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Operating Revenues (Tables) | 3 Months Ended
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Mar. 31, 2026
Agreements with other airlines |
Schedule of deferred revenue and unbilled revenues | The following table summarizes the amount of deferred revenue, recognition of previously deferred revenue and change in unbilled revenue for revenue recognized that is in excess of (or less than) the fixed monthly non-lease and lease payments received under the Company’s capacity purchase agreements for the three months ended March 31, 2026 and 2025 (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the three months ended March 31,
​ | ​ | 2026 | ​ ​ ​ | 2025
Non-lease fixed monthly payments: | ​ ​ ​ | ​ | ​ | ​ | ​ | ​
Revenue deferred on fixed monthly payments received | ​ | $ | — | ​ | $ | —
Revenue recognized that was deferred in a prior period | ​ |  | 17,491 | ​ |  | 9,460
Increase (decrease) in unbilled revenue | ​ | ​ | (1,942) | ​ | ​ | 88
Total non-lease revenue recognized in excess of fixed monthly payments received during the period | ​ | $ | 15,549 | ​ | $ | 9,548
Lease fixed monthly payments: | ​ | ​ | ​ | ​ | ​ | ​
Revenue deferred on fixed monthly payments received | ​ | $ | — | ​ | $ | —
Revenue recognized that was deferred in a prior period | ​ | ​ | 7,257 | ​ | ​ | 2,235
Increase in unbilled revenue | ​ |  | 1,108 | ​ |  | 1,127
Total lease revenue recognized in excess of fixed monthly payments received during the period | ​ | $ | 8,365 | ​ | $ | 3,362
Total revenue recognized in excess of fixed monthly payments received during the period | ​ | $ | 23,914 | ​ | $ | 12,910
The Company's unbilled revenue and deferred revenue balances were reflected in the following balance sheet line items at March 31, 2026 and December 31, 2025 (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | March 31, | ​ ​ ​ | December 31,
​ | ​ | 2026 | ​ ​ ​ | 2025
Unbilled revenue - other current assets | ​ | $ | 1,133 | ​ | $ | 1,133
Unbilled revenue - other long-term assets | ​ | ​ | 25,827 | ​ | ​ | 26,661
Total unbilled revenue | ​ | $ | 26,960 | ​ | $ | 27,794
​ | ​ | ​ | ​ | ​ | ​ | ​
Deferred revenue - other current liabilities | ​ | ​ | 85,785 | ​ | ​ | 163,894
Deferred revenue - other long-term liabilities | ​ | ​ | 181,870 | ​ | ​ | 128,509
Total deferred revenue | ​ | $ | 267,655 | ​ | $ | 292,403
Net deferred revenue balance | ​ | $ | 240,695 | ​ | $ | 264,609
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 | ​ | 121 | ​ | Individual aircraft have scheduled
(capacity purchase agreements) | ​ | • CRJ700 | ​ | 8 | ​ | removal dates under the agreements
​ | ​ | • CRJ550 | ​ | 30 | ​ | between 2026 and 2035
​ | ​ | • CRJ200 | ​ | 34 | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
United Express Prorate Agreement | ​ | • CRJ200 | ​ | 33* | ​ | Terminable with 120-day notice
Total under United Express Agreements | ​ | ​ | ​ | 226 | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
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 | ​ | 2 | ​ | between 2026 and 2035
​ | ​ | ​ | ​ | ​ | ​ | ​
Delta Connection Prorate Agreement | ​ | • CRJ550 | ​ | 16* | ​ | Terminable with 30-day notice
Total under Delta Connection Agreements | ​ | ​ | ​ | 139 | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
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 | ​ | 43 | ​ | Individual aircraft have scheduled
(capacity purchase agreement) | ​ | ​ | ​ | ​ | ​ | removal dates under the agreement
​ | ​ | ​ | ​ | ​ | ​ | between 2030 and 2038
* | 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 March 31, 2026 (in thousands):
​ | ​ | ​ | ​
April 2026 - December 2026 | ​ ​ ​ | $ | 36,703
2027 | ​ |  | 45,159
2028 | ​ |  | 44,276
2029 | ​ |  | 42,748
2030 | ​ |  | 26,459
Thereafter | ​ |  | 2,723
Total future minimum rental income under operating leases | ​ | $ | 198,068
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, 2025 | ​ | $ | 22,509
Adjustments to credit loss reserves | ​ | ​ | (45)
Write-offs charged against allowance | ​ | ​ | (94)
Balance at March 31, 2026 | ​ | $ | 22,370
​
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 months ended March 31, 2026 and 2025 (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the three months ended March 31,
​ | ​ ​ ​ | 2026 | ​ ​ ​ | 2025
Operating lease fixed revenue | ​ | $ | 17,742 | ​ | $ | 16,065
Operating lease variable revenue | ​ | ​ | 7,445 | ​ | ​ | 7,009
Airport customer service and other revenue | ​ | ​ | 10,105 | ​ | ​ | 9,387
Lease, airport services and other | ​ | $ | 35,292 | ​ | $ | 32,461
Flying agreements |
Agreements with other airlines |
Schedule of revenue by type | The following table disaggregates the Company’s flying agreements revenue by type for the three months ended March 31, 2026 and 2025 (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the three months ended March 31,
​ | ​ ​ ​ | 2026 | ​ ​ ​ | 2025
Capacity purchase agreements flight operations revenue (non-lease component) | ​ | $ | 633,869 | ​ | $ | 639,153
Capacity purchase agreements fixed aircraft lease revenue | ​ | ​ | 104,455 | ​ | ​ | 110,988
Capacity purchase agreements variable aircraft lease revenue | ​ |  | 71,373 | ​ |  | 35,039
Prorate agreements and SWC revenue | ​ |  | 168,188 | ​ |  | 130,814
Flying agreements revenue | ​ | $ | 977,885 | ​ | $ | 915,994

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