At a glance
Allegiant Travel Company is worth $1.98B. Revenue grew 3.7% to $2.61B in fiscal 2025, at a loss; over 5 years it has grown 21.4% a year. It pays no dividend; it spent $79.6M buying back its shares over FY2021–FY2025. The stock returned +14.2% over the past year with dividends reinvested and −15.7% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 58.0% in the 2020 crash (S&P 500: 33.7%) and 66.1% in the 2022 bear market (S&P 500: 24.5%).
The business in plain English
Allegiant Travel is a Las Vegas-based leisure travel company built around a low-cost airline. It flies nonstop between smaller US cities that traditional airlines under-serve and popular vacation spots. It runs a limited schedule, adding or cutting flights to match demand. As of February 1, 2026, it offered travel on 578 routes to 126 cities, and 433 of those city pairs had no nonstop competition. Its operating fleet on that date was 106 Airbus A319 and A320 jets and 16 Boeing 737s.
Allegiant keeps base fares low and charges separately for extras such as bags, seat assignments, larger seats, priority boarding and onboard food and drinks. In revenue terms, those extras outweigh the fares themselves. Of its $2.61 billion of revenue in the year ended December 31, 2025, air-related extras brought in $1.27 billion, or 48.8%, while base fares on scheduled flights brought in $975 million, or 37.4%. Hotel rooms, rental cars and travel insurance offered to passengers added 3.2%, and its co-branded Allegiant credit card added 3%. It also flies charter and fixed-fee contract flights.
In January 2026, Allegiant agreed to acquire Sun Country Airlines. Its annual report, filed in February 2026, expected the deal to close in the second half of 2026. Allegiant sold its Sunseeker Resort in September 2025 to focus on the airline.
Price history
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ALGT +14.2% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Air-related revenue | $1.27B | 48.8% |
| Scheduled Service Revenue | $974.9M | 37.4% |
| Third Party Product Revenue | $82.8M | 3.2% |
| Co-brand Revenue | $78.6M | 3% |
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $943.5M, up 36.9% from a year earlier, and net income was $-4.9M.
- For fiscal 2025, revenue was $2.61B (+3.7% year over year; +21.4% a year from FY2020 to FY2025) with a -1.7% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +21.4% good |
|---|---|
| Operating margin | 1.4% weak |
| Free cash flow margin | 2.9% watch |
| Return on equity (FY2025) | -4.2% weak |
| Return on assets (FY2025) | -1.1% weak |
| Net cash (cash minus debt) | $-1.71B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $990.1M | $-184.1M | $-46.5M |
| FY2021 | $1.71B | $151.9M | $294.6M |
| FY2022 | $2.30B | $2.5M | $-131.6M |
| FY2023 | $2.51B | $117.6M | $-105.2M |
| FY2024 | $2.51B | $-240.2M | $38.3M |
| FY2025 | $2.61B | $-44.7M | $75.1M |
Valuation snapshot
| Market value | $1.98B |
|---|---|
| P/E ratio | — |
| Dividend yield | 0% |
Rank among 1514 US companies
Market value at each year end
Allegiant Travel’s market value went from $4.13B at the end of 2016 to $1.98B on Oct 28, 2026, down 52%; since the end of 2025 it is down 16%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $1.98B | -15.7% |
| 2025 | $2.34B | -9.6% |
| 2024 | $2.59B | +13.6% |
| 2023 | $2.28B | +21.5% |
| 2022 | $1.88B | -63.0% |
| 2021 | $5.07B | +9.1% |
| 2020 | $4.65B | +9.4% |
| 2019 | $4.25B | +75.0% |
| 2018 | $2.43B | -34.9% |
| 2017 | $3.73B | -9.6% |
| 2016 | $4.13B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| ALGT price data to Oct 28, 2026 | -15.3% | +14.2% | +3.2% | -15.7% | -5.2% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -15.3% |
| 2025 | -9.4% |
| 2024 | +16.0% |
| 2023 | +23.4% |
| 2022 | -63.6% |
| 2021 | -1.2% |
| 2020 | +9.3% |
| 2019 | +77.0% |
| 2018 | -34.0% |
| 2017 | -5.2% |
| 2016 | +0.8% |
| 2015 | +13.3% |
| 2014 | +45.1% |
| 2013 | +46.7% |
| 2012 | +41.4% |
| 2011 | +8.3% |
| 2010 | +5.9% |
| 2009 | -2.9% |
| 2008 | +51.1% |
| 2007 | +14.5% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Gained 9.1% over that stretch · deepest drop along the way 55.4%, back to its old high 3.7 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 56.3% over that stretch · deepest drop along the way 58%, back to its old high 8.1 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 64.8% over that stretch · deepest drop along the way 66.1%, not recovered by the end of the data |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (24 read): 0 open-market purchases and 8 sales ($34.4M), 1 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Feb 6, 2026 | Maurice J Jr Gallagher Executive Chairman, Director, 10% owner | sell | $11.4M |
| Feb 6, 2026 | Maurice J Jr Gallagher Executive Chairman, Director, 10% owner | sell | $8.6M |
| Feb 9, 2026 | Maurice J Jr Gallagher Executive Chairman, Director, 10% owner | sell | $6.5M |
| Feb 9, 2026 | Maurice J Jr Gallagher Executive Chairman, Director, 10% owner | sell | $2.9M |
| Feb 9, 2026 | Maurice J Jr Gallagher Executive Chairman, Director, 10% owner | sell | $2.8M |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 12.7% | Jun 30, 2026 |
| DONALD SMITH & CO., INC. | 8.1% | Jun 30, 2026 |
| Vanguard Portfolio Management | 5.24% | Mar 31, 2026 |
| T. Rowe Price Investment Management, Inc. | 5.2% | Jun 30, 2026 |
| Dimensional Fund Advisors LP | 5% | Jun 30, 2026 |
| Jeffrey L. Feinberg Personal Trust | 1.1% | Jan 9, 2026 |
ETFs with the most weight in ALGT
| JETS U.S. Global Jets ETF | 2.82% |
| RZV Invesco S&P SmallCap 600® Pure Value ETF | 0.43% |
| PSCI Invesco S&P SmallCap Industrials ETF | 0.34% |
| BSVO EA Bridgeway Omni Small-Cap Value ETF | 0.31% |
| ISMD Inspire Small/Mid Cap ETF | 0.21% |
| AVUV Avantis U.S. Small Cap Value ETF | 0.2% |
| HAPS Harbor Human Capital Factor US Small Cap ETF | 0.19% |
| RWJ Invesco S&P SmallCap 600 Revenue ETF | 0.18% |
What could go wrong
- Sun Country merger may not pay off. Merging two airlines' workforces and operations could delay expected savings, raise labor costs or spark labor disputes. Allegiant also expects substantial deal and integration expenses, and warns its share price could fall.
