v3.25.4
DEBT (Tables)
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Schedule of Debt
The following table summarizes our debt as of the dates indicated below:

Summary of outstanding debt by category
Maturity Dates
Interest Rate(s) Per Annum at December 31, 2025
December 31,
(in millions)20252024
Unsecured notes2028to20303.75%to5.30%$2,884 $1,575 
Unsecured Payroll Support Program Loans(1)
20311.00%1,848 3,496 
Financing arrangements secured by SkyMiles assets:
SkyMiles Notes(2)
2026to20284.75%3,422 3,970 
SkyMiles Term Loan(2)(3)
2026to20285.38%588 784 
NYTDC Special Facilities Revenue Bonds(2)
2026to20454.00%to6.00%3,522 3,591 
Financing arrangements secured by aircraft:
Certificates(2)
2026to20282.00%to8.00%894 992 
Notes(2)(3)
2026to20335.96%to7.18%78 87 
Financing arrangements secured by slots, gates and/or routes:
Senior Secured Notes2025—%— 812 
Other financings(2)
20305.00%66 66 
Corporate Revolving Credit Facility2026to2028Undrawn— — 
Other revolving credit facilities(3)
2026Undrawn— — 
Total secured and unsecured debt13,302 15,373 
Unamortized (discount)/premium and debt issuance cost, net and other6 (26)
Total debt13,308 15,347 
Less: current maturities(1,372)(1,801)
Total long-term debt$11,936 $13,546 
(1)Interest rates on the Payroll Support Program ("PSP") loans are 1.00% for the first five years and the applicable SOFR plus 2.00% in the final five years. The applicable interest rates will begin to adjust for each loan in January 2026 and April 2026.
(2)Due in installments during the years shown above.
(3)Certain financings are comprised of variable rate debt. All variable rates are equal to SOFR (generally subject to a floor) or another index rate plus a specified margin.
Schedule of Fair Value of Outstanding Debt The fair value of debt, shown below, is principally based on reported market values, recently completed market transactions and estimates based on interest rates, maturities, credit risk and underlying collateral. Debt is primarily classified as Level 1 or Level 2 within the fair value hierarchy.
Fair value of outstanding debt
(in millions)December 31, 2025December 31, 2024
Net carrying amount$13,308 $15,347 
Fair value$13,400 $15,300 
Schedule of Future Debt Maturities
The following table summarizes scheduled maturities of our debt for the years succeeding December 31, 2025:

Future debt maturities
(in millions)Total DebtAmortization of Debt (Discount)/Premium and Debt Issuance Cost, net and other
2026$1,367 $(2)
20271,878 2 
20283,460 (1)
2029621 4 
20301,222 5 
Thereafter4,754 (2)
Total$13,302 $6 $13,308