v3.25.4
LEASES (Tables)
 12 Months Ended
Dec. 31, 2025
Leases [Abstract]  
Schedule of Lease Related Assets and Liabilities
The table below presents the lease-related assets and liabilities recorded on the balance sheets.

Lease asset and liability balance sheet position by category
December 31,
(in millions)Classification on the Balance Sheets20252024
Assets
Operating lease assets - Fleet(1)
Operating lease right-of-use assets$2,575 $2,910 
Operating lease assets - Ground and otherOperating lease right-of-use assets3,669 3,734 
Finance lease assetsProperty and equipment, net835 825 
Total lease assets$7,079 $7,469 
Liabilities
Current
Operating - Fleet(1)
Current maturities of operating leases$591 $551 
Operating - Ground and otherCurrent maturities of operating leases218 212 
FinanceCurrent maturities of debt and finance leases233 374 
Noncurrent
Operating - Fleet(1)
Noncurrent operating leases2,190 2,627 
Operating - Ground and otherNoncurrent operating leases3,163 3,187 
FinanceDebt and finance leases572 473 
Total lease liabilities$6,967 $7,424 
Weighted-average remaining lease term
Operating leases12 years12 years
Finance leases3 years3 years
Weighted-average discount rate
Operating leases
4.21 %4.28 %
Finance leases3.63 %3.53 %
(1)Includes mainline and regional aircraft leases, regional aircraft leases embedded within our capacity purchase arrangements, and engine leases. The interest portion of straight-line rent expense related to fleet operating leases was $140 million and $165 million during the years ended December 31, 2025 and 2024, respectively.
Schedule of Lease, Cost
The table below presents certain information related to the lease costs for finance and operating leases.

Lease cost by category
Year Ended December 31,
(in millions)202520242023
Finance lease cost
Amortization of leased assets$66 $88 $109 
Interest of lease liabilities37 54 42 
Operating lease cost(1)
976 974 981 
Short-term lease cost(1)
268 206 258 
Variable lease cost(1)
3,343 2,902 2,230 
Total lease cost$4,690 $4,224 $3,620 
(1)Expenses are primarily classified within aircraft rent, landing fees and other rents and regional carrier expense on our income statement.
The table below presents supplemental cash flow information related to leases.

Supplemental lease-related cash flow information
Year Ended December 31,
(in millions)202520242023
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows for operating leases$981 $1,225 $1,230 
Operating cash flows for finance leases36 56 71 
Financing cash flows for finance leases114 190 264 
Schedule of Future Cash Flows and Reconciliation to the Balance Sheet, Operating Leases
The table below reconciles the undiscounted cash flows for each of the first five years and total of the remaining years to the finance lease liabilities and operating lease liabilities recorded on the balance sheet.

Future lease cash flows and reconciliation to the balance sheet
(in millions)Operating LeasesFinance Leases
2026$1,020 $256 
2027967 289 
2028846 61 
2029641 49 
2030508 109 
Thereafter3,784 106 
Total minimum lease payments7,766 870 
Less: amount of lease payments representing interest(1,604)(65)
Present value of future minimum lease payments6,162 805 
Less: current obligations under leases(809)(233)
Long-term lease obligations$5,353 $572 
Schedule of Future Cash Flows and Reconciliation to the Balance Sheet, Finance Leases
The table below reconciles the undiscounted cash flows for each of the first five years and total of the remaining years to the finance lease liabilities and operating lease liabilities recorded on the balance sheet.

Future lease cash flows and reconciliation to the balance sheet
(in millions)Operating LeasesFinance Leases
2026$1,020 $256 
2027967 289 
2028846 61 
2029641 49 
2030508 109 
Thereafter3,784 106 
Total minimum lease payments7,766 870 
Less: amount of lease payments representing interest(1,604)(65)
Present value of future minimum lease payments6,162 805 
Less: current obligations under leases(809)(233)
Long-term lease obligations$5,353 $572