Allegiant Travel COALGT
Allegiant Travel CO Segments Disclosure
Operating Segments
Operating segments are components of a company for which separate financial and operating information is regularly evaluated and reported to the Chief Operating Decision Maker ("CODM"), and is used to allocate resources and analyze performance. The Company's CODM is the CEO, who assesses segment performance and makes resource allocation decisions using information about each operating segment's operating income and pretax income.
During 2025, the CODM reviewed separate financial information and made resource allocation decisions for the Company's two operating segments: Airline and Sunseeker Resort. Subsequent to the sale of Sunseeker Resort in September 2025, the Company is managed as a single Airline operating segment.
Airline Segment
The Airline segment operates as a single business unit and includes all scheduled service air transportation, ancillary air-related products and services, third party products and services, fixed fee contract air transportation and other airline-related revenue. Scheduled service and fixed fee air transportation services have similar operating margins, economic characteristics, and production processes (check-in, baggage handling and flight services) which target the same class of customers, and are subject to the same regulatory environment. As a result, the Company believes its airline activities operate under one reportable segment and does not separately track expenses for scheduled service and fixed fee air transportation services.
Sunseeker Resort Segment
The Company's consolidated financial statements include the operating results of Sunseeker Resort through the completion of the sale of the Resort's assets on September 4, 2025. The Sunseeker Resort segment was operated as a single business unit and included hotel rooms and suites for occupancy, group meeting facilities, food and beverage options, Aileron Golf Course and other Resort amenities.
Segment profit or loss, revenues, significant segment expenses, and other required financial information for each of the Company's operating segments are set forth below:
| Twelve Months Ended December 31, 2025 | |||||||||||||||||
| (in thousands) | Airline | Sunseeker | Consolidated | ||||||||||||||
| REVENUES FROM EXTERNAL CUSTOMERS | $ | 2,545,899 | $ | 60,680 | $ | 2,606,579 | |||||||||||
| OPERATING EXPENSES: | |||||||||||||||||
| Salaries and benefits | 805,432 | 27,585 | 833,017 | ||||||||||||||
| Aircraft fuel | 639,731 | — | 639,731 | ||||||||||||||
| Station operations | 297,549 | — | 297,549 | ||||||||||||||
| Depreciation and amortization | 242,026 | 7,159 | 249,185 | ||||||||||||||
| Maintenance and repairs | 149,938 | — | 149,938 | ||||||||||||||
| Sales and marketing | 95,053 | 4,390 | 99,443 | ||||||||||||||
| Aircraft lease rentals | 36,488 | — | 36,488 | ||||||||||||||
Other operating expense(1) | 92,273 | 34,083 | 126,356 | ||||||||||||||
| Special charges, net of recoveries | 43,539 | 94,166 | 137,705 | ||||||||||||||
| Total operating expenses | 2,402,029 | 167,383 | 2,569,412 | ||||||||||||||
| OPERATING INCOME (LOSS) | 143,870 | (106,703) | 37,167 | ||||||||||||||
| OTHER (INCOME) EXPENSES: | |||||||||||||||||
| Interest income | (41,697) | — | (41,697) | ||||||||||||||
| Interest expense | 126,769 | 23,466 | 150,235 | ||||||||||||||
| Capitalized interest | (17,604) | — | (17,604) | ||||||||||||||
Other non-operating expense(2) | 1,107 | — | 1,107 | ||||||||||||||
| INCOME (LOSS) BEFORE INCOME TAXES | $ | 75,295 | $ | (130,169) | $ | (54,874) | |||||||||||
| Capital expenditures | 406,805 | 1,442 | 408,247 | ||||||||||||||
| Total assets | 4,209,401 | — | 4,209,401 | ||||||||||||||
| Twelve Months Ended December 31, 2024 | |||||||||||||||||
| (in thousands) | Airline | Sunseeker | Consolidated | ||||||||||||||
| REVENUES FROM EXTERNAL CUSTOMERS | $ | 2,440,839 | $ | 71,750 | $ | 2,512,589 | |||||||||||
