ALLEGIANT TRAVEL CO, 10-Q filed on 8/6/2025
Quarterly Report
v3.25.2
Cover Page - shares
 6 Months Ended
Jun. 30, 2025
Jul. 25, 2025
Document and Entity Information [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Jun. 30, 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, par value $0.001  
Trading Symbol ALGT  
Security Exchange Name NASDAQ  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Emerging Growth Company false  
Entity Small Business false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   18,350,182
Current Fiscal Year End Date --12-31  
Amendment Flag false  
Entity Central Index Key 0001362468  
Document Fiscal Year Focus 2025  
Document Fiscal Period Focus Q2  
v3.25.2
CONSOLIDATED BALANCE SHEETS (unaudited) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
CURRENT ASSETS    
Cash and cash equivalents $ 209,873 $ 285,892
Restricted cash 18,028 16,427
Short-term investments 632,946 495,234
Accounts receivable 74,919 90,407
Expendable parts, supplies and fuel, net 33,758 36,070
Assets held for sale 194,650 0
Prepaid expenses and other current assets 42,576 67,575
TOTAL CURRENT ASSETS 1,206,750 991,605
Property and equipment, net 2,892,648 3,069,949
Long-term investments 9,931 51,725
Deferred major maintenance, net 160,634 173,892
Operating lease right-of-use assets, net 70,165 81,218
Deposits and other assets 49,013 61,464
TOTAL ASSETS: 4,389,141 4,429,853
TOTAL ASSETS:    
Accounts payable 69,355 62,092
Accrued liabilities 416,216 327,404
Current operating lease liabilities 15,235 20,714
Air traffic liability 363,514 370,915
Current loyalty program liability 38,958 41,510
Liabilities held for sale 7,315 0
Current maturities of long-term debt and finance lease obligations, net of related costs 183,063 454,769
TOTAL CURRENT LIABILITIES 1,093,656 1,277,404
Long-term debt and finance lease obligations, net of current maturities and related costs 1,778,855 1,611,735
Deferred income taxes 301,851 315,593
Noncurrent operating lease liabilities 56,617 62,392
Noncurrent loyalty program liability 43,112 39,201
Other noncurrent liabilities 59,129 34,136
TOTAL LIABILITIES: 3,333,220 3,340,461
TOTAL LIABILITIES:    
Common stock, par value $0.001 26 26
Treasury shares (684,635) (678,431)
Additional paid in capital 766,902 760,600
Accumulated other comprehensive income, net 3,444 3,949
Retained earnings 970,184 1,003,248
TOTAL EQUITY: 1,055,921 1,089,392
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY: $ 4,389,141 $ 4,429,853
v3.25.2
CONSOLIDATED BALANCE SHEETS (unaudited) (Parenthetical) - $ / shares
Jun. 30, 2025
Dec. 31, 2024
Statement of Financial Position [Abstract]    
Common Stock, Par or Stated Value Per Share (in dollars per share) $ 0.001 $ 0.001
v3.25.2
CONSOLIDATED STATEMENTS OF INCOME (unaudited) - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
OPERATING REVENUES:        
Passenger $ 617,908 $ 594,499 $ 1,234,658 $ 1,174,434
Third party products 33,649 37,102 68,852 70,501
Fixed fee contracts 17,019 17,699 33,271 36,560
Resort and other 20,808 16,983 51,677 41,193
Total operating revenues 689,384 666,283 1,388,458 1,322,688
OPERATING EXPENSES:        
Salaries and benefits 214,102 209,942 445,541 423,269
Aircraft fuel 165,752 170,060 332,085 340,147
Station operations 75,248 69,798 148,753 136,266
Depreciation and amortization 68,519 65,361 131,830 129,205
Sales and marketing 26,837 27,498 51,933 58,398
Maintenance and repairs 36,379 30,730 71,233 61,008
Aircraft lease rentals 11,023 5,749 16,942 11,734
Other 41,089 34,134 76,259 81,105
Special charges, net of recoveries 117,924 18,114 116,369 31,212
Total operating expenses 756,873 631,386 1,390,945 1,272,344
OPERATING INCOME (LOSS) (67,489) 34,897 (2,487) 50,344
OTHER (INCOME) EXPENSES:        
Interest expense 35,756 39,544 76,540 79,704
Capitalized interest (4,562) (11,609) (11,050) (22,794)
Interest income (10,359) (11,130) (22,294) (23,371)
Other, net 240 67 941 117
Total other expenses 21,075 16,872 44,137 33,656
INCOME (LOSS) BEFORE INCOME TAXES (88,564) 18,025 (46,624) 16,688
INCOME TAX PROVISION (BENEFIT) (23,398) 4,326 (13,560) 3,908
NET INCOME (LOSS) $ (65,166) $ 13,699 $ (33,064) $ 12,780
Earnings (loss) per share to common shareholders:        
Basic (in dollars per share) $ (3.62) $ 0.75 $ (1.84) $ 0.69
Diluted (in dollars per share) $ (3.62) $ 0.75 $ (1.84) $ 0.68
Shares used for computation:        
Basic (in shares) 17,995 17,828 17,989 17,746
Diluted (in shares) 17,995 17,869 17,989 17,836
Cash dividends declared per share (in dollars per share) $ 0 $ 0.60 $ 0 $ 1.20
v3.25.2
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (unaudited) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Statement of Comprehensive Income [Abstract]        
NET INCOME (LOSS) $ (65,166) $ 13,699 $ (33,064) $ 12,780
Other comprehensive income (loss):        
Change in available for sale securities, net of tax 305 (254) (505) (1,462)
TOTAL COMPREHENSIVE INCOME (LOSS) $ (64,861) $ 13,445 $ (33,569) $ 11,318
v3.25.2
CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY (unaudited) - USD ($)
shares in Thousands, $ in Thousands
Total
Common Stock
Additional paid-in capital
Accumulated other comprehensive income
Retained earnings
Treasury shares
Beginning balance (in shares) at Dec. 31, 2023   18,269        
Beginning balance at Dec. 31, 2023 $ 1,328,560 $ 26 $ 741,055 $ 3,991 $ 1,265,420 $ (681,932)
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Share-based compensation (in shares)   5        
Share-based compensation 13,200   13,200      
Shares repurchased by the Company and held as treasury shares (in shares)   (46)        
Shares repurchased by the Company and held as treasury shares (3,023)         (3,023)
Stock issued under employee stock purchase plan (in shares)   90        
Stock issued under employee stock purchase plan 4,914         4,914
Cash dividends (21,934)       (21,934)  
Other comprehensive income (1,462)     (1,462)    
Net income (loss) 12,780       12,780  
Ending balance (in shares) at Jun. 30, 2024   18,318        
Ending balance at Jun. 30, 2024 1,333,035 $ 26 754,255 2,529 1,256,266 (680,041)
Beginning balance (in shares) at Mar. 31, 2024   18,282        
Beginning balance at Mar. 31, 2024 1,322,156 $ 26 747,873 2,783 1,253,549 (682,075)
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Share-based compensation (in shares)   (10)        
Share-based compensation 6,382   6,382      
Shares repurchased by the Company and held as treasury shares (in shares)   (44)        
Shares repurchased by the Company and held as treasury shares (2,880)         (2,880)
Stock issued under employee stock purchase plan (in shares)   90        
Stock issued under employee stock purchase plan 4,914         4,914
Cash dividends (10,982)       (10,982)  
Other comprehensive income (254)     (254)    
Net income (loss) 13,699       13,699  
Ending balance (in shares) at Jun. 30, 2024   18,318        
Ending balance at Jun. 30, 2024 1,333,035 $ 26 754,255 2,529 1,256,266 (680,041)
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Common stock, par value $0.001 26          
Beginning balance (in shares) at Dec. 31, 2024   18,408        
Beginning balance at Dec. 31, 2024 1,089,392 $ 26 760,600 3,949 1,003,248 (678,431)
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Share-based compensation (in shares)   (15)        
Share-based compensation 6,302   6,302      
Shares repurchased by the Company and held as treasury shares (in shares)   (154)        
Shares repurchased by the Company and held as treasury shares (11,470)         (11,470)
Stock issued under employee stock purchase plan (in shares)   112        
Stock issued under employee stock purchase plan 5,266         5,266
Other comprehensive income (505)     (505)    
Net income (loss) (33,064)       (33,064)  
Ending balance (in shares) at Jun. 30, 2025   18,351        
Ending balance at Jun. 30, 2025 1,055,921 $ 26 766,902 3,444 970,184 (684,635)
Beginning balance (in shares) at Mar. 31, 2025   18,261        
Beginning balance at Mar. 31, 2025 1,112,731 $ 26 763,767 3,139 1,035,350 (689,551)
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Share-based compensation (in shares)   (15)        
Share-based compensation 3,135   3,135      
Shares repurchased by the Company and held as treasury shares (in shares)   (7)        
Shares repurchased by the Company and held as treasury shares (350)         (350)
Stock issued under employee stock purchase plan (in shares)   112        
Stock issued under employee stock purchase plan 5,266         5,266
Other comprehensive income 305     305    
Net income (loss) (65,166)       (65,166)  
Ending balance (in shares) at Jun. 30, 2025   18,351        
Ending balance at Jun. 30, 2025 1,055,921 $ 26 $ 766,902 $ 3,444 $ 970,184 $ (684,635)
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Common stock, par value $0.001 $ 26          
v3.25.2
CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY (unaudited) (Parenthetical) - $ / shares
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2024
Statement of Stockholders' Equity [Abstract]    
Common stock, dividends, per share, cash paid (in dollars per share) $ 0.60 $ 1.20
v3.25.2
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Statement of Cash Flows [Abstract]    
NET INCOME (LOSS) $ (33,064) $ 12,780
Depreciation and amortization 131,830 129,205
Special charges, net of recoveries 113,701 20,093
Other adjustments (20,839) 606
Accrued liabilities 70,102 52,750
Air traffic liability (7,401) 36,468
Other - net 29,318 (15,165)
Net cash provided by operating activities 283,647 236,737
Cash flows from investing activities:    
Purchase of investment securities (477,669) (351,939)
Proceeds from maturities of investment securities 387,660 451,573
Aircraft pre-delivery deposits (9,680) (35,053)
Purchase of property and equipment, including capitalized interest (177,222) (193,764)
Other investing activities 35,069 19,431
Net cash used in investing activities (241,842) (109,752)
Cash flows from financing activities:    
Cash dividends paid to shareholders 0 (21,934)
Proceeds from the issuance of debt and finance lease obligations 323,781 18,755
Repurchase of common stock (11,470) (3,023)
Principal payments on debt and finance lease obligations (432,629) (63,223)
Debt issuance costs (3,171) 0
Other financing activities 7,266 14,993
Net cash used in financing activities (116,223) (54,432)
NET CHANGE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH (74,418) 72,553
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT BEGINNING OF PERIOD 302,319 159,584
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT END OF PERIOD 227,901 232,137
CASH PAYMENTS FOR:    
Interest paid, net of amount capitalized 57,969 53,807
Income tax payments (received) (14,954) 155
SUPPLEMENTAL DISCLOSURE OF NONCASH TRANSACTIONS:    
Right-of-use (ROU) assets acquired 0 1,379
Purchases of property and equipment in accrued liabilities and other $ 53,324 $ 22,116
v3.25.2
Sale of Sunseeker Resort
 6 Months Ended
Jun. 30, 2025
Discontinued Operations and Disposal Groups [Abstract]  
Sale of Sunseeker Resort Sale of Sunseeker Resort
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 costs 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 costs 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 fourth quarter 2024, the Company began to explore a potential sale of Sunseeker Resort, including the associated Aileron Golf Course and related assets. 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 at that time.

