v3.26.3
Consolidated Balance Sheets - USD ($)
$ in Millions
Sep. 30, 2026
Dec. 31, 2025
CURRENT ASSETS    
Cash and cash equivalents $ 1,258 $ 1,946
Investment securities 251 213
Receivables, less allowance (2026 - $3; 2025 - $6) 403 372
Spare parts, aircraft fuel and supplies, less allowance (2026 - $48; 2025 - $37) 356 193
Restricted cash and cash equivalents 9 100
Prepaid expenses and other 516 414
Total current assets 2,793 3,238
PROPERTY AND EQUIPMENT    
Flight equipment 15,384 14,957
Pre-delivery deposits for flight equipment 135 177
Total flight equipment and pre-delivery deposits, gross 15,519 15,134
Less accumulated depreciation 4,816 4,436
Total flight equipment and pre-delivery deposits, net 10,703 10,698
Other property and equipment, gross 1,426 1,377
Less accumulated depreciation 922 884
Total other property and equipment, net 504 493
Total property and equipment, net 11,207 11,191
OPERATING LEASE ASSETS 894 868
OTHER ASSETS    
Investment securities 117 318
Restricted cash and cash equivalents 255 249
Intangible assets, net of accumulated amortization (2026 - $672; 2025 - $622) 335 415
Other 365 291
Total other assets 1,072 1,273
TOTAL ASSETS 15,966 16,570
CURRENT LIABILITIES    
Accounts payable 633 655
Air traffic liability 1,925 1,669
Accrued salaries, wages and benefits 660 680
Other accrued liabilities 623 550
Current operating lease liabilities 101 79
Current maturities of long-term debt and finance lease obligations 482 769
Total current liabilities 4,424 4,402
LONG-TERM DEBT AND FINANCE LEASE OBLIGATIONS 7,911 7,729
LONG-TERM OPERATING LEASE LIABILITIES 852 839
DEFERRED TAXES AND OTHER LIABILITIES    
Deferred income taxes 386 447
Air traffic liability - non-current 771 704
Other liabilities 285 329
Total deferred taxes and other liabilities 1,442 1,480
COMMITMENTS AND CONTINGENCIES (Note 7)
STOCKHOLDERS' EQUITY    
Preferred stock, $0.01 par value; 25 shares authorized, none issued 0 0
Common stock, $0.01 par value; 900 shares authorized, 540 and 532 shares issued and 377 and 370 shares outstanding at September 30, 2026 and December 31, 2025, respectively 5 5
Treasury stock, at cost; 163 and 162 shares at September 30, 2026 and December 31, 2025, respectively (2,021) (2,013)
Additional paid-in capital 3,458 3,412
Retained (deficit) earnings (106) 717
Accumulated other comprehensive income (loss) 1 (1)
Total stockholders' equity 1,337 2,120
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 15,966 $ 16,570