Operating Segments and Related Disclosures

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Operating Segments and Related Disclosures

Operating Segments and Related Disclosures

The Company operates in a single reportable segment that provides air transportation to passengers. The Company’s Chief Operating Decision Maker (“CODM”) regularly evaluates the Company’s consolidated operating income (loss) to make decisions regarding resource allocation and performance assessment. Additionally, significant segment expenses provided to the CODM align with those shown in the consolidated statement of operations.

During the first quarter of 2025, Ted Christie, then President and Chief Executive Officer, served as the Company’s CODM and was responsible for overseeing operating performance, allocating resources and regularly communicating with executive team on these matters. Subsequently, on April 6, 2025, Ted Christie stepped down from his role. On April 17, 2025, the Board appointed David Davis as President and Chief Executive Officer and as a member of the Board, in each case effective as of April 21, 2025. Beginning on the effective date, Mr. Davis assumed the role of CODM and became responsible for overseeing the Company’s operating performance, resource allocation and executive-level decision-making. For more information on the consolidated operating results of the Company’s single reportable segment, refer to the Company’s consolidated statements of operations.

The Company is managed as a single business unit that provides air transportation for passengers. Operating revenues by geographic region as defined by the Department of Transportation ("DOT") are summarized below (in thousands):

	Successor		Predecessor
	Period from March 13, 2025 through December 31, 2025		Period from January 1, 2025 through March 12, 2025		Twelve Months Ended December 31, 2024		Twelve Months Ended December 31, 2023
DOT—Domestic	$	2,673,384	$	663,201	$	4,358,205	$	4,676,143
DOT—Latin America	368,009		92,153		555,216		686,406
Total	$	3,041,393	$	755,354	$	4,913,421	$	5,362,549

During the Successor Period and the Current Predecessor Period as well as during 2024 and 2023, no revenue from any one foreign country represented greater than 4% of the Company’s total passenger revenue. The Company attributes operating revenues by geographic region based upon the origin and destination of each passenger flight segment. The Company’s tangible assets consist primarily of flight equipment, which are mobile across geographic markets and, therefore, have not been allocated.