LEASES (Tables)

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Assets And Liabilities, Lessee

Lease-related assets and liabilities recorded on the consolidated balance sheets was as follows:

(in millions)	Balance Sheet Presentation	2025			2024
Assets
Operating lease assets	Operating lease assets	$	1,268		$	1,296
Finance lease assets	Property and equipment, net	227			53
Total lease assets		$	1,495		$	1,349
Liabilities
Current
Operating	Current portion of operating lease liabilities	$	197		$	207
Finance	Current portion of long-term debt and finance leases	181			8
Noncurrent
Operating	Operating lease liabilities, net of current portion	1,141			1,198
Finance	Long-term debt and finance leases, net of current portion	65			47
Total lease liabilities		$	1,584		$	1,460
Weighted-average remaining lease term (in years)
Operating leases		9.1			8.9
Finance leases		2.6			6.5
Weighted-average discount rate
Operating leases		6.7		%	6.4		%
Finance leases		6.2		%	6.3		%

Lease, Cost

The components of lease expense for operating and finance leases were as follows:

(in millions)	Income Statement Presentation	2025		2024		2023
Expense
Operating lease cost	Aircraft rent, Landing fees and other rentals	$	279	$	217	$	218
Amortization of finance lease assets	Depreciation and amortization	24		2		—
Interest on finance lease liabilities	Interest expense	5		1		—
Variable and short-term lease costs	Aircraft rent, Landing fees and other rentals	768		557		472
Total lease expense		1,076		777		690
Revenue
Lease revenue	Cargo and other revenue	(15)		(15)		(15)
Net lease impact		$	1,061	$	762	$	675

The table below presents supplemental cash flow information related to leases. Operating cash flows associated with finance leases were not material for the three years ended December 31, 2025, 2024, and 2023.

(in millions)	2025		2024		2023
Operating cash flows for operating leases	$	273	$	241	$	348
Financing cash flows for finance leases	9		31		211

Finance Lease, Liability, to be Paid, Maturity

Future minimum lease payments under non-cancellable leases as of December 31, 2025:

	Operating Leases				Finance Leases
(in millions)	Aircraft(a)		Other		Aircraft		Other
2026	$	244	$	35	$	193	$	—
2027	233		29		16		—
2028	213		27		16		—
2029	194		24		16		—
2030	159		24		10		—
Thereafter	305		394		14		7
Total Lease Payments(a)	1,348		533		265		7
Less: Imputed interest	(237)		(286)		(22)		(4)
Total	$	1,111	$	247	$	243	$	3

(a) Future minimum lease payments in the table reflect incentive credits related to leased B737-9 aircraft. As a result, the operating lease liabilities presented on the consolidated balance sheet will not agree to this table.

Lessee, Operating Lease, Liability, Maturity

Future minimum lease payments under non-cancellable leases as of December 31, 2025:

	Operating Leases				Finance Leases
(in millions)	Aircraft(a)		Other		Aircraft		Other
2026	$	244	$	35	$	193	$	—
2027	233		29		16		—
2028	213		27		16		—
2029	194		24		16		—
2030	159		24		10		—
Thereafter	305		394		14		7
Total Lease Payments(a)	1,348		533		265		7
Less: Imputed interest	(237)		(286)		(22)		(4)
Total	$	1,111	$	247	$	243	$	3

(a) Future minimum lease payments in the table reflect incentive credits related to leased B737-9 aircraft. As a result, the operating lease liabilities presented on the consolidated balance sheet will not agree to this table.