v3.25.4
Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash Flows From Operating Activities:      
Net income $ 5,005 $ 3,457 $ 4,609
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 2,443 2,513 2,341
Deferred income taxes 1,109 1,155 980
(Gain)/loss on fair value investments (1,209) 323 (1,283)
Pension, postretirement and postemployment payments greater than expense (210) (296) (121)
Changes in certain assets and liabilities:      
Receivables 432 (126) (7)
Prepaids and other current assets (183) (241) 137
Profit sharing (53) 6 821
Other payables, deferred revenue and accrued liabilities 842 614 (285)
Other, net (332) 163 (50)
Net cash provided by operating activities 8,342 8,025 6,464
Property and equipment additions:      
Flight equipment, including advance payments (3,521) (3,914) (3,645)
Ground property and equipment, including technology (978) (1,226) (1,678)
Purchase of equity investments (276) 0 (152)
Purchase of short-term investments 0 0 (2,312)
Redemption of short-term investments 0 1,137 4,547
Other, net 589 264 92
Net cash used in investing activities (4,186) (3,739) (3,148)
Cash Flows From Financing Activities:      
Proceeds from long-term obligations 2,215 0 878
Payments on debt and finance lease obligations (4,827) (3,953) (4,071)
Cash dividends (440) (321) (128)
Other, net (24) 14 (73)
Net cash used in financing activities (3,076) (4,260) (3,394)
Net Increase/(Decrease) in Cash, Cash Equivalents and Restricted Cash 1,080 26 (78)
Cash, cash equivalents and restricted cash at beginning of period 3,421 3,395 3,473
Cash, cash equivalents and restricted cash at end of period 4,501 3,421 3,395
Supplemental Disclosure of Cash Paid for Interest 850 1,001 1,164
Non-Cash Transactions:      
Right-of-use assets acquired or modified under operating leases 375 327 661
Flight and ground equipment acquired or modified under finance leases 184 (17) 31
Operating leases converted to finance leases 312 25 84
Debt agreements modified 371 0 0
Air traffic liability      
Changes in certain assets and liabilities:      
Liabilities and deferred revenue 63 50 (1,216)
Loyalty program deferred revenue      
Changes in certain assets and liabilities:      
Liabilities and deferred revenue $ 435 $ 407 $ 538