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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($)
$ in Millions
6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Cash Flows from Operating Activities:    
Net Income $ 6 $ 88
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 393 254
Stock-based compensation and other 10 37
Non-cash special items 52 0
Changes in certain assets and liabilities:    
Changes in deferred income taxes 1 47
Increase in accounts receivable (171) (55)
Increase in air traffic liability 415 440
Increase in deferred revenue 216 38
Other - net (87) 23
Net cash provided by operating activities 835 872
Property and equipment additions    
Aircraft and aircraft purchase deposits (523) (380)
Other flight equipment (90) (63)
Other property and equipment (128) (144)
Supplier proceeds 0 162
Purchases of marketable securities (844) (163)
Sales and maturities of marketable securities 765 288
Other investing activities 73 165
Net cash used in investing activities (747) (135)
Cash Flows from Financing Activities:    
Proceeds from issuance of long-term debt, net of issuance costs 168 279
Long-term debt payments (236) (149)
Common stock repurchases (535) (49)
Other financing activities 59 6
Net cash provided by (used in) financing activities (544) 87
Net (decrease) increase in cash and cash equivalents (456) 824
Cash, cash equivalents, and restricted cash at beginning of period 1,257 308
Cash, cash equivalents, and restricted cash at end of the period 801 1,132
Cash paid during the period for:    
Interest, net of amount capitalized 108 55
Non-cash transactions:    
Right-of-use assets acquired through operating leases 74 34
Property and equipment acquired through the issuance of debt 69 68
Reconciliation of cash, cash equivalents, and restricted cash:    
Cash and cash equivalents 750 1,115
Restricted cash 28 0
Restricted cash included in Other noncurrent assets 23 17
Total cash, cash equivalents, and restricted cash at end of the period $ 801 $ 1,132