CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
ASSETS
Cash and cash equivalents	$ 627	$ 1,201
Restricted cash	28	29
Marketable securities	1,496	1,274
Receivables - net	565	558
Inventories and supplies - net	203	199
Prepaid expenses	278	307
Other current assets	69	192
Total Current Assets	3,266	3,760
Property and equipment - net of accumulated depreciation and amortization of $4,945 and $4,548	11,857	10,781
Operating lease assets	1,268	1,296
Goodwill	2,723	2,724
Intangible assets - net of accumulated amortization of $74 and $16	815	873
Other noncurrent assets	432	334
Total Noncurrent Assets	17,095	16,008
Total Assets	20,361	19,768
LIABILITIES AND SHAREHOLDERS' EQUITY
Accounts payable	324	186
Accrued wages, vacation and payroll taxes	881	1,001
Other accrued liabilities	1,055	997
Current portion of long-term debt and finance leases	721	450
Current portion of operating lease liabilities	197	207
Total Current Liabilities	6,589	6,145
Long-term debt and finance leases, net of current portion	4,834	4,538
Operating lease liabilities, net of current portion	1,141	1,198
Net deferred tax liabilities	1,004	934
Deferred revenue	1,711	1,664
Obligation for pension and post-retirement medical benefits	369	460
Other liabilities	595	457
Total Noncurrent Liabilities	9,654	9,251
Commitments and Contingencies (Note 9)
Shareholders' Equity
Preferred stock, $0.01 par value, Authorized: 5,000,000 shares, none issued or outstanding	0	0
Common stock, $0.01 par value, Authorized: 400,000,000 shares, Issued: 2025 - 145,115,659 shares; 2024 - 141,449,174 shares, Outstanding: 2025 - 115,530,889 shares; 2024 - 123,119,199 shares	1	1
Capital in excess of par value	961	811
Treasury stock (common), at cost: 2025 - 29,584,770 shares; 2024 - 18,329,975 shares	(1,701)	(1,131)
Accumulated other comprehensive loss	(173)	(239)
Retained earnings	5,030	4,930
Total Shareholders' Equity	4,118	4,372
Total Liabilities and Shareholders' Equity	20,361	19,768
Air Traffic Liability
LIABILITIES AND SHAREHOLDERS' EQUITY
Deferred revenue	1,689	1,712
Loyalty Plan Revenue
LIABILITIES AND SHAREHOLDERS' EQUITY
Deferred revenue	$ 1,722	$ 1,592

Carrying value as of the balance sheet date of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).

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- Definition

Carrying value as of the balance sheet date of obligations incurred and payable, pertaining to costs that are statutory in nature, are incurred on contractual obligations, or accumulate over time and for which invoices have not yet been received or will not be rendered. Examples include taxes, interest, rent and utilities. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).