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Analyst
Dan McKenzie
Period: Reporting periods mapped to calendar 2024 Q4 – 2026 Q3 (8 quarters; questions recorded in 6).
- Questions
- 9on tracked calls
- Challenge rate
- 11%1 of 9 questionsLimited sample
- Companies
- 2questioned at least once
- Reporting periods
- 6with questions
These figures cover the whole profile: every tracked question, all reporting periods.
How to read these numbers
Challenge rate is the share of questions that pushed back, pressed for specifics or questioned management’s assumptions. It describes how questions were asked on the calls tracked here; it does not measure whether any view turned out to be right.
Rounding. Rates are rounded to whole percentages, so a small share can show as 0% even when some questions were challenging. The count beside each rate is exact; “none of N questions” means no question was challenging.
No questions recorded. “—” means there is nothing to calculate: no questions were recorded for that period on the calls tracked here. It does not mean there was no activity.
Fewer than 3 questions. A company-level rate is withheld when fewer than 3 questions were recorded for that company; the questions are still counted everywhere else.
Small samples. Profiles with fewer than 10 questions are marked Limited sample.
Reporting periods. Questions are grouped by the calendar quarter each company’s fiscal reporting period maps to, not by the date of the call. Periods without a calendar mapping are listed separately under their fiscal label.
Questions asked
Grouped by company, most questions first. Open a company to read its questions, newest reporting period first.
Showing 9 of 9 questions from 2 companies
LUVSouthwest Airlines7 questions · 5 reporting periods · 1 of 7 challenging
Calendar 2026 Q2
what are the concrete data points that give you confidence that what we are seeing today is in fact durable
Show response
Tom points to resilient industry demand plus record engagement metrics as evidence of durability; on capital return he cites ~$4 billion of repurchases within stated guardrails.
Calendar 2026 Q1
how [indiscernible] is the investment-grade rating? And is that something you'd ever be willing to put at risk temporarily
Show response
Tom made clear the investment-grade rating is a filter for all decisions. Andrew noted stand-alone seat ancillaries have a sharp close-in booking curve with dynamic pricing tools deployed, and there's implied room to improve from this year into next plus additional upside from share shift.
Calendar 2025 Q4
the 50% of the tickets that are sold with the buy-up feature, my question really is what percent of revenue does this account for
Show response
Andrew declined to provide buy-up revenue composition, saying it will become clear as they report results. For corporate, sales force helped configure tools to exclude basic fares from corporate ecosystem. Bob confirmed lounge assumptions are built into the guide, nothing incremental.
Calendar 2025 Q2
what percent of tickets today are clearing at an ultra-low-cost carrier fare? And what would you expect it to look like in 2026 once assigned seats are offered?
Show response
Andrew didn't have the exact ULCC fare percentage but noted encouraging buy-up momentum. Bob provided key color: pre-change, the vast majority of seats sold in lowest tier; now roughly half are in basic economy with the other half buying up, significant mix improvement even before seating benefits launch.
is there any interest in the MAX 10 aircraft once approved and potentially a further segmentation of premium demand?
Show response
Bob acknowledged the possibility of more premium, lounges, and network expansion to destinations requiring different aircraft, but emphasized these are possibilities not decisions. Listed the massive pace of recent execution as proof the team can handle more transformation but declined specifics.
Calendar 2024 Q4
where would that leave the balance sheet metrics? And secondly, would that open the door for the Board to consider an acceleration of capital returns once you hit those metrics?
Show response
Tammy noted mid-30% leverage target and that debt paydown puts them closer. Bob acknowledged the question will be taken up with the board but didn't commit to accelerated returns.
how much cash could potentially be unlocked from the balance sheet from these sales? And so I guess my question is how many aircraft fall into that attractive mid-age bucket
Show response
Tammy declined to give specific proceeds guidance, citing dependency on Boeing deliveries and market conditions. Bob added commitment to extract every dime of embedded value from 672-aircraft order book.
DALDelta Air Lines2 questions · 1 reporting period · 0 of 2 challenging
Calendar 2026 Q3
if I can go back to your commentary around the upsell revenue, it seems like a really big revenue bucket
Show response
Joe declined to size upsell revenue but said early premium upgrade results are very strong.
Is there a cost savings opportunity to say update legacy system or potentially to go in house
Show response
Ed cited past cloud savings and AI-driven efficiency but did not size future savings.
Challenge rate by company
Every company this analyst questioned, most questions first. A company-level rate is shown from 3 questions; below that it is withheld.
| Company | Questions | Challenge rate |
|---|---|---|
| LUV Southwest Airlines | 7 | 14%1 of 7 questions |
| DAL Delta Air Lines | 2 | —Rate withheld: fewer than 3 questions |
Activity by reporting period
Questions recorded for each calendar quarter that companies’ reporting periods map to (not the call date), with the challenge rate for that period. Periods inside the range with no questions are shown as “No questions recorded”.
| Calendar period | Questions | Challenge rate | Companies |
|---|---|---|---|
| 2024 Q4 | 2 | 0%none of 2 questions | 1 |
| 2025 Q1 | No questions recorded | — | — |
| 2025 Q2 | 2 | 0%none of 2 questions | 1 |
| 2025 Q3 | No questions recorded | — | — |
| 2025 Q4 | 1 | 0%none of 1 question | 1 |
| 2026 Q1 | 1 | 100%1 of 1 question | 1 |
| 2026 Q2 | 1 | 0%none of 1 question | 1 |
| 2026 Q3 | 2 | 0%none of 2 questions | 1 |
- 2024 Q42 questions · challenge rate 0% (none of 2 questions) · 1 company
- 2025 Q1No questions recorded
- 2025 Q22 questions · challenge rate 0% (none of 2 questions) · 1 company
- 2025 Q3No questions recorded
- 2025 Q41 question · challenge rate 0% (none of 1 question) · 1 company
- 2026 Q11 question · challenge rate 100% (1 of 1 question) · 1 company
- 2026 Q21 question · challenge rate 0% (none of 1 question) · 1 company
- 2026 Q32 questions · challenge rate 0% (none of 2 questions) · 1 company
Topics
Topics tagged on this analyst’s questions.
- Capital Allocation4
- Product Launch3
- Revenue Growth2
- Pricing2
- Cloud & AI1
- Cost Pressure1
- Demand1
- Competitive Dynamics1
- Geographic Expansion1