (6,446)28,645 
Total operating expenses2,255,499 33,377 2,288,876 
OPERATING INCOME (LOSS)251,477 (30,496)220,981 
OTHER (INCOME) EXPENSES:
Interest income(46,615)— (46,615)
Interest expense131,318 21,868 153,186 
Capitalized interest(21,838)(23,294)(45,132)
Other non-operating expense(2)
491 — 491 
INCOME (LOSS) BEFORE INCOME TAXES$188,121 $(29,070)$159,051 
Capital expenditures568,309 321,044 889,353 
Total assets4,200,545 656,122 4,856,667 

(1) Other operating expenses in the Airline segment consist of insurance, crew training and travel, legal expense, gains and losses on the sale of flight equipment, and other general and administrative expenses. Other operating expenses in the Sunseeker segment consist of food and beverage cost of goods sold, contract labor, property tax, insurance, and other general and administrative expenses.

(2) Other non-operating expenses in the Airline segment consist primarily of a loss on the sale in 2024 of a cost-method investment that arose from the contribution of intellectual property rights to a private company and realized income from equity method investments in all years presented.
v3.25.4
Organization and Business of Company - Narrative (Details)
 12 Months Ended
Dec. 31, 2025
segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Number of reportable segments 1
v3.25.4
Special Charges - Narrative (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Jul. 03, 2025
Dec. 31, 2025
Jun. 30, 2025
Dec. 31, 2024
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Unusual or Infrequent Item, or Both [Line Items]              
Airline special charges         $ 43,539 $ 45,307 $ 35,091
Sunseeker Resort (1)              
Unusual or Infrequent Item, or Both [Line Items]              
Sunseeker impairment $ 100,400     $ 321,800 98,300 321,800  
Asset Impairment Charges, Offset Adjustment $ 2,100            
Organizational Restructuring              
Unusual or Infrequent Item, or Both [Line Items]              
Airline special charges     $ 12,095     $ 3,420 $ 0
Internal-use Software Restructuring Cost              
Unusual or Infrequent Item, or Both [Line Items]              
Airline special charges         10,000    
Redeveloped Software Restructuring Cost              
Unusual or Infrequent Item, or Both [Line Items]              
Airline special charges         9,300    
Professional Services Restructuring Cost              
Unusual or Infrequent Item, or Both [Line Items]              
Airline special charges   $ 4,100          
Sunseeker Weather Events              
Unusual or Infrequent Item, or Both [Line Items]              
Sunseeker weather events, net of insurance recoveries(1)         $ (4,200)    
v3.25.4
Special Charges - Restructuring and Related Costs (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Dec. 31, 2025
Jun. 30, 2025
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Unusual or Infrequent Item, or Both [Line Items]          
Airline special charges     $ 43,539 $ 45,307 $ 35,091
Sunseeker impairment     137,705 368,131 28,645
Accelerated Depreciation On Airframes Identified For Early Retirement          
Unusual or Infrequent Item, or Both [Line Items]          
Airline special charges     8,029 31,066 35,091
Organizational Restructuring          
Unusual or Infrequent Item, or Both [Line Items]          
Airline special charges   $ 12,095   3,420 0
Accelerated Amortization And Disposal Of Software Identified For Redevelopment          
Unusual or Infrequent Item, or Both [Line Items]          
Airline special charges     19,292 0 0
Acquisition Restructuring Cost          
Unusual or Infrequent Item, or Both [Line Items]          
Airline special charges   $ 4,123   0 0
Flight Attendant Ratification Bonus          
Unusual or Infrequent Item, or Both [Line Items]          
Airline special charges $ 0     10,821 0
Sunseeker Special Charges          
Unusual or Infrequent Item, or Both [Line Items]          
Sunseeker weather events, net of insurance recoveries(1)     $ 94,166 $ 322,824 $ (6,446)
v3.25.4
Summary of Significant Accounting Policies Basis - Narrative (Details)
$ in Thousands
 1 Months Ended 3 Months Ended 12 Months Ended
Jul. 03, 2025
USD ($)
Aug. 31, 2021
point
Jun. 30, 2025
USD ($)
Dec. 31, 2024
USD ($)
Dec. 31, 2025
USD ($)
shares
Dec. 31, 2024
USD ($)
shares
Dec. 31, 2023
USD ($)
shares
May 31, 2023
pay
Property, Plant and Equipment [Line Items]                
Inventory Valuation Reserves       $ 12,600 $ 14,700 $ 12,600    
Accounts Receivable, before Allowance for Credit Loss, Noncurrent       15,100 10,500 15,100    
Capitalized Computer Software, Net       149,700 139,700 149,700    
Capitalized Computer Software, Amortization         19,200 18,800 $ 12,400  
Impairment of Long-Lived Assets to be Disposed of     $ 100,400          
Deferred Credits and Other Liabilities       16,800 40,200 16,800    
Accounts Receivable, Allowance for Credit Loss       17,000 7,100 17,000    
Accrued Retention Bonus, Current Payment Percentage               35.00%
Accrued Retention Bonus, Minimum Pay Credit Hours Per Month | pay               85
Accrued Retention Bonus, Employee Exception Percentage               82.00%
Accrued pilot retention bonus       146,129 235,887 146,129    
Advertising Expense         $ 29,100 $ 32,000 41,000  
Preopening Expense             $ 26,500  
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | shares         290,873 452,560 81,748  
Allways Rewards Loyalty Program                
Property, Plant and Equipment [Line Items]                
