v3.26.3
Condensed Consolidated Statement of Cash Flows - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Sep. 30, 2026
Sep. 30, 2025
CASH FLOWS FROM OPERATING ACTIVITIES:        
Net income $ 270 $ 54 $ 730 $ 118
Adjustments to reconcile net income to net cash provided by operating activities:        
Depreciation and amortization 398 394 1,198 1,189
Impairment of long-lived assets 30 0 30 8
Deferred income taxes 83 14 201 37
Gain on sale of property and equipment (96) (13) (272) (28)
Gain on sale-leaseback transactions (118) 0 (118) (3)
Changes in certain assets and liabilities:        
Accounts and other receivables (95) (83) (151) 64
Other assets (41) 3 (156) 359
Accounts payable and accrued liabilities 41 11 (14) (209)
Air traffic liability 92 (172) 1,113 (117)
Other liabilities (86) 16 (216) (19)
Cash collateral provided to derivative counterparties 0 0 0 (22)
Other, net 33 63 115 170
Net cash provided by operating activities 513 287 2,460 1,547
CASH FLOWS FROM INVESTING ACTIVITIES:        
Capital expenditures (1,006) (735) (2,454) (1,922)
Proceeds from sale of property and equipment 285 57 735 108
Proceeds from sale-leaseback transactions 212 0 212 23
Purchases of short-term investments 0 (100) 0 (470)
Proceeds from sales of short-term and other investments 0 350 0 1,577
Other, net 0 0 (6) (3)
Net cash used in investing activities (509) (428) (1,513) (687)
CASH FLOWS FROM FINANCING ACTIVITIES:        
Proceeds from issuance of long-term debt 0 0 1,500 0
Proceeds from Employee stock plans 14 14 46 46
Repurchase of common stock 0 (250) (1,250) (2,500)
Payments of long-term debt and finance lease obligations (5) (6) (442) (2,603)
Payments of cash dividends (176) (189) (357) (399)
Other, net (4) (1) (51) (11)
Net cash used in financing activities (171) (432) (554) (5,467)
NET CHANGE IN CASH AND CASH EQUIVALENTS (167) (573) 393 (4,607)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 3,791 3,475 3,231 7,509
CASH AND CASH EQUIVALENTS AT END OF PERIOD 3,624 2,902 3,624 2,902
CASH PAYMENTS FOR:        
Interest, net of amount capitalized 17 3 110 67
SUPPLEMENTAL DISCLOSURE OF NON-CASH TRANSACTIONS:        
Right-of-use assets acquired or modified under operating leases 116 4 133 38
Flight and ground equipment acquired or modified under finance leases $ 0 $ 6 $ 0 $ 6