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Analyst
Michael Goldie
Period: Reporting periods mapped to calendar 2025 Q4 – 2026 Q3 (4 quarters; questions recorded in 3).
- Questions
- 8on tracked calls
- Challenge rate
- 13%1 of 8 questionsLimited sample
- Companies
- 4questioned at least once
- Reporting periods
- 3with 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 8 of 8 questions from 4 companies
DALDelta Air Lines5 questions · 3 reporting periods · 1 of 5 challenging
Calendar 2026 Q3
Can you talk a bit about where the corporate franchise sits today in respect to the Trans Pacific
Show response
Joe said new Asian markets pull corporate traffic to Delta but did not address competitive intensity directly.
Calendar 2026 Q1
Is this a general market trend? Or are there specific Delta initiatives such as merchandising and working with your corporate clients to improve that premium uptake?
Show response
Joe attributed corporate premium demand to both the broader economy and Delta-specific factors. Almost all corporate segments up double digits. Most corporate bookings are in full-fare or premium products, not basic.
can you help us understand as we look forward, like how much of that is coming from customers accepting higher fares versus actual momentum on the number of bookings?
Show response
Joe said it's both fare acceptance and booking momentum. Cash sales up 10% overall and 15% in March, spread across short-term and long-term booking windows. Close-in build is very strong, and recent fare increases are already reflected in revenue on the books.
Calendar 2025 Q4
you think the landscape will see further consolidation in the coming years or eventually find a plateau?
Show response
Glen predicted further industry rationalization in multiple forms: consolidation, liquidation, internal restructuring, or external activist pressure. Any carrier not earning its cost of capital is already experiencing significant distress.
Where do you see this non-main cabin revenue mix over the longer term? Is 65, 70% the coming years?
Show response
Glen said they are not targeting a specific mix number. The ideal scenario is premium holding while main cabin rises, which requires industry rationalization. Believes further consolidation and restructuring are inevitable for carriers not earning their cost of capital.
LUVSouthwest Airlines1 question · 1 reporting period · 0 of 1 challenging
Calendar 2026 Q1
is the performance that we're seeing driven by delivery of new aircraft and then divesting of older equipment, or is anything else changing
Show response
Tom explained maintenance savings come from both fleet transition (700 retirements to MAX) and supply chain optimization. Front-line headcount is variable and optimized for operational efficiency. Indirect headcount flat year-over-year with expected attrition-driven reductions keeping dollar spend flat.
TDGTransDigm Group1 question · 1 reporting period · 0 of 1 challenging
Calendar 2026 Q1
How have customer conversations and the tone of those conversations evolved as the war has persisted?
Show response
Joel said nothing dramatic outside the Middle East, where carriers are significantly impacted with RFQs down 50+%, but no broad change elsewhere.
UALUnited Airlines Holdings1 question · 1 reporting period · 0 of 1 challenging
Calendar 2026 Q1
How do you think about the operating leverage of these assets in a recovery versus the decremental drag if flight activity remains constrained?
Show response
Mike said elevated fuel makes new fuel-efficient aircraft even more advantageous. Will continue taking Boeing narrowbody deliveries. Older aircraft can be managed capital-efficiently with lower utilization and extra spares. Managing workforce efficiently across all work groups.
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 |
|---|---|---|
| DAL Delta Air Lines | 5 | 20%1 of 5 questions |
| LUV Southwest Airlines | 1 | —Rate withheld: fewer than 3 questions |
| TDG TransDigm Group | 1 | —Rate withheld: fewer than 3 questions |
| UAL United Airlines Holdings | 1 | —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 |
|---|---|---|---|
| 2025 Q4 | 2 | 0%none of 2 questions | 1 |
| 2026 Q1 | 5 | 20%1 of 5 questions | 4 |
| 2026 Q2 | No questions recorded | — | — |
| 2026 Q3 | 1 | 0%none of 1 question | 1 |
- 2025 Q42 questions · challenge rate 0% (none of 2 questions) · 1 company
- 2026 Q15 questions · challenge rate 20% (1 of 5 questions) · 4 companies
- 2026 Q2No questions recorded
- 2026 Q31 question · challenge rate 0% (none of 1 question) · 1 company
Topics
Topics tagged on this analyst’s questions.
- Demand4
- Pricing3
- Cost Pressure2
- Geographic Expansion1
- Macroeconomic1
- Capex Investment1
- Competitive Dynamics1
- Revenue Growth1