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 aggregate consideration of approximately $200 million, subject to various adjustments. The sale is anticipated to close in September 2025, subject to the satisfaction of customary closing conditions.

The Resort disposal group was measured at the lower of its carrying value or 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. The assets and liabilities comprising the disposal group were reclassified as assets and liabilities held for sale on the June 30, 2025 balance sheet. Upon classification as held for sale, the Company ceased recording depreciation and amortization expense for long-lived assets of the disposal group. The major classes of assets and liabilities reclassified as held for sale are set forth below:

(in thousands)As of June 30, 2025
Assets
Accounts receivable$2,552 
Inventories, net1,372 
Prepaid expenses and other current assets5,260 
Property and equipment, net284,587 
Deposits and other assets1,290 
Valuation allowance(100,411)
Assets held for sale$194,650 
Liabilities
Accrued liabilities$5,355 
Other noncurrent liabilities1,960 
Liabilities held for sale$7,315 
v3.25.2
Summary of Significant Accounting Policies
 6 Months Ended
Jun. 30, 2025
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies Summary of Significant Accounting Policies
Basis of Presentation

The accompanying unaudited consolidated financial statements include the accounts of Allegiant Travel Company (the “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, and are insignificant to the consolidated financial statements. All intercompany balances and transactions have been eliminated.

These unaudited consolidated financial statements reflect all normal recurring adjustments which management believes are necessary to present fairly the financial position, results of operations, and cash flows of the Company for the respective periods presented. Certain information and footnote disclosures normally included in the annual consolidated financial statements prepared in accordance with U.S. generally accepted accounting principles ("U.S. GAAP") have been omitted pursuant to the rules and regulations of the Securities and Exchange Commission for Form 10-Q. These unaudited interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements of the Company and notes thereto included in the annual report of the Company on Form 10-K for the year ended December 31, 2024 and filed with the Securities and Exchange Commission.

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities, at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results may differ from these estimates.

The Company has reclassified certain prior period amounts to conform to the current period presentation.
v3.25.2
Special Charges
 6 Months Ended
Jun. 30, 2025
Unusual or Infrequent Items, or Both [Abstract]  
Special Charges Special Charges
Sunseeker Resort

In second quarter 2025, the Company recorded special charges of $102.2 million related to the pending sale of Sunseeker Resort at Charlotte Harbor (the "Resort" or "Sunseeker Resort") and the associated Aileron Golf Course, consisting of a write-down charge of $100.4 million and $1.8 million for accrual of retention pay for certain key employees. For more detailed discussion regarding the sale, see Note 11.

Sunseeker Resort was damaged by weather events occurring between 2022 and 2024. The Company considers these events unusual and has accounted for their costs and related insurance recoveries as special charges. Estimated losses are recorded as special charges at the time of the event and offset by insurance recoveries once approved for payment.

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 13 airframes under this plan. The remaining airframes are to be retired between August 2025 and December 2026. The accelerated depreciation on these airframes resulting from a change in the estimated useful life is recorded as a special charge in the three and six months ended June 30, 2025 and 2024.

In April 2024, the Company and the Transport Workers Union of America, representing the Company's flight attendants, ratified a new five-year collective bargaining agreement. The ratification bonus related to the new collective bargaining agreement is included within special charges in 2024.

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, termination of certain marketing agreements and abandonment of certain IT assets no longer being used.
Special Charges

The table below summarizes special charges recorded during the three and six months ended June 30, 2025, and 2024.
Three Months Ended June 30,Six Months Ended June 30,
(in thousands)2025202420252024
Accelerated depreciation on airframes identified for early retirement$2,501 $9,251 $3,892 $24,166 
Flight attendant ratification bonus— 10,821 — 10,821 
Organizational restructuring12,095 — 12,095 — 
Airline special charges14,596 20,072 15,987 34,987 
Sunseeker special charges, net of insurance recoveries(1)
103,328 $(1,958)100,382 $(3,775)
Total special charges$117,924 $18,114 116,369 $31,212 
(1) Includes $3.7 million and $0.7 million of business interruption insurance proceeds received during the three months ended March 31, 2025 and 2024, respectively. There were no business interruption insurance proceeds received during the three months ended June 30, 2025 and 2024.
v3.25.2
Revenue Recognition
 6 Months Ended
Jun. 30, 2025
Revenue Recognition [Abstract]  
Revenue Recognition Revenue Recognition
Passenger Revenue

Passenger revenue is the most significant category in the Company's reported operating revenues, as outlined below:
Three Months Ended June 30,
Six Months Ended June 30,
(in thousands)2025202420252024
Scheduled service$247,208 $272,715 $530,576 $562,594 
Ancillary air-related charges352,873 307,390 668,152 582,183 
Loyalty redemptions17,827 14,394 35,930 29,657 
Total passenger revenue$617,908 $594,499 $1,234,658 $1,174,434 

Sales of passenger tickets not yet flown are recorded in air traffic liability. Passenger revenue is recognized when transportation is provided. As of June 30, 2025, the air traffic liability balance was $363.5 million, of which approximately $322.9 million was related to forward bookings, with the remaining $40.6 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 as of December 31, 2024, approximately 89.3 percent was recognized into passenger revenue during the six months ended June 30, 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.

Resort Revenue

The Company's resort revenues for the three and six months ended June 30, 2025 are set forth in the table below:

Three Months Ended June 30,Six Months Ended June 30,
(in thousands)2025202420252024
Rooms$8,732 $6,653 $24,163 $16,610 
Food and beverage7,766 7,643 17,728 18,415 
Other4,136 2,515 9,431 5,673 
Total resort revenue$20,634 $16,811 $51,322 $40,698 

Revenue from banquets, golf, retail and spa services is included in other resort revenue. Resort revenue is recognized as the underlying services or goods have been provided. There is typically little to no lag between when the services are performed and when payment is remitted. Large group reservations, conventions, and other event bookings require advance deposits which are recorded as accrued liabilities in the Company's balance sheet until the related services and goods are provided. Guest receivables are recorded in accounts receivable on the Company's balance sheet for room nights stayed prior to payment at checkout. The amounts of advance deposit liabilities and guest ledger receivables were not material as of June 30, 2025 or December 31, 2024.
Loyalty redemptions

In relation to the travel component of the Allways Rewards® co-brand credit card contract, the Company has a performance obligation to cardholders with future travel award redemptions at the airline and resort. Therefore, consideration received related to the travel component is deferred based on its relative selling price and is recognized into passenger revenue or resort revenue when the points are redeemed and the underlying service is provided. Similarly, in relation to the Allways Rewards loyalty program, points earned through the program are deferred based on the stand-alone selling price and recognized into passenger or resort revenue when the points are redeemed and the underlying service is provided.

The following table presents the activity of the co-branded credit card and the loyalty program as of the dates indicated:
Six Months Ended June 30,
(in thousands)20252024
Balance at January 1$80,711 $70,813 
Points awarded (deferral of revenue)37,306 33,272 
Points redeemed (recognition of revenue)(1)
(35,947)(29,674)
Balance at June 30(2)
$82,070 $74,411 
(1) Points are combined in one homogenous 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.
v3.25.2
Property and Equipment
 6 Months Ended
Jun. 30, 2025
Property, Plant and Equipment [Abstract]  
Property and Equipment Property and Equipment
The following table summarizes the Company's property and equipment as of the dates indicated:
(in thousands)June 30, 2025December 31, 2024
Airline
Flight equipment$3,487,636 $3,345,458 
Computer hardware and software332,096 320,432 
Land and buildings/leasehold improvements76,013 66,115 
Other property and equipment117,637 115,043 
Sunseeker Resort (1)
Land and buildings/leasehold improvements— 255,201 
Other property and equipment— 34,894 
Total property and equipment4,013,382 4,137,143 
Less accumulated depreciation and amortization(1,120,734)(1,067,194)
Property and equipment, net$2,892,648 $3,069,949 
(1) The Company has entered into a purchase agreement for the sale of Sunseeker Resort and related Aileron Golf Course. At June 30, 2025, the Resort met the criteria for held-for-sale presentation under Accounting Standards Codification (ASC) 360 and as such, all assets related to Sunseeker Resort and Aileron Golf Course are now presented in assets and liabilities held for sale on the balance sheet. For more information, please see Note 11.