Number Of Points Earned For Every Dollar Spent | point   1            
Number Of Points Earned For Every Dollar Spent Over Five Hundred Dollars | point   2            
Sunseeker Resort (1)                
Property, Plant and Equipment [Line Items]                
Sunseeker impairment $ 100,400     $ 321,800 $ 98,300 $ 321,800    
A320 Series Engine                
Property, Plant and Equipment [Line Items]                
Deferred Costs for Heavy Maintenance         45,900 76,800    
Amortization of Other Deferred Charges         $ 64,400 $ 65,800 $ 55,500  
Minimum | Computer hardware and software                
Property, Plant and Equipment [Line Items]                
Property, Plant and Equipment, Useful Life         3 years      
Maximum | Computer hardware and software                
Property, Plant and Equipment [Line Items]                
Property, Plant and Equipment, Useful Life         15 years      
Allegiant Travel Company                
Property, Plant and Equipment [Line Items]                
Equity Method Investment, Ownership Percentage         50.00%      
v3.25.4
Summary of Significant Accounting Policies - Property, Plant and Equipment Estimated Useful Lives (Details)
Dec. 31, 2025
Minimum | Buildings and leasehold improvements  
Property, Plant and Equipment [Line Items]  
Property, Plant and Equipment, Useful Life 10 years
Minimum | Equipment  
Property, Plant and Equipment [Line Items]  
Property, Plant and Equipment, Useful Life 5 years
Minimum | Computer hardware and software  
Property, Plant and Equipment [Line Items]  
Property, Plant and Equipment, Useful Life 3 years
Maximum | Buildings and leasehold improvements  
Property, Plant and Equipment [Line Items]  
Property, Plant and Equipment, Useful Life 39 years
Maximum | Equipment  
Property, Plant and Equipment [Line Items]  
Property, Plant and Equipment, Useful Life 10 years
Maximum | Computer hardware and software  
Property, Plant and Equipment [Line Items]  
Property, Plant and Equipment, Useful Life 15 years
Airbus A320 Aircraft Series | Minimum | Aircraft, engines and related rotable parts  
Property, Plant and Equipment [Line Items]  
Property, Plant and Equipment, Useful Life 10 years
Airbus A320 Aircraft Series | Maximum | Aircraft, engines and related rotable parts  
Property, Plant and Equipment [Line Items]  
Property, Plant and Equipment, Useful Life 25 years
v3.25.4
Summary of Significant Accounting Policies - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Interest Cost [Abstract]      
Net income (loss) $ (44,697) $ (240,238) $ 117,596
Less income allocated to participating securities 0 (618) (4,188)
Net income (loss) attributable to common stock $ (44,697) $ (240,856) $ 113,408
Earnings Per Share, Basic $ (2.48) $ (13.49) $ 6.32
Basic (in shares) 18,050 17,852 17,945
Less income allocated to participating securities $ 0 $ (618) $ (4,175)
Net income (loss) attributable to common stock $ (44,697) $ (240,856) $ 113,421
Diluted (in dollars per share) $ (2.48) $ (13.49) $ 6.29
Dilutive effect of stock options and restricted stock (in shares) 0 0 249
Adjusted weighted-average shares outstanding under treasury stock method (in shares) 18,050 17,852 18,194
Participating securities excluded under two-class method (in shares) 0 0 (175)
Adjusted weighted-average shares outstanding under two-class method (in shares)   17,852 18,019
v3.25.4
Revenue Recognition - Disaggregation of Revenue (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Disaggregation of Revenue [Line Items]      
Revenue from Contract with Customer, Excluding Assessed Tax $ 2,324,348 $ 2,217,059 $ 2,324,397
Resort Revenue      
Disaggregation of Revenue [Line Items]      
Revenue from Contract with Customer, Excluding Assessed Tax 60,680 71,750 2,881
Scheduled Service Revenue      
Disaggregation of Revenue [Line Items]      
Revenue from Contract with Customer, Excluding Assessed Tax 974,901 1,030,795 1,133,001
Air-related revenue      
Disaggregation of Revenue [Line Items]      
Revenue from Contract with Customer, Excluding Assessed Tax 1,270,807 1,129,149 1,137,226
Co-brand Revenue      
Disaggregation of Revenue [Line Items]      
Revenue from Contract with Customer, Excluding Assessed Tax 78,640 57,115 54,170
Rooms | Resort Revenue      
Disaggregation of Revenue [Line Items]      
Revenue from Contract with Customer, Excluding Assessed Tax 28,172 31,628 1,713
Food and Beverage | Resort Revenue      
Disaggregation of Revenue [Line Items]      
Revenue from Contract with Customer, Excluding Assessed Tax 21,280 29,895 946
Product and Service, Other | Resort Revenue      
Disaggregation of Revenue [Line Items]      
Revenue from Contract with Customer, Excluding Assessed Tax $ 11,228 $ 10,227 $ 222
v3.25.4
Revenue Recognition - Narrative (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Disaggregation of Revenue [Line Items]      
Air traffic liability $ 363,328 $ 370,915  
Contract with Customer, Liability, Forward Bookings 319,800    
Contract with Customer, Liability, Credit Voucher Bookings $ 43,500    
Revenue from Contract with Customer, Duration 12 months    
Revenues $ 2,606,579 2,512,589 $ 2,509,857
Third Party Product Revenue      
Disaggregation of Revenue [Line Items]      
Revenues $ 82,800 $ 86,500 $ 65,400
v3.25.4
Revenue Recognition - Contract with Customer, Asset and Liability (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Revenue from Contract with Customer [Abstract]      
Contract with Customer, Liability $ 77,632 $ 80,711 $ 70,813
Points awarded 75,546 67,050  
Points redeemed $ 78,625 $ 57,152  
