v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Cash Flows from Operating Activities:        
Net Income (Loss) $ (76) $ 172 $ (269) $ 6
Adjustments to reconcile net income (loss) to net cash provided by operating activities:        
Depreciation and amortization 207 199 411 393
Stock-based compensation and other     42 10
Non-cash special items     0 52
Changes in certain assets and liabilities:        
Changes in deferred income taxes     (262) 1
Increase in accounts receivable     (119) (171)
Increase in air traffic liability     709 415
Increase in deferred revenue     97 216
Other - net     (3) (87)
Net cash provided by operating activities     606 835
Property and equipment additions        
Aircraft, aircraft purchase deposits, and other flight equipment     (415) (613)
Other property and equipment     (108) (128)
Purchases of marketable securities     (872) (844)
Sales and maturities of marketable securities     761 765
Other investing activities     (1) 73
Net cash used in investing activities     (635) (747)
Cash Flows from Financing Activities:        
Proceeds from issuance of long-term debt, net of issuance costs     1,099 168
Long-term debt payments     (405) (236)
Common stock repurchases     (250) (535)
Other financing activities     28 59
Net cash provided by (used in) financing activities     472 (544)
Net increase (decrease) in cash and cash equivalents     443 (456)
Cash, cash equivalents, and restricted cash at beginning of period     684 1,257
Cash, cash equivalents, and restricted cash at end of period 1,127 801 1,127 801
Cash paid during the period for:        
Interest, net of amount capitalized     114 108
Non-cash transactions:        
Right-of-use assets acquired through operating leases     174 74
Property and equipment acquired through the issuance of debt     48 69
Reconciliation of cash, cash equivalents, and restricted cash:        
Cash and cash equivalents 1,064 750 1,064 750
Restricted cash 33 28 33 28
Restricted cash included in Other noncurrent assets 30 23 30 23
Total cash, cash equivalents, and restricted cash at end of period $ 1,127 $ 801 $ 1,127 $ 801