As of June 30, 2025, the Company had firm commitments to purchase 37 aircraft.

Accrued capital expenditures, which primarily relate to the airline, as of June 30, 2025 and December 31, 2024 were $53.3 million and $8.9 million, respectively.
v3.25.2
Long-Term Debt
 6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
Long-Term Debt Long-Term Debt
The following table summarizes the Company's long-term debt and finance lease obligations, net of related costs, as of the dates indicated:
(in thousands)June 30, 2025December 31, 2024
Fixed-rate debt and finance lease obligations due through 2032$1,336,800 $1,481,186 
Variable-rate debt due through 2037625,118 585,318 
Total long-term debt and finance lease obligations, net of related costs1,961,918 2,066,504 
Less current maturities, net of related costs183,063 454,769 
Long-term debt and finance lease obligations, net of current maturities and related costs$1,778,855 $1,611,735 
Weighted average fixed-interest rate on debt6.6%6.5%
Weighted average variable-interest rate on debt6.6%6.8%

Interest Rate(s) Per Annum atBalance as of
(dollars in thousands)Maturity DatesJune 30, 2025June 30, 2025December 31, 2024
Senior secured notes20277.25%$550,000 $550,000 
Consolidated variable interest entities2028-20292.92%-5.19%101,593 107,959 
Revolving credit facilities2025-2028N/A— — 
Debt secured by aircraft, engines, other equipment and real estate2025-20371.87%-8.38%906,523 765,278 
Finance leases2028-20324.44%-7.02%416,669 429,896 
Sunseeker construction loan2025N/A— 100,000 
Unsecured debt2025N/A— 130,500 
Total debt$1,974,785 $2,083,633 
Related costs(12,867)(17,129)
Total debt net of related costs$1,961,918 $2,066,504 

Maturities of long term debt as of June 30, 2025, for the next five years and thereafter, in the aggregate, are:

(in thousands)As of June 30, 2025
Remaining in 2025$85,405 
2026213,244 
2027693,453 
2028171,682 
2029182,434 
2030156,668 
Thereafter459,032 
Total debt and finance lease obligations, net of related costs$1,961,918 

Debt Secured by Aircraft

In March 2024, the Company entered into credit agreements under which it was entitled to borrow up to $218.5 million, and which was to be collateralized by new aircraft upon delivery. During the six months ended June 30, 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 three months ended June 30, 2025, the Company drew down $55.3 million under the
facility and $166.0 million remains undrawn as of June 30, 2025. The borrowing carries a variable interest rate based on three-month SOFR and consists of two tranches maturing in seven and twelve years.

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. The loan will bear interest at a variable rate based on three-month SOFR and matures twelve years from the drawing date. As of June 30, 2025, this commitment remains undrawn.

Other Secured Debt

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. During the six months ended June 30, 2025, the Company repaid $78.8 million of the outstanding principal balances. As of June 30, 2025, the facility had an outstanding principal balance of $53.9 million. The facility had undrawn borrowing capacity of $25.1 million as of June 30, 2025.

Construction Loan Agreement

In October 2021, the Company, through a wholly-owned subsidiary, entered into a credit agreement and borrowed $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.

Revolving Credit Facility

In March 2021, the Company entered into a revolving credit facility, which, as amended to date, entitled it to borrow up to $100.0 million. In April 2025, the agreement was further amended to extend the maturity date to April 2028. The borrowing ability under the facility is based on the value of the aircraft and engines placed into the collateral pool. Amounts drawn under the facility will bear interest at a floating rate based on SOFR. As of June 30, 2025, no assets have been placed in the collateral pool and the facility remained undrawn.

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 six months ended June 30, 2025, the Company repaid the entirety of the $130.5 million outstanding under the facility as the associated aircraft delivered.

Undrawn Revolving Credit and Other Facilities
In aggregate, at June 30, 2025, the Company had $275.0 million available under its revolving credit facilities and $335.0 million available in undrawn aircraft and pre-delivery deposit financing commitments. These amounts include undrawn amounts referenced above.
v3.25.2
Income Taxes
 6 Months Ended
Jun. 30, 2025
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
The Company recorded a $23.4 million income tax benefit at a 26.4 percent effective tax rate and a $4.3 million income tax expense at a 24.0 percent effective tax rate for the three months ended June 30, 2025 and 2024, respectively. The effective tax rate for the three months ended June 30, 2025 differed from the statutory federal income tax rate of 21.0 percent primarily due to state income taxes, the impact of permanent tax differences and discrete items. The discrete items primarily relate to the Sunseeker write down.
The Company recorded a $13.6 million income tax benefit at an effective tax rate of 29.1 percent and a $3.9 million income tax expense at a 23.4 percent effective tax rate for the six months ended June 30, 2025 and 2024, respectively. The effective tax rate for the six months ended June 30, 2025 differed from the statutory federal income tax rate of 21.0 percent primarily due to state income taxes, the impact of permanent tax differences and discrete items. The discrete items primarily relate to the Sunseeker write down. The Company's estimated annual effective tax rate for 2025, excluding discrete items, is 17.0 percent.
v3.25.2
Fair Value Measurements
 6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
The Company utilizes the market approach to measure the fair value of its financial assets. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets. The assets classified as Level 2 primarily utilize quoted market prices or alternative pricing sources including transactions involving identical or comparable assets and models utilizing market observable inputs for valuation of these securities. No changes in valuation techniques or inputs occurred during the six months ended June 30, 2025.
Financial instruments measured at fair value on a recurring basis:
As of June 30, 2025As of December 31, 2024
(in thousands)TotalLevel 1Level 2TotalLevel 1Level 2
Cash equivalents   
Money market funds$45,979 $45,979 $— $41,494 $41,494 $— 
Commercial paper18,527 — 18,527 22,689 — 22,689 
US Government and agency obligations17,992 — 17,992 81,535 — 81,535 
Municipal debt securities11,103 — 11,103 10,299 — 10,299 
Corporate debt securities411 — 411 4,133 — 4,133 
Total cash equivalents94,012 45,979 48,033 160,150 41,494 118,656 
Short-term     
Corporate debt securities304,380 — 304,380 242,313 — 242,313 
Commercial paper217,224 — 217,224 149,807 — 149,807 
US Government and agency obligations99,939 — 99,939 94,295 — 94,295 
Certificates of deposit7,380 — 7,380 7,239 — 7,239 
Municipal debt securities4,023 — 4,023 1,580 — 1,580 
Total short-term632,946 — 632,946 495,234 — 495,234 
Long-term      
US Government and agency obligations5,257 — 5,257 10,452 — 10,452 
Corporate debt securities4,674 — 4,674 39,931 — 39,931 
Municipal debt securities— — — 1,342 — 1,342 
Total long-term9,931 — 9,931 51,725 — 51,725 
Total financial instruments$736,889 $45,979 $690,910 $707,109 $41,494 $665,615 

None of the Company's long-term debt is publicly traded. The Company has determined the estimated fair value of all 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 June 30, 2025As of December 31, 2024
(in thousands)Carrying ValueEstimated Fair ValueCarrying ValueEstimated Fair ValueFair Value Level
Non-publicly held debt$1,558,116 $1,548,851 $1,653,737 $1,667,275 3

Due to the short-term nature, carrying amounts of cash, cash equivalents, restricted cash, accounts receivable and accounts payable approximate fair value.
v3.25.2
Earnings (Loss) per Share
 6 Months Ended
Jun. 30, 2025
Earnings Per Share [Abstract]  
Earnings (Loss) per Share Earnings per Share
Basic and diluted earnings per share are computed pursuant to the two-class method. Under this method, the Company attributes net income to two classes: common stock and unvested restricted stock. Unvested restricted stock awards granted to employees under the Company’s Long-Term Incentive Plan are considered participating securities as 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 the 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:

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.

The following table sets forth the computation of net income per share, on a basic and diluted basis, for the periods indicated (share count and dollar amounts other than per-share amounts in the table are in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Basic:  
Net income (loss)$(65,166)$13,699 $(33,064)$12,780 
Less income allocated to participating securities— (333)— (618)
Net income (loss) attributable to common stock$(65,166)$13,366 $(33,064)$12,162 
Earnings (loss) per share, basic$(3.62)$0.75 $(1.84)$0.69 
Weighted-average shares outstanding17,995 17,828 17,989 17,746 
Diluted:    
Net income (loss)$(65,166)$13,699 $(33,064)$12,780 
Less income allocated to participating securities— (333)— (618)
Net income (loss) attributable to common stock$(65,166)$13,366 $(33,064)$12,162 
Earnings (loss) per share, diluted$(3.62)$0.75 $(1.84)$0.68 
Weighted-average shares outstanding17,995 17,828 17,989 17,746 
Dilutive effect of restricted stock— 78 — 195 
Adjusted weighted-average shares outstanding under treasury stock method17,995 17,906 17,989 17,941 
Participating securities excluded under two-class method— (37)— (105)
Adjusted weighted-average shares outstanding under two-class method17,995 17,869 17,989 17,836 
v3.25.2
Contingencies
 6 Months Ended
Jun. 30, 2025
Commitments and Contingencies Disclosure [Abstract]  
Contingencies Contingencies
The Company is subject to certain legal and administrative actions it considers routine to its business activities. The Company believes the ultimate outcome of any potential and pending legal or administrative matters will not have a material adverse impact on its financial position, liquidity or results of operations.
v3.25.2
Segments
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Segments 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 President and CEO, who assesses segment performance and makes resource allocation decisions using information about each operating segment's operating income and pretax income. The CODM reviews separate financial information and makes resource allocation decisions for the Company's two operating segments: Airline and Sunseeker Resort.

