Volaris Q3 2026: Revenue Tops $1B (+32%), Net Loss $26M, FY EBITDAR Margin Guided to ~21%
VLRS is trading near its 52-week low of $5.455 (6.3% above the low).
Summary
Volaris posted Q3 2026 revenue of $1,038 million, up 32.4%, but a 57.4% jump in fuel cost drove a $26 million net loss and cut EBITDAR margin to 25.3%. Full-year 2026 EBITDAR margin is guided to ~21%, down from 32.5% in 2025.
Key Events · Earnings and Guidance · VLRS
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Revenue Tops $1 Billion
Q3 2026 total operating revenues were $1,038 million, up 32.4% from $784 million, on 11.1% ASM growth to 10.1 billion and a 19.2% rise in TRASM to 10.31 cents.
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Fuel Spike Drives Net Loss
Fuel expense rose 72.1% to $377 million as average economic fuel cost climbed 57.4% to $4.10 per gallon; total operating expenses rose 40.2% to $1,004 million and net loss was $26 million (23 cents per ADS) versus $6 million income a year earlier.
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Margins Compress Sharply
EBITDAR was $263 million with margin down 8.3 points to 25.3%; EBIT fell 50.0% to $34 million (3.3% margin) and CASM rose 26.2% to 9.97 cents.
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Guidance Cut Versus 2025
Full-year 2026 guidance is ~5% ASM growth, ~21% EBITDAR margin and ~$350 million CAPEX, versus 32.5% EBITDAR margin and $251 million CAPEX in 2025; Q4 2026 EBITDAR margin is guided to ~20% versus 37.2%.
Analysis · VLRS · Energy & Transportation
Revenue crossed $1 billion for the first time, up 32.4% on 11.1% more capacity and a 19.2% jump in TRASM, but costs outran sales: fuel expense rose 72.1% to $377 million as the average economic fuel price climbed 57.4% to $4.10 per gallon, pushing total operating expenses up 40.2%. The result was a $26 million net loss versus a $6 million profit a year earlier, and EBITDAR margin fell 8.3 points to 25.3%. Management still delivered positive EBIT of $34 million, which it says was not anticipated in its original outlook, and held liquidity at $823 million with net debt-to-LTM EBITDAR steady at 3.3x. The forward numbers are the real story: full-year 2026 EBITDAR margin is guided to ~21% versus 32.5% reported for 2025, and fourth-quarter EBITDAR margin is guided to ~20% against 37.2% a year ago, with the fourth-quarter fuel assumption at ~$4.40 per gallon. That is a materially lower profitability run-rate than 2025, and the guidance depends on Pratt & Whitney compensation for GTF-grounded aircraft. The proposed Viva Aerobus airline group remains pending, with closing expected in 2026 subject to regulatory approvals.
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At the time of this filing, VLRS was trading at $5.80 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $642.4M. The 52-week trading range was $5.46 to $10.80. This filing was assessed with negative market sentiment and an importance score of 7 out of 10.