- Extra fees may not keep growing. Fees for bags, seats and other extras brought in 48.8% of 2025 revenue, more than base fares did. Allegiant warns it may not be able to maintain or grow this add-on revenue.
- Boeing problems could slow growth. Regulators' scrutiny of Boeing could delay deliveries of new jets, which Allegiant says could mean slower growth and lower profits. An accident or restrictions on its aircraft could also hurt its reputation and results.
- Heavy debt limits its flexibility. As of June 30, 2026, Allegiant had $2.78 billion of debt against $1.07 billion of cash and investments. It warns debt payments and lender restrictions, called covenants, could limit its options in a downturn.
- Fuel and labor costs could squeeze margins. Allegiant counts low costs as a key advantage, but fuel spikes, rising wages and trouble hiring pilots could erode it. Its operating margin, the share of revenue left after operating costs, was 1.4% in 2025.
- Vacation demand can fall in hard times. Allegiant depends on leisure travelers flying from smaller cities to vacation spots. It warns weak economic conditions, higher travel taxes or new competitors on its routes could cut demand and fares.
Recent events
- Executive or board change
- Major agreement signed; Executive or board change
- New debt or financial obligation
- Quarterly results released; Investor presentation or announcement
- Investor presentation or announcement
- Major agreement signed; New debt or financial obligation
- Other company announcement
- Major agreement signed; New debt or financial obligation; Other company announcement
- Shareholder vote results
- Other company announcement
For income and retirement investors
Allegiant paid no dividend in 2025, and its dividend yield was 0% as of October 28, 2026. For income investors, any return would depend on the share price rising. Its dividend record is uneven. It paid $11.4 million in dividends in 2020, none in 2021 or 2022, and about $22 million in each of 2023 and 2024 before stopping again. The 2024 payments came despite a $240.2 million net loss. Share buybacks, or repurchases of its own stock, were modest, totaling $79.6 million from 2021 through 2025.
The stock has fallen hard in downturns. It dropped 58% in the 2020 COVID crash and took about eight months to recover from its low. It fell 66% in the 2022 bear market, a long market decline, and had not recovered as of October 28, 2026. In the 2008 crisis it fell 55% but bounced back within four months. As a single stock, Allegiant carries more risk than a diversified fund.
Questions investors ask
How does Allegiant make money?
The biggest share comes from fees for extras, not ticket fares. Of Allegiant's $2.61 billion of revenue in 2025, $1.27 billion (48.8%) came from air-related add-ons such as bags, seat assignments and priority boarding, and $975 million (37.4%) came from base fares. Hotel rooms, rental cars and insurance offered to passengers added 3.2%, and its co-branded credit card added 3%. It keeps base fares low on nonstop flights from smaller US cities to leisure destinations and charges separately for the extras.
Does Allegiant pay a dividend?
No. Allegiant paid no dividend in 2025, and its dividend yield was 0% as of October 28, 2026. Its payments have started and stopped: it paid $11.4 million in dividends in 2020, nothing in 2021 or 2022, and about $22 million in each of 2023 and 2024. It has no streak of dividend increases. From 2021 through 2025 it spent $79.6 million on share buybacks, which return cash to shareholders by repurchasing stock.
Is Allegiant merging with Sun Country Airlines?
Yes. On January 11, 2026, Allegiant agreed to acquire Sun Country Airlines Holdings. Under the merger agreement, each Sun Country share converts into $4.10 in cash plus 0.1557 Allegiant shares. Allegiant's annual report, filed February 26, 2026, said the deal needed approval from both companies' shareholders and from regulators, and was expected to close in the second half of 2026. Allegiant says the combination should broaden its network and help it expand year-round, charter and cargo service.
Is Allegiant profitable?
No. Allegiant posted a net loss of $44.7 million in 2025, after a $240.2 million loss in 2024. It did earn a small operating profit, before interest and taxes, of $37.2 million in 2025. That was just 1.4% of revenue. It also produced $75.1 million of free cash flow, the cash left after capital spending. In the quarter ended June 30, 2026, revenue rose 36.9% from a year earlier, but it still lost $4.9 million. Its Allegiant ONE strategy aims to restore historical margins.
How volatile is Allegiant stock?
Very volatile. As of October 28, 2026, its one-year beta was 2.25, meaning its price tended to move more than twice as much as the broad stock market. Its annualized volatility, a measure of how widely the price swings, was 61.1%, and its worst drop over that year was 44.4%. It fell 66.1% in the 2022 bear market and had not recovered, and its share price was down 57% over five years.