Allegiant Travel Company

Company at a glance

Allegiant Travel Company is a leisure travel operator focused on serving residents of under-served U.S. cities. The company’s model centers on low base fares with unbundled air-related services and third-party travel products, sold primarily direct-to-consumer.

Core business model and offerings

• Scheduled service: Limited-frequency, nonstop flights from under-served cities to popular leisure destinations.
• Ancillary products and services: Fees for bundles and individually priced add-ons (baggage, preferred seating, Allegiant Extra, travel protection, change fees, onboard snacks/beverages, etc.). Ancillary revenue per passenger: $76.35 in 2025.
• Third-party products: Hotel rooms, rental cars, travel insurance, and related offerings developed with partners; includes co-brand credit card marketing revenue.
• Fixed-fee contract air transportation: Year-round and ad hoc charter service.
• Distribution: Direct-to-consumer model with Allegiant’s website as the primary channel; website/direct channels accounted for 92.3% of scheduled-service revenue in 2025.
• Loyalty and payments: Allways Rewards non-card loyalty program (21 million members as of 12/31/2025) and a co-brand credit card program (more than 590,000 cardholders as of 12/31/2025).

Network and customers (dates shown where provided)

• Routes and cities (as of 2/1/2026): Selling travel on 578 routes to 126 cities, including 433 routes with no current nonstop competition.
• Active routes baseline: 539 active routes and 39 newly announced routes (to begin service in 2026), totaling 578 routes.
• Served airports and bases: 22 bases across the U.S., including Las Vegas HQ. Ground facilities are leased at most locations.
• Corporate and training facilities: Primary corporate offices in Las Vegas (~211,000 sq ft on ~9 acres); additional training/office space of ~370,000 sq ft.

Fleet and aircraft

• In-service aircraft (as of 12/31/2025): 123 aircraft — Airbus A319 (28), Airbus A320 (79), Boeing 737-8200 (16).
• Seating: A319 — 156 seats; A320 — 177 or 180 seats; 737-8200 — 190 seats.
• Age: Fleet age range 0–28 years; average ages ~20.3 years for A319 and 14.8 years for A320; 737 MAX 8s (737-8200) are very new (0–1 year range).
• Fleet status (as of 2/1/2026): 16 Boeing 737 MAX aircraft and 106 Airbus A320 series aircraft. The company owns or finances almost all of its fleet; nine aircraft were not yet owned or were out of the fleet at that time.
• Post-merger capacity (proposed Sun Country acquisition): On closing, the combined airline would operate approximately 195 aircraft, with 30 on order and 80 options.

Financial position (selected items)

• Cash and liquidity: $838.5 million of unrestricted cash, cash equivalents and investment securities (12/31/2025).
• Debt: Total debt and finance lease obligations (net of related costs) of $1.8 billion; net debt of $1.0 billion (12/31/2025).
• 2026 liquidity (as of 2/1/2026): $250.0 million of undrawn capacity under revolving credit facilities and $25.1 million under pre-delivery payment facilities.
• Operating metrics (2025): Fuel ~24.9% of total operating expenses; labor ~32.4% of total operating costs. CASM, excluding fuel, special charges, and Sunseeker Resort, was 8.04 cents in 2025.
• Revenue mix and distribution: Ancillary revenue per passenger is a key driver; direct-to-consumer sales (allegiantair.com) accounted for 92.3% of scheduled-service revenue in 2025.

Employees

• Total full-time equivalent employees (as of 12/31/2025): 5,616
  • Pilots: ~1,320
  • Flight attendants: ~1,790
  • Airport operations: ~590
  • Maintenance: ~820
  • Reservation agents: ~170
  • Flight dispatchers: ~70
  • Management and other: ~860
• Labor representation: Four workforce groups (pilots, flight attendants, dispatchers, maintenance technicians) are represented by labor unions under the Railway Labor Act; collective bargaining agreements have different amendable dates (e.g., pilots’ agreement amendable 2021; others in 2026–2029).

Bases and facilities

• 22 operational bases across the United States, including Appleton, Asheville, Bellingham, Cincinnati/Northern Kentucky, Des Moines, Destin, Las Vegas, Mesa, Nashville, Orlando Sanford, Punta Gorda, Sarasota, and St. Petersburg–Clearwater.
• Gate and terminal access: The company reports sufficient gate space access; leases for terminal space typically range from month-to-month to several years.

Strategic direction and recent actions

• Allegiant ONE: Strategic initiative to expand the network, restore historical margins, use technology (including AI), increase peak-period capacity, and grow revenue from non-capacity sources (target of at least 15% of new revenue from non-capacity sources).
• Sun Country acquisition (announced 1/11/2026): Proposed acquisition of Sun Country Holdings, Inc. Consideration per Sun Country share: $4.10 cash plus 0.1557 Allegiant shares. The merger agreement provides for three Sun Country directors on Allegiant’s board post-closing and is subject to customary closing conditions. Termination fees and expense reimbursements are specified in the agreement. The transaction is expected to close in the second half of 2026 and would expand the combined network and fleet (post-close fleet approximately 195 aircraft, 30 on order, 80 options).
• Sunseeker Resort sale: Completed September 4, 2025, as part of a refocus on the core airline business under Allegiant ONE.

Sustainability and governance

• Sustainability program with annual reporting aligned to GRI/SASB and emissions reporting across Scope 1–3.
• 2025 sustainability targets: 10% reduction in tank-to-wake GHG emissions per revenue ton-km by 2030; IOSA certification target by 2026; governance policies for customer engagement and responsible sourcing adopted in 2025.
• Operational focus: Fuel-efficiency gains from newer aircraft (including Boeing 737 MAX deliveries) and consideration of sustainable aviation fuel as part of decarbonization.
• Climate risk: Assessments aligned with TCFD completed in 2025.

Business model summary

Allegiant operates a low-cost, low-utilization nonstop model focused on leisure travelers in smaller U.S. cities, maintaining low base fares while monetizing ancillary and third-party services.