v3.25.4
Property and Equipment - Schedule of Property Plant and Equipment (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Long-Lived Assets Held-for-Sale [Line Items]    
Total property and equipment $ 4,125,851 $ 4,137,143
Less accumulated depreciation and amortization (1,178,315) (1,067,194)
Property and equipment, net 2,947,536 3,069,949
Airline    
Long-Lived Assets Held-for-Sale [Line Items]    
Flight equipment 3,584,212 3,345,458
Computer hardware and software 339,441 320,432
Land and buildings/leasehold improvements 83,304 66,115
Other property and equipment 118,894 115,043
Sunseeker Resort (1)    
Long-Lived Assets Held-for-Sale [Line Items]    
Land and buildings/leasehold improvements 0 255,201
Other property and equipment $ 0 $ 34,894
v3.25.4
Property and Equipment - Narrative (Details)
Dec. 31, 2025
Aircraft
Property, Plant and Equipment [Abstract]  
Number of aircraft committed to purchase 34
v3.25.4
Long-Term Debt - Summary of Long-Term Debt (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Aug. 31, 2022
Debt Instrument [Line Items]      
Carrying Value $ 1,799,616 $ 2,066,504  
Long-term Debt, Current Maturities 118,075 454,769  
Long-term Debt, Excluding Current Maturities $ 1,681,541 $ 1,611,735  
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration] Debt and Lease Obligation Debt and Lease Obligation  
Total lease obligations $ 403,060 $ 429,896  
Debt and Lease Obligation 1,816,264 2,083,633  
Debt Issuance Costs, Net $ (16,648) (17,129)  
Minimum      
Debt Instrument [Line Items]      
Debt Instrument, Interest Rate, Stated Percentage 4.44%    
Maximum      
Debt Instrument [Line Items]      
Debt Instrument, Interest Rate, Stated Percentage 7.02%    
Fixed Rate      
Debt Instrument [Line Items]      
Notes Payable $ 1,062,935 $ 1,481,186  
Long-term Debt, Weighted Average Interest Rate, at Point in Time 6.70% 6.50%  
Variable Rate      
Debt Instrument [Line Items]      
Notes Payable $ 736,681 $ 585,318  
Long-term Debt, Weighted Average Interest Rate, at Point in Time 5.90% 6.80%  
Revolving Credit Facilities Due 2027 | Revolving Credit Facility      
Debt Instrument [Line Items]      
Long-term Debt, Excluding Current Maturities $ 0 $ 0  
Senior Secured Notes Due 2027 | Senior Notes      
Debt Instrument [Line Items]      
Long-term Debt, Excluding Current Maturities $ 403,009 550,000  
Debt Instrument, Interest Rate, Stated Percentage     7.25%
Senior Secured Notes Due 2027 | Senior Notes | Maximum      
Debt Instrument [Line Items]      
Debt Instrument, Interest Rate, Stated Percentage 7.25%    
Consolidated Variable Interest Entities Due 2029      
Debt Instrument [Line Items]      
Long-term Debt, Excluding Current Maturities $ 95,111 107,959  
Consolidated Variable Interest Entities Due 2029 | Minimum      
Debt Instrument [Line Items]      
Debt Instrument, Interest Rate, Stated Percentage 2.92%    
Consolidated Variable Interest Entities Due 2029 | Maximum      
Debt Instrument [Line Items]      
Debt Instrument, Interest Rate, Stated Percentage 5.19%    
Secured Debt By Aircraft, Engines, Other Equipment And Real Estate | Secured Debt      
Debt Instrument [Line Items]      
Long-term Debt, Excluding Current Maturities $ 915,084 765,278  
Secured Debt By Aircraft, Engines, Other Equipment And Real Estate | Secured Debt | Minimum      
Debt Instrument [Line Items]      
Debt Instrument, Interest Rate, Stated Percentage 1.87%    
Secured Debt By Aircraft, Engines, Other Equipment And Real Estate | Secured Debt | Maximum      
Debt Instrument [Line Items]      
Debt Instrument, Interest Rate, Stated Percentage 7.93%    
Construction Loan Agreement Due 2032      
Debt Instrument [Line Items]      
Long-term Debt, Excluding Current Maturities $ 0 100,000  
Long-term Debt | Unsecured Debt      
Debt Instrument [Line Items]      
Long-term Debt, Excluding Current Maturities $ 0 $ 130,500  
v3.25.4
Long-Term Debt - Schedule of Maturities of Long-term Debt (Detail) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Debt Disclosure [Abstract]    
2026 $ 118,075  
2027 527,473  
2028 169,924  
2029 203,299  
2030 177,460  
Thereafter 603,385  
Total debt and finance lease obligations, net of related costs $ 1,799,616 $ 2,066,504
v3.25.4
Long-Term Debt - Narrative (Detail)
$ in Millions
 1 Months Ended 3 Months Ended 4 Months Ended 6 Months Ended 12 Months Ended
Dec. 31, 2025
USD ($)
Aircraft
Dec. 31, 2024
USD ($)
Mar. 31, 2024
USD ($)
Aug. 31, 2022
USD ($)
Dec. 31, 2025
USD ($)
Aircraft
Feb. 29, 2024
USD ($)
Jun. 30, 2025
USD ($)
Dec. 31, 2025
USD ($)
Aircraft
Apr. 30, 2025
USD ($)
Feb. 28, 2025
USD ($)
Nov. 30, 2023
USD ($)
Jun. 30, 2023
USD ($)
Feb. 28, 2023
USD ($)
Oct. 31, 2021
USD ($)
Mar. 31, 2021
USD ($)
Debt Instrument [Line Items]                              
Line of credit facility, maximum borrowing capacity                     $ 158.0        
Repayments of Lines of Credit               $ 204.7              
Number Of Aircraft, Finance Lease Obligation | Aircraft 23       23     23              
Proceeds from Issuance of Unsecured Debt   $ 130.5                          
Minimum                              
Debt Instrument [Line Items]                              
Debt Instrument, Interest Rate, Stated Percentage 4.44%       4.44%     4.44%              
Maximum                              
Debt Instrument [Line Items]                              
Debt Instrument, Interest Rate, Stated Percentage 7.02%       7.02%     7.02%              
Revolving Credit Facility                              
