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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Operating Revenue        
Total Operating Revenue $ 3,766 $ 3,072 $ 10,607 $ 8,201
Operating Expenses        
Wages and benefits 1,226 883 3,518 2,469
Variable incentive pay 71 104 194 197
Aircraft fuel, including hedging gains and losses 761 624 2,142 1,804
Aircraft maintenance 238 140 698 391
Aircraft rent 64 49 190 142
Landing fees and other rentals 305 194 825 532
Contracted services 151 108 442 311
Selling expenses 107 82 312 243
Depreciation and amortization 203 139 596 393
Food and beverage service 100 69 282 194
Third-party regional carrier expense 72 63 205 181
Other 256 202 764 593
Special items - operating 64 74 211 254
Total Operating Expenses 3,618 2,731 10,379 7,704
Operating Income 148 341 228 497
Non-operating Income (Expense)        
Interest income 23 28 71 69
Interest expense (70) (44) (202) (115)
Interest capitalized 8 7 29 19
Other - net 2 (4) (10) (4)
Total Non-operating Expense (37) (13) (112) (31)
Income Before Income Tax 111 328 116 466
Income tax expense 38 92 37 142
Net Income $ 73 $ 236 $ 79 $ 324
Basic earnings per share (in dollars per share) $ 0.63 $ 1.87 $ 0.66 $ 2.57
Diluted earnings per share (in dollars per share) $ 0.62 $ 1.84 $ 0.65 $ 2.52
Weighted Average Shares Outstanding used for computation:        
Basic 115,287,000 126,189,000 119,061,000.000 126,165,000
Diluted 117,500,000 128,590,000 121,193,000 128,347,000
Passenger revenue        
Operating Revenue        
Total Operating Revenue $ 3,424 $ 2,821 $ 9,587 $ 7,476
Passenger revenue | Passenger        
Operating Revenue        
Total Operating Revenue 3,424 2,821 9,587 7,476
Loyalty Plan Revenue        
Operating Revenue        
Total Operating Revenue 558 460 1,652 1,336
Loyalty Plan Revenue | Passenger        
Operating Revenue        
Total Operating Revenue 358 289 1,035 827
Loyalty Plan Revenue | Loyalty program other        
Operating Revenue        
Total Operating Revenue 200 171 617 509
Cargo and other revenue        
Operating Revenue        
Total Operating Revenue 142 80 403 216
Cargo and other revenue | Cargo and Freight        
Operating Revenue        
Total Operating Revenue $ 142 $ 80 $ 403 $ 216