v3.25.3
Condensed Consolidated Statement of Cash Flows - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
CASH FLOWS FROM OPERATING ACTIVITIES:        
Net income $ 54 $ 67 $ 118 $ 204
Adjustments to reconcile net income to net cash provided by (used in) operating activities:        
Depreciation and amortization 394 438 1,189 1,250
Impairment of long-lived assets 0 0 8 0
Unrealized/realized loss on fuel derivative instruments 0 15 0 17
Deferred income taxes 14 19 37 62
Gain on sale-leaseback transactions 0 0 (3) 0
Changes in certain assets and liabilities:        
Accounts and other receivables (83) 193 64 (80)
Other assets 3 (13) 359 4
Accounts payable and accrued liabilities 11 (196) (209) (1,668)
Air traffic liability (172) (377) (117) 421
Other liabilities 16 (18) (19) (136)
Cash collateral provided to derivative counterparties 0 (8) (22) (28)
Other, net 50 (7) 142 (60)
Net cash provided by (used in) operating activities 287 113 1,547 (14)
CASH FLOWS FROM INVESTING ACTIVITIES:        
Capital expenditures (678) (517) (1,814) (1,594)
Assets constructed for others 0 (10) 0 (26)
Proceeds from sale-leaseback transactions 0 0 23 0
Purchases of short-term investments (100) (636) (470) (3,845)
Proceeds from sales of short-term and other investments 350 1,621 1,577 5,160
Other, net 0 0 (3) (29)
Net cash provided by (used in) investing activities (428) 458 (687) (334)
CASH FLOWS FROM FINANCING ACTIVITIES:        
Payroll Support Program stock warrants repurchase 0 0 0 (6)
Proceeds from Employee stock plans 14 15 46 46
Repurchase of common stock (250) 0 (2,500) 0
Payments of long-term debt and finance lease obligations (6) (11) (2,603) (27)
Payments of cash dividends (189) (216) (399) (431)
Other, net (1) 2 (11) (19)
Net cash used in financing activities (432) (210) (5,467) (437)
NET CHANGE IN CASH AND CASH EQUIVALENTS (573) 361 (4,607) (785)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 3,475 8,142 7,509 9,288
CASH AND CASH EQUIVALENTS AT END OF PERIOD 2,902 8,503 2,902 8,503
CASH PAYMENTS FOR:        
Interest, net of amount capitalized 3 14 67 124
Income taxes 0 0 5 7
SUPPLEMENTAL DISCLOSURE OF NON-CASH TRANSACTIONS:        
Right-of-use assets acquired or modified under operating leases 4 23 38 42
Flight and ground equipment acquired or modified under finance leases $ 6 $ 17 $ 6 $ 16