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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) - USD ($)
$ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Operating Revenue        
Total Operating Revenue $ 4,065 $ 3,704 $ 7,365 $ 6,841
Operating Expenses        
Wages and benefits 1,239 1,165 2,481 2,292
Variable incentive pay 65 61 95 123
Aircraft fuel 1,305 700 2,101 1,381
Aircraft maintenance 256 240 472 460
Aircraft rent 64 64 125 126
Landing fees and other rentals 305 278 596 520
Contracted services 158 146 309 291
Selling expenses 115 105 214 205
Depreciation and amortization 207 199 411 393
Food and beverage service 107 97 202 182
Third-party regional carrier expense 68 69 124 133
Other 302 247 605 508
Special items - operating 42 56 77 147
Total Operating Expenses 4,233 3,427 7,812 6,761
Operating Income (Loss) (168) 277 (447) 80
Non-operating Income (Expense)        
Interest income 21 22 40 48
Interest expense (86) (66) (162) (132)
Interest capitalized 13 9 23 21
Other - net 6 (4) 15 (12)
Total Non-operating Expense (46) (39) (84) (75)
Income (Loss) Before Income Tax (214) 238 (531) 5
Income tax expense (benefit) (138) 66 (262) (1)
Net Income (Loss) $ (76) $ 172 $ (269) $ 6
Basic Earnings (Loss) Per Share (in dollars per share) $ (0.68) $ 1.45 $ (2.39) $ 0.05
Diluted Earnings (Loss) Per Share (in dollars per share) $ (0.68) $ 1.42 $ (2.39) $ 0.05
Weighted Average Shares Outstanding used for computation:        
Basic 111,127,000 118,847,000 112,702,000 120,979,000
Diluted 111,127,000 120,930,000 112,702,000 123,183,000
Passenger revenue        
Operating Revenue        
Total Operating Revenue $ 3,644 $ 3,355 $ 6,564 $ 6,163
Passenger revenue | Passenger        
Operating Revenue        
Total Operating Revenue 3,644 3,355 6,564 6,163
Loyalty Plan Revenue        
Operating Revenue        
Total Operating Revenue 646 571 1,220 1,094
Loyalty Plan Revenue | Passenger        
Operating Revenue        
Total Operating Revenue 388 361 735 677
Loyalty Plan Revenue | Loyalty program other        
Operating Revenue        
Total Operating Revenue 258 210 485 417
Cargo and other revenue        
Operating Revenue        
Total Operating Revenue 163 139 316 261
Cargo and other revenue | Cargo and Freight        
Operating Revenue        
Total Operating Revenue $ 163 $ 139 $ 316 $ 261