Mike Linenberg

Joe said competitive capacity is down in Delta hubs and expects international peers to manage for margins as hedges roll off.

Edward directly addressed the concern, arguing structural cost changes leave low-fare carriers unable to grow profitably at current fuel.

Joe confirmed premium cabin segmentation is on target for year-end rollout and they like what they're seeing so far. More details expected in coming quarters.

Dan confirmed no current fuel sourcing issues and none anticipated in the near term, despite reports of shortages in Asia Pacific.

Glen said the booking curve has returned to normal but not extended further. Q4 was noisy from the shutdown and FAA safety comments. Current trends are a step above October (a fantastic month). Critically, business travel now showing both fare AND traffic growth, not just fare.

Glen reframed non-hub economics around ecosystem relevance: SkyMiles acquisition, credit card penetration, and brand loyalty in high-GDP markets. Austin specifically chosen because Delta lacks a Texas hub in a huge revenue market. Focus cities sometimes exceed hub profitability.

Glen estimated less than $1M/day impact, actually less than the 2018-2019 shutdown due to DCA travel already being depressed. The impact is muted relative to Delta's overall revenue base.

Dan described a modest expense reduction in other income from the pension surplus, now close to $1B GAAP surplus versus $5-6B deficit five to six years ago. Benefit grows as long as asset returns exceed the 7% target.

Glen pinpointed the 60-120 day window as where the curve compressed most. Beyond 120 days relatively unchanged. Seeing indications of the curve starting to extend back out, which he correlated with returning consumer confidence.

Glen reported only a 1-1.5 day booking drop-off post tariff announcement, with sales back above prior year. No significant increase in refunds.

Glen confirmed strong international bookings: April >90%, May 80s%, June 70s%. Adjusting booking curve to take more earlier bookings to mitigate close-in weakness.

Nocella said caps bring certainty and the plan is 650 flights/day in Chicago; up-gauge to grow within constraints.

Andrew not counting on other airlines. Already at 20% yield increase within 7-8 weeks of conflict starting. Made capacity adjustments to sustain higher yields. Self-help approach to hit targets independent of industry.

Scott detailed Chicago: $500M United profit vs ~$500M+ competitor loss. 22-point local share lead, 38-point business lead. Drawing line in sand for 2026, will add flights to prevent gate erosion. Expects to grow Chicago earnings in 2026.

Mike confirmed Q4 is an important fleet decision point. Weighing complexity costs against different range/gauge capabilities, pricing, and expected maintenance. Will optimize for long-term profits.

No XLR deliveries in 2025. Andrew confirmed international service beginning summer 2026.

Scott expects permanent capacity controls regardless of formal designation. Caps will rise from current levels but remain manageable. Called it key to realizing Newark's full potential.

Andrew indicated Basic Economy will expand in Q2 as revenue management opens inventory to capture traffic that would otherwise spill to competitors.

Andrew ties the smaller day-to-day delays to slower turns at high load factors and outlines process fixes already showing benefit in July.

Andrew declined to break down by fare product but disclosed at least half of the 11.6% yield increase came from voluntary buy-up. Bob addressed the Spirit/government carrier question by emphasizing Southwest's resilient business model and pointing to 8-point margin expansion and best net margin among large carriers.

Andrew explained they're moving from fare-rule-based to product-based segmentation. Current customers are willing to pay more for extra features even early in booking curve. The level of acceleration through February (low season) and March (high season) will reveal the full-year upside potential.

Tom confirmed aircraft sales (not sale-leasebacks) offset gross CapEx but declined to provide the gross number, sticking with the $3B-$3.5B net CapEx guidance.

Andrew confirmed load factor inflected positive post-summer as predicted. Buy-up out of basic economy showing mid-single-digit point increase. Big step-up expected in Q1 with assigned seats. Bob noted 400+ aircraft retrofitted showing 4-point NPS improvement.

Tammy didn't directly address the 100-aircraft figure but explained that bulk of value comes from outright sales of excess aircraft, dependent on Boeing deliveries. Sale-leasebacks are a tool to manage the -800 exit.