v3.26.3
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Millions
9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Cash flows from operating activities:    
Net loss $ (466) $ (190)
Adjustments to reconcile net loss to cash provided by (used in) operating activities:    
Deferred income taxes (12) 4
Depreciation and amortization 83 65
Gains recognized on sale-leaseback transactions (126) (157)
Stock-based compensation 15 16
Early Return Agreements charges 180 0
Changes in operating assets and liabilities:    
Accounts receivable, net (81) (20)
Supplies and other current assets (17) (28)
Other long-term assets (164) (179)
Accounts payable (25) 31
Air traffic liability 148 31
Other liabilities 615 (7)
Cash provided by (used in) operating activities 150 (434)
Cash flows from investing activities:    
Capital expenditures (35) (53)
Pre-delivery deposits for flight equipment, net of refunds 156 (105)
Other (1) 0
Cash provided by (used in) investing activities 120 (158)
Cash flows from financing activities:    
Proceeds from issuance of debt, net of issuance costs 77 354
Principal repayments on debt (211) (188)
Proceeds from sale-leaseback transactions 172 248
Proceeds from the exercise of stock options 0 6
Tax withholdings on share-based awards (3) (2)
Cash provided by financing activities 35 418
Net increase (decrease) in cash, cash equivalents and restricted cash 305 (174)
Cash, cash equivalents and restricted cash, beginning of period 671 740
Cash, cash equivalents and restricted cash, end of period $ 976 $ 566