ASSETS
Cash and cash equivalents
6,648 10,166 7,869 5,942 6,730 9,354 9,370 8,769 8,812 10,864 8,401 6,058 7,478 9,605 7,634 7,166 11,258 16,885 18,468 18,283
Short-term investments
8,005 6,471 6,298 6,298 6,599 6,262 5,960 5,706 5,352 4,384 5,591 8,330 9,608 9,533 9,522 9,248 7,437 3,190 211 123
Restricted cash
146 0 0 0 8 200 36 30 40 31 392 38 173 45 61 43 41 37
Receivables, net
2,636 2,473 2,660 2,391 2,433 2,286 2,288 2,163 2,042 2,376 2,259 1,898 2,193 2,004 2,274 1,801 2,034 2,217 2,062 1,663
Aircraft fuel, spare parts and supplies, net
1,954 1,795 1,718 1,556 1,588 1,547 1,601 1,572 1,639 1,680 1,675 1,561 1,513 1,290 1,196 1,109 1,116 1,153 1,068 983
Prepaid expenses and other
746 759 847 671 744 809 928 673 690 669 730 640 728 836 787 689 783 883 762 745
Total current assets
19,988 21,664 19,392 16,857 18,094 20,258 20,148 18,883 18,571 20,003 18,696 18,487 21,912 23,306 21,586 20,058 22,689 24,371 22,612 21,834
Flight equipment
56,876 52,696 50,933 49,814 49,277 48,448 46,938 45,784 44,298 42,775 40,867 40,044 39,733 39,584
Other property and equipment
13,204 11,908 11,865 11,295 10,940 10,527 10,157 9,822 9,590 9,334 9,195 9,019 8,941 8,764
Purchase deposits for flight equipment
3,506 3,427 3,414 3,457 3,558 3,550 3,379 3,102 2,993 2,820 2,532 2,338 2,260 2,215
Total operating property and equipment
66,212 64,566 63,775 62,525 60,474 58,708 56,881 54,929 52,594 51,401 50,934 50,563
Less — Accumulated depreciation and amortization
(24,532) (23,901) (23,305) (22,710) (22,114) (21,580) (21,044) (20,481) (20,088) (19,548) (19,053) (18,489)
Operating property and equipment, net
49,368 47,958 47,071 46,121 44,968 43,896 43,430 42,908 41,680 40,665 40,470 39,815 38,360 37,128 35,837 34,448 32,506 31,853 31,881 32,074
Operating lease right-of-use assets
6,992 6,161 5,740 4,958 4,821 4,517 4,092 3,815 3,782 3,803 3,895 3,914 3,975 3,995 4,019 3,889 4,280 4,440 4,579 4,645
Goodwill
4,527 4,527 4,527 4,527 4,527 4,527 4,527 4,527 4,527 4,527 4,527 4,527 4,527 4,527 4,527 4,527 4,527 4,527 4,527 4,527
Intangible assets, net
2,641 2,645 2,650 2,655 2,662 2,669 2,676 2,683 2,691 2,699 2,717 2,725 2,735 2,744 2,753 2,762 2,772 2,782 2,792 2,803
Deferred income taxes
0 0 0 159 91 701 907 1,032 659
Investments in affiliates and other, less allowance for credit losses (2022 — [X]; 2021 — $622)
1,285 1,297 1,401 1,420
Investments in affiliates and other, less allowance for credit losses (2024 — $32; 2023 — $38)
1,337 1,353 1,391 1,404 1,403 1,311 1,373 1,420
Investments in affiliates and other, net
1,604 1,614 1,561 1,330 1,242 1,295 1,239 1,267 1,209 1,636
Total other assets
8,607 8,783 8,841 8,888 8,906 8,912 8,975 8,963 9,493 9,717 9,966 9,622
Total noncurrent assets
65,132 62,905 61,549 59,591 58,219 56,904 55,963 55,200 52,617
Total assets
85,120 84,569 80,941 76,448 76,313 77,163 76,111 74,083 72,640 73,254 71,902 71,104 73,153 73,341 70,417 67,358 68,968 70,381 69,038 68,175
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LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable
5,403 5,772 5,377 4,567 4,636 4,920 4,694 4,193 4,008 4,478 4,344 3,835 4,206 4,172 3,858 3,395 3,534 3,755 2,966 2,562
Accrued salaries and benefits
3,007 3,458 3,071 3,900 3,555 3,211 2,394 3,289 2,802 2,383 2,128 2,940 3,815 3,223 1,970 1,971 1,841 1,943 2,008 2,121
Advance ticket sales
10,672 10,752 11,670 8,131 9,338 9,664 10,477 7,561 8,477 9,365 9,601 6,704 8,392 10,102 10,158 7,555 8,747 9,931 8,904 6,354
