Savi Syth

Joe answered directly, citing bookings already more than 60% complete for the quarter and high-teens premium demand.

Joe cited higher fares, customer engagement and premium load factors but did not address 2027 momentum.

Joe said international (Asia and the Middle East) grows faster than average while domestic growth leans on gauge efficiency.

Ed confirmed the outlook includes an assumption of continued RASM improvement through the quarter given persistently high fuel prices, not just what's currently on the books.

Joe reported strong demand across all entities and booking periods going into peak summer. Transatlantic was a Q1 bright spot with continued momentum.

Ed maintained Delta leads across almost every operational metric. Argued a healthier, higher-quality industry benefits everyone. Joe added that a better industry sells more tickets at the industry level.

Ed candidly acknowledged recovery from irregular operations needs improvement despite leading on-time performance. Post-COVID pilot contract changes in routing and rescheduling have created difficulties. Working closely with flight ops, maintenance, technology, and the pilots union.

Glen reported solid Latin long-haul with strong winter outlook. Short-haul mixed: Caribbean performing well, Mexican beach under some pressure. All still very profitable.

Dan said 2026 maintenance planning is still early. On inflation, acknowledged parts and material availability still have above-normal inflation but trending more in line. Supply chain recovery is multi-year with turn times still not at 2017-2018 levels.

Glen clarified the peak-to-shoulder seasonal shift is specifically a European phenomenon (60-65% of total international). LatAm is contra-seasonal with December-January peaks; Pacific is less seasonal.

Glen confirmed Delta took several points of domestic capacity down. European shoulder capacity flat at +2.5% vs. mid-to-high single-digit growth at peak. Industry acting responsibly domestically; international winter schedules not fully loaded yet.

Glen said they will eliminate unprofitable flying regardless of type, with off-peak taking a disproportionate hit relative to peak-day flying.

Glen confirmed domestic main cabin is the largest weakness, Atlantic and Pacific looking strong, Latin hanging in with fluctuations but holding.

Dan guided non-OpEx flattish around $800 million, with ~$100M deleveraging benefit offset by loss of non-recurring investment gains. Pension expected flattish.

Dan confirmed $5 billion CapEx target and approximately 40 aircraft deliveries in 2025, making up for a few shortfalls in 2024.

Adam said Archer and Wisk are uniquely complementary (both built 12-tilt-6 architectures from different angles, commercialization vs autonomy) and there will be an exploratory period to capture synergies, including with Insitu on the ISR side.

Tom Muniz answered directly: Halo/Thunder is a clean-sheet platform for a different mission (heavier payloads, further, faster) that reuses Midnight building blocks like batteries and motors but adds a new hybrid system, targeting first flight next year.

Tom Muniz gave a flight-test update, over 150 piloted test flights, up to 5 times a day, many flights over 50 miles and flying between airports, and said initial eIPP operations remain on track to begin later this year, starting with CTOL.

Adam explained ZEE, Archer's aviation foundation model, unifies siloed flight data into an intelligence layer spanning pilot applications, air traffic management and airline operations, and said early deployments and discussions with agencies point to a path to revenue and profitability.

Priya declined annual/multiyear guidance but outlined three spend areas, supply-chain/manufacturing capacity, the dual-use hybrid aircraft, and AI autonomy software, with awards or early revenue as potential offsets.

Adam gave the $126M/$171M purchase breakdown but declined to size incremental spend, saying decisions remain to be made.

Adam explained eIPP is about building public and regulator trust, not revenue, and should accelerate the certification path.

Adam was candid that nobody is out of policy yet due to industry issue papers, positioning Archer and Joby as the only two in the final stages. Direct.

Tom said resolving the total-loss-of-propulsion issue paper unlocks the vast majority of remaining compliance items, positioning Archer well with the FAA.

Adam framed Launch Edition as the way to monetize each aircraft built but gave only a high-level 25/26/27 ramp, no firm units.

Justin says capacity growth concentrates on existing points of strength to build customer loyalty and durable revenue streams.

Tom disclosed 5 aircraft sales in Q1 (three 700s, two 800s) with approximately $30-40 million book impact, not material to the cost performance. Structural cost improvements are the main driver.

Tom declined to give full-year CASM-X trajectory but expressed confidence in cost visibility. Andrew reported corporate business up mid-single digits ex-government in Q4 with a very strong start in January corporate bookings. New product expected to unlock additional corporate revenue.

Bob framed the 2026 EBIT stack: $600-800M base guide + $1B assigned seating + ~$700M annualized bag fees + loyalty and other initiatives. Andrew noted Q1 capacity is modest YoY increase with load factor and knife-edge yield benefits carrying forward.

Andrew reported sequential corporate improvement: May was the trough, then steady improvement through June, July, and August. Leisure customers came alive before the 4th of July. Bob noted volume is returning after months where even promotions couldn't generate demand, an encouraging sign of broad-based recovery.

Tom explained aircraft are fully paid for so sale proceeds are essentially fully accretive to cash flow. Book gains exist but are less than cash proceeds. Full year EBIT guide excludes any book gains from fleet transactions.

Andrew noted managed business is up ~4% ex-government. Bob estimated government exposure at roughly 2% of business, noting that while it's down a lot, its percentage of total business is very small.

Andrew confirmed load factor is the same on MAX 8 and MAX 7. The 25 extra seats on the 8 provide good returns during peak times. The percentage needed of MAX 7s has decreased post-pandemic but is not zero. Bob added it's not a factor today but could become one if Boeing continues not delivering the MAX 7.

Tammy confirmed the capacity-driven cost benefit ramps throughout the year with the biggest impact in Q4.

Tammy provided a detailed bridge from Q1 7-9% to Q4 low-single-digit exit rate, breaking out 3-4pts from capacity initiatives, 1pt from overstaffing lapping, and 2-3pts from labor anniversaries plus cost plan benefits.

Nocella said domestic is more mature and tied to GDP; international growth expected to outpace domestic.

Mike confirmed Boeing narrowbody deliveries slightly ahead and accelerating into 2026-2027. Widebody still delayed but optimistic. Additional deliveries are quickly margin and return-on-capital accretive.