XML 53 R25.htm IDEA: XBRL DOCUMENT v3.25.4
Investments
 12 Months Ended
Dec. 31, 2025
Schedule of Investments [Line Items]  
Investments Investments
To help expand our network and as part of our ongoing commitment to sustainability, we enter into various commercial relationships or other strategic partnerships, including equity investments, with other airlines and companies.
Our equity investments, ownership interest and carrying value were as follows:
Ownership InterestCarrying Value (in millions)
December 31,December 31,
Accounting Treatment2025202420252024
Republic Holdings (1)
Equity Method20.8 %25.0 %$254 $253 
China Southern AirlinesFair Value1.5 %1.5 %203 142 
Other investments (2)
Various146 120 
Total$603 $515 
(1)In November 2025, Republic Holdings completed a merger with Mesa Air Group, Inc. As a result, our equity interest in Republic Holdings decreased from 25.0% to 20.8%.
(2)Primarily includes our investment in JetSMART Holdings Limited, which is accounted for under the equity method.
American Airlines, Inc.  
Schedule of Investments [Line Items]  
Investments Investments
To help expand American’s network and as part of its ongoing commitment to sustainability, American enters into various commercial relationships or other strategic partnerships, including equity investments, with other airlines and companies.
American’s equity investments, ownership interest and carrying value were as follows:
Ownership InterestCarrying Value (in millions)
December 31,December 31,
Accounting Treatment2025202420252024
Republic Holdings (1)
Equity Method20.8 %25.0 %$254 $253 
China Southern AirlinesFair Value1.5 %1.5 %203 142 
Other investments (2)
Various146 120 
Total$603 $515 
(1)In November 2025, Republic Holdings completed a merger with Mesa Air Group, Inc. As a result, American’s equity interest in Republic Holdings decreased from 25.0% to 20.8%.
(2)Primarily includes American’s investment in JetSMART Holdings Limited, which is accounted for under the equity method.