Frequent flyer deferred revenue
4,084 3,939 3,832 3,721 3,642 3,552 3,473 3,403 3,314 3,252 3,086 3,095 2,969 2,841 2,832 2,693 2,642 2,590 2,516 2,239
Current maturities of long-term debt
4,096 2,973 3,279 4,757 3,958 4,018 3,649 3,580 3,206 2,911 2,955 3,012 2,994 3,002
Current maturities of long-term debt, finance leases, and other financial liabilities
1,848 2,170 2,253 4,426 4,621 6,194 3,265 3,453 4,247
Current maturities of operating leases
934 818 748 631 563 541 506 467 491 548 557 576 598 571 610 561 546 543 538 556
Current maturities of finance leases
96 223 87 110 117 172 271 225 75 104 72 78 64 76
Current maturities of other financial liabilities
235 257 69 68 63 57 44 35 29 23 906 914 1,185 834
Other
691 854 830 757 763 910 990 948 838 894 910 806 812 826 897 779 746 678 613 560
Total current liabilities
26,639 27,764 27,781 26,133 27,119 28,992 25,798 23,314 23,365 25,855 24,764 22,203 24,756 25,575 23,635 19,992 21,989 23,444 21,788 18,304
Long-term debt
17,170 21,680 22,207 21,687 23,059 25,057 25,932 26,713 27,460 28,283 28,490 29,175 29,665 30,361
Long-term debt, finance leases, and other financial liabilities
24,550 24,294 21,940 20,562 20,807 20,885 24,398 25,203 27,413
Long-term obligations under operating leases
6,962 6,386 6,030 5,417 5,331 5,166 4,756 4,510 4,432 4,443 4,517 4,503 4,493 4,607 4,569 4,459 4,803 4,997 5,143 5,152
Long-term obligations under finance leases
378 68 89 65 78 91 71 145 105 115 112 205 210 219
Pension liability
1,030 998 985 968 800 804 778 747 1,948 1,934 1,929 1,920
Postretirement benefit liability
594 612 625 637 621 641 658 671 946 964 986 1,000
Pension and postretirement benefit liability
825 1,074 1,077 1,058 974 1,199 1,252 1,233 1,605
Deferred income taxes
3,093 2,822 2,617 2,463 2,206 1,919 1,624 1,580 1,224 951 545 594 472 133 0
Other financial liabilities
3,014 3,455 2,705 2,576 2,495 2,265 1,648 1,468 1,130 844 492 496 499 863
Total other liabilities and deferred credits
11,110 10,678 10,296 9,926 9,048 8,596 7,980 7,613 8,676 8,596 8,608 9,110
Total noncurrent liabilities
40,727 40,108 37,284 35,033 34,886 34,798 37,697 38,094 39,577
Stockholders' equity:
Preferred stock
0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Common stock at par, $0.01 par value; authorized 1,000,000,000 shares; outstanding 324,889,913 and 323,470,682 shares at September 30, 2026 and December 31, 2025, respectively
4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4
Additional capital invested
8,936 8,879 8,843 8,911 8,878 8,855 8,813 8,980 8,945 9,001 8,973 8,992 8,968 8,945 8,926 8,986 8,970 8,970 8,953 9,156
Stock held in treasury, at cost
(3,718) (3,724) (3,724) (3,773) (3,745) (3,737) (3,502) (3,377) (3,299) (3,368) (3,372) (3,441) (3,442) (3,442) (3,443) (3,534) (3,533) (3,551) (3,552) (3,814)
Retained earnings
12,557 11,535 10,730 10,092 9,049 8,110 7,137 6,880 5,896 4,986 3,664 3,831 3,232 2,095 1,020 1,265 421 (515) (844) 625
Accumulated other comprehensive income (loss)
(26) 3 23 48 123 142 164 188 (109) (97) (81) (62) 91 103 161 175 (964) (944) (937) (942)
Total stockholders' equity
17,754 16,697 15,876 15,282 14,309 13,373 12,616 12,675 11,437 10,526 9,188 9,324 8,853 7,705 6,668 6,896 4,898 3,964 3,624 5,029
Total liabilities and stockholders' equity
85,120 84,569 80,941 76,448 76,313 77,163 76,111 74,083 72,640 73,254 71,902 71,104 73,153 73,341 70,417 67,358 68,968 70,381 69,038 68,175