Debt Instrument [Line Items]                              
Line of credit facility, maximum borrowing capacity $ 150.0   $ 218.5   $ 150.0     $ 150.0       $ 412.1      
Long-Term Line of Credit 218.5       218.5     218.5              
Repayments of Debt 50.8                            
Debt Instrument, Term     12 years                        
Revolving Credit Facility | Credit Agricole Corporate and Investment Bank                              
Debt Instrument [Line Items]                              
Line of credit facility, maximum borrowing capacity                         $ 100.0   $ 50.0
Senior Secured Revolving Loan Facility | Barclays Bank PLC                              
Debt Instrument [Line Items]                              
Long-Term Line of Credit       $ 75.0                      
Line of credit facility, expiration period       57 months                      
Secured Debt                              
Debt Instrument [Line Items]                              
Line of credit facility, maximum borrowing capacity                 $ 221.3            
Long-Term Line of Credit $ 221.3       $ 221.3     $ 221.3              
Debt Instrument, Basis Spread on Variable Rate Term 3 months       3 months     3 months              
Debt Instrument, Number Of Tranches | Aircraft 2       2     2              
Secured Debt | Minimum                              
Debt Instrument [Line Items]                              
Debt Instrument, Term               7 years              
Secured Debt | Maximum                              
Debt Instrument [Line Items]                              
Debt Instrument, Term               12 years              
Unsecured Credit Facility                              
Debt Instrument [Line Items]                              
Repayments of Lines of Credit         $ 130.5                    
Senior Notes                              
Debt Instrument [Line Items]                              
Debt Instrument, Convertible, Liquidation Preference, Value       $ 300.0                      
Debt Instrument, Liquidation Requirement, Interest Percentage       0.020                      
Delayed-Draw Construction Loan | Sunseeker Resort (1)                              
Debt Instrument [Line Items]                              
Debt Instrument, Face Amount                           $ 350.0  
Repayments of Lines of Credit             $ 250.0                
Line of Credit, Current                   $ 100.0          
Senior Secured Notes Due 2027 | Senior Notes                              
Debt Instrument [Line Items]                              
Debt Instrument, Face Amount $ 403.0     $ 550.0 $ 403.0     $ 403.0              
Debt Instrument, Interest Rate, Stated Percentage       7.25%                      
Proceeds from (Repayments of) Debt               $ 147.0              
Senior Secured Notes Due 2027 | Senior Notes | Maximum                              
Debt Instrument [Line Items]                              
Debt Instrument, Interest Rate, Stated Percentage 7.25%       7.25%     7.25%              
Financing Agreement                              
Debt Instrument [Line Items]                              
Debt Instrument, Face Amount $ 149.2       $ 149.2     $ 149.2              
Debt Instrument, Basis Spread on Variable Rate Term 3 months       3 months     3 months              
Debt Instrument, Term               12 years              
Other Secured Debt | Revolving Credit Facility                              
Debt Instrument [Line Items]                              
Repayments of Lines of Credit               $ 132.6              
Proceeds from Lines of Credit           $ 132.6                  
Debt Instrument, Unused Borrowing Capacity, Amount $ 25.1       $ 25.1     $ 25.1              
v3.25.4
Leases - Narrative (Details) - Aircraft
Dec. 31, 2025
Dec. 31, 2024
Leases [Abstract]    
Finance Leased Assets, Number Of Units 23 23
Operating Leased Assets, Number Of Units 9 17
Operating Leased Assets, Number Of Units Removed 6  
v3.25.4
Leases - Schedule of Lease Cost (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Leases [Abstract]      
Amortization of assets $ 24,013 $ 23,855 $ 27,170
Interest on lease liabilities 24,505 25,994 27,502
Operating lease cost 25,250 26,178 25,246
Variable lease cost(1) 13,509 492 1,563
Total lease cost $ 87,277 $ 76,519 $ 81,481
v3.25.4
Leases - Schedule of Lease-related Asset and Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Leases [Abstract]    
operating right of use asset, net $ 63,389 $ 81,218
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] Property and equipment (including $101,712 and $107,290 from VIEs, Note 6), net of accumulated depreciation of $1,178,315 and $1,067,194 Property and equipment (including $101,712 and $107,290 from VIEs, Note 6), net of accumulated depreciation of $1,178,315 and $1,067,194
Finance Lease, Right-of-Use Asset $ 403,783 $ 427,664
Total Right-of-Use Asset 467,172 508,882
Current operating lease liabilities 10,936 20,714
Finance Lease, Liability, Current 28,106 26,836
Noncurrent operating lease liabilities 54,170 62,392
Long-term lease obligations 374,954 403,060
Total Lease Liability $ 468,166 $ 513,002
Operating Lease, Weighted Average Remaining Lease Term 7 years 7 months 6 days 7 years 2 months 12 days
Finance Lease, Weighted Average Remaining Lease Term 5 years 1 month 6 days 6 years 1 month 6 days
Operating Lease, Weighted Average Discount Rate, Percent 5.70% 5.60%
Finance Lease, Weighted Average Discount Rate, Percent 5.90% 5.90%
v3.25.4
