Free cash flow generation remains inconsistent, evidenced by a volatile margin profile that ranged from a low of -21.7% in 2025Q3 to a peak of 30.4% in 2026Q1, largely driven by capital-intensive projects and working capital timing.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 |
|---|
| Cash from Operations | 466.42M | 389.77M | 338.46M | 423.09M | 303.05M | 538.19M | 234.5M | 440.6M | 356.5M | 391.13M | 346.86M | 365.37M | 269.78M | 196.89M | 176.77M | 129.91M | 97.96M | 131.67M | 71.63M | 73.95M | 34.75M | 44.03M | 10.48M |
| Operating CF Margin % | - | 14.95% | 13.47% | 16.86% | 13.17% | 31.51% | 23.69% | 23.93% | 21.38% | 26.01% | 25.45% | 28.95% | 23.73% | 19.76% | 19.45% | 16.67% | 14.76% | 23.6% | 14.21% | 20.51% | 14.28% | 33.23% | 11.6% |
| Operating CF Growth % | -28.1% | 15.16% | -20% | 39.61% | -43.69% | 129.51% | -46.78% | 23.59% | -8.85% | 12.76% | -5.07% | 35.43% | 37.02% | 11.38% | 36.07% | 32.62% | -25.61% | 83.82% | -3.13% | 112.82% | -21.08% | 319.94% | - |
| Net Income | -34.32M | -44.7M | -240.24M | 117.6M | 2.49M | 151.85M | -184.09M | 232.12M | 161.8M | 194.9M | 219.59M | 220.33M | 86.3M | 91.78M | 78.41M | 49.4M | 65.7M | 76.33M | 35.41M | 31.51M | 8.74M | 7.29M | 9.13M |
| Depreciation & Amortization | 243.8M | 249.19M | 258.25M | 223.13M | 197.54M | 181.03M | 176.27M | 155.85M | 129.35M | 121.71M | 105.22M | 98.1M | 83.41M | 69.26M | 57.5M | 41.98M | 34.97M | 29.64M | 23.49M | 15.99M | 10.58M | 5.09M | -2.18M |
| Stock-Based Compensation | 10.87M | 10.87M | 22.57M | 29.75M | 15.2M | 16.13M | 19.29M | 18.23M | 15.1M | 13.86M | 9.39M | 10.47M | 16.72M | 9.82M | 4.07M | 4.74M | 4.44M | 3.11M | 1.7M | 1.01M | 385K | 0 | 0 |
| Deferred Taxes | -10.18M | -10.18M | -69.01M | 38.21M | 2.18M | 43.76M | 69.34M | 68.47M | 38.22M | 42.47M | 29.85M | 8.98M | -7.35M | -1.95M | 6.36M | 13.98M | -737K | 6.77M | 5.91M | 7.31M | 6.32M | 0 | 0 |
| Other Non-Cash Items | 121.22M | 89.33M | 307.76M | 16.82M | 48.51M | 25.72M | 309.99M | -4.56M | 6.79M | 50.52M | 9.27M | 3.47M | 50.45M | 7.75M | 2.42M | 5.02M | 1.57M | 3.86M | 747K | -1.28M | 769K | 99K | 4.39M |
| Working Capital Changes | 135.04M | 95.26M | 59.13M | -2.42M | 37.13M | 119.69M | -156.3M | -29.5M | 5.24M | -32.33M | -26.45M | 24.02M | 40.24M | 20.22M | 28M | 14.8M | -7.98M | 11.97M | 4.38M | 19.41M | 7.95M | 31.55M | -855K |
| Change in Receivables | 0 | 25.26M | -1.25M | 33.32M | -33.89M | 128.91M | 4.39M | 10.5M | 35.62M | -30.57M | -18.2M | -930K | 2.64M | 1.78M | -5.77M | -5.01M | -376K | -1.9M | 3.51M | -8.15M | -585K | -4M | -1.25M |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | -123.19M | 53.57M | 14.74M | 17.78M | 5.46M | 32.76M | 1.15M | -1.82M | -4.37M | -1.38M | -2.22M | -3.79M | -626K | -3.12M | -2.37M | 150K | -1.24M |
| Change in Payables | 0 | 0 | 8.74M | -5.03M | 14.77M | 10.4M | 7.02M | -2.1M | 8.63M | 4.8M | 9.21M | -6.43M | 851K | 3.14M | 891K | 3.06M | 4.59M | 4.69M | -2.24M | 6.03M | 3.25M | 8.96M | 1.69M |
| Cash from Investing | -243.81M | -220.43M | 5.58M | -721.88M | -491.42M | -593.28M | -365.69M | -476.46M | -268.98M | -618.52M | -401.84M | -234.22M | -315.25M | -192.83M | -208.83M | -208.22M | 6.78M | -97.21M | -100.5M | -68.93M | -1.61M | -47.71M | -9.68M |
| Capital Expenditures | -285.61M | -314.66M | -300.15M | -870.49M | -434.69M | -243.61M | -280.2M | -505.2M | -334.8M | -568.44M | -199.74M | -252.69M | -279.42M | -177.52M | -105.08M | -86.58M | -98.5M | -32.5M | -54.12M | -42.13M | -27.83M | -15.06M | -9.38M |
