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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) - USD ($)
$ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Operating Revenue        
Total Operating Revenue $ 3,704 $ 2,897 $ 6,841 $ 5,129
Operating Expenses        
Wages and benefits 1,165 782 2,292 1,586
Variable incentive pay 61 49 123 93
Aircraft fuel, including hedging gains and losses 700 615 1,381 1,180
Aircraft maintenance 240 129 460 251
Aircraft rent 64 46 126 93
Landing fees and other rentals 278 173 520 338
Contracted services 146 106 291 203
Selling expenses 105 84 205 161
Depreciation and amortization 199 128 393 254
Food and beverage service 97 67 182 125
Third-party regional carrier expense 69 64 133 118
Other 247 186 508 391
Special items - operating 56 146 147 180
Total Operating Expenses 3,427 2,575 6,761 4,973
Operating Income 277 322 80 156
Non-operating Income (Expense)        
Interest income 22 24 48 41
Interest expense (66) (36) (132) (71)
Interest capitalized 9 6 21 12
Other - net (4) 0 (12) 0
Total Non-operating Expense (39) (6) (75) (18)
Income Before Income Tax 238 316 5 138
Income tax expense (benefit) 66 96 (1) 50
Net Income $ 172 $ 220 $ 6 $ 88
Basic earnings per share (in dollars per share) $ 1.45 $ 1.74 $ 0.05 $ 0.70
Diluted earnings per share (in dollars per share) $ 1.42 $ 1.71 $ 0.05 $ 0.69
Weighted Average Shares Outstanding used for computation:        
Basic 118,847,000 126,337,000 120,979,000 126,153,000
Diluted 120,930,000 128,310,000 123,183,000 127,857,000
Passenger revenue        
Operating Revenue        
Total Operating Revenue $ 3,355 $ 2,651 $ 6,163 $ 4,655
Passenger revenue | Passenger        
Operating Revenue        
Total Operating Revenue 3,355 2,651 6,163 4,655
Mileage Plan Revenue        
Operating Revenue        
Total Operating Revenue 571 464 1,094 876
Mileage Plan Revenue | Passenger        
Operating Revenue        
Total Operating Revenue 361 290 677 538
Mileage Plan Revenue | Mileage plan other revenue        
Operating Revenue        
Total Operating Revenue 210 174 417 338
Cargo and other revenue        
Operating Revenue        
Total Operating Revenue 139 72 261 136
Cargo and other revenue | Cargo and Freight        
Operating Revenue        
Total Operating Revenue $ 139 $ 72 $ 261 $ 136