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 Sunseeker Resort segment operates as a single business unit and includes 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:
Three Months Ended June 30, 2025
(in thousands)AirlineSunseekerConsolidated
REVENUES FROM EXTERNAL CUSTOMERS$668,750 $20,634 $689,384 
OPERATING EXPENSES:
Salaries and benefits203,485 10,617 214,102 
Aircraft fuel165,752 — 165,752 
Station operations75,248 — 75,248 
Depreciation and amortization64,961 3,558 68,519 
Maintenance and repairs36,379 — 36,379 
Sales and marketing25,119 1,718 26,837 
Aircraft lease rentals11,023 — 11,023 
Other operating expense(1)
29,031 12,058 41,089 
Special charges, net of recoveries14,595 103,329 117,924 
Total operating expenses625,593 131,280 756,873 
OPERATING INCOME (LOSS)43,157 (110,646)(67,489)
OTHER (INCOME) EXPENSES:
Interest income(10,359)— (10,359)
Interest expense28,121 7,635 35,756 
Capitalized interest(4,562)— (4,562)
Other non-operating expense240 — 240 
INCOME (LOSS) BEFORE INCOME TAXES$29,717 $(118,281)$(88,564)
Capital expenditures$137,717 $1,036 $138,753 

Three Months Ended June 30, 2024
(in thousands)AirlineSunseekerConsolidated
REVENUES FROM EXTERNAL CUSTOMERS$649,472 $16,811 $666,283 
OPERATING EXPENSES:
Salaries and benefits197,417 12,525 209,942 
Aircraft fuel170,060 — 170,060 
Station operations69,798 — 69,798 
Depreciation and amortization59,345 6,016 65,361 
Maintenance and repairs30,730 — 30,730 
Sales and marketing25,918 1,580 27,498 
Aircraft lease rentals5,749 — 5,749 
Other operating expense(1)
23,426 10,708 34,134 
Special charges, net of recoveries20,073 (1,959)18,114 
Total operating expenses602,516 28,870 631,386 
OPERATING INCOME (LOSS)46,956 (12,059)34,897 
OTHER (INCOME) EXPENSES:
Interest income(11,130)— (11,130)
Interest expense34,121 5,423 39,544 
Capitalized interest(11,609)— (11,609)
Other non-operating expense67 — 67 
INCOME (LOSS) BEFORE INCOME TAXES$35,507 $(17,482)$18,025 
Capital expenditures$39,044 $4,039 $43,083 
Six Months Ended June 30, 2025
(in thousands)AirlineSunseekerConsolidated
REVENUES FROM EXTERNAL CUSTOMERS$1,337,136 $51,322 $1,388,458 
OPERATING EXPENSES:
Salaries and benefits423,859 21,682 445,541 
Aircraft fuel332,085 — 332,085 
Station operations148,753 — 148,753 
Depreciation and amortization124,672 7,158 131,830 
Maintenance and repairs71,233 — 71,233 
Sales and marketing48,489 3,444 51,933 
Aircraft lease rentals16,942 — 16,942 
Other operating expense(1)
51,107 25,152 76,259 
Special charges, net of recoveries15,987 100,382 116,369 
Total operating expenses1,233,127 157,818 1,390,945 
OPERATING INCOME (LOSS)104,009 (106,496)(2,487)
OTHER (INCOME) EXPENSES:
Interest income(22,294)— (22,294)
Interest expense57,070 19,470 76,540 
Capitalized interest(11,050)— (11,050)
Other non-operating expense941 — 941 
INCOME (LOSS) BEFORE INCOME TAXES$79,342 $(125,966)$(46,624)
Capital expenditures$220,853 $1,442 $222,295 

Six Months Ended June 30, 2024
(in thousands)AirlineSunseekerConsolidated
REVENUES FROM EXTERNAL CUSTOMERS$1,281,990 $40,698 $1,322,688 
OPERATING EXPENSES:
Salaries and benefits396,926 26,343 423,269 
Aircraft fuel340,147 — 340,147 
Station operations136,266 — 136,266 
Depreciation and amortization117,212 11,993 129,205 
Maintenance and repairs61,008 — 61,008 
Sales and marketing54,796 3,602 58,398 
Aircraft lease rentals11,734 — 11,734 
Other operating expense(1)
57,742 23,363 81,105 
Special charges, net of recoveries34,987 (3,775)31,212 
Total operating expenses1,210,818 61,526 1,272,344 
OPERATING INCOME (LOSS)71,172 (20,828)50,344 
OTHER (INCOME) EXPENSES:
Interest income(23,371)— (23,371)
Interest expense68,858 10,846 79,704 
Capitalized interest(22,468)(326)(22,794)
Other non-operating expense117 — 117 
INCOME (LOSS) BEFORE INCOME TAXES$48,036 $(31,348)$16,688 
Capital expenditures$161,219 $18,043 $179,262 

(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 expense.
Total assets were as follows as of the dates indicated:
(in thousands)As of June 30, 2025As of December 31, 2024
Airline$4,191,346 $4,116,289 
Sunseeker Resort197,795 313,564 
Consolidated$4,389,141 $4,429,853 
v3.25.2
Subsequent Events
 6 Months Ended
Jun. 30, 2025
Subsequent Events [Abstract]  
Subsequent Events Subsequent Events
On July 3, 2025, the Company and its Sunseeker subsidiaries entered into an Agreement of Purchase and Sale with affiliates of Blackstone Real Estate Group for the sale of the Company's Sunseeker Resort Charlotte Harbor, Aileron Golf Course and related properties in Southwest Florida. Please see Note 11 for more information regarding this agreement.
In July 2025, the Company borrowed $210.1 million on previously reported but undrawn credit facilities. These loans are collateralized by the Company's aircraft assets, bear interest at a variable rate based on SOFR, and are payable in quarterly installments over a term of 12 years.
v3.25.2
Insider Trading Arrangements
 3 Months Ended
Jun. 30, 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
v3.25.2
Summary of Significant Accounting Policies - (Policies)
 6 Months Ended
Jun. 30, 2025
Accounting Policies [Abstract]  
Basis of Presentation
Basis of Presentation

The accompanying unaudited consolidated financial statements include the accounts of Allegiant Travel Company (the “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, and are insignificant to the consolidated financial statements. All intercompany balances and transactions have been eliminated.

These unaudited consolidated financial statements reflect all normal recurring adjustments which management believes are necessary to present fairly the financial position, results of operations, and cash flows of the Company for the respective periods presented. Certain information and footnote disclosures normally included in the annual consolidated financial statements prepared in accordance with U.S. generally accepted accounting principles ("U.S. GAAP") have been omitted pursuant to the rules and regulations of the Securities and Exchange Commission for Form 10-Q. These unaudited interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements of the Company and notes thereto included in the annual report of the Company on Form 10-K for the year ended December 31, 2024 and filed with the Securities and Exchange Commission.

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities, at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results may differ from these estimates.

The Company has reclassified certain prior period amounts to conform to the current period presentation.
v3.25.2
Sale of Sunseeker Resort (Tables)
 6 Months Ended
Jun. 30, 2025
Discontinued Operations and Disposal Groups [Abstract]  
Schedule of Disposal Groups, Including Discontinued Operations The major classes of assets and liabilities reclassified as held for sale are set forth below:
(in thousands)As of June 30, 2025
Assets
Accounts receivable$2,552 
Inventories, net1,372 
Prepaid expenses and other current assets5,260 
Property and equipment, net284,587 
Deposits and other assets1,290 
Valuation allowance(100,411)
Assets held for sale$194,650 
Liabilities
Accrued liabilities$5,355 
Other noncurrent liabilities1,960 
Liabilities held for sale$7,315 
v3.25.2
Special Charges (Tables)
 6 Months Ended
Jun. 30, 2025
Unusual or Infrequent Items, or Both [Abstract]  
Summary of Special Charges
The table below summarizes special charges recorded during the three and six months ended June 30, 2025, and 2024.
Three Months Ended June 30,Six Months Ended June 30,
(in thousands)2025202420252024
Accelerated depreciation on airframes identified for early retirement$2,501 $9,251 $3,892 $24,166 
Flight attendant ratification bonus— 10,821 — 10,821 
Organizational restructuring12,095 — 12,095 — 
Airline special charges14,596 20,072 15,987 34,987 
Sunseeker special charges, net of insurance recoveries(1)
103,328 $(1,958)100,382 $(3,775)
Total special charges$117,924 $18,114 116,369 $31,212 
(1) Includes $3.7 million and $0.7 million of business interruption insurance proceeds received during the three months ended March 31, 2025 and 2024, respectively. There were no business interruption insurance proceeds received during the three months ended June 30, 2025 and 2024.
v3.25.2
Revenue Recognition (Tables)
 6 Months Ended
Jun. 30, 2025
Revenue Recognition [Abstract]  
Disaggregation of Revenue
Passenger revenue is the most significant category in the Company's reported operating revenues, as outlined below:
Three Months Ended June 30,
Six Months Ended June 30,
(in thousands)2025202420252024
Scheduled service$247,208 $272,715 $530,576 $562,594 
Ancillary air-related charges352,873 307,390 668,152 582,183 
Loyalty redemptions17,827 14,394 35,930 29,657 
Total passenger revenue$617,908 $594,499 $1,234,658 $1,174,434 
The Company's resort revenues for the three and six months ended June 30, 2025 are set forth in the table below:

