Consolidated Balance Sheets - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Assets
Cash and cash equivalents	$ 671	$ 740
Accounts receivable, net	85	73
Supplies, net	90	79
Other current assets	112	98
Total current assets	958	990
Property and equipment, net	510	376
Operating lease right-of-use assets	4,806	3,930
Pre-delivery deposits for flight equipment	428	404
Intangible assets, net	27	27
Other assets	491	426
Total assets	7,220	6,153
Liabilities and stockholders’ equity
Accounts payable	130	115
Air traffic liability	352	294
Frequent flyer liability	16	18
Current maturities of long-term debt, net	301	261
Current maturities of operating leases	779	664
Other current liabilities	525	500
Total current liabilities	2,103	1,852
Long-term debt, net	313	241
Long-term operating leases	4,070	3,302
Long-term frequent flyer liability	44	31
Other long-term liabilities	199	123
Total liabilities	6,729	5,549
Commitments and contingencies
Stockholders’ equity:
Common stock, $0.001 par value per share, with 229,010,827 and 225,440,496 shares issued and outstanding as of December 31, 2025 and 2024, respectively	0	0
Additional paid-in capital	437	414
Retained earnings	59	196
Accumulated other comprehensive income (loss)	(5)	(6)
Total stockholders’ equity	491	604
Total liabilities and stockholders’ equity	$ 7,220	$ 6,153