| OPERATING EXPENSES: | |||||||||||||||||
| Salaries and benefits | 770,667 | 49,176 | 819,843 | ||||||||||||||
| Aircraft fuel | 627,755 | — | 627,755 | ||||||||||||||
| Station operations | 272,843 | — | 272,843 | ||||||||||||||
| Depreciation and amortization | 231,789 | 26,462 | 258,251 | ||||||||||||||
| Maintenance and repairs | 125,430 | — | 125,430 | ||||||||||||||
| Sales and marketing | 99,269 | 7,071 | 106,340 | ||||||||||||||
| Aircraft lease rentals | 23,573 | — | 23,573 | ||||||||||||||
Other operating expense(1) | 102,007 | 48,392 | 150,399 | ||||||||||||||
| Special charges, net of recoveries | 45,307 | 322,824 | 368,131 | ||||||||||||||
| Total operating expenses | 2,298,640 | 453,925 | 2,752,565 | ||||||||||||||
| OPERATING INCOME (LOSS) | 142,199 | (382,175) | (239,976) | ||||||||||||||
| OTHER (INCOME) EXPENSES: | |||||||||||||||||
| Interest income | (44,012) | — | (44,012) | ||||||||||||||
| Interest expense | 135,584 | 20,859 | 156,443 | ||||||||||||||
| Capitalized interest | (45,059) | (326) | (45,385) | ||||||||||||||
Other non-operating expense(2) | 1,428 | — | 1,428 | ||||||||||||||
| INCOME (LOSS) BEFORE INCOME TAXES | $ | 94,258 | $ | (402,708) | $ | (308,450) | |||||||||||
| Capital expenditures | 244,802 | 19,499 | 264,301 | ||||||||||||||
| Total assets | 4,116,289 | 313,564 | 4,429,853 | ||||||||||||||
| Twelve Months Ended December 31, 2023 | |||||||||||||||||
| (in thousands) | Airline | Sunseeker | Consolidated | ||||||||||||||
| REVENUES FROM EXTERNAL CUSTOMERS | $ | 2,506,976 | $ | 2,881 | $ | 2,509,857 | |||||||||||
| OPERATING EXPENSES: | |||||||||||||||||
| Salaries and benefits | 672,459 | 15,344 | 687,803 | ||||||||||||||
| Aircraft fuel | 695,871 | — | 695,871 | ||||||||||||||
| Station operations | 256,560 | — | 256,560 | ||||||||||||||
| Depreciation and amortization | 220,915 | 2,215 | 223,130 | ||||||||||||||
| Maintenance and repairs | 123,802 | — | 123,802 | ||||||||||||||
| Sales and marketing | 108,453 | 6,163 | 114,616 | ||||||||||||||
| Aircraft lease rentals | 24,948 | — | 24,948 | ||||||||||||||
Other operating expense(1) | 117,400 | 16,101 | 133,501 | ||||||||||||||
| Special charges, net of recoveries | 35,091 | (6,446) | 28,645 | ||||||||||||||
| Total operating expenses | 2,255,499 | 33,377 | 2,288,876 | ||||||||||||||
| OPERATING INCOME (LOSS) | 251,477 | (30,496) | 220,981 | ||||||||||||||
| OTHER (INCOME) EXPENSES: | |||||||||||||||||
| Interest income | (46,615) | — | (46,615) | ||||||||||||||
| Interest expense | 131,318 | 21,868 | 153,186 | ||||||||||||||
| Capitalized interest | (21,838) | (23,294) | (45,132) | ||||||||||||||
Other non-operating expense(2) | 491 | — | 491 | ||||||||||||||
| INCOME (LOSS) BEFORE INCOME TAXES | $ | 188,121 | $ | (29,070) | $ | 159,051 | |||||||||||
| Capital expenditures | 568,309 | 321,044 | 889,353 | ||||||||||||||
| Total assets | 4,200,545 | 656,122 | 4,856,667 | ||||||||||||||
(1) Other operating expenses in the Airline segment consist of insurance, crew training and travel, legal expense, gains and losses on the sale of flight equipment, and other general and administrative expenses. Other operating expenses in the Sunseeker segment consist of food and beverage cost of goods sold, contract labor, property tax, insurance, and other general and administrative expenses.
(2) Other non-operating expenses in the Airline segment consist primarily of a loss on the sale in 2024 of a cost-method investment that arose from the contribution of intellectual property rights to a private company and realized income from equity method investments in all years presented.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 26, 2026 | Showing above |
| 2024 | Mar 3, 2025 | |
| 2023 | Feb 29, 2024 | |
| 2022 | Feb 27, 2023 | |
| 2021 | Mar 1, 2022 | |
| 2020 | Mar 1, 2021 | |
| 2019 | Feb 27, 2020 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.