Annual report [Section 13 and 15(d), not S-K Item 405]

PROPERTY AND EQUIPMENT

v3.25.4
PROPERTY AND EQUIPMENT
 12 Months Ended
Dec. 31, 2025
Property, Plant and Equipment [Abstract]  
PROPERTY AND EQUIPMENT PROPERTY AND EQUIPMENT
The following table presents details on the major classes of property and equipment as of (in thousands):
December 31,
2025 2024
Aircraft $ 1,037,119  $ 821,985 
Land and buildings 190,021  173,828 
Other property and equipment 122,829  109,708 
Construction-in-progress 144,587  244,181 
Property and equipment, at cost $ 1,494,556  $ 1,349,702 
Less: accumulated depreciation (341,888) (273,481)
Property and equipment, net $ 1,152,668  $ 1,076,221 
During the years ended December 31, 2025, 2024 and 2023, the Company recognized depreciation expense of $61.0 million, $59.0 million and $61.9 million, respectively.