Leases - Schedule of Cash Flow, Supplemental Disclosures (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Leases [Abstract]      
Operating cash flows for operating leases $ 24,545 $ 26,679 $ 25,774
Operating cash flows for finance leases 24,572 26,056 27,672
Financing cash flows for finance leases $ 26,836 $ 25,352 $ 39,044
v3.25.4
Leases - Schedule of Future Minimum Payments of Lease Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Leases, Operating [Abstract]    
2026 $ 14,143  
2027 12,048  
2028 10,382  
2029 10,447  
2030 9,952  
Thereafter 25,176  
Total lease payments 82,148  
Less imputed interest (17,042)  
Total lease obligations 65,106  
Accrued liabilities (10,936) $ (20,714)
Noncurrent operating lease liabilities 54,170 62,392
Finance Lease, Liability [Abstract]    
2026 51,108  
2027 51,108  
2028 65,908  
2029 104,396  
2030 105,233  
Thereafter 126,539  
Total lease payments 504,292  
Less imputed interest (101,232)  
Total lease obligations 403,060 429,896
Less current obligations (28,106) (26,836)
Long-term lease obligations $ 374,954 $ 403,060
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration] Debt and Lease Obligation Debt and Lease Obligation
v3.25.4
Stockholders' Equity - Narrative (Details)
$ in Millions
Dec. 31, 2025
USD ($)
Equity [Abstract]  
Share Repurchase Program, Remaining Authorized, Amount $ 64.7
v3.25.4
Stockholders' Equity - Schedule of Class of Treasury Stock (Detail) - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Equity [Abstract]      
Shares repurchased (in shares) 144,967 0 309,155
Average price per share (in dollars per share) $ 75.90 $ 0 $ 78.61
Total (in thousands) $ 11,003 $ 0 $ 24,303
Share-based Payment Arrangement, Shares Withheld for Tax Withholding Obligation 44,215 95,014 65,284
v3.25.4
Shareholders’ Equity - Schedule of Dividends Declared (Details) - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Equity [Abstract]      
Total quarterly cash dividends declared (in dollars per share) $ 0 $ 1.20 $ 1.20
Total cash dividends paid (in thousands) $ 0 $ 21,934 $ 22,144
v3.25.4
Fair Value Measurements - Assets Measured at Fair Value On a Recurring Basis (Detail) - Fair Value, Measurements, Recurring - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Debt Securities, Available-for-Sale $ 750,461 $ 707,109
Cash equivalents    
Cash Equivalents 84,679 160,150
Short-term    
Debt Securities, Available-for-Sale 632,959 495,234
Long-term    
Debt Securities, Available-for-Sale 32,823 51,725
Level 1    
Debt Securities, Available-for-Sale 42,833 41,494
Level 1 | Cash equivalents    
Cash Equivalents 42,833 41,494
Level 1 | Short-term    
Debt Securities, Available-for-Sale 0 0
Level 1 | Long-term    
Debt Securities, Available-for-Sale 0 0
Level 2    
Debt Securities, Available-for-Sale 707,628 665,615
Level 2 | Cash equivalents    
Cash Equivalents 41,846 118,656
Level 2 | Short-term    
Debt Securities, Available-for-Sale 632,959 495,234
Level 2 | Long-term    
Debt Securities, Available-for-Sale 32,823 51,725
US Government and agency obligations | Cash equivalents    
Cash Equivalents 16,901 81,535
US Government and agency obligations | Short-term    
Debt Securities, Available-for-Sale 67,696 94,295
US Government and agency obligations | Long-term    
Debt Securities, Available-for-Sale 2,696 10,452
US Government and agency obligations | Level 1 | Cash equivalents    
Cash Equivalents 0 0
US Government and agency obligations | Level 1 | Short-term    
Debt Securities, Available-for-Sale 0 0
US Government and agency obligations | Level 1 | Long-term    
Debt Securities, Available-for-Sale 0 0
US Government and agency obligations | Level 2 | Cash equivalents    
Cash Equivalents 16,901 81,535
US Government and agency obligations | Level 2 | Short-term    
Debt Securities, Available-for-Sale 67,696 94,295
US Government and agency obligations | Level 2 | Long-term    
Debt Securities, Available-for-Sale 2,696 10,452
Money market funds | Cash equivalents    
Cash Equivalents 42,833 41,494
Money market funds | Level 1 | Cash equivalents    
Cash Equivalents 42,833 41,494
Money market funds | Level 2 | Cash equivalents    
Cash Equivalents 0 0
Commercial paper | Cash equivalents    
Cash Equivalents 14,712 22,689
Commercial paper | Short-term    
Debt Securities, Available-for-Sale 179,697 149,807
Commercial paper | Level 1 | Cash equivalents    
Cash Equivalents 0 0
Commercial paper | Level 1 | Short-term    
Debt Securities, Available-for-Sale 0 0
Commercial paper | Level 2 | Cash equivalents    
Cash Equivalents 14,712 22,689
Commercial paper | Level 2 | Short-term    
Debt Securities, Available-for-Sale 179,697 149,807
Certificates of deposit | Short-term    
Debt Securities, Available-for-Sale 27,960 7,239
Certificates of deposit | Level 1 | Short-term    
Debt Securities, Available-for-Sale 0 0
Certificates of deposit | Level 2 | Short-term    
Debt Securities, Available-for-Sale 27,960 7,239
Corporate debt securities | Cash equivalents    
Cash Equivalents 5,713 4,133
Corporate debt securities | Short-term    
Debt Securities, Available-for-Sale 337,988 242,313
Corporate debt securities | Long-term    
Debt Securities, Available-for-Sale 30,127 39,931
Corporate debt securities | Level 1 | Cash equivalents    
Cash Equivalents 0 0
Corporate debt securities | Level 1 | Short-term    
Debt Securities, Available-for-Sale 0 0
Corporate debt securities | Level 1 | Long-term    
Debt Securities, Available-for-Sale 0 0
Corporate debt securities | Level 2 | Cash equivalents    
Cash Equivalents 5,713 4,133
Corporate debt securities | Level 2 | Short-term    