| CapEx % of Revenue | 10.82% | 12.07% | 11.95% | 34.68% | 18.88% | 14.26% | 28.3% | 27.44% | 20.08% | 37.8% | 14.66% | 20.02% | 24.57% | 17.82% | 11.56% | 11.11% | 14.84% | 5.83% | 10.74% | 11.68% | 11.44% | 11.37% | 10.38% |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 86.62M | -1.65M | 26K | 0 | 0 | 0 | -156K | 352K | -27K | 951K | 483K | -3.59M | 0 | 38.06M | 0 | 1.58M | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 56.23M | 199.41M | 109.19M | 62.69M | -90.75M | -56.06M | 9.89M | 11.81M | 677K | -6.7M | -118.64M | 2.2M | 896K | 10.58M | -9.29M | 9.21M | 1.3M | 3.59M | 2.32M | -41.56M | 66K | -2.27M | -291K |
| Cash from Financing | -220.83M | -280.9M | -201.3M | 212.92M | 33.12M | 285.47M | 164.6M | 75.13M | -62.36M | 222.13M | 32.58M | -133.65M | 37.37M | 4.1M | -29.13M | 115.76M | -81.68M | -41.38M | -18.24M | 8.98M | 75.88M | 23.37M | 480K |
| Debt Issued (Net) | -220.28M | -278.82M | -198.54M | 161.76M | 162.03M | -19.44M | 210.22M | 169.17M | -21M | 358.68M | 167.08M | 53.07M | 216.51M | 83.34M | 4.66M | 117.85M | -17.67M | -18.92M | -4.17M | -15.54M | -13.25M | -7.36M | 487K |
| Equity Issued (Net) | -2.52M | -13.59M | -6.03M | -30.08M | -29.91M | 335.14M | -33.77M | -18.57M | -3.65M | -90.46M | -66.37M | -129.46M | -139.1M | -83.61M | 2.55M | -1.92M | -49.89M | -25.36M | -16.71M | 21.62M | 93.37M | 33.54M | -7K |
| Dividends Paid | 0 | 0 | -21.93M | -22.14M | 0 | 0 | -11.36M | -45.55M | -45.25M | -45.72M | -67.54M | -62.44M | -41.79M | 0 | -38.6M | 0 | -14.94M | 0 | 0 | 0 | -3.4M | -1.45M | 0 |
| Share Repurchases | -2.52M | -13.59M | -6.03M | -30.08M | -29.91M | 0 | -33.77M | -18.57M | -3.65M | -90.46M | -66.37M | -129.46M | -139.1M | -83.61M | -4.99M | -1.92M | -53.76M | -25.36M | -16.71M | -647K | 0 | -35.54M | -7K |
| Other Financing | 1.97M | 11.51M | 25.2M | 103.38M | -99.01M | -30.23M | -484K | -29.93M | 7.54M | -379K | -594K | 5.18M | 1.75M | 4.36M | 2.27M | -168K | 821K | 2.9M | 2.64M | 2.9M | -845K | -1.36M | 0 |
| Net Change in Cash | 1.79M | -111.56M | 142.74M | -85.86M | -155.25M | 230.38M | 33.53M | 40.87M | 25.27M | -5.26M | -22.4M | -2.5M | -8.1M | 8.15M | -61.18M | 37.45M | 23.05M | -6.91M | -47.12M | 14M | 109.01M | 19.69M | 1.29M |
| Free Cash Flow | 180.81M | 75.1M | 38.3M | -447.39M | -131.64M | 294.58M | -45.7M | -64.6M | 21.7M | -177.31M | 147.12M | 112.68M | -9.64M | 19.37M | 71.69M | 43.33M | -543K | 99.17M | 17.51M | 31.82M | 6.91M | 28.97M | 1.1M |
| FCF Margin % | 6.85% | 2.88% | 1.52% | -17.83% | -5.72% | 17.25% | -4.62% | -3.51% | 1.3% | -11.79% | 10.79% | 8.93% | -0.85% | 1.94% | 7.89% | 5.56% | -0.08% | 17.77% | 3.47% | 8.82% | 2.84% | 21.86% | 1.22% |
| FCF Growth % | 51.58% | 96.08% | 108.56% | -239.86% | -144.69% | 744.6% | 29.26% | -397.7% | 112.24% | -220.52% | 30.56% | 1269.25% | -149.75% | -72.98% | 65.45% | 8079.56% | -100.55% | 466.28% | -44.95% | 360.22% | -76.13% | 2533.36% | - |
| FCF per Share | 9.92 | 4.16 | 2.15 | -24.83 | -7.30 | 17.10 | -2.86 | -4.03 | 1.36 | -11.02 | 8.92 | 6.64 | -0.54 | 1.02 | 3.72 | 2.27 | -0.03 | 4.89 | 0.85 | 1.55 | 0.41 | 2.22 | 0.16 |
| FCF Conversion (FCF/Net Income) | -5.27x | -8.72x | -1.41x | 3.60x | 121.56x | 3.54x | -1.27x | 1.90x | 2.20x | 2.01x | 1.58x | 1.66x | 3.11x | 2.13x | 2.25x | 2.63x | 1.49x | 1.73x | 2.02x | 2.35x | 3.98x | 6.04x | 1.15x |
