Andrew Didora

Erik named three drivers (operational investment, capacity discipline, revenue-related costs) but did not quantify them as asked.

Erik committed to capacity discipline and managing for margin but gave no CASM figure for a higher-fuel scenario.

Joe confirmed sequential international improvement due to the longer booking curve and detailed Transatlantic, Pacific, and Latin trends.

Dan acknowledged the pilot recovery issues will take time to work through the summer. Intensive summer operations with weather will highlight the challenges, but they expect to make progress through the summer and into the back half.

Ed confirmed the goal is full fuel recapture. Given the magnitude of the snap-up, it will take more than one quarter but the recapture percentage should increase materially into summer.

Dan confirmed loyalty and premium have an outsized impact on free cash flow given their margin profiles. MRO and cargo are too small to move the needle materially relative to the core airline.

Ed said CapEx will remain disciplined around the ~$5B range. Emphasized the most tangible shareholder return is free cash flow generation, and delevering creates more return opportunities. No plans for a growth spurt.

Glen candidly acknowledged the Transatlantic underperformance was partly self-inflicted from holding out for higher fares, partly the spring booking window coinciding with tariff fears, and partly the structural seasonal shift. Plans for 2026: earlier main cabin booking, flatter summer capacity.

Glen declined to rank beyond domestic vs. international, noting the two have converged. Said they will compete domestically and internationally against each other for higher returns in 2026.

Ed confirmed $1B buyback shelf filed but priority remains debt repayment. Expects to exercise buyback over the three-year shelf life. Recently announced 25% dividend increase.

Ed cited improving consumer confidence from spring lows, strong wealth accumulation by core $100K+ household cohort, and market recovery. Glen added Delta had its highest July cash sales day in its 100-year history yesterday.

Glen noted premium is at its highest-ever share of revenue and has proved more resilient, with no cracks visible yet. Lower-end main cabin is where challenges concentrate.

Glen confirmed Q2 largely intact with trimming starting in August concentrated in Southeast where schools return earlier, not waiting for Labor Day.

Glen provided capacity shape: Q1 ~4.5-5%, Q2 schedules not yet finalized and will come in a couple points, June-August lowest growth, more off-peak growth later.

Glen confirmed transatlantic capacity slightly above system average, with schedules largely in place and only minor tweaks expected.

Leskinen anchored on free-cash-flow conversion targets rather than a specific peak-CapEx year; direct on framework.

Mike said balancing buyback opportunism with investment-grade commitment. Proud of unsecured offerings in Q1. Committed to investment grade in all scenarios.

Mike confirmed CASM-ex moves inversely with capacity cuts. Sooner flights are cut, more costs variabilize. United has unique opportunities to fight maintenance cost expansion through gauge and global procurement.

Andrew confirmed strong ATL reflects booking momentum, booked slightly ahead into Q4. Business traffic at all-time highs in recent weeks.

Andrew acknowledged disappointment. Expects elevated competitive capacity in Mexico/Central America for ~2 more quarters. Non-core non-Houston flying will be removed. Houston franchise to hold ground.

Andrew emphasized broad-based business recovery across all hubs and verticals, with non-New York business almost as strong as the New York rebound.

Andrew explained leisure/spill carriers naturally push utilization harder in peak summer to offset low off-peak usage, then cut when margins deteriorate.

Mike acknowledged Q1 benefited from maintenance timing but expects meaningfully better full-year CASM-ex than January expectations.

Andrew signaled loyalty revenue growth targeting above 12% in 2025, with Kinective Media intending to double media sales next year.

Tom gives directional color on fuel-curve mechanics and fleet-transaction timing but declines a firm 4Q CASM figure.

Andrew redirected to revenue maximization philosophy including ancillary calculus. Bob emphasized no victory lap, corporate headcount will be down again in 2026, and the company is pressing harder on costs and efficiency after the first corporate layoff proved the company can move faster with more agility.

Tom disclosed ~30% West Coast and ~50% Gulf Coast fuel exposure. Bob emphasized sustainable cost discipline as the best insurance against fuel, macro, or shutdown uncertainty, fuel efficiency improvements, back-office automation, and broad operational efficiency programs across every department.

Tom framed the new framework as balancing strength and efficiency within investment grade guardrails. The initiatives create incremental free cash flow that enables capital returns. Emphasized the framework provides investor transparency on capital allocation guardrails during the transformation.

Tom confirmed ~$4B cash target with the paydowns and remaining $1.5B buyback bringing them right to that mark. Highlighted $16B+ in unencumbered aircraft assets and laser focus on initiative-driven incremental EBIT as the source of future optionality.

CFO said no broad strategic changes, only a marginal one-to-two point shift between quarters.

Sommer estimated Regent is already repositioned, Oceania about two-thirds along, and NCL should reach target by mid-2026.

Naftali outlined methodical hedging approach across multiple years. On costs, management emphasized maintaining spread between yield and cost growth, leveraging technology and supply chain efficiencies without impacting guest experience.

Naftali explained the unsecured market offered lower cost and longer tenure (10-year vs 6-year average ECA). Fitch upgraded to BBB and S&P moved outlook to positive. All future ship deliveries will maintain committed ECA financing as backstop with option to tap unsecured market.

Management guided to roughly flat Q3 occupancy, below the original expectation of a modest gain, given the circumstances.