Core Insights - Allegiant Travel Company reported a year-over-year increase in passenger traffic for December 2025, with 1,616,339 passengers, representing a 4.6% growth compared to December 2024 [1] - The company also experienced significant growth in the fourth quarter of 2025, with a 13.3% increase in passengers compared to the same quarter in 2024 [1] - For the full year 2025, Allegiant saw a 10.5% increase in total passengers, reaching 18,518,653 [1] Scheduled Service – Year Over Year Comparison - December 2025 passengers: 1,616,339, up from 1,544,874 in December 2024, a 4.6% increase [1] - Revenue passenger miles for December 2025 were 1,490,748, a 3.4% increase from 1,441,734 in December 2024 [1] - Load factor decreased slightly to 81.2% in December 2025 from 81.4% in December 2024 [1] Fourth Quarter 2025 Performance - Total passengers for Q4 2025 reached 4,447,973, a 13.3% increase from 3,927,423 in Q4 2024 [1] - Revenue passenger miles for Q4 2025 were 4,043,244, up 12.0% from 3,609,892 in Q4 2024 [1] - Load factor improved to 81.2% in Q4 2025 from 80.2% in Q4 2024 [1] Full Year 2025 Performance - Total passengers for the full year 2025 were 18,518,653, a 10.5% increase from 16,765,283 in 2024 [1] - Revenue passenger miles for the full year 2025 reached 16,947,654, a 10.7% increase from 15,303,737 in 2024 [1] - Load factor decreased to 82.0% in 2025 from 83.6% in 2024 [1] Total System – Year Over Year Comparison - December 2025 total passengers were 1,624,448, a 4.4% increase from 1,555,292 in December 2024 [1] - Full year 2025 total passengers reached 18,737,151, a 10.3% increase from 16,982,836 in 2024 [1] - Average stage length remained stable at 887 miles for the full year 2025 [1] Financial Insights - Estimated average fuel cost per gallon for December 2025 was $2.48, while for Q4 2025 it was $2.61 [2] - The full-year 2025 estimated average fuel cost per gallon was $2.55 [2] - Allegiant focuses on connecting customers from small-to-medium cities to vacation destinations with low average fares [2]

Industry Overview - The Zacks Airline industry is experiencing strong air travel demand, benefiting both domestic and international markets, with increased passenger volumes acting as a tailwind [1] - Higher bookings are positively impacting airlines' top-line performance, particularly in leisure travel, while business travel is also showing signs of recovery [1] Cost Factors - A decline in fuel expenses due to falling oil prices is contributing positively to the airlines' bottom-line growth, as fuel costs are a significant input for airlines [2] - However, high labor costs are a concern, with U.S. airlines facing labor shortages post-COVID, leading to increased bargaining power for labor groups and subsequent pay hikes [3] - Production delays at Boeing are affecting fleet expansion plans for U.S. airlines, and weak pricing power remains a challenge for the industry [3] Copa Holdings - Copa Holdings is benefiting from increased passenger volumes, with revenue passenger miles (RPM) improving by 9.8% year-over-year in August 2025 [5][6] - The company is expanding capacity, with available seat miles (ASM) increasing by 5.8% year-over-year, resulting in a load factor rise to 88.3% from 85.1% in August 2024 [6] Allegiant Travel Company - Allegiant reported a 12.1% increase in scheduled traffic (RPM) year-over-year for August 2025, while capacity (ASM) rose by 14.6% [7] - Despite the traffic increase, the load factor declined to 82.6% from 84.5% due to capacity growth outpacing demand [7] - Total departures grew by 15.9% year-over-year, with system-wide capacity improving by 14.4% [8] LATAM Airlines Group - LATAM Airlines reported a 9.4% year-over-year increase in consolidated capacity for August 2025, driven by a 12% increase in international operations and an 11.3% increase in domestic capacity in Brazil [11][12] - The consolidated traffic increased by 10.8% year-over-year, with a load factor growth of 1.1 percentage points to 85.4% [12] Ryanair Holdings - Ryanair transported 21 million passengers in August 2025, marking a 2% year-over-year increase and reflecting eight consecutive months of traffic growth [13][14] - The load factor remained stable at 96%, indicating consistent passenger demand [15] - Ryanair operated over 114,000 flights in August 2025, an increase from previous months, despite earlier delays in Boeing deliveries affecting growth [16]

Core Insights - Allegiant Travel Company reported a 9.2% increase in scheduled service passengers for May 2025 compared to May 2024, totaling 1,545,033 passengers [2] - The company experienced a 10.2% rise in revenue passenger miles, reaching 1,391,969 thousand miles, while available seat miles increased by 16.3% to 1,732,505 thousand miles [2] - The load factor decreased by 4.5 percentage points to 80.3%, indicating a slight decline in seat occupancy [2] - Total system passengers also rose by 9.4% year-over-year, totaling 1,563,294 passengers, with available seat miles increasing by 16.5% [2] - The average fuel cost per gallon for May 2025 was estimated at $2.37 [4] Scheduled Service – Year Over Year Comparison - Passengers increased from 1,414,692 in May 2024 to 1,545,033 in May 2025, a change of 9.2% [2] - Revenue passenger miles rose from 1,263,087 thousand miles to 1,391,969 thousand miles, reflecting a 10.2% increase [2] - Available seat miles grew from 1,489,477 thousand miles to 1,732,505 thousand miles, marking a 16.3% increase [2] - The load factor decreased from 84.8% to 80.3%, a decline of 4.5 percentage points [2] - Departures increased from 9,615 to 11,174, a rise of 16.2% [2] - Average stage length remained relatively stable, increasing slightly from 882 miles to 884 miles [2] Total System – Year Over Year Comparison - Total system passengers increased from 1,428,599 in May 2024 to 1,563,294 in May 2025, a 9.4% increase [2] - Available seat miles for the total system rose from 1,538,208 thousand miles to 1,791,988 thousand miles, a 16.5% increase [2] - Departures for the total system increased from 9,976 to 11,641, a rise of 16.7% [2] - Average stage length for the total system increased slightly from 877 miles to 878 miles [2]