Debt Securities, Available-for-Sale 337,988 242,313
Corporate debt securities | Level 2 | Long-term    
Debt Securities, Available-for-Sale 30,127 39,931
Municipal debt securities | Cash equivalents    
Cash Equivalents 4,520 10,299
Municipal debt securities | Short-term    
Debt Securities, Available-for-Sale 19,618 1,580
Municipal debt securities | Long-term    
Debt Securities, Available-for-Sale 0 1,342
Municipal debt securities | Level 1 | Cash equivalents    
Cash Equivalents 0 0
Municipal debt securities | Level 1 | Short-term    
Debt Securities, Available-for-Sale 0 0
Municipal debt securities | Level 1 | Long-term    
Debt Securities, Available-for-Sale 0 0
Municipal debt securities | Level 2 | Cash equivalents    
Cash Equivalents 4,520 10,299
Municipal debt securities | Level 2 | Short-term    
Debt Securities, Available-for-Sale 19,618 1,580
Municipal debt securities | Level 2 | Long-term    
Debt Securities, Available-for-Sale $ 0 $ 1,342
v3.25.4
Fair Value Measurements - Debt Instrument, Fair Value Disclosure (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Carrying Value $ 1,799,616 $ 2,066,504
Long-term debt    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Carrying Value 1,413,205 1,653,737
Fair Value, Inputs, Level 3 | Long-term debt | Fair Value, Measurements, Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Estimated Fair Value $ 1,424,251 $ 1,667,275
v3.25.4
Income Taxes - Schedule of Components of Income Tax Expense (Benefit) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Tax Disclosure [Abstract]      
Federal $ 532 $ 1,431 $ 0
State (200) (1,665) 3,306
Foreign 0 311 204
Total current 332 77 3,510
Federal (10,448) (62,244) 36,910
State (61) (6,045) 1,035
Total deferred (10,509) (68,289) 37,945
Federal (9,916) (60,813) 36,910
State (261) (7,710) 4,341
Foreign 0 311 204
Total income tax provision (benefit) $ (10,177) $ (68,212) $ 41,455
v3.25.4
Income Taxes - Schedule of Cash Flow, Supplemental Disclosures (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Tax Disclosure [Abstract]      
Federal $ (15,000) $ 8,700 $ 3
State (264) (274) 596
Foreign 0 312 413
Income tax paid (refunds) $ (15,264) $ 8,738 $ 1,012
v3.25.4
Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Amount      
INCOME (LOSS) BEFORE INCOME TAXES $ (54,874) $ (308,450) $ 159,051
Effective Income Tax Rate Reconciliation at Federal Statutory Income Tax Rate, Amount (11,524) (64,774) 33,401
Effective Income Tax Rate Reconciliation, Tax Credit, Research, Amount 0 (459) (1,652)
Effective Income Tax Rate Reconciliation, Other Adjustments, Amount 265 (1,366) 38
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Share-Based Payment Arrangement, Amount 665 2,500 1,732
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Other, Amount 633 569 666
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Amount (519) (7,168) 3,503
Effective Income Tax Rate Reconciliation, Unrecognized Tax Benefits, Amount (122) (31) 258
Total income tax provision (benefit) $ (10,177) $ (68,212) $ 41,455
Effective Income Tax Rate Reconciliation, Percent [Abstract]      
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent 21.00% 21.00% 21.00%
Effective Income Tax Rate Reconciliation, Tax Credit, Research, Percent 0.00% 0.10% (1.00%)
Effective Income Tax Rate Reconciliation, Other Adjustments, Percent (0.50%) 0.40% 0.00%
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Share-Based Payment Arrangement, Percent (1.20%) (0.80%) 1.10%
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Other, Percent (1.20%) (0.20%) 0.40%
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Percent 0.90% 2.30% 2.20%
Effective Income Tax Rate Reconciliation, Unrecognized Tax Benefits, Percent 0.002 0 0.002
Effective Income Tax Rate Reconciliation, Percent 18.50% 22.10% 26.10%
Foreign Tax Jurisdiction, Other      
Amount      
Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential, Amount $ 0 $ 311 $ 204
Effective Income Tax Rate Reconciliation, Percent [Abstract]      
Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential, Percent 0.00% (0.10%) 0.10%
Domestic Tax Jurisdiction      
Amount      
Effective Income Tax Rate Reconciliation, Other Adjustments, Amount $ (117) $ (501) $ (90)
Effective Income Tax Rate Reconciliation, Percent [Abstract]      
Effective Income Tax Rate Reconciliation, Other Adjustments, Percent 0.20% 0.20% (0.10%)
Executive Officer      
Amount      
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Share-Based Payment Arrangement, Amount $ 542 $ 2,707 $ 3,395
Effective Income Tax Rate Reconciliation, Percent [Abstract]      
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Share-Based Payment Arrangement, Percent (1.00%) (0.90%) 2.10%
v3.25.4
Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Income Tax Disclosure [Abstract]    
Employee benefits $ 57,114 $ 38,277
Interest expense 36,649 24,692
Net operating loss 116,728 6,252
Tax credits 3,546 3,683
Other 39,523 45,543
Less: valuation allowance (1,214) (1,214)
Total deferred tax assets 252,346 117,233
Prepaid expenses 4,408 5,235
Depreciation 518,472 398,022
Other 34,882 29,569
Total deferred tax liabilities 557,762 432,826
Net deferred tax liabilities $ 305,416 $ 315,593
v3.25.4
Income Taxes - Narrative (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Income Tax Contingency [Line Items]    
Net operating loss $ 116,728 $ 6,252
Domestic Tax Jurisdiction    
Income Tax Contingency [Line Items]    
Net operating loss 103,100  
State and Local Jurisdiction    
Income Tax Contingency [Line Items]    
