CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) - USD ($) $ in Millions	Jun. 30, 2026	Dec. 31, 2025
ASSETS
Cash and cash equivalents	$ 1,064	$ 627
Restricted cash	33	28
Marketable securities	1,598	1,496
Receivables - net	681	565
Inventories and supplies - net	253	203
Prepaid expenses	261	278
Other current assets	46	69
Total Current Assets	3,936	3,266
Property and equipment - net of accumulated depreciation and amortization of $5,205 and $4,945	12,009	11,857
Operating lease assets	1,345	1,268
Goodwill	2,723	2,723
Intangible assets - net of accumulated amortization of $102 and $74	787	815
Other noncurrent assets	446	432
Total Noncurrent Assets	17,310	17,095
Total Assets	21,246	20,361
LIABILITIES AND SHAREHOLDERS' EQUITY
Accounts payable	403	324
Accrued wages, vacation and payroll taxes	727	881
Other accrued liabilities	1,217	1,055
Current portion of long-term debt and finance leases	452	721
Current portion of operating lease liabilities	217	197
Total Current Liabilities	7,192	6,589
Long-term debt and finance leases, net of current portion	5,783	4,834
Operating lease liabilities, net of current portion	1,164	1,141
Deferred income taxes	739	1,004
Deferred revenue	1,752	1,711
Obligation for pension and post-retirement medical benefits	349	369
Other liabilities	597	595
Total Noncurrent Liabilities	10,384	9,654
Commitments and Contingencies (Note 6)
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: 2026 - 147,087,872 shares; 2025 - 145,115,659 shares, Outstanding: 2026 - 111,566,970 shares; 2025 - 115,530,889 shares	1	1
Capital in excess of par value	1,034	961
Treasury stock (common), at cost: 2026 - 35,520,902 shares; 2025 - 29,584,770 shares	(1,951)	(1,701)
Accumulated other comprehensive loss	(175)	(173)
Retained earnings	4,761	5,030
Total Shareholders' Equity	3,670	4,118
Total Liabilities and Shareholders' Equity	21,246	20,361
Air traffic liability
LIABILITIES AND SHAREHOLDERS' EQUITY
Deferred revenue	2,398	1,689
Loyalty Plan Revenue
LIABILITIES AND SHAREHOLDERS' EQUITY
Deferred revenue	$ 1,778	$ 1,722

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).