v3.26.1
Condensed Consolidated Balance Sheets - USD ($)
$ in Millions
Jun. 30, 2026
Dec. 31, 2025
Assets    
Cash and cash equivalents $ 955 $ 671
Accounts receivable, net 147 85
Supplies, net 91 90
Other current assets 113 112
Total current assets 1,306 958
Property and equipment, net 474 510
Operating lease right-of-use assets 4,694 4,806
Pre-delivery deposits for flight equipment 322 428
Intangible assets, net 27 27
Other assets 420 491
Total assets 7,243 7,220
Liabilities and stockholders’ equity    
Accounts payable 95 130
Air traffic liability 512 352
Frequent flyer liability 29 16
Current maturities of long-term debt, net 206 301
Current maturities of operating leases 752 779
Other current liabilities 645 525
Total current liabilities 2,239 2,103
Long-term debt, net 300 313
Long-term operating leases 3,984 4,070
Long-term frequent flyer liability 77 44
Other long-term liabilities 507 199
Total liabilities 7,107 6,729
Commitments and contingencies (Note 8)
Stockholders’ equity:    
Common stock, $0.001 par value per share, with 230,198,520 and 229,010,827 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively 0 0
Additional paid-in capital 444 437
Retained earnings (accumulated deficit) (303) 59
Accumulated other comprehensive income (loss) (5) (5)
Total stockholders’ equity 136 491
Total liabilities and stockholders’ equity $ 7,243 $ 7,220