Quarterly Revenue Growth
Total operating revenues for Q4 2025 were $882 million, up 5.6% year-over-year, driven by TRASM recovery in the back half of the year.
Strong Q4 Profitability and Margins
Q4 EBITDAR was $328 million with a 37.2% margin; Q4 EBIT was $100 million (11.3% margin) and net profit for the quarter was $4 million (EPS $0.04).
Robust Ancillary Revenue Performance
Ancillary revenues comprised 56% of total operating revenues; ancillary revenue per passenger increased ~6% versus 2024, supporting revenue quality and the ultra-low-cost model.
Liquidity and Conservative Cash Position
Total liquidity at quarter end was $774 million, representing 25.5% of last-12-months revenues, above the company target of at least 20%.
Cost Discipline and CASM ex-Fuel in Line with Plan
Full year CASM ex fuel was reported at $0.0558 (in line with plan). Q4 CASM was $0.0829 (up 3.2% YoY) and Q4 CASM ex fuel was ~$0.0576, up ~1.4% YoY — reflecting continued cost control despite headwinds.
Operational and Network Progress
Q4 capacity growth was 5.6%; international load factor improved to 79% (from 77.5% earlier) and domestic load factor reached 89.8%, showing demand resilience and disciplined supply management.
Clear 2026 Growth and Margin Guidance
Full-year 2026 guidance: ASM growth of ~7%, EBITDAR margin around 33%, and CapEx net of predelivery payments of approximately $350 million; Q1 2026 guidance includes ASM +3%, TRASM ~$0.085, CASM ex fuel ~$0.06 and Q1 EBITDAR margin ~25%.
Fleet Productivity Strategy and AOG Recovery Plan
Fleet of 155 aircraft (average age 6.6 years; 66% new models). Management expects a steady reduction in AOGs (averaged 36 in Q4, peaked 41 in January) to ~25 by year-end 2026 and expects to induct roughly twice as many engines into MROs in 2026 to accelerate returns to service.
Commercial Enhancements and Partnerships
New product (Premium+) ramping successfully since October; loyalty program 'altitude' reached ~800,000 enrollments in 7 months; codeshare revenues increased >30% in 2025; 33 new routes announced for summer expansion.