| Interest Paid | 60.12M | 0 | 107.38M | 111.91M | 82.9M | 43.51M | 0 | 0 | 0 | 0 | 26.45M | 26.31M | 19.27M | 8.71M | 8.64M | 6.59M | 2.5M | 4.29M | 4.97M | 3.71M | 4.67M | 3.45M | 1.91M |
| Taxes Paid | 0 | 0 | 8.74M | 1.01M | 308K | 0 | 0 | 0 | 0 | 0 | 110.61M | 111.4M | 55.5M | 53.22M | 37.94M | 23.51M | 36.99M | 36.95M | 4.62M | 16.68M | 63K | 37K | 12K |
High Capital Intensity Risk
According to quarterly cash flow data, the relationship between net income and operating cash flow is frequently decoupled, as evidenced by the extreme OCF/NI ratio of -182.60 in 2024Q1, suggesting that reported earnings are currently poor proxies for the company's actual cash-generating capacity.
The significant divergence between net income and operating cash flow indicates that non-cash items and working capital swings are heavily distorting the bottom line. Investors should monitor whether this disconnect persists, as it complicates the assessment of true underlying profitability.
As reported in financial statements, free cash flow margins have fluctuated wildly from a peak of 30.4% in 2026Q1 to a low of -21.7% in 2025Q3, reflecting the company's struggle to maintain consistent cash generation amidst its ongoing strategic capital investments.
The erratic FCF trajectory suggests that the business model is highly sensitive to timing differences in capital expenditures and seasonal revenue cycles. This volatility may indicate that the company lacks a stable cash-flow floor, making it vulnerable to sudden shifts in operational performance.
Based on the provided figures, the company's capital intensity remains elevated, with CapEx/Revenue ratios reaching as high as 20.6% in 2025Q3, which highlights the significant financial burden of maintaining a mid-life fleet while simultaneously funding new, large-scale infrastructure projects like the Sunseeker Resort.
The high level of capital expenditure relative to revenue suggests that a substantial portion of cash flow is being consumed by growth and maintenance requirements rather than being returned to shareholders. This capital-intensive profile warrants further investigation into the expected return on these specific investments.
Data from recent filings indicates that working capital changes are a primary driver of cash flow variance, with a notable $140.3M inflow in 2026Q1, suggesting that the company's cash position is heavily influenced by timing differences in payables and receivables rather than core operational efficiency.
These large, periodic swings in working capital appear to obscure the underlying cash-generating trends of the airline segment. Analysts should be cautious, as these fluctuations may temporarily mask the true cash burn associated with the company's broader strategic expansion efforts.
Quick answers to the most common questions about buying ALGT stock.
Allegiant Travel Company (ALGT) generated $389.8M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Allegiant Travel Company (ALGT) generated $75.1M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Allegiant Travel Company (ALGT) spent $314.7M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Allegiant Travel Company (ALGT) spent $13.6M on share repurchases. This shows the company's commitment to returning capital to its equity investors.