Allegiant Travel CO (ALGT) · Nov 2, 2026 · Other events
Pro forma update — Q2 2026 pro forma adjusted EBITDA $199.6M; adjusted net income $75.4M
Allegiant’s pro forma update adds quarterly Sun Country history, showing a larger combined airline but no evidence yet of merger synergies.
Allegiant is in the early integration phase of its May 13, 2026 Sun Country acquisition: the two airlines were expected to operate separately at first, while Allegiant pursued a larger leisure network, more diversified charter and cargo revenue, and roughly $140 million of annual synergies over three years. This filing mainly supplies a cleaner historical baseline, not a new operating update. It recasts prior quarters as if the merger and Sunseeker sale had occurred on January 1, 2025, including the June 30, 2026 quarter. The filing explicitly says the information is for informational purposes and excludes projected synergies and future integration costs. 〔0〕
| Metric | Q2 2026 | Q1 2026 |
|---|---|---|
| Total operating revenue (Condensed Combined Pro Forma) | $995.0M | $932.4M |
| Operating income (Condensed Combined Pro Forma) | $22.6M | $64.7M |
| Net income (loss) (Condensed Combined Pro Forma) | $(7.8)M | $39.0M |
| Adjusted net income (Non-GAAP information) | $75.4M | $47.6M |
| Adjusted EBITDA (Non-GAAP information) | $199.6M | $168.4M |
| CASM excluding fuel, special charges and cargo (CASM table) | 7.93¢ | 7.81¢ |
The headline loss is largely transaction-accounting noise, while the underlying pro forma earnings remain positive. In Q2, the combined company posted $22.6 million of operating income and a $7.8 million net loss, but $94.9 million of special charges drove much of the gap between reported and adjusted results. Adjusted net income was $75.4 million and adjusted EBITDA was $199.6 million. That makes the quarter useful for understanding the size and earnings profile of the combined airline, but not proof that integration is already producing the promised benefits.
The filing does not change the strategic story because it offers no synergy realization or forward guidance. Allegiant says the acquisition accounting remains provisional through May 13, 2027, and that differences from final purchase-price allocation could materially affect future results. 〔1〕 The newly disclosed figures therefore improve comparability, while leaving the central execution question—whether the enlarged airline can convert scale into durable savings and better unit economics—unanswered.
Bottom line: This is a transparency and comparability update, not a new business inflection. It confirms a sizable combined airline with positive adjusted earnings, but does not yet validate the merger’s synergy case. 〔2〕
Final acquisition accounting adjustments through May 13, 2027
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