Operating Revenues (Tables)

6 Months Ended

Jun. 30, 2026

Agreements with other airlines

Schedule of deferred revenue and unbilled revenues

The following table summarizes the amount of deferred revenue, recognition of previously deferred revenue and change in unbilled revenue for revenue recognized that is in excess of (or less than) the fixed monthly non-lease and lease payments received under the Company’s capacity purchase agreements for the three and six months ended June 30, 2026 and 2025 (in thousands):

	For the three months ended June 30,				For the six months ended June 30,
	2026		2025		2026		2025
Non-lease fixed monthly payments:
Revenue deferred on fixed monthly payments received	$	—	$	—	$	—	$	—
Revenue recognized that was deferred in a prior period		16,803		11,760		34,294		21,220
Increase in unbilled revenue		2,935		5,619		993		5,707
Total non-lease revenue recognized in excess of fixed monthly payments received during the period	$	19,738	$	17,379	$	35,287	$	26,927
Lease fixed monthly payments:
Revenue deferred on fixed monthly payments received	$	—	$	—	$	—	$	—
Revenue recognized that was deferred in a prior period		6,134		3,799		13,391		6,034
Increase in unbilled revenue		1,000		1,798		2,108		2,925
Total lease revenue recognized in excess of fixed monthly payments received during the period	$	7,134	$	5,597	$	15,499	$	8,959
Total revenue recognized in excess of fixed monthly payments received during the period	$	26,872	$	22,976	$	50,786	$	35,886

The Company's unbilled revenue and deferred revenue balances were reflected in the following balance sheet line items at June 30, 2026 and December 31, 2025 (in thousands):

	June 30,		December 31,
	2026		2025
Unbilled revenue - other current assets	$	2,461	$	1,133
Unbilled revenue - other long-term assets		28,434		26,661
Total unbilled revenue	$	30,895	$	27,794
Deferred revenue - other current liabilities		78,840		163,894
Deferred revenue - other long-term liabilities		165,878		128,509
Total deferred revenue	$	244,718	$	292,403
Net deferred revenue balance	$	213,823	$	264,609

Schedule of aircraft and agreements with major airline partners

United Express Agreements
Agreement	Aircraft type	Number of Aircraft	Term / Termination Dates
United Express Agreements	• E175	122	Individual aircraft have scheduled
(capacity purchase agreements)	• CRJ700/E170	8	removal dates under the agreements
	• CRJ550	36	between 2026 and 2035
	• CRJ200	36
United Express Prorate Agreement	• CRJ200	37*	Terminable with 120-day notice
Total under United Express Agreements		239
Delta Connection Agreements
Agreement	Aircraft type	Number of Aircraft	Term / Termination Dates
Delta Connection Agreement	• E175	87	Individual aircraft have scheduled
(capacity purchase agreement)	• CRJ900	34	removal dates under the agreement
	• CRJ700	2	between 2026 and 2035
Delta Connection Prorate Agreement	• CRJ550	16*	Terminable with 30-day notice
Total under Delta Connection Agreements		139
American Agreements
Agreement	Aircraft type	Number of Aircraft	Term / Termination Dates
American Agreement	• E175	20	Individual aircraft have scheduled
(capacity purchase agreement)	• CRJ900	5	removal dates under the agreement
	• CRJ700	63	between 2027 and 2032
American Prorate Agreement	• CRJ900	4*	Terminable with 180-day notice
	• CRJ700	4*
Total under American Agreements		96
Alaska Agreement
Agreement	Aircraft type	Number of Aircraft	Term / Termination Dates
Alaska Agreement	• E175	43	Individual aircraft have scheduled
(capacity purchase agreement)			removal dates under the agreement
			between 2030 and 2038

* The Company’s prorate agreements are based on specific routes, not a specific aircraft count. The number of aircraft listed above for each prorate agreement approximates the number of aircraft the Company uses to serve the prorate routes.

Schedule of future minimum rental payments for operating leases

	For the three months ended June 30,				For the six months ended June 30,
	2026		2025		2026		2025
Operating lease fixed revenue	$	15,507	$	16,697	$	33,249	$	32,762
Operating lease variable revenue		9,265		8,526		16,710		15,535
Airport customer service and other revenue		13,430		22,493		23,535		31,880
Lease, airport services and other	$	38,202	$	47,716	$	73,494	$	80,177

The following table summarizes future minimum rental income under operating leases primarily related to leased aircraft and engines that had remaining non-cancelable lease terms as of June 30, 2026 (in thousands):

July 2026 - December 2026	$	24,506
2027		45,657
2028		44,277
2029		42,748
2030		26,459
Thereafter		2,723
Total future minimum rental income under operating leases	$	186,370

Schedule of allowance for credit losses

The following table summarizes the changes in allowance for credit losses (in thousands):

	Allowance for Credit Losses
Balance at December 31, 2025	$	22,509
Adjustments to credit loss reserves		(1,150)
Write-offs charged against allowance		(94)
Balance at June 30, 2026	$	21,265

Airport customer service and other

Agreements with other airlines

Schedule of revenue by type

The following table represents the Company’s lease, airport services and other revenues for the three and six months ended June 30, 2026 and 2025 (in thousands):

	For the three months ended June 30,				For the six months ended June 30,
	2026		2025		2026		2025
Operating lease fixed revenue	$	15,507	$	16,697	$	33,249	$	32,762
Operating lease variable revenue		9,265		8,526		16,710		15,535
Airport customer service and other revenue		13,430		22,493		23,535		31,880
Lease, airport services and other	$	38,202	$	47,716	$	73,494	$	80,177

Flying agreements

Agreements with other airlines

Schedule of revenue by type

The following table disaggregates the Company’s flying agreements revenue by type for the three and six months ended June 30, 2026 and 2025 (in thousands):

	For the three months ended June 30,				For the six months ended June 30,
	2026		2025		2026		2025
Capacity purchase agreements flight operations revenue (non-lease component)	$	677,213	$	682,948	$	1,311,082	$	1,322,101
Capacity purchase agreements fixed aircraft lease revenue		107,579		104,220		212,034		215,208
Capacity purchase agreements variable aircraft lease revenue		78,913		54,898		150,286		89,937
Prorate agreements and charter revenue		200,844		145,445		369,032		276,259
Flying agreements revenue	$	1,064,549	$	987,511	$	2,042,434	$	1,903,505