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Airlines · Industrials · Fiscal year ends Dec 31
Allegiant Travel reported revenue of $2.3B in the fiscal year ended Dec 2025, up 4.8% from the year before. Operating income was $37M, an operating margin of 1.6%, and net income was −$45M. Operating cash flow of $390M less capital expenditure of $315M left free cash flow of $75M. Net debt was $1.6B.
Ranks among the 10 airlines companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 1,578 | 2,138 | 2,324 | 2,217 | 2,324 |
| Operating income | 263 | 91.6 | 221 | −240 | 37.2 |
| Net interest incomeBanks | −1.8 | −16.5 | −46.6 | −44.0 | −41.7 |
| Interest expense | 68.5 | 116 | 153 | 156 | 150 |
| Pre-tax income | 197 | 5.0 | 159 | −308 | −54.9 |
| Income tax | 44.8 | 2.5 | 41.5 | −68.2 | −10.2 |
| Net income | 152 | 2.5 | 118 | −240 | −44.7 |
| Diluted EPS | 8.68 | 0.14 | 6.29 | −13.49 | −2.48 |
| Diluted shares | 17.2 | 18.0 | 18.0 | 17.9 | 18.1 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 363 | 230 | 143 | 286 | 173 |
| Receivables | 62.7 | 107 | 70.7 | 90.4 | 57.1 |
| Current assets | 1,338 | 1,274 | 1,001 | 992 | 968 |
| Net PP&E | 2,260 | 2,811 | 3,430 | 3,070 | 2,948 |
| Total assets | 3,991 | 4,511 | 4,857 | 4,430 | 4,209 |
| Payables | 43.6 | 58.3 | 54.5 | 62.1 | 64.5 |
| Deferred revenue | 307 | 379 | 353 | 371 | 363 |
| Current liabilities | 663 | 870 | 1,200 | 1,277 | 1,018 |
| Short-term debt | 130 | 153 | 440 | 455 | 118 |
| Long-term debt | 1,612 | 1,944 | 1,820 | 1,612 | 1,682 |
| Total liabilities | 2,768 | 3,291 | 3,528 | 3,340 | 3,157 |
| Shareholders' equity | 1,224 | 1,221 | 1,329 | 1,089 | 1,053 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 538 | 303 | 423 | 338 | 390 |
| Capital expenditure | 244 | 435 | 528 | 300 | 315 |
| Free cash flow | 295 | −132 | −105 | 38.3 | 75.1 |
| Depreciation & amortisation | 181 | 198 | 223 | 258 | 249 |
| Stock-based compensation | 16.1 | 15.2 | 29.7 | 22.6 | 10.9 |
| Share buybacks | 0.0 | 29.9 | 30.1 | 6.0 | 13.6 |
| Dividends paid | 0.0 | 0.0 | 22.1 | 21.9 | 0.0 |
| Dividend per share | 0.00 | 0.00 | 1.20 | 1.20 | 0.00 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 35.4% | 8.7% | −4.6% | 4.8% |
| Operating income growth (YoY) | – | −65.2% | 141.1% | −208.6% | – |
| EPS growth (YoY) | – | −98.4% | 4392.9% | −314.5% | – |
| Operating margin | 16.7% | 4.3% | 9.5% | −10.8% | 1.6% |
| Net margin | 9.6% | 0.1% | 5.1% | −10.8% | −1.9% |
| Return on equityBlank when equity is negative | 12.4% | 0.2% | 8.9% | −22.1% | −4.2% |
| ROCEEBIT ÷ (assets − current liabilities) | 7.9% | 2.5% | 6.0% | −7.6% | 1.2% |
| Free cash flow margin | 18.7% | −6.2% | −4.5% | 1.7% | 3.2% |
| Cash conversion (CFO ÷ net income) | 3.54x | 122x | 3.60x | −1.41x | −8.72x |
| Receivable days | 14 | 18 | 11 | 15 | 9 |
| Interest cover | 3.84x | 0.79x | 1.44x | −1.53x | 0.25x |
| Debt ÷ equity | 1.42x | 1.72x | 1.70x | 1.90x | 1.71x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 1,379 | 1,867 | 2,116 | 1,781 | 1,627 |
| Current ratio | 2.02x | 1.46x | 0.83x | 0.78x | 0.95x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.