v3.26.1
Condensed Consolidated Statement of Cash Flows - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
CASH FLOWS FROM OPERATING ACTIVITIES:        
Net income $ 233 $ 213 $ 460 $ 64
Adjustments to reconcile net income to net cash provided by operating activities:        
Depreciation and amortization 402 400 800 795
Impairment of long-lived assets 0 8 0 8
Deferred income taxes 60 66 117 23
Gain on sale-leaseback transactions 0 0 0 (3)
Changes in certain assets and liabilities:        
Accounts and other receivables 37 90 (56) 146
Other assets (54) 212 (115) 357
Accounts payable and accrued liabilities 23 (95) (56) (220)
Air traffic liability (65) (606) 1,021 55
Other liabilities (53) 28 (130) (35)
Cash collateral provided to derivative counterparties 0 0 0 (22)
Other, net (53) 85 (94) 93
Net cash provided by operating activities 530 401 1,947 1,261
CASH FLOWS FROM INVESTING ACTIVITIES:        
Capital expenditures (818) (660) (1,448) (1,187)
Proceeds from sale of property and equipment 258 25 450 51
Proceeds from sale-leaseback transactions 0 0 0 24
Purchases of short-term investments 0 (319) 0 (370)
Proceeds from sales of short-term and other investments 0 72 0 1,226
Other, net 0 0 (6) (3)
Net cash used in investing activities (560) (882) (1,004) (259)
CASH FLOWS FROM FINANCING ACTIVITIES:        
Proceeds from issuance of long-term debt 1,000 0 1,500 0
Proceeds from Employee stock plans 15 15 31 32
Repurchase of common stock 0 (1,500) (1,250) (2,250)
Payments of long-term debt and finance lease obligations (431) (2,592) (437) (2,598)
Payments of cash dividends (88) (103) (181) (210)
Other, net (3) 2 (46) (10)
Net cash provided by (used in) financing activities 493 (4,178) (383) (5,036)
NET CHANGE IN CASH AND CASH EQUIVALENTS 463 (4,659) 560 (4,034)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 3,328 8,134 3,231 7,509
CASH AND CASH EQUIVALENTS AT END OF PERIOD 3,791 3,475 3,791 3,475
CASH PAYMENTS FOR:        
Interest, net of amount capitalized 92 53 93 64
SUPPLEMENTAL DISCLOSURE OF NON-CASH TRANSACTIONS:        
Right-of-use assets acquired or modified under operating leases $ 11 $ 20 $ 17 $ 34