Q1 2026 adjusted operating margin of 14.9%, up nearly six points year over year and slightly above guided range; highest first-quarter adjusted operating margin since pre-COVID (CEO)
Total revenue of $732.4 million, up 9.6% year over year on 5.9% less capacity; TRASM of 14.31¢, up 16.4% year over year — both first-quarter records and strongest quarterly performance in company history (Drew Wells)
Fixed fee revenue of $18.1 million, up 11.5% year over year (Drew Wells)
Non-fuel unit costs (CASM ex) of 8.64¢, up 7.1% year over year, driven by 5.9% capacity reduction (CFO)
Fuel averaged $3.04 per gallon in Q1 versus initial guide of $2.60; ASMs per gallon improved 1.2% year over year to 86.7, fifth consecutive quarterly improvement (CFO)
Net income of $69.6 million, EPS of $3.77, up nearly 80% versus prior year airline-only results (CFO)
EBITDA of $168 million, EBITDA margin of 22.9% (CFO)
Total liquidity of $1.2 billion, including $933.5 million cash and investments and $250 million undrawn revolver; net debt of $858 million; net leverage of 1.8x (CFO)
Capital expenditures of $176 million in Q1, including $155 million aircraft-related and $21 million other airline investments; deferred heavy maintenance spend of $11 million (CFO)
Co-brand credit card has over 600 thousand cardholders; compensation from bank increased 9% year over year in Q1 (CEO)
Second quarter capacity now planned down ~6.5% year over year; third quarter capacity expected flat to slightly down (Drew Wells)
Official guidance (Q2 2026 stand-alone): Operating margin of 1% midpoint; loss per share of approximately ($0.50); assumes fuel price of $4.35 per gallon; maintaining full-year CapEx guidance (CFO)
Mgmt Quotes:
"We achieved our highest first quarter adjusted operating margin since pre-COVID, and we believe our margin will prove to be industry leading for the second quarter in a row." (CEO)
"We finished the first quarter with $732.4 million in total revenue, up 9.6% versus the prior year... Both total revenue and TRASM represent first quarter records for the company, and in fact, the strongest quarterly performance in our history." (Drew Wells)
"We do expect second quarter year over year unit revenue growth to exceed the 16.4% delivered in the first quarter." (Drew Wells)
"We delivered an adjusted operating margin of 14.9% and generated $168 million in EBITDA, resulting in an EBITDA margin of 22.9%." (CFO)
"At the midpoint of our guided range, we expect to produce an operating margin of 1% and to generate a loss per share of approximately $0.50, based on an assumed fuel price of $4.35 per gallon in the quarter." (CFO)