v3.26.3
Condensed Consolidated Balance Sheets - USD ($)
$ in Millions
Sep. 30, 2026
Dec. 31, 2025
Assets    
Cash and cash equivalents $ 976 $ 671
Accounts receivable, net 166 85
Supplies, net 105 90
Other current assets 104 112
Total current assets 1,351 958
Property and equipment, net 459 510
Operating lease right-of-use assets 4,529 4,806
Pre-delivery deposits for flight equipment 272 428
Intangible assets, net 27 27
Other assets 394 491
Total assets 7,032 7,220
Liabilities and stockholders’ equity    
Accounts payable 87 130
Air traffic liability 500 352
Frequent flyer liability 36 16
Current maturities of long-term debt, net 160 301
Current maturities of operating leases 724 779
Other current liabilities 661 525
Total current liabilities 2,168 2,103
Long-term debt, net 322 313
Long-term operating leases 3,844 4,070
Long-term frequent flyer liability 73 44
Other long-term liabilities 588 199
Total liabilities 6,995 6,729
Commitments and contingencies (Note 8)
Stockholders’ equity:    
Common stock, $0.001 par value per share, with 230,344,050 and 229,010,827 shares issued and outstanding as of September 30, 2026 and December 31, 2025, respectively 0 0
Additional paid-in capital 449 437
Retained earnings (accumulated deficit) (407) 59
Accumulated other comprehensive income (loss) (5) (5)
Total stockholders’ equity 37 491
Total liabilities and stockholders’ equity $ 7,032 $ 7,220