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SEGMENTS | 9 Months Ended
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Sep. 30, 2025
Segment Reporting [Abstract] |
SEGMENTS | SEGMENTS Refinery Operations Our refinery segment operates for the benefit of the airline segment by providing jet fuel to the airline segment from its own production and from jet fuel obtained through agreements with third parties. The refinery's production consists of jet fuel, as well as non-jet fuel products. We use several counterparties to exchange non-jet fuel products produced by the refinery for jet fuel consumed in our airline operations. Segment Reporting Segment results are prepared based on our internal accounting methods described below, with reconciliations to consolidated amounts in accordance with GAAP. Our segments are not designed to measure operating income or loss directly related to the products and services included in each segment on a stand-alone basis.
Financial information by segment
(in millions) | Airline | Refinery |  | Intersegment Sales/Other |  | Consolidated
Three Months Ended September 30, 2025 |  |  |  |  |  |
Operating revenue | $ | 15,197 |  | $ | 1,795 |  |  | $ | (319) |  | (1) | $ | 16,673 |
Airline salaries and related costs | 4,443 |  |  |  |  |  |
Aircraft fuel and related costs | 2,570 |  |  |  |  |  |
Refinery cost of goods sold(2) |  | 1,611 |  |  |  |  |
Depreciation and amortization | 614 |  | 28 |  |  |  |  |
Other segment items(3) | 5,939 |  | 103 |  |  |  |  |
Operating income(4) | 1,631 |  | 53 |  |  |  |  | 1,684 |
Interest expense, net | 171 |  | 1 |  |  | (1) |  |  | 171 |
Other non-operating income | (264) |  |  |  |  |  | (264) |
Income before income taxes | 1,724 |  | 52 |  |  | 1 |  |  | 1,777 |
Total assets, end of period | 76,961 |  | 2,680 |  |  | (18) |  |  | 79,623 |
Capital expenditures | 1,151 |  | 9 |  |  |  |  | 1,160 |
Three Months Ended September 30, 2024 |  |  |  |  |  |
Operating revenue | $ | 14,594 |  | $ | 1,912 |  |  | $ | (829) |  | (1) | $ | 15,677 |
Airline salaries and related costs | 4,231 |  |  |  |  |  |
Aircraft fuel and related costs | 2,747 |  |  |  |  |  |
Refinery cost of goods sold(2) |  | 1,823 |  |  |  |  |
Depreciation and amortization | 643 |  | 29 |  |  |  |  |
Other segment items(3) | 5,543 |  | 93 |  |  |  |  |
Operating income/(loss)(4) | 1,430 |  | (33) |  |  |  |  | 1,397 |
Interest expense/(income), net | 173 |  | (8) |  |  | 8 |  |  | 173 |
Other non-operating income | (337) |  |  |  |  |  | (337) |
Income/(loss) before income taxes | 1,594 |  | (25) |  |  | (8) |  |  | 1,561 |
Total assets, end of period | 72,954 |  | 2,490 |  |  | (76) |  |  | 75,368 |
Capital expenditures | 1,312 |  | 16 |  |  |  |  | 1,328 |
(1)See table below for detail of the intersegment operating revenue amounts. (2)Refinery cost of goods sold are included within aircraft fuel and related taxes and ancillary businesses and refinery in our income statement. (3)The nature of other segment items for the airline segment are shown on our income statement and for the refinery segment include salaries and related costs, maintenance, utilities and other expenses. (4)Refinery segment operating results are included within aircraft fuel and related taxes in our income statement.
Financial information by segment
(in millions) | Airline | Refinery |  | Intersegment Sales/Other |  | Consolidated
Nine Months Ended September 30, 2025 |  |  |  |  |  |
Operating revenue | $ | 43,681 |  | $ | 5,213 |  |  | $ | (1,533) |  | (1) | $ | 47,361 |
Airline salaries and related costs | 12,928 |  |  |  |  |  |
Aircraft fuel and related costs | 7,439 |  |  |  |  |  |
Refinery cost of goods sold(2) |  | 4,772 |  |  |  |  |
Depreciation and amortization | 1,823 |  | 84 |  |  |  |  |
Other segment items(3) | 17,178 |  | 315 |  |  |  |  |
Operating income(4) | 4,313 |  | 42 |  |  |  |  | 4,355 |
Interest expense, net | 521 |  | 3 |  |  | (3) |  |  | 521 |
Other non-operating income | (838) |  |  |  |  |  | (838) |
Income before income taxes | 4,630 |  | 39 |  |  | 3 |  |  | 4,672 |
Capital expenditures | 3,537 |  | 55 |  |  |  |  | 3,592 |
Nine Months Ended September 30, 2024 |  |  |  |  |  |
Operating revenue | $ | 42,564 |  | $ | 6,011 |  |  | $ | (2,491) |  | (1) | $ | 46,084 |
Airline salaries and related costs | 12,035 |  |  |  |  |  |
Aircraft fuel and related costs | 8,157 |  |  |  |  |  |
Refinery cost of goods sold(2) |  | 5,563 |  |  |  |  |
Depreciation and amortization | 1,878 |  | 86 |  |  |  |  |
Other segment items(3) | 16,292 |  | 286 |  |  |  |  |
Operating income(4) | 4,202 |  | 76 |  |  |  |  | 4,278 |
Interest expense, net | 567 |  | 3 |  |  | (3) |  |  | 567 |
Other non-operating expense | 255 |  |  |  |  |  | 255 |
Income before income taxes | 3,380 |  | 73 |  |  | 3 |  |  | 3,456 |
Capital expenditures | 3,783 |  | 47 |  |  |  |  | 3,830 |
(1)See table below for detail of the intersegment operating revenue amounts. (2)Refinery cost of goods sold are included within aircraft fuel and related taxes and ancillary businesses and refinery in our income statement. (3)The nature of other segment items for the airline segment are shown on our income statement and for the refinery segment include salaries and related costs, maintenance, utilities and other expenses. (4)Refinery segment operating results are included within aircraft fuel and related taxes in our income statement.
Intersegment Sales/Other |  |  |
| Three Months Ended September 30, |  | Nine Months Ended September 30,
(in millions) | 2025 | 2024 |  | 2025 | 2024
Sales to airline segment(1) | $ | (260) |  | $ | (369) |  |  | $ | (852) |  | $ | (1,147) |
Exchanged products(2) | (23) |  | (349) |  |  | (549) |  | (1,147) |
Sales of refined products | (36) |  | (111) |  |  | (132) |  | (197) |
Total operating revenue intersegment sales/other | $ | (319) |  | $ | (829) |  |  | $ | (1,533) |  | $ | (2,491) |
(1)Represents transfers, valued on a market price basis, from the refinery to the airline segment for use in airline operations. We determine market price for jet fuel from the refinery by reference to the market index for the primary delivery location, which is New York Harbor. (2)Represents value of products delivered under our exchange agreements, as discussed above, determined on a market price basis.

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- Definition The entire disclosure for reporting segments including data and tables. 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