Net operating loss 13,600  
Deferred Tax Assets, Operating Loss Carryforwards, Not Subject to Expiration $ 1,600  
v3.25.4
Employee Benefit Plans - Narrative (Details) - USD ($)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2017
Fair Value Measurement Inputs and Valuation Techniques [Line Items]        
Defined contribution plan, maximum annual contribution per employee, percent 90.00%     25.00%
Defined contribution plan, cost $ 32,300,000 $ 28,900,000 $ 25,500,000  
Share-based compensation arrangement by share-based payment award, number of shares authorized 2,000,000      
Share-Based Compensation Arrangement By Share-Based Payment Award, Additional Number Of Shares Authorized 1,000,000      
Share-Based Compensation Arrangement By Share-Based Payment Award, Increase (Decrease) Restricted Stock Capacity 500,000      
Shares held in employee stock option plan, allocated       1,000,000
Employee Stock Purchase Plan, Extension Period 10 years      
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Amount       $ 25,000
Share-based compensation expense $ 10,867,000 22,568,000 29,749,000  
Deferred Compensation Share-Based Arrangements, Liability, Current and Noncurrent $ 600,000      
Stockholders' Equity Note, Stock Split, Conversion Ratio 1      
Restricted Stock, Stock Options, Cash-Settled SARs And Employee Stock Purchase Program        
Fair Value Measurement Inputs and Valuation Techniques [Line Items]        
Share-based compensation expense $ 14,500,000 24,000,000.0 31,500,000  
Restricted Stock        
Fair Value Measurement Inputs and Valuation Techniques [Line Items]        
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Total Fair Value 12,800,000 $ 29,600,000 $ 28,300,000  
Unrecognized Share-Based Payment Arrangement, Noncash Expense $ 8,100,000      
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition 1 year 5 months 15 days      
Share-based Compensation Arrangement by Share-based Payment Award, Terms of Award 3 years      
Phantom Share Units (PSUs)        
Fair Value Measurement Inputs and Valuation Techniques [Line Items]        
Unrecognized Share-Based Payment Arrangement, Noncash Expense $ 3,000,000.0      
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition 1 year 2 months 23 days      
Share-based Compensation Arrangement by Share-based Payment Award, Terms of Award 3 years      
Employee        
Fair Value Measurement Inputs and Valuation Techniques [Line Items]        
Defined contribution plan, employer matching contribution, percent of employees' gross pay 5.00%      
v3.25.4
Employee Benefit Plans - Schedule of Share-based Compensation, Employee Stock Purchase Plan, Activity (Details) - USD ($)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Postemployment Benefits [Abstract]      
Total number of shares purchased in year 180,437 155,101 99,802
Average price paid per share (in dollars per share) $ 46.37 $ 50.82 $ 85.27
Weighted-average fair value of discount under the ESPP $ 7.90 $ 8.84 $ 14.44
Shares Acquired, Weighted Average Discount to Net Assets, Percentage 15.00%    
v3.25.4
Employee Benefit Plans - Schedule of Nonvested Restricted Stock Awards and Phantom Stock Awards (Details) - $ / shares
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Phantom Share Units (PSUs)      
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]      
Non-vested, beginning balance (in shares) 124,309 0  
Granted (in shares) 0 125,121 0
Vested (in shares) (63,180) 0  
Forfeited (in shares) (12,878) (812)  
Non-vested, ending balance (in shares) 48,251 124,309 0
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]      
Non-vested, beginning balance, weighted average grant date fair value (in dollars per share) $ 94.12 $ 0  
Granted, weighted average grant date fair value (in dollars per share) 0 46.15  
Vested, weighted average grant date fair value (in dollars per share) 46.15 0  
Forfeited, weighted average grant date fair value (in dollars per share) 46.15 46.15  
Non-vested, ending balance, weighted average grant date fair value (in dollars per share) $ 85.27 $ 94.12 $ 0
Restricted Stock      
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]      
Non-vested, beginning balance (in shares) 364,734 607,393 429,868
Granted (in shares) 7,672 223,825 567,004
Vested (in shares) (172,176) (321,281) (238,020)
Forfeited (in shares) (28,989) (145,203) (151,459)
Non-vested, ending balance (in shares) 171,241 364,734 607,393
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]      
Non-vested, beginning balance, weighted average grant date fair value (in dollars per share) $ 70.73 $ 94.64 $ 109.33
Granted, weighted average grant date fair value (in dollars per share) 65.45 51.12 93.57
Vested, weighted average grant date fair value (in dollars per share) 74.60 92.24 119.00
Forfeited, weighted average grant date fair value (in dollars per share) 64.73 92.91 94.07
Non-vested, ending balance, weighted average grant date fair value (in dollars per share) $ 67.61 $ 70.73 $ 94.64
v3.25.4
Commitments and Contingencies - Schedule of Contractual Obligation, Fiscal Year Maturity (Detail)
$ in Thousands
Dec. 31, 2025
USD ($)
Aircraft
Commitments and Contingencies Disclosure [Abstract]  
2026 $ 632,159
2027 601,083
2028 70,084
Total purchase commitments $ 1,303,326
Number of aircraft committed to purchase | Aircraft 34
v3.25.4
Commitment and Contingencies - Employees Under Collective Bargaining Agreements (Details)
 12 Months Ended
Dec. 31, 2025
Pilots | Unionized Employees Concentration Risk  
Other Commitments [Line Items]  
