v3.26.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Millions
6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities:    
Net loss $ (362) $ (113)
Adjustments to reconcile net loss to cash provided by (used in) operating activities:    
Deferred income taxes (12) 3
Depreciation and amortization 55 41
Gains recognized on sale-leaseback transactions (94) (90)
Stock-based compensation 9 11
Early Return Agreement charges 130 0
Changes in operating assets and liabilities:    
Accounts receivable, net (62) (25)
Supplies and other current assets (4) 8
Other long-term assets (114) (103)
Accounts payable (18) 51
Air traffic liability 160 30
Other liabilities 503 (32)
Cash provided by (used in) operating activities 191 (219)
Cash flows from investing activities:    
Capital expenditures (25) (51)
Pre-delivery deposits for flight equipment, net of refunds 106 (62)
Other (1) 0
Cash provided by (used in) investing activities 80 (113)
Cash flows from financing activities:    
Proceeds from issuance of debt, net of issuance costs 56 101
Principal repayments on debt (165) (43)
Proceeds from sale-leaseback transactions 124 93
Proceeds from the exercise of stock options 0 6
Tax withholdings on share-based awards (2) (2)
Cash provided by financing activities 13 155
Net increase (decrease) in cash, cash equivalents and restricted cash 284 (177)
Cash, cash equivalents and restricted cash, beginning of period 671 740
Cash, cash equivalents and restricted cash, end of period $ 955 $ 563