Volaris more than doubles loss in the first nine months of 2026
Low-cost Mexican airline lost US$225 million until September, with costs and fuel rising, but, according to the company, it had positive EBITDA in the third quarter.
BY THE X-TRADER NEWS NEWSROOM · REPORTING FROM O ANTAGONISTA · 2 MIN
Volaris, a low-cost Mexican airline, recorded a net loss of US$225 million between January and September 2026, equivalent to around €201.8 million, according to O Antagonista. The negative result more than doubles that of the same period in 2025, with an increase of 108.3% in the annual comparison.
The biggest burden came from costs. Operating expenses rose 29.8%, to US$2.754 billion, and fuel spending increased 50.9%, reaching US$975 million. As a result, EBITDA accumulated for the year was negative at US$86 million, compared to a positive result of US$35 million in 2025.
Operating revenue totaled US$2.668 billion in the nine months, an increase of 23.7%. Passenger revenue was US$2.572 billion, an increase of 25.8%, while other revenues fell 14.3%, to US$96 million. As costs grew more than sales, the margin came under pressure.
In the isolated third trimester, the situation was less adverse. The company had a loss of US$26 million, compared to a profit of US$6 million in the same period in 2025. Quarterly revenue reached US$1.038 billion, an increase of 32.4%, and a publication cited by O Antagonista states that it was the first time that the total for a quarter exceeded US$1 billion. Fuel rose 57% in the period. According to the company itself, EBITDA for the quarter was positive at US$34 million, and the loss fell by around 80% compared to the second quarter of 2026.
For the executive president, Enrique Beltranena, strong demand absorbed the company's additional capacity. Volaris' projection predicts capacity growth of approximately 4% in the fourth quarter of 2026 and approximately 5% for the year.
The central point is whether demand can sustain the expansion of supply without fuel and operating costs eroding the result. The quarterly turnaround indicates recovery in the short term, but the year to date still shows relevant pressure.
What changes for the investor
The case reinforces the sensitivity of airlines to the price of fuel and cost discipline, factors that usually weigh on the sector's prices. The positive EBITDA in the third quarter is a sign to follow, but the accumulated loss and the increase in costs above revenue call for caution when reading the numbers. The next balance sheets should show whether demand maintains the pace given the expected capacity expansion.
Automatically translated from Portuguese.