Concentration risk, percentage 23.60%
Flight Attendants | Unionized Employees Concentration Risk  
Other Commitments [Line Items]  
Concentration risk, percentage 31.80%
Maintenance Technicians | Unionized Employees Concentration Risk  
Other Commitments [Line Items]  
Concentration risk, percentage 14.60%
Flight Dispatchers | Unionized Employees Concentration Risk  
Other Commitments [Line Items]  
Concentration risk, percentage 1.20%
Total  
Other Commitments [Line Items]  
Concentration risk, percentage 23.60%
Total | Unionized Employees Concentration Risk  
Other Commitments [Line Items]  
Concentration risk, percentage 71.20%
v3.25.4
Commitments and Contingencies - Narrative (Details)
 12 Months Ended
Dec. 31, 2025
Aircraft
employee
Other Commitments [Line Items]  
Number of aircraft committed to purchase | Aircraft 34
Number of full-time equivalent employee | employee 5,620
Total  
Other Commitments [Line Items]  
Concentration risk, percentage 23.60%
v3.25.4
Segments - Narrative (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2025
segment
business_unit
Dec. 31, 2023
USD ($)
Segment Reporting Information [Line Items]    
Number of operating segments | segment 2  
Preopening Expense | $   $ 26.5
Number Of Business Unit | business_unit 1  
v3.25.4
Segments - Schedule of Segment Reporting Information, by Segment (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Segment Reporting Information [Line Items]      
Revenues $ 2,606,579 $ 2,512,589 $ 2,509,857
Labor and Related Expense 833,017 819,843 687,803
Aircraft Fuel 639,731 627,755 695,871
Station operations 297,549 272,843 256,560
Depreciation, Depletion and Amortization, Nonproduction 249,185 258,251 223,130
Selling and Marketing Expense 99,443 106,340 114,616
Aircraft Maintenance, Materials, and Repairs 149,938 125,430 123,802
Aircraft Lease Rental 36,488 23,573 24,948
Other Cost and Expense, Operating 126,356 150,399 133,501
Total special charges 137,705 368,131 28,645
Total operating expenses 2,569,412 2,752,565 2,288,876
Operating Income (Loss) 37,167 (239,976) 220,981
Interest Income (Expense), Operating (41,697) (44,012) (46,615)
Interest expense 150,235 156,443 153,186
Interest Costs Capitalized (17,604) (45,385) (45,132)
Other Nonoperating Expense 1,107 1,428 491
INCOME (LOSS) BEFORE INCOME TAXES (54,874) (308,450) 159,051
Payments to Acquire Productive Assets 408,247 264,301 889,353
Assets 4,209,401 4,429,853 4,856,667
Allegiant Air      
Segment Reporting Information [Line Items]      
Revenues 2,545,899 2,440,839 2,506,976
Labor and Related Expense 805,432 770,667 672,459
Aircraft Fuel 639,731 627,755 695,871
Station operations 297,549 272,843 256,560
Depreciation, Depletion and Amortization, Nonproduction 242,026 231,789 220,915
Selling and Marketing Expense 95,053 99,269 108,453
Aircraft Maintenance, Materials, and Repairs 149,938 125,430 123,802
Aircraft Lease Rental 36,488 23,573 24,948
Other Cost and Expense, Operating 92,273 102,007 117,400
Total special charges 43,539 45,307 35,091
Total operating expenses 2,402,029 2,298,640 2,255,499
Operating Income (Loss) 143,870 142,199 251,477
Interest Income (Expense), Operating (41,697) (44,012) (46,615)
Interest expense 126,769 135,584 131,318
Interest Costs Capitalized (17,604) (45,059) (21,838)
Other Nonoperating Expense 1,107 1,428 491
INCOME (LOSS) BEFORE INCOME TAXES 75,295 94,258 188,121
Payments to Acquire Productive Assets 406,805 244,802 568,309
Assets 4,209,401 4,116,289 4,200,545
Sunseeker Resort (1)      
Segment Reporting Information [Line Items]      
Revenues 60,680 71,750 2,881
Labor and Related Expense 27,585 49,176 15,344
Aircraft Fuel 0 0 0
Station operations 0 0 0
Depreciation, Depletion and Amortization, Nonproduction 7,159 26,462 2,215
Selling and Marketing Expense 4,390 7,071 6,163
Aircraft Maintenance, Materials, and Repairs 0 0 0
Aircraft Lease Rental 0 0 0
Other Cost and Expense, Operating 34,083 48,392 16,101
Total special charges 94,166 322,824 (6,446)
Total operating expenses 167,383 453,925 33,377
Operating Income (Loss) (106,703) (382,175) (30,496)
Interest Income (Expense), Operating 0 0 0
Interest expense 23,466 20,859 21,868
Interest Costs Capitalized 0 (326) (23,294)
Other Nonoperating Expense 0 0 0
INCOME (LOSS) BEFORE INCOME TAXES (130,169) (402,708) (29,070)
Payments to Acquire Productive Assets 1,442 19,499 321,044
Assets $ 0 $ 313,564 $ 656,122
v3.25.4
Impairment (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Sep. 04, 2025
Jul. 03, 2025
Dec. 31, 2024
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Segment Reporting Information [Line Items]            
Proceeds from sale of Sunseeker Resort       $ 189,936 $ 0 $ 0
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Sunseeker Resort (1)            
Segment Reporting Information [Line Items]            
Disposal Group, Including Discontinued Operation, Consideration   $ 200,000        
Proceeds from sale of Sunseeker Resort $ 189,900          
Sunseeker Resort (1)            
Segment Reporting Information [Line Items]            
Sunseeker impairment   100,400 $ 321,800 $ 98,300 $ 321,800  
Asset Impairment Charges, Offset Adjustment   $ 2,100        
v3.25.4
Proposed Acquisition of Sun Country Airlines Holdings, Inc. (Details) - Forecast - Sun Country
 6 Months Ended
Jun. 30, 2026
$ / shares
shares
Business Combination [Line Items]  
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable, Cash Paid Per Acquiree Share | $ / shares $ 4.10
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable, Entity Shares Issued Per Acquiree Share | shares 0.1557