v3.25.4
INVESTMENTS (Tables)
 12 Months Ended
Dec. 31, 2025
Investments, Debt and Equity Securities [Abstract]  
Schedule of Equity Investments Ownership and Carrying Value - Fair Value
Equity investments ownership interest and carrying value
Accounting Treatment
Ownership Interest(4)
Carrying Value
(in millions)December 31, 2025December 31, 2024December 31, 2025December 31, 2024
Air France-KLMFair Value3 %3 %$100 $62 
China EasternFair Value2 %2 %319 155 
Grupo Aeroméxico
Equity Method(1)
19 %20 %377 354 
Hanjin-KAL
Fair Value(2)
15 %15 %861 507 
LATAMFair Value11 %10 %1,644 837 
Republic AirwaysFair Value14 %17 %124 84 
Unifi AviationEquity Method20 %49 %51 146 
WestJetFair Value13 %— %248 — 
Wheels Up
Fair Value(3)
36 %38 %173 435 
Other investmentsVarious325 266 
Equity investments$4,222 $2,846 
(1)Results are included in miscellaneous, net in our income statement under non-operating expense.
(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.
(4)Unless otherwise indicated below, movements in our ownership interest result from changes in our equity investees' outstanding shares.
Schedule of Equity Investments Ownership and Carrying Value - Equity Method
Equity investments ownership interest and carrying value
Accounting Treatment
Ownership Interest(4)
Carrying Value
(in millions)December 31, 2025December 31, 2024December 31, 2025December 31, 2024
Air France-KLMFair Value3 %3 %$100 $62 
China EasternFair Value2 %2 %319 155 
Grupo Aeroméxico
Equity Method(1)
19 %20 %377 354 
Hanjin-KAL
Fair Value(2)
15 %15 %861 507 
LATAMFair Value11 %10 %1,644 837 
Republic AirwaysFair Value14 %17 %124 84 
Unifi AviationEquity Method20 %49 %51 146 
WestJetFair Value13 %— %248 — 
Wheels Up
Fair Value(3)
36 %38 %173 435 
Other investmentsVarious325 266 
Equity investments$4,222 $2,846 
(1)Results are included in miscellaneous, net in our income statement under non-operating expense.
(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.
(4)Unless otherwise indicated below, movements in our ownership interest result from changes in our equity investees' outstanding shares.