CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) - USD ($) $ in Millions	Sep. 30, 2026	Dec. 31, 2025
ASSETS
Cash and cash equivalents	$ 835	$ 627
Restricted cash	34	28
Marketable securities	1,396	1,496
Receivables - net	656	565
Inventories and supplies - net	249	203
Prepaid expenses	234	278
Other current assets	37	69
Total Current Assets	3,441	3,266
Property and equipment - net of accumulated depreciation and amortization of $5,377 and $4,945	12,280	11,857
Operating lease assets	1,325	1,268
Goodwill	2,723	2,723
Intangible assets - net of accumulated amortization of $116 and $74	773	815
Other noncurrent assets	487	432
Total Noncurrent Assets	17,588	17,095
Total Assets	21,029	20,361
LIABILITIES AND SHAREHOLDERS' EQUITY
Accounts payable	443	324
Accrued wages, vacation and payroll taxes	853	881
Other accrued liabilities	1,154	1,055
Current portion of long-term debt and finance leases	890	721
Current portion of operating lease liabilities	222	197
Total Current Liabilities	7,545	6,589
Long-term debt and finance leases, net of current portion	5,269	4,834
Operating lease liabilities, net of current portion	1,138	1,141
Deferred income taxes	909	1,004
Deferred revenue	1,690	1,711
Obligation for pension and post-retirement medical benefits	324	369
Other liabilities	624	595
Total Noncurrent Liabilities	9,954	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 - 147,152,378 shares; 2025 - 145,115,659 shares, Outstanding: 2026 - 111,631,476 shares; 2025 - 115,530,889 shares	1	1
Capital in excess of par value	1,053	961
Treasury stock (common), at cost: 2026 - 35,520,902 shares; 2025 - 29,584,770 shares	(1,951)	(1,701)
Accumulated other comprehensive loss	(187)	(173)
Retained earnings	4,614	5,030
Total Shareholders' Equity	3,530	4,118
Total Liabilities and Shareholders' Equity	21,029	20,361
Air traffic liability
LIABILITIES AND SHAREHOLDERS' EQUITY
Deferred revenue	2,129	1,689
Loyalty Plan Revenue
LIABILITIES AND SHAREHOLDERS' EQUITY
Deferred revenue	$ 1,854	$ 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).