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SEGMENTS (Tables)

9 Months Ended

Sep. 30, 2025

Segment Reporting [Abstract]

Schedule of Segment Reporting Information

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.

X

- Definition

Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 25
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-25

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

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- References

No definition available.

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