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Operating Revenues (Tables)
9 Months Ended
Sep. 30, 2025
Agreements with other airlines  
Schedule of aircraft and agreements with major airline partners

United Express Agreements

Agreement

Aircraft type

Number of Aircraft

Term / Termination Dates

United Express Agreements

• E175

116

Individual aircraft have scheduled

(capacity purchase agreements)

• CRJ700/CRJ550

34

removal dates under the agreement

• CRJ200

42

between 2025 and 2033

United Express Prorate Agreement

• CRJ200

31*

Terminable with 120-day notice

Total under United Express Agreements

223

Delta Connection Agreements

Agreement

Aircraft type

Number of Aircraft

Term / Termination Dates

Delta Connection Agreement

• E175

87

Individual aircraft have scheduled

(capacity purchase agreement)

• CRJ900

34

removal dates under the agreement

• CRJ700

5

between 2025 and 2034

Delta Connection Prorate Agreement

• CRJ550

15*

Terminable with 30-day notice

Total under Delta Connection Agreements

141

American Agreements

Agreement

Aircraft type

Number of Aircraft

Term / Termination Dates

American Agreement

• E175

20

Individual aircraft have scheduled

(capacity purchase agreement)

• CRJ700

68

removal dates under the agreement

between 2027 and 2032

American Prorate Agreement

• CRJ900

4*

Terminable with 180-day notice

Total under American Agreements

92

Alaska Agreement

Agreement

Aircraft type

Number of Aircraft

Term / Termination Dates

Alaska Agreement

• E175

42

Individual aircraft have scheduled

(capacity purchase agreement)

removal dates under the agreement

between 2030 and 2034

*The Company’s prorate agreements are based on specific routes, not a specific aircraft count. The number of aircraft listed above for each prorate agreement approximates the number of aircraft the Company uses to serve the prorate routes.
Schedule of future minimum rental payments for operating leases

The following table summarizes future minimum rental income under operating leases primarily related to leased aircraft and engines that had remaining non-cancelable lease terms as of September 30, 2025 (in thousands):

October 2025 through December 2025

    

$

12,839

2026

 

44,879

2027

 

41,565

2028

 

40,687

2029

 

39,164

Thereafter

 

24,180

Total future minimum rental income under operating leases

$

203,314

Schedule of allowance for credit losses

The following table summarizes the changes in allowance for credit losses (in thousands):

    

Allowance for Credit Losses

Balance at December 31, 2024

$

15,071

Adjustments to credit loss reserves

6,750

Write-offs charged against allowance

(82)

Balance at September 30, 2025

$

21,739

Airport customer service and other  
Agreements with other airlines  
Schedule of revenue by type The following table represents the Company’s lease, airport services and other revenues for the three and nine months ended September 30, 2025 and 2024 (in thousands):

For the three months ended September 30,

For the nine months ended September 30,

    

2025

    

2024

2025

    

2024

Operating lease fixed revenue

$

16,267

$

14,880

$

49,029

$

40,550

Operating lease variable revenue

9,139

7,254

24,674

20,368

Airport customer service and other revenue

13,339

7,158

45,219

22,647

Lease, airport services and other

$

38,745

$

29,292

$

118,922

$

83,565

Flying agreements  
Agreements with other airlines  
Schedule of revenue by type

The following table represents the Company’s flying agreements revenue by type for the three and nine months ended September 30, 2025 and 2024 (in thousands):

For the three months ended September 30,

For the nine months ended September 30,

    

2025

    

2024

2025

    

2024

Capacity purchase agreements flight operations revenue (non-lease component)

$

672,559

$

624,342

$

1,994,660

$

1,763,629

Capacity purchase agreements fixed aircraft lease revenue

91,036

75,084

306,244

225,374

Capacity purchase agreements variable aircraft lease revenue

 

80,600

 

61,308

 

170,537

 

180,035

Prorate agreements and SWC revenue

 

167,089

 

122,760

 

443,348

 

330,915

Flying agreements revenue

$

1,011,284

$

883,494

$

2,914,789

$

2,499,953