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SEGMENTS
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
SEGMENTS SEGMENTS
Refinery Operations

The refinery operated by Monroe typically produces approximately 200,000 barrels of refined products (primarily, gasoline, diesel and jet fuel) per day and operates for the benefit of the airline segment by providing jet fuel to the airline. Non-jet fuel production is sold to or exchanged with third parties, which enables us to procure additional jet fuel for consumption in our airline operations. The exchange agreements for non-jet fuel products ended during the second half of 2025.

Segment Reporting

Segment results are prepared based on our internal accounting methods described below, with reconciliations to consolidated amounts in accordance with GAAP. Our segments are not designed to measure operating income or loss directly related to the products and services included in each segment on a stand-alone basis.

Financial information by segment
(in millions)AirlineRefineryIntersegment Sales/OtherConsolidated
Three Months Ended June 30, 2026
Operating revenue$17,666 $2,611 $(520)
(1)
$19,757 
Airline salaries and related costs4,762 
Aircraft fuel and related costs4,109 
Refinery cost of goods sold(2)
2,099 
Depreciation and amortization656 29 
Other segment items(3)
6,626 132 
Operating income(4)
1,513 351 1,864 
Interest expense/(income), net144 (4)4 144 
Other non-operating income(289)(289)
Income before income taxes1,658 355 (4)2,009 
Total assets, end of period82,878 3,634 (191)86,321 
Capital expenditures1,442 16 1,458 
Three Months Ended June 30, 2025
Operating revenue$15,507 $1,720 $(579)
(1)
$16,648 
Airline salaries and related costs4,402 
Aircraft fuel and related costs2,458 
Refinery cost of goods sold(2)
1,598 
Depreciation and amortization602 28 
Other segment items(3)
5,933 104 
Operating income/(loss)(4)
2,112 (10)2,102 
Interest expense, net172 1 (1)172 
Other non-operating income(644)(644)
Income/(loss) before income taxes2,584 (11)1 2,574 
Total assets, end of period75,989 2,420 (14)78,395 
Capital expenditures1,200 9 1,209 
(1)Represents sales to the airline segment and products delivered under our exchange agreements as discussed above. During the three months ended June 30, 2026 and 2025, sales to the airline segment were $520 million and $332 million, respectively. Sales to the airline segment represent transfers, valued on a market price basis, from the refinery to the airline segment for use in airline operations. We determine market price for jet fuel from the refinery by reference to the market index for the primary delivery location, which is New York Harbor.
(2)Refinery cost of goods sold is included within aircraft fuel and related taxes and refinery expense in our income statement.
(3)The nature of other segment items for the airline segment is shown on our income statement, and the refinery segment includes salaries and related costs, maintenance, utilities and other expenses.
(4)Refinery segment operating results are included within aircraft fuel and related taxes in our income statement.
Financial information by segment
(in millions)AirlineRefineryIntersegment Sales/OtherConsolidated
Six Months Ended June 30, 2026
Operating revenue$31,866 $4,649 $(904)
(1)
$35,611 
Airline salaries and related costs9,302 
Aircraft fuel and related costs6,851 
Refinery cost of goods sold(2)
4,022 
Depreciation and amortization1,291 57 
Other segment items(3)
12,368 259 
Operating income(4)
2,054 311 2,365 
Interest expense/(income), net296 (5)5 296 
Other non-operating expense275 275 
Income before income taxes1,483 316 (5)1,794 
Capital expenditures2,624 34 2,658 
Six Months Ended June 30, 2025
Operating revenue$28,485 $3,418 $(1,215)
(1)
$30,688 
Airline salaries and related costs8,485 
Aircraft fuel and related costs4,869 
Refinery cost of goods sold(2)
3,160 
Depreciation and amortization1,209 56 
Other segment items(3)
11,241 212 
Operating income/(loss)(4)
2,681 (10)2,671 
Interest expense, net350 3 (3)350 
Other non-operating income(574)(574)
Income/(loss) before income taxes2,905 (13)3 2,895 
Capital expenditures2,387 46 2,433 
(1)Represents sales to the airline segment and products delivered under our exchange agreements as discussed above. During the six months ended June 30, 2026 and 2025, sales to the airline segment were $904 million and $592 million, respectively. Sales to the airline segment represent transfers, valued on a market price basis, from the refinery to the airline segment for use in airline operations. We determine market price for jet fuel from the refinery by reference to the market index for the primary delivery location, which is New York Harbor.
(2)Refinery cost of goods sold is included within aircraft fuel and related taxes and refinery expense in our income statement.
(3)The nature of other segment items for the airline segment is shown on our income statement, and the refinery segment includes salaries and related costs, maintenance, utilities and other expenses.
(4)Refinery segment operating results are included within aircraft fuel and related taxes in our income statement.