Three Months Ended June 30,Six Months Ended June 30,
(in thousands)2025202420252024
Rooms$8,732 $6,653 $24,163 $16,610 
Food and beverage7,766 7,643 17,728 18,415 
Other4,136 2,515 9,431 5,673 
Total resort revenue$20,634 $16,811 $51,322 $40,698 
Contract with Customer, Contract Asset, Contract Liability, and Receivable
The following table presents the activity of the co-branded credit card and the loyalty program as of the dates indicated:
Six Months Ended June 30,
(in thousands)20252024
Balance at January 1$80,711 $70,813 
Points awarded (deferral of revenue)37,306 33,272 
Points redeemed (recognition of revenue)(1)
(35,947)(29,674)
Balance at June 30(2)
$82,070 $74,411 
v3.25.2
Property and Equipment (Tables)
 6 Months Ended
Jun. 30, 2025
Property, Plant and Equipment [Abstract]  
Property, Plant and Equipment
The following table summarizes the Company's property and equipment as of the dates indicated:
(in thousands)June 30, 2025December 31, 2024
Airline
Flight equipment$3,487,636 $3,345,458 
Computer hardware and software332,096 320,432 
Land and buildings/leasehold improvements76,013 66,115 
Other property and equipment117,637 115,043 
Sunseeker Resort (1)
Land and buildings/leasehold improvements— 255,201 
Other property and equipment— 34,894 
Total property and equipment4,013,382 4,137,143 
Less accumulated depreciation and amortization(1,120,734)(1,067,194)
Property and equipment, net$2,892,648 $3,069,949 
(1) The Company has entered into a purchase agreement for the sale of Sunseeker Resort and related Aileron Golf Course. At June 30, 2025, the Resort met the criteria for held-for-sale presentation under Accounting Standards Codification (ASC) 360 and as such, all assets related to Sunseeker Resort and Aileron Golf Course are now presented in assets and liabilities held for sale on the balance sheet. For more information, please see Note 11.
v3.25.2
Long-Term Debt (Tables)
 6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
Summary of Long-Term Debt
The following table summarizes the Company's long-term debt and finance lease obligations, net of related costs, as of the dates indicated:
(in thousands)June 30, 2025December 31, 2024
Fixed-rate debt and finance lease obligations due through 2032$1,336,800 $1,481,186 
Variable-rate debt due through 2037625,118 585,318 
Total long-term debt and finance lease obligations, net of related costs1,961,918 2,066,504 
Less current maturities, net of related costs183,063 454,769 
Long-term debt and finance lease obligations, net of current maturities and related costs$1,778,855 $1,611,735 
Weighted average fixed-interest rate on debt6.6%6.5%
Weighted average variable-interest rate on debt6.6%6.8%

Interest Rate(s) Per Annum atBalance as of
(dollars in thousands)Maturity DatesJune 30, 2025June 30, 2025December 31, 2024
Senior secured notes20277.25%$550,000 $550,000 
Consolidated variable interest entities2028-20292.92%-5.19%101,593 107,959 
Revolving credit facilities2025-2028N/A— — 
Debt secured by aircraft, engines, other equipment and real estate2025-20371.87%-8.38%906,523 765,278 
Finance leases2028-20324.44%-7.02%416,669 429,896 
Sunseeker construction loan2025N/A— 100,000 
Unsecured debt2025N/A— 130,500 
Total debt$1,974,785 $2,083,633 
Related costs(12,867)(17,129)
Total debt net of related costs$1,961,918 $2,066,504 
Schedule of Maturities of Long-Term Debt
Maturities of long term debt as of June 30, 2025, for the next five years and thereafter, in the aggregate, are:

(in thousands)As of June 30, 2025
Remaining in 2025$85,405 
2026213,244 
2027693,453 
2028171,682 
2029182,434 
2030156,668 
Thereafter459,032 
Total debt and finance lease obligations, net of related costs$1,961,918 
v3.25.2
Fair Value Measurements (Tables)
 6 Months Ended
Jun. 30, 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 June 30, 2025As of December 31, 2024
(in thousands)TotalLevel 1Level 2TotalLevel 1Level 2
Cash equivalents   
Money market funds$45,979 $45,979 $— $41,494 $41,494 $— 
Commercial paper18,527 — 18,527 22,689 — 22,689 
US Government and agency obligations17,992 — 17,992 81,535 — 81,535 
Municipal debt securities11,103 — 11,103 10,299 — 10,299 
Corporate debt securities411 — 411 4,133 — 4,133 
Total cash equivalents94,012 45,979 48,033 160,150 41,494 118,656 
Short-term     
Corporate debt securities304,380 — 304,380 242,313 — 242,313 
Commercial paper217,224 — 217,224 149,807 — 149,807 
US Government and agency obligations99,939 — 99,939 94,295 — 94,295 
Certificates of deposit7,380 — 7,380 7,239 — 7,239 
Municipal debt securities4,023 — 4,023 1,580 — 1,580 
Total short-term632,946 — 632,946 495,234 — 495,234 
Long-term      
US Government and agency obligations5,257 — 5,257 10,452 — 10,452 
Corporate debt securities4,674 — 4,674 39,931 — 39,931 
Municipal debt securities— — — 1,342 — 1,342 
Total long-term9,931 — 9,931 51,725 — 51,725 
Total financial instruments$736,889 $45,979 $690,910 $707,109 $41,494 $665,615 
Fair Value, Liabilities Measured on Recurring Basis
Carrying value and estimated fair value of long-term debt, including current maturities and without reduction for related costs, are as follows:
As of June 30, 2025As of December 31, 2024
(in thousands)Carrying ValueEstimated Fair ValueCarrying ValueEstimated Fair ValueFair Value Level
Non-publicly held debt$1,558,116 $1,548,851 $1,653,737 $1,667,275 3
v3.25.2
Earnings per Share (Tables)
 6 Months Ended
Jun. 30, 2025
Earnings Per Share [Abstract]  
Computation of Net Income Per Share, Basic and Diluted
The following table sets forth the computation of net income per share, on a basic and diluted basis, for the periods indicated (share count and dollar amounts other than per-share amounts in the table are in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Basic:  
Net income (loss)$(65,166)$13,699 $(33,064)$12,780 
Less income allocated to participating securities— (333)— (618)
Net income (loss) attributable to common stock$(65,166)$13,366 $(33,064)$12,162 
Earnings (loss) per share, basic$(3.62)$0.75 $(1.84)$0.69 
Weighted-average shares outstanding17,995 17,828 17,989 17,746 
Diluted:    
Net income (loss)$(65,166)$13,699 $(33,064)$12,780 
Less income allocated to participating securities— (333)— (618)
Net income (loss) attributable to common stock$(65,166)$13,366 $(33,064)$12,162 
Earnings (loss) per share, diluted$(3.62)$0.75 $(1.84)$0.68 
Weighted-average shares outstanding17,995 17,828 17,989 17,746 
Dilutive effect of restricted stock— 78 — 195 
Adjusted weighted-average shares outstanding under treasury stock method17,995 17,906 17,989 17,941 
Participating securities excluded under two-class method— (37)— (105)
Adjusted weighted-average shares outstanding under two-class method17,995 17,869 17,989 17,836 
v3.25.2
Segments (Tables)
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information, by Segment
Three Months Ended June 30, 2025
(in thousands)AirlineSunseekerConsolidated
REVENUES FROM EXTERNAL CUSTOMERS$668,750 $20,634 $689,384 
OPERATING EXPENSES:
Salaries and benefits203,485 10,617 214,102 
Aircraft fuel165,752 — 165,752 
Station operations75,248 — 75,248 
Depreciation and amortization64,961 3,558 68,519 
Maintenance and repairs36,379 — 36,379 
Sales and marketing25,119 1,718 26,837 
Aircraft lease rentals11,023 — 11,023 
Other operating expense(1)
29,031 12,058 41,089 
Special charges, net of recoveries14,595 103,329 117,924 
Total operating expenses625,593 131,280 756,873 
OPERATING INCOME (LOSS)43,157 (110,646)(67,489)
OTHER (INCOME) EXPENSES:
Interest income(10,359)— (10,359)
Interest expense28,121 7,635 35,756 
Capitalized interest(4,562)— (4,562)
Other non-operating expense240 — 240 
INCOME (LOSS) BEFORE INCOME TAXES$29,717 $(118,281)$(88,564)
Capital expenditures$137,717 $1,036 $138,753 

Three Months Ended June 30, 2024
(in thousands)AirlineSunseekerConsolidated
REVENUES FROM EXTERNAL CUSTOMERS$649,472 $16,811 $666,283 
OPERATING EXPENSES:
Salaries and benefits197,417 12,525 209,942 
Aircraft fuel170,060 — 170,060 
Station operations69,798 — 69,798 
Depreciation and amortization59,345 6,016 65,361 
Maintenance and repairs30,730 — 30,730 
Sales and marketing25,918 1,580 27,498 
Aircraft lease rentals5,749 — 5,749 
Other operating expense(1)
23,426 10,708 34,134 
Special charges, net of recoveries20,073 (1,959)18,114 
Total operating expenses602,516 28,870 631,386 
OPERATING INCOME (LOSS)46,956 (12,059)34,897 
OTHER (INCOME) EXPENSES:
Interest income(11,130)— (11,130)
Interest expense34,121 5,423 39,544 
Capitalized interest(11,609)— (11,609)
Other non-operating expense67 — 67 
INCOME (LOSS) BEFORE INCOME TAXES$35,507 $(17,482)$18,025 
Capital expenditures$39,044 $4,039 $43,083 
Six Months Ended June 30, 2025
(in thousands)AirlineSunseekerConsolidated
REVENUES FROM EXTERNAL CUSTOMERS$1,337,136 $51,322 $1,388,458 
OPERATING EXPENSES:
Salaries and benefits423,859 21,682 445,541 
Aircraft fuel332,085 — 332,085 
Station operations148,753 — 148,753 
Depreciation and amortization124,672 7,158 131,830 
Maintenance and repairs71,233 — 71,233 
Sales and marketing48,489 3,444 51,933 
Aircraft lease rentals16,942 — 16,942 
Other operating expense(1)
51,107 25,152 76,259 
Special charges, net of recoveries15,987 100,382 116,369 
Total operating expenses1,233,127 157,818 1,390,945 
OPERATING INCOME (LOSS)104,009 (106,496)(2,487)
OTHER (INCOME) EXPENSES:
Interest income(22,294)— (22,294)
Interest expense57,070 19,470 76,540 
Capitalized interest(11,050)— (11,050)
Other non-operating expense941 — 941 
INCOME (LOSS) BEFORE INCOME TAXES$79,342 $(125,966)$(46,624)
Capital expenditures$220,853 $1,442 $222,295 

