We have developed strategic relationships with a number of airlines and airline services companies through joint ventures and other forms of cooperation and support, including equity investments. Our equity investments reinforce our commitment to these relationships and generally enhance our ability to offer input to the investee on strategic issues and direction, in some cases through representation on the board of directors of the investee.

Fair Value Investments. Changes in the valuation of investments accounted for at fair value are recorded in gain/(loss) on investments, net in our income statement within non-operating expense and are driven by changes in stock prices, foreign currency fluctuations and other valuation techniques for investments in companies without publicly-traded shares. We elect to measure certain equity securities without readily determinable fair values under the "measurement alternative" (i.e., at their cost less impairment, adjusted for observable price changes).

Equity Method Investments. We record our share of our equity method investees' financial results in our income statement as described in the table below.


Equity investments ownership interest and carrying value
	Accounting Treatment	Ownership Interest(4)				Carrying Value
(in millions)		December 31, 2025		December 31, 2024		December 31, 2025		December 31, 2024
Air France-KLM	Fair Value	3	%	3	%	$	100	$	62
China Eastern	Fair Value	2	%	2	%	319		155

Grupo Aeroméxico	Equity Method(1)	19	%	20	%	377		354
Hanjin-KAL	Fair Value(2)	15	%	15	%	861		507
LATAM	Fair Value	11	%	10	%	1,644		837
Republic Airways	Fair Value	14	%	17	%	124		84
Unifi Aviation	Equity Method	20	%	49	%	51		146
WestJet	Fair Value	13	%	—	%	248		—
Wheels Up	Fair Value(3)	36	%	38	%	173		435
Other investments	Various					325		266
Equity investments						$	4,222	$	2,846

(2)At December 31, 2025, we held 14.8% of the outstanding shares (including common and preferred), and 14.9% of the common shares, of Hanjin KAL.

(3)Our voting rights with respect to Wheels Up are capped at 29.9%. We elected to account for our equity method investment under the fair value option.

Grupo Aeroméxico. In November 2025, Grupo Aeroméxico issued shares through an initial public offering which reduced our ownership interest to 19%. We continue to account for our investment under the equity method as the reduced ownership stake does not change our ability to exercise significant influence with Grupo Aeroméxico. Our equity investment is subject to contractual transfer restrictions until November 2029.

Republic Airways Holdings. In November 2025, Republic Airways and Mesa Air Group merged to create Republic Airways Holdings, Inc., a publicly traded company, and as a result our ownership decreased to 14%. This investment is subject to contractual transfer restrictions until May 2026.

Unifi Aviation. In December 2025, we sold a portion of our Unifi investment to Argenbright Holdings for $80 million, reducing our ownership from 49% to 20%. We continue to account for our investment under the equity method. Results are included in contracted services in our income statement as this entity is integral to the operations of our business by providing services at many of our airport locations.

WestJet. In October 2025, we acquired a 12.7% equity stake in WestJet for $276 million. As part of the transaction, we also assumed a commensurate portion of a shareholder loan receivable from the previous owner.

Wheels Up. We concluded that Wheels Up is a variable interest entity ("VIE"). A VIE requires consolidation by the entity’s primary beneficiary. We determined that we are not the primary beneficiary after assessing the decision-making process for the significant activities of Wheels Up, concluding that Wheels Up's Board of Directors continues to possess the decision-making authority over the significant activities. Although we are represented on the Board, we do not control Wheels Up's Board. Based on this assessment, Wheels Up is not consolidated in our financial statements.

During the September 2025 quarter, we agreed to extend the contractual transfer restrictions on our investment in Wheels Up until May 2026 and thereafter will remain subject to certain, more limited transfer restrictions.

This category includes various investments that are accounted for at fair value or under the equity method, depending on our ownership interest and the level of influence conveyed by our investment. Among others, this category includes our equity method investments in Virgin Atlantic and JFK IAT Member LLC.

Virgin Atlantic. The carrying value of our investment in Virgin Atlantic remains zero as of December 31, 2025. We maintain our 49% equity interest and continue to track our share of Virgin Atlantic's losses under the equity method of accounting. These previously unrecognized losses are only recorded to the extent we make additional investments in Virgin Atlantic (i.e., additional shareholder support). As of December 31, 2025, we have approximately $620 million of unrecognized equity method losses related to our 49% interest in Virgin Atlantic.

JFK IAT Member LLC. We have an equity method investment in JFK IAT Member LLC, which owns JFK International Air Terminal LLC ("IAT"), our landlord at the New York-JFK Airport. We have a long-term agreement with IAT to sublease space in Terminal 4 through 2043 ("Sublease") which requires us to pay certain fixed management fees. We determined that the investment is a VIE and assessed whether we have a controlling financial interest in IAT. Our rights under the Sublease, with respect to management of Terminal 4, are consistent with rights granted to an anchor tenant under a standard airport lease. Accordingly, we do not consolidate this entity in our Consolidated Financial Statements.