XML 23 R5.htm IDEA: XBRL DOCUMENT v3.25.4
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Operating Revenue      
Revenue $ 14,239 $ 11,735 $ 10,426
Operating Expenses      
Wages and benefits 4,763 3,588 3,041
Variable incentive pay 268 358 200
Aircraft fuel, including hedging gains and losses 2,879 2,506 2,641
Aircraft maintenance 912 620 488
Aircraft rent 250 207 208
Landing fees and other rentals 1,109 781 680
Contracted services 590 444 389
Selling expenses 407 349 303
Depreciation and amortization 795 583 451
Food and beverage service 383 287 241
Third-party regional carrier expense 272 243 218
Other 1,058 854 729
Special items - operating 250 345 443
Total Operating Expenses 13,936 11,165 10,032
Operating Income 303 570 394
Non-operating Income (Expense)      
Interest income 94 101 80
Interest expense (272) (171) (121)
Interest capitalized 37 29 27
Special items - net non-operating 0 16 (18)
Other - net (16) 0 (39)
Total Non-operating Expense (157) (25) (71)
Income Before Income Tax 146 545 323
Income tax expense 46 150 88
Net Income $ 100 $ 395 $ 235
Basic earnings per share (in dollars per share) $ 0.85 $ 3.13 $ 1.84
Diluted earnings per share (in dollars per share) $ 0.83 $ 3.08 $ 1.83
Weighted Average Shares Outstanding used for computation:      
Basic 118,171,000 126,136,000 127,375,000
Diluted 119,926,000 128,372,000 128,708,000
Passenger revenue      
Operating Revenue      
Revenue $ 12,835 $ 10,654 $ 9,526
Passenger revenue | Passenger      
Operating Revenue      
Revenue 12,835 10,654 9,526
Loyalty Plan Revenue      
Operating Revenue      
Revenue 2,282 1,913 1,682
Loyalty Plan Revenue | Passenger      
Operating Revenue      
Revenue 1,427 1,180 1,034
Loyalty Plan Revenue | Loyalty program other      
Operating Revenue      
Revenue 855 733 648
Cargo and other revenue      
Operating Revenue      
Revenue 549 348 252
Cargo and other revenue | Cargo and Freight      
Operating Revenue      
Revenue $ 549 $ 348 $ 252