Six Months Ended June 30, 2024
(in thousands)AirlineSunseekerConsolidated
REVENUES FROM EXTERNAL CUSTOMERS$1,281,990 $40,698 $1,322,688 
OPERATING EXPENSES:
Salaries and benefits396,926 26,343 423,269 
Aircraft fuel340,147 — 340,147 
Station operations136,266 — 136,266 
Depreciation and amortization117,212 11,993 129,205 
Maintenance and repairs61,008 — 61,008 
Sales and marketing54,796 3,602 58,398 
Aircraft lease rentals11,734 — 11,734 
Other operating expense(1)
57,742 23,363 81,105 
Special charges, net of recoveries34,987 (3,775)31,212 
Total operating expenses1,210,818 61,526 1,272,344 
OPERATING INCOME (LOSS)71,172 (20,828)50,344 
OTHER (INCOME) EXPENSES:
Interest income(23,371)— (23,371)
Interest expense68,858 10,846 79,704 
Capitalized interest(22,468)(326)(22,794)
Other non-operating expense117 — 117 
INCOME (LOSS) BEFORE INCOME TAXES$48,036 $(31,348)$16,688 
Capital expenditures$161,219 $18,043 $179,262 

(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 expense.
Total assets were as follows as of the dates indicated:
(in thousands)As of June 30, 2025As of December 31, 2024
Airline$4,191,346 $4,116,289 
Sunseeker Resort197,795 313,564 
Consolidated$4,389,141 $4,429,853 
v3.25.2
Sale of Sunseeker Resort - Narrative (Details) - Disposal Group, Disposed of by Sale, Not Discontinued Operations - Sunseeker Resorts - USD ($)
$ in Millions
 3 Months Ended
Jun. 30, 2025
Sep. 30, 2025
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]    
Disposal Group, Not Discontinued Operation, Loss (Gain) on Write-down $ 100.4  
Subsequent Event    
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]    
Disposal Group, Including Discontinued Operation, Consideration   $ 200.0
v3.25.2
Sale of Sunseeker Resort - Schedule of Disposal Groups, Including Discontinued Operations (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]    
Liabilities held for sale $ 7,315 $ 0
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Sunseeker Resorts    
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]    
Accounts receivable 2,552  
Inventories, net 1,372  
Prepaid expenses and other current assets 5,260  
Property and equipment, net 284,587  
Deposits and other assets 1,290  
Valuation allowance (100,411)  
Assets held for sale 194,650  
Accrued liabilities 5,355  
Other noncurrent liabilities 1,960  
Liabilities held for sale $ 7,315  
v3.25.2
Special Charges - Narrative (Details)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
USD ($)
Jun. 30, 2024
USD ($)
Jun. 30, 2025
USD ($)
Aircraft
Jun. 30, 2024
USD ($)
Property, Plant and Equipment [Line Items]        
Number of aircraft retired | Aircraft     13  
Sunseeker Resorts        
Property, Plant and Equipment [Line Items]        
Restructuring charges $ 103,328 $ (1,958) $ 100,382 $ (3,775)
Facility Sale | Sunseeker Resorts        
Property, Plant and Equipment [Line Items]        
Restructuring charges 102,200      
Write-down Charge | Sunseeker Resorts        
Property, Plant and Equipment [Line Items]        
Restructuring charges 100,400      
Employee Severance | Sunseeker Resorts        
Property, Plant and Equipment [Line Items]        
Restructuring charges 1,800      
Organizational Restructuring        
Property, Plant and Equipment [Line Items]        
Restructuring charges $ 12,095 $ 0 $ 12,095 $ 0
v3.25.2
Special Charges - Summary of Special Charges (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Mar. 31, 2025
Jun. 30, 2024
Mar. 31, 2024
Jun. 30, 2025
Jun. 30, 2024
Business Interruption Loss [Line Items]            
Accelerated depreciation on airframes identified for early retirement $ 2,501   $ 9,251   $ 3,892 $ 24,166
Flight attendant ratification bonus 0   10,821   0 10,821
Total special charges 117,924   18,114   116,369 31,212
Proceeds From Business Interruption Insurance 0 $ 3,700 0 $ 700    
Airline            
Business Interruption Loss [Line Items]            
Restructuring charges 14,596   20,072   15,987 34,987
Sunseeker Resorts            
Business Interruption Loss [Line Items]            
Restructuring charges 103,328   (1,958)   100,382 (3,775)
Organizational Restructuring            
Business Interruption Loss [Line Items]            
Restructuring charges $ 12,095   $ 0   $ 12,095 $ 0
v3.25.2
Revenue Recognition - Disaggregation of Revenue (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Disaggregation of Revenue [Line Items]        
Revenue from Contract with Customer, Excluding Assessed Tax $ 617,908 $ 594,499 $ 1,234,658 $ 1,174,434
Passenger Revenue        
Disaggregation of Revenue [Line Items]        
Revenue from Contract with Customer, Excluding Assessed Tax 617,908 594,499    
Resort Revenue        
Disaggregation of Revenue [Line Items]        
Revenue from Contract with Customer, Excluding Assessed Tax 20,634 16,811 51,322 40,698
Scheduled service        
Disaggregation of Revenue [Line Items]        
Revenue from Contract with Customer, Excluding Assessed Tax     530,576 562,594
Scheduled service | Passenger Revenue        
Disaggregation of Revenue [Line Items]        
Revenue from Contract with Customer, Excluding Assessed Tax 247,208 272,715    
Ancillary air-related charges        
Disaggregation of Revenue [Line Items]        
Revenue from Contract with Customer, Excluding Assessed Tax     668,152 582,183
Ancillary air-related charges | Passenger Revenue        
Disaggregation of Revenue [Line Items]        
Revenue from Contract with Customer, Excluding Assessed Tax 352,873 307,390    
Loyalty redemptions        
Disaggregation of Revenue [Line Items]        
Revenue from Contract with Customer, Excluding Assessed Tax     35,930 29,657
Loyalty redemptions | Passenger Revenue        
Disaggregation of Revenue [Line Items]        
Revenue from Contract with Customer, Excluding Assessed Tax 17,827 14,394    
Rooms | Resort Revenue        
Disaggregation of Revenue [Line Items]        
Revenue from Contract with Customer, Excluding Assessed Tax 8,732 6,653 24,163 16,610
Food and beverage | Resort Revenue        
Disaggregation of Revenue [Line Items]        
Revenue from Contract with Customer, Excluding Assessed Tax 7,766 7,643 17,728 18,415
Total resort revenue | Resort Revenue        
Disaggregation of Revenue [Line Items]        
Revenue from Contract with Customer, Excluding Assessed Tax $ 4,136 $ 2,515 $ 9,431 $ 5,673
v3.25.2
Revenue Recognition - Narrative (Details) - USD ($)
$ in Thousands
 6 Months Ended 12 Months Ended
Jun. 30, 2025
Dec. 31, 2024
Revenue Recognition [Abstract]    
Contract with Customer, Liability, Current $ 363,514 $ 370,915
Contract with Customer, Liability, Forward Bookings 32290000000.00%  
Contract with Customer, Liability, Credit Voucher Bookings 4060000000.00%  
Revenue, Performance Obligation, Description of Timing 12 months  
Air Traffic Liability, Recognized   $ 370,900
Air Traffic Liability, Revenue Recognition, Percentage 89.30%  
v3.25.2
Revenue Recognition - Contract with Customer, Contract Asset, Contract Liability, and Receivable (Details) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Revenue Recognition [Abstract]    
Balance at January 1 $ 80,711 $ 70,813
Points awarded (deferral of revenue) 37,306 33,272
Points redeemed (recognition of revenue)(1) (35,947) (29,674)
Balance at June 30(2) $ 82,070 $ 74,411
v3.25.2
Property and Equipment (Details)
$ in Thousands
 6 Months Ended 12 Months Ended
Jun. 30, 2025
USD ($)
Aircraft
Dec. 31, 2024
USD ($)
Property, Plant and Equipment [Line Items]    
Total property and equipment $ 4,013,382 $ 4,137,143
Less accumulated depreciation and amortization 1,120,734 1,067,194
Property and equipment, net $ 2,892,648 3,069,949
Number Of Aircraft Committed To Purchase | Aircraft 37  
Capital Expenditures Incurred but Not yet Paid $ 53,300 8,900
Airline    
Property, Plant and Equipment [Line Items]    
Flight equipment 3,487,636 3,345,458
Computer hardware and software 332,096 320,432
Land and buildings/leasehold improvements 76,013 66,115
Other property and equipment 117,637 115,043
Sunseeker Resorts    
Property, Plant and Equipment [Line Items]    
Land and buildings/leasehold improvements 0 255,201
Other property and equipment $ 0 $ 34,894
v3.25.2
Long-Term Debt - Components of Long-Term Debt (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Debt Instrument [Line Items]    
Secured Long-term Debt, Noncurrent $ 1,961,918 $ 2,066,504
Long-term Debt, Current Maturities 183,063 454,769
Long-term debt and capital leases, net of current maturities and related costs 1,778,855 1,611,735
Finance Lease, Liability 416,669 429,896
Debt and Lease Obligation (12,867) (17,129)
Debt Issuance Costs, Net $ 1,961,918 2,066,504
Minimum [Member]    
Debt Instrument [Line Items]    
Debt instrument, interest rate, stated percentage 4.44%  
Maximum [Member]    
Debt Instrument [Line Items]    
Debt instrument, interest rate, stated percentage 7.02%  
Weighted average fixed-interest rate on debt    
Debt Instrument [Line Items]    
Notes Payable $ 1,336,800 $ 1,481,186
Long-term Debt, Weighted Average Interest Rate, at Point in Time 6.60% 6.50%
Weighted average variable-interest rate on debt    
Debt Instrument [Line Items]    
Notes Payable $ 625,118 $ 585,318
Long-term Debt, Weighted Average Interest Rate, at Point in Time 6.60% 6.80%
Senior Secured Notes Due 2027 | Senior Notes    
Debt Instrument [Line Items]    
Long-term debt and capital leases, net of current maturities and related costs $ 550,000 $ 550,000
Senior Secured Notes Due 2027 | Maximum [Member] | Senior Notes    
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 and capital leases, net of current maturities and related costs $ 101,593 107,959
Consolidated Variable Interest Entities Due 2029 | Minimum [Member]    
Debt Instrument [Line Items]    
Debt instrument, interest rate, stated percentage 2.92%  
Consolidated Variable Interest Entities Due 2029 | Maximum [Member]    
Debt Instrument [Line Items]    
Debt instrument, interest rate, stated percentage 5.19%  
Revolving Credit Facilities Due 2027 | Revolving Credit Facility    
Debt Instrument [Line Items]    
Long-term debt and capital leases, net of current maturities and related costs $ 0 0
Secured Debt By Aircraft, Engines, Other Equipment And Real Estate | Secured Debt    
Debt Instrument [Line Items]    
Long-term debt and capital leases, net of current maturities and related costs $ 906,523 765,278
Secured Debt By Aircraft, Engines, Other Equipment And Real Estate | Minimum [Member] | Secured Debt    
Debt Instrument [Line Items]    
Debt instrument, interest rate, stated percentage 1.87%  
Secured Debt By Aircraft, Engines, Other Equipment And Real Estate | Maximum [Member] | Secured Debt    
Debt Instrument [Line Items]    
Debt instrument, interest rate, stated percentage 8.38%  
Construction Loan Agreement Due 2032    
Debt Instrument [Line Items]    
Long-term debt and capital leases, net of current maturities and related costs $ 0 100,000
Long-term Debt [Member] | Unsecured debt    
Debt Instrument [Line Items]    
Long-term debt and capital leases, net of current maturities and related costs 1,974,785 2,083,633
Unsecured debt    
Debt Instrument [Line Items]    
Long-term debt and capital leases, net of current maturities and related costs $ 0 $ 130,500
v3.25.2
Long-Term Debt - Summary of Maturities of Long-Term Debt (Details)
$ in Thousands
Jun. 30, 2025
USD ($)
Schedule of Maturities of Long-Term Debt [Abstract]  
Remaining in 2025 $ 85,405
2026 213,244
2027 693,453
2028 171,682
2029 182,434
2030 156,668
Thereafter 459,032
Total debt and finance lease obligations, net of related costs $ 1,961,918
v3.25.2
Long-Term Debt - Narrative (Details)
$ in Millions
 1 Months Ended 3 Months Ended 6 Months Ended 12 Months Ended
Dec. 31, 2024
USD ($)
Jun. 30, 2025
USD ($)
Aircraft
Jun. 30, 2025
USD ($)
Aircraft
Dec. 31, 2024
USD ($)
Apr. 30, 2025
USD ($)
Feb. 28, 2025
USD ($)
Mar. 31, 2024
USD ($)
Nov. 30, 2023
USD ($)
Oct. 31, 2021
USD ($)
Mar. 31, 2021
USD ($)
Delayed-Draw Construction Loan | Sunseeker Resorts                    
Debt Instrument [Line Items]                    
Debt instrument, face amount                 $ 350.0  
Repayments of lines of credit       $ 250.0            
Line of Credit, Current           $ 100.0        
Financing Agreement                    
Debt Instrument [Line Items]                    
Debt instrument, term     12 years              
Debt Instrument, Basis Spread on Variable Rate Term   3 months 3 months              
Debt instrument, face amount   $ 149.2 $ 149.2              
Revolving Credit Facility                    
Debt Instrument [Line Items]                    
Line of credit facility, maximum borrowing capacity             $ 218.5     $ 100.0
Long-term line of credit   218.5 $ 218.5              
Debt instrument, term     12 years              
Line of Credit Facility, Remaining Borrowing Capacity   275.0 $ 275.0              
Debt Instrument, Unused Borrowing Capacity, Amount   335.0 335.0              
Revolving Credit Facility | Other Secured Debt                    
Debt Instrument [Line Items]                    
Line of credit facility, maximum borrowing capacity               $ 158.0    
Repayments of lines of credit     78.8              
Line of Credit, Current   53.9 53.9              
Debt Instrument, Unused Borrowing Capacity, Amount   25.1 25.1              
Unsecured Credit Facility                    
Debt Instrument [Line Items]                    
Repayments of lines of credit   130.5                
Proceeds from Issuance of Unsecured Debt $ 130.5                  
Secured Debt                    
Debt Instrument [Line Items]                    
Line of credit facility, maximum borrowing capacity         $ 221.3          
Line of Credit Facility, Remaining Borrowing Capacity   $ 166.0 $ 166.0              
Debt Instrument, Basis Spread on Variable Rate Term   3 months 3 months              
Debt Instrument, Number Of Tranches | Aircraft   2 2              
Repayments of lines of credit   $ 55.3                
Secured Debt | Minimum [Member]                    
Debt Instrument [Line Items]                    
Debt instrument, term   7 years                
Secured Debt | Maximum [Member]                    
Debt Instrument [Line Items]                    
Debt instrument, term   12 years                
v3.25.2
Income Taxes (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Income Tax Disclosure [Abstract]        
Income tax expense (benefit) $ (23,398) $ 4,326 $ (13,560) $ 3,908
Effective Income Tax Rate Reconciliation, Percent 26.40% 24.00% 29.10% 23.40%
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent 21.00%   21.00%  
Annual Estimated Effective Tax Rate, Percent     17.00%  
v3.25.2
Fair Value Measurements (Details) - Fair Value, Measurements, Recurring - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Debt Securities, Available-for-Sale $ 736,889 $ 707,109
Fair Value, Inputs, Level 1    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Debt Securities, Available-for-Sale 45,979 41,494
Fair Value, Inputs, Level 2    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Debt Securities, Available-for-Sale 690,910 665,615
Cash Equivalents    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Cash Equivalents 94,012 160,150
Cash Equivalents | Fair Value, Inputs, Level 1    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Cash Equivalents 45,979 41,494
Cash Equivalents | Fair Value, Inputs, Level 2    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Cash Equivalents 48,033 118,656
Short-Term Investments    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Debt Securities, Available-for-Sale 632,946 495,234
Short-Term Investments | Fair Value, Inputs, Level 1    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Debt Securities, Available-for-Sale 0 0
Short-Term Investments | Fair Value, Inputs, Level 2    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Debt Securities, Available-for-Sale 632,946 495,234
Long Term Investments    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Debt Securities, Available-for-Sale 9,931 51,725
Long Term Investments | Fair Value, Inputs, Level 1    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Debt Securities, Available-for-Sale 0 0
Long Term Investments | Fair Value, Inputs, Level 2    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Debt Securities, Available-for-Sale 9,931 51,725
Money market funds | Cash Equivalents    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Cash Equivalents 45,979 41,494
Money market funds | Cash Equivalents | Fair Value, Inputs, Level 1    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Cash Equivalents 45,979 41,494
Money market funds | Cash Equivalents | Fair Value, Inputs, Level 2    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Cash Equivalents 0 0
Commercial paper | Cash Equivalents    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Cash Equivalents 18,527 22,689
Commercial paper | Cash Equivalents | Fair Value, Inputs, Level 1    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Cash Equivalents 0 0
Commercial paper | Cash Equivalents | Fair Value, Inputs, Level 2    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Cash Equivalents 18,527 22,689
Commercial paper | Short-Term Investments    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Debt Securities, Available-for-Sale 217,224 149,807
Commercial paper | Short-Term Investments | Fair Value, Inputs, Level 1    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Debt Securities, Available-for-Sale 0 0
Commercial paper | Short-Term Investments | Fair Value, Inputs, Level 2    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Debt Securities, Available-for-Sale 217,224 149,807
Municipal debt securities | Cash Equivalents    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Cash Equivalents 11,103 10,299
Municipal debt securities | Cash Equivalents | Fair Value, Inputs, Level 1    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Cash Equivalents 0 0
Municipal debt securities | Cash Equivalents | Fair Value, Inputs, Level 2    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Cash Equivalents 11,103 10,299
Municipal debt securities | Short-Term Investments    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Debt Securities, Available-for-Sale 4,023 1,580
Municipal debt securities | Short-Term Investments | Fair Value, Inputs, Level 1    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Debt Securities, Available-for-Sale 0 0
Municipal debt securities | Short-Term Investments | Fair Value, Inputs, Level 2    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Debt Securities, Available-for-Sale 4,023 1,580
Municipal debt securities | Long Term Investments    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Debt Securities, Available-for-Sale 0 1,342
Municipal debt securities | Long Term Investments | Fair Value, Inputs, Level 1    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Debt Securities, Available-for-Sale 0 0
Municipal debt securities | Long Term Investments | Fair Value, Inputs, Level 2    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Debt Securities, Available-for-Sale 0 1,342
US Government and agency obligations | Short-Term Investments    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Debt Securities, Available-for-Sale 99,939 94,295
US Government and agency obligations | Short-Term Investments | Fair Value, Inputs, Level 1    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Debt Securities, Available-for-Sale 0 0
US Government and agency obligations | Short-Term Investments | Fair Value, Inputs, Level 2    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Debt Securities, Available-for-Sale 99,939 94,295
Corporate debt securities | Cash Equivalents    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Cash Equivalents 411 4,133
Corporate debt securities | Cash Equivalents | Fair Value, Inputs, Level 1    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Cash Equivalents 0 0
Corporate debt securities | Cash Equivalents | Fair Value, Inputs, Level 2    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Cash Equivalents 411 4,133
Corporate debt securities | Short-Term Investments    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Debt Securities, Available-for-Sale 304,380 242,313
Corporate debt securities | Short-Term Investments | Fair Value, Inputs, Level 1    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Debt Securities, Available-for-Sale 0 0
Corporate debt securities | Short-Term Investments | Fair Value, Inputs, Level 2    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Debt Securities, Available-for-Sale 304,380 242,313
Corporate debt securities | Long Term Investments    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Debt Securities, Available-for-Sale 4,674 39,931
Corporate debt securities | Long Term Investments | Fair Value, Inputs, Level 1    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Debt Securities, Available-for-Sale 0  
Corporate debt securities | Long Term Investments | Fair Value, Inputs, Level 2    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Debt Securities, Available-for-Sale 4,674 39,931
US Government and agency obligations | Cash Equivalents    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Cash Equivalents 17,992 81,535
US Government and agency obligations | Cash Equivalents | Fair Value, Inputs, Level 1    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Cash Equivalents 0 0
US Government and agency obligations | Cash Equivalents | Fair Value, Inputs, Level 2    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Cash Equivalents 17,992 81,535
US Government and agency obligations | Long Term Investments    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Debt Securities, Available-for-Sale 5,257 10,452
US Government and agency obligations | Long Term Investments | Fair Value, Inputs, Level 1    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Debt Securities, Available-for-Sale 0 0
US Government and agency obligations | Long Term Investments | Fair Value, Inputs, Level 2    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Debt Securities, Available-for-Sale 5,257 10,452
Certificates of Deposit | Short-Term Investments    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Debt Securities, Available-for-Sale 7,380 7,239
Certificates of Deposit | Short-Term Investments | Fair Value, Inputs, Level 1    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Debt Securities, Available-for-Sale 0 0
Certificates of Deposit | Short-Term Investments | Fair Value, Inputs, Level 2    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Debt Securities, Available-for-Sale $ 7,380 $ 7,239
v3.25.2
Fair Value Measurements Estimated Fair Value of Debt (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Carrying Value $ 1,961,918 $ 2,066,504
Non-Publicly Held Debt    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Carrying Value 1,558,116 1,653,737
Non-Publicly Held Debt | Fair Value, Inputs, Level 3 | Fair Value, Measurements, Recurring    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Estimated Fair Value $ 1,548,851 $ 1,667,275
v3.25.2
Earnings (Loss) per Share (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Basic:        
Net income (loss) $ (65,166) $ 13,699 $ (33,064) $ 12,780
Less income allocated to participating securities 0 (333) 0 (618)
Net income (loss) attributable to common stock $ (65,166) $ 13,366 $ (33,064) $ 12,162
Net income per share, basic (in dollars per share) $ (3.62) $ 0.75 $ (1.84) $ 0.69
Weighted-average shares outstanding (in shares) 17,995 17,828 17,989 17,746
Diluted:        
Net income (loss) $ (65,166) $ 13,699 $ (33,064) $ 12,780
Less income allocated to participating securities 0 (333) 0 (618)
Net income (loss) attributable to common stock $ (65,166) $ 13,366 $ (33,064) $ 12,162
Earnings (loss) per share, diluted (in dollars per share) $ (3.62) $ 0.75 $ (1.84) $ 0.68
Weighted-average shares outstanding ( in shares) 17,995 17,828 17,989 17,746
Dilutive effect of stock options and restricted stock (in shares) 0 78 0 195
Adjusted weighted-average shares outstanding under treasury stock method (in shares) 17,995 17,906 17,989 17,941
Participating securities excluded under two-class method (in shares) 0 (37) 0 (105)
Adjusted weighted-average shares outstanding under two-class method (in shares) 17,995 17,869 17,989 17,836
v3.25.2
Segments - Narrative (Details)
 6 Months Ended
Jun. 30, 2025
segment
Segment Reporting [Abstract]  
Number of Operating Segments 2
Number of Reportable Segments 1
v3.25.2
Segments - Schedule of Segment Reporting Information, by Segment (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Segment Reporting Information [Line Items]          
Passenger $ 617,908 $ 594,499 $ 1,234,658 $ 1,174,434  
Third party products 33,649 37,102 68,852 70,501  
Fixed fee contracts 17,019 17,699 33,271 36,560  
Resort and other 20,808 16,983 51,677 41,193  
Total operating revenues 689,384 666,283 1,388,458 1,322,688  
Salaries and benefits 214,102 209,942 445,541 423,269  
Aircraft fuel 165,752 170,060 332,085 340,147  
Station operations 75,248 69,798 148,753 136,266  
Depreciation and amortization 68,519 65,361 131,830 129,205  
Maintenance and repairs 36,379 30,730 71,233 61,008  
Sales and marketing 26,837 27,498 51,933 58,398  
Aircraft lease rentals 11,023 5,749 16,942 11,734  
Other 41,089 34,134 76,259 81,105  
Special charges, net of recoveries 117,924 18,114 116,369 31,212  
Total operating expenses 756,873 631,386 1,390,945 1,272,344  
OPERATING INCOME (LOSS) (67,489) 34,897 (2,487) 50,344  
Interest income (10,359) (11,130) (22,294) 23,371  
Interest expense 35,756 39,544 76,540 79,704  
Capitalized interest (4,562) (11,609) (11,050) (22,794)  
Other, net 240 67 941 117  
INCOME (LOSS) BEFORE INCOME TAXES (88,564) 18,025 (46,624) 16,688  
Capital expenditures 138,753 43,083 222,295 179,262  
Assets 4,389,141   4,389,141   $ 4,429,853
Airline          
Segment Reporting Information [Line Items]          
Total operating revenues 668,750 649,472 1,337,136 1,281,990  
Salaries and benefits 203,485 197,417 423,859 396,926  
Aircraft fuel 165,752 170,060 332,085 340,147  
Station operations 75,248 69,798 148,753 136,266  
Depreciation and amortization 64,961 59,345 124,672 117,212  
Maintenance and repairs 36,379 30,730 71,233 61,008  
Sales and marketing 25,119 25,918 48,489 54,796  
Aircraft lease rentals 11,023 5,749 16,942 11,734  
Other 29,031 23,426 51,107 57,742  
Special charges, net of recoveries 14,595 20,073 15,987 34,987  
Total operating expenses 625,593 602,516 1,233,127 1,210,818  
OPERATING INCOME (LOSS) 43,157 46,956 104,009 71,172  
Interest income (10,359) (11,130) (22,294) 23,371  
Interest expense 28,121 34,121 57,070 68,858  
Capitalized interest (4,562) (11,609) (11,050) (22,468)  
Other, net 240 67 941 117  
INCOME (LOSS) BEFORE INCOME TAXES 29,717 35,507 79,342 48,036  
Capital expenditures 137,717 39,044 220,853 161,219  
Assets 4,191,346   4,191,346   4,116,289
Sunseeker Resorts          
Segment Reporting Information [Line Items]          
Total operating revenues 20,634 16,811 51,322 40,698  
Salaries and benefits 10,617 12,525 21,682 26,343  
Aircraft fuel 0 0 0 0  
Station operations 0 0 0 0  
Depreciation and amortization 3,558 6,016 7,158 11,993  
Maintenance and repairs 0 0 0 0  
Sales and marketing 1,718 1,580 3,444 3,602  
Aircraft lease rentals 0 0 0 0  
Other 12,058 10,708 25,152 23,363  
Special charges, net of recoveries 103,329 (1,959) 100,382 (3,775)  
Total operating expenses 131,280 28,870 157,818 61,526  
OPERATING INCOME (LOSS) (110,646) (12,059) (106,496) (20,828)  
Interest income 0 0 0 0  
Interest expense 7,635 5,423 19,470 10,846  
Capitalized interest 0 0 0 (326)  
Other, net 0 0 0 0  
INCOME (LOSS) BEFORE INCOME TAXES (118,281) (17,482) (125,966) (31,348)  
Capital expenditures 1,036 $ 4,039 1,442 $ 18,043  
Assets $ 197,795   $ 197,795   $ 313,564
v3.25.2
Subsequent Events (Details) - Revolving Credit Facility - USD ($)
$ in Millions
 1 Months Ended 6 Months Ended
Jul. 31, 2025
Jun. 30, 2025
Mar. 31, 2024
Mar. 31, 2021
Subsequent Event [Line Items]        
Line of credit facility, maximum borrowing capacity     $ 218.5 $ 100.0
Debt instrument, term   12 years    
Subsequent Event        
Subsequent Event [Line Items]        
Line of credit facility, maximum borrowing capacity $ 210.1      
Debt instrument, term 12 years