Tom Fitzgerald

Joe said next year's cabin balance will look similar, with premium growing and main cabin modest, though capacity is not yet set.

Dan expects double-digit MRO revenue growth with at least 100 basis points of annual margin expansion.

Joe attributed cargo strength mainly to volume and rerouting plus internal restructuring, and guided continued but moderating strength.

Dