OPERATING SEGMENTS

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

OPERATING SEGMENTS

The Company has two operating and reportable segments: Passenger and Cargo, which are determined by the services provided and fleet utilized. The Chief Operating Decision Maker ("CODM") makes resource allocation decisions with the objective of generating high returns and margins and mitigating the seasonality of the Company’s route network. Operating Income is the measure of segment profit that is the most consistent with the amounts presented in the Company’s Condensed Consolidated Financial Statements, as well as the measure the CODM uses to assess segment performance. The accounting policies for the Company’s reportable segments are consistent with those described in Note 2, "Basis of Presentation and Summary of Significant Accounting Policies" included within Part II, Item 8 of the 2025 10-K. There are no intercompany transactions between the Company’s reportable segments.

The following tables present financial information for the Company’s two operating segments: Passenger and Cargo. Certain Non-Fuel operating expenses are allocated between Passenger and Cargo based on metrics such as block hours, fleet count and departures, which best align with the nature of the respective expense. Other Operating, net includes crew and other employee travel, interrupted trip expenses, information technology, property taxes and insurance, including hull-liability insurance, supplies, legal and other professional fees, facilities and all other administrative and operational overhead expenses. The CODM does not consider Interest Income, Interest Expense, and Other Income, net, in assessing the financial performance of the operating segments. Collectively, these items are included in reconciling reporting segment financial amounts to the condensed consolidated financial amounts.

Nearly all of the Company’s long-lived assets are associated with the Passenger operating segment. Therefore, predominately all depreciation and amortization expense is associated with the Passenger operating segment. Substantially all the Company’s tangible assets are located in the U.S. The Company's Aircraft and Flight equipment are mobile across geographic markets. As a result, assets by segment are not reviewed by the CODM and have not been presented herein.

The following table presents financial information for the Company’s two segments.

	Three Months Ended March 31, 2026						Three Months Ended March 31, 2025
	Passenger		Cargo		Total		Passenger		Cargo		Total
Operating Revenues	$	292,277	$	46,089	$	338,366	$	298,492	$	28,157	$	326,649
Operating Expenses:
Aircraft Fuel	72,574		327		72,901		64,619		—		64,619
Salaries, Wages, and Benefits	73,169		31,022		104,191		75,183		17,662		92,845
Maintenance	13,803		6,620		20,423		15,343		3,519		18,862
Sales and Marketing	10,092		—		10,092		10,395		—		10,395
Depreciation and Amortization	25,145		12		25,157		24,799		5		24,804
Ground Handling	10,461		—		10,461		11,407		—		11,407
Landing Fees and Airport Rent	17,515		207		17,722		16,684		149		16,833
Special Items	6,853		2,946		9,799		1,799		—		1,799
Other Operating, net	20,446		10,297		30,743		23,543		5,296		28,839
Total Operating Expenses	250,058		51,431		301,489		243,772		26,631		270,403
Operating Income (Loss)	$	42,219	$	(5,342)	36,877		$	54,720	$	1,526	56,246
Interest Income					2,235						1,995
Interest Expense					(8,851)						(9,625)
Other, net					2						(478)
Income Before Income Tax					$	30,263					$	48,138