Controladora Vuela Compania de Aviacion, S.A.B. de C.V. (VLRS) Company Report

Analyst Coverage

Research analysts who have asked questions during Controladora Vuela Compania de Aviacion, S.A.B. de C.V. earnings calls.

Duane Pfennigwerth

Evercore ISI

5 questions for VLRS

Also covers: AAL, ALGT, ALK +18 more

Jens Spiess

Morgan Stanley

5 questions for VLRS

Also covers: ASR, CPA, LTM +1 more

Thomas Fitzgerald

TD Cowen

5 questions for VLRS

Also covers: AAL, ALGT, ALK +8 more

Guilherme Mendes

J.P. Morgan Chase & Co.

4 questions for VLRS

Also covers: ASR, AZUL, CAAP +4 more

Rogério Araújo

Bank of America

4 questions for VLRS

Also covers: AZUL, CPA

Alberto Valerio

UBS Group AG

3 questions for VLRS

Also covers: ASR, AZUL, CPA +4 more

Michael Linenberg

Deutsche Bank

3 questions for VLRS

Also covers: AAL, ALGT, ALK +12 more

Pablo Monsivais

Barclays

3 questions for VLRS

Also covers: ASR, LTM, PAC +1 more

Stephen Trent

Citigroup Inc.

3 questions for VLRS

Also covers: AAL, AER, AL +14 more

Abraham Fuentes Salinas

Santander

2 questions for VLRS

Also covers: OMAB, PAC, VTMX

Shannon Doherty

Deutsche Bank

2 questions for VLRS

Also covers: AAL, ALK, DAL +3 more

Jay Singh

Citigroup

1 question for VLRS

Also covers: CAAP, PAC

Rafael Simonetti

UBS Group AG

1 question for VLRS

Also covers: PAC

Steve Trent

Citi

1 question for VLRS

Latest news

Recent press releases and 8-K filings for VLRS.

Volaris Reports December 2025 Traffic Results

VLRS

Demand Weakening

Volaris reported its preliminary traffic results for December 2025 on January 8, 2026.
The consolidated load factor for December 2025 decreased by 3.5 percentage points year-over-year to 84.1%.
In December 2025, Available Seat Miles (ASM) capacity increased 9.5%, and Revenue Passenger Miles (RPMs) grew 5.1%.
Volaris transported 3.0 million passengers during December 2025.
CEO Enrique Beltranena noted a return to historical seasonality and recovery in the cross-border Visiting Friends and Relatives (VFR) market, but domestic ASMs were lower than planned due to prolonged severe weather at the Tijuana airport.

4 days ago

6-K

Volaris and Viva Announce Proposed Formation of New Airline Group

VLRS

M&A

New Projects/Investments

Volaris and Viva announced the proposed formation of a new airline group, Grupo Más Vuelos, through a merger of equals, with each shareholder group owning 50%. The new holding company will remain publicly listed on the New York Stock Exchange and Mexican Stock Exchange under a new ticker, while both airlines will retain their distinct brands and Air Operator Certificates.
The combined entity will operate a fleet of over 250 new-generation Airbus A320 Family aircraft and has a combined order book of more than 200 aircraft, estimated to reach $14 billion over the coming years.
The transaction is expected to create significant efficiencies, including reduced aircraft ownership costs, which currently account for 33%-35% of both carriers' costs, and will result in a pro forma leverage of 2.7 times EV/EBITDA. This structure aims to improve access to capital and strengthen the balance sheet.
The new airline group is intended to accelerate growth in air travel in Mexico and internationally by leveraging economies of scale, expanding destinations, and maintaining low fares.
The transaction is anticipated to close within the next 12 months, pending shareholder approval and regulatory approvals in Mexico, Colombia, and the U.S..

Dec 19, 2025, 3:00 PM

Transcript

Volaris and VIVA Announce Proposed Airline Group Formation

VLRS

M&A

New Projects/Investments

Volaris and VIVA have announced a proposed merger of equals to form a new airline group, with each shareholder group owning 50% of the combined entity.
The new holding company, to be renamed Grupo Mas Vuelos, will remain publicly listed on the New York Stock Exchange and Mexican Stock Exchange under a new ticker, with the transaction expected to close within the next 12 months.
The group will operate Volaris and VIVA as separate brands, leveraging a combined fleet of over 250 new-generation Airbus A320 Family aircraft and a pro forma net debt to EBITDA leverage of 2.7 times.
Key benefits are anticipated from economies of scale, including lower aircraft ownership costs, improved access to capital, and an expanded network of over 320 routes serving 85 destinations.

Dec 19, 2025, 3:00 PM

Transcript

Volaris and VIVA Announce Proposed Formation of New Airline Group

VLRS

M&A

New Projects/Investments

Volaris and VIVA announced a proposed formation of a new airline group, Grupo Mas Vuelos, through a merger of equals, with each shareholder group owning 50% of the new entity.
The new group will operate Volaris and VIVA as separate carriers and brands under a holding company structure, aiming to accelerate air travel expansion in Mexico and internationally.
The combined entity will have a fleet of over 250 new-generation Airbus A320 Family aircraft and a combined order book of more than 200 aircraft, estimated to reach $14 billion.
Key benefits include achieving significant economies of scale, reducing aircraft ownership costs (currently 33%-35% of costs), and improving access to capital, resulting in a pro forma net debt to EBITDA of 2.7 times.
The transaction is expected to close within the next 12 months, pending regulatory and shareholder approvals.

Dec 19, 2025, 3:00 PM

Transcript

Volaris and Viva Announce Formation of New Mexican Airline Group

VLRS

M&A

New Projects/Investments

Volaris and Grupo Viva Aerobus have entered into an agreement to create a new Mexican airline group under a holding company structure, with the objective of expanding low-fare travel and connectivity in Mexico and abroad.
The transaction is structured as a merger of equals, where Viva shareholders will receive newly issued shares of the Volaris Holding Company, resulting in each shareholder group owning 50% of the new airline group on a fully diluted basis.
Both Volaris and Viva will retain their current operations under independent operating certificates and unique brands, while the new group aims to achieve enhanced economies of scale, lowered fleet ownership costs, improved access to capital, and a strengthened financial position.
The transaction is subject to regulatory approvals, customary closing conditions, and shareholder approvals, and is expected to close in 2026.

Dec 19, 2025, 2:55 AM

6-K

Volaris Reports November 2025 Traffic Results

VLRS

Volaris reported a load factor of 85.3% for November 2025, which represents a 1.5 percentage point decrease year-over-year.
The company transported 2.7 million passengers in November 2025.
In November 2025, Available Seat Miles (ASM) capacity increased by 5.8%, while Revenue Passenger Miles (RPMs) grew by 3.9%.
CEO Enrique Beltranena noted continued sequential improvement in cross-border traffic and stable domestic demand, expressing a favorable outlook for 2026.

Dec 4, 2025, 2:00 PM

6-K

Volaris Reports October 2025 Traffic Results

VLRS

Demand Weakening

Revenue Acceleration/Inflection

Volaris reported a consolidated load factor of 85.9% for October 2025, which represents a 1.5 percentage point decrease year-over-year.
In October 2025, available seat miles (ASM) capacity increased by 1.1%, while revenue passenger miles (RPMs) declined by 0.6%.
The company transported 2,553 thousand passengers in October 2025, marking a 0.6% increase compared to the previous year.
Year-to-date October 2025, total passengers increased 4.9% to 25,357 thousand, and total RPMs rose 2.9% to 24,926 million.
CEO Enrique Beltranena noted strong travel sentiment and sequential improvement across the network, with domestic demand remaining healthy and cross-border market sales returning to levels similar to last year.

Nov 5, 2025, 2:01 PM

6-K

Volaris Reaffirms 2025 Guidance, Provides 2026 Outlook

VLRS

Earnings

Guidance Update

Revenue Acceleration/Inflection

Volaris reported Q3 2025 TRASM of $0.0865, which was ahead of guidance and down 7.7% year over year, with a total load factor of 84.4% and average ancillary revenue per passenger reaching $56.
The company reaffirmed its full-year 2025 outlook, expecting ASM growth of approximately 7% year over year and an EBITDA margin in the range of 32% to 33%.
For Q4 2025, Volaris anticipates ASM growth of approximately 8% year over year and an EBITDA margin of around 36%.
Looking into 2026, Volaris targets ASM growth in the range of 6% to 8%, with 17 aircraft re-deliveries budgeted and an expected improvement in grounded aircraft (AOGs) from an average of 36 in 2025 to around 32-33 in 2026.
Volaris noted an improving demand momentum in the cross-border market, with the US-Mexico transborder market reaching an inflection point as sales have been above last year's levels since mid-August.

Oct 28, 2025, 3:00 PM

Transcript

Volaris Reports Q3 2025 Results and Reaffirms Full-Year Guidance

VLRS

Earnings

Guidance Update

Revenue Acceleration/Inflection

Volaris reported Q3 2025 total operating revenues of $784 million and an EBITDA margin of 33.6%, resulting in a net profit of $6 million and earnings per ADS of $0.05.
The company reaffirmed its full-year 2025 guidance, projecting approximately 7% ASM growth and an EBITDA margin between 32% and 33%.
For Q4 2025, Volaris expects around 8% year-over-year ASM growth and an EBITDA margin of around 36%.
Demand recovery is strengthening, particularly in the cross-border market, with Q3 2025 TRASM at $0.0865 (down 7.7% year-over-year) and average ancillary revenue per passenger reaching $56.
Volaris is targeting 2026 ASM growth in the range of 6% to 8% and anticipates no material impacts from engine-related aircraft on ground (AOGs) by the end of 2027.

Oct 28, 2025, 3:00 PM

Transcript

Volaris Reports Q3 2025 Results and Provides 2026 Outlook

VLRS

Earnings

Guidance Update

Revenue Acceleration/Inflection

Volaris reported Q3 2025 total operating revenues of $784 million, a 4% decrease year-over-year, with an EBITDA of $264 million and a 33.6% margin, and a net profit of $6 million. TRASM reached $0.0865, and ancillary revenue per passenger was $56, consistently accounting for over half of total revenue.
The company reaffirmed its full-year 2025 guidance for ASM growth of approximately 7% and an EBITDA margin in the range of 32-33%.
For Q4 2025, Volaris expects ASM growth of approximately 8% year-over-year and an EBITDA margin of around 36%.
Looking into 2026, the company targets ASM growth in the range of 6% to 8%, anticipates an improvement in grounded aircraft (AOGs) to around 32-33 from 36 in 2025, and expects CapEx to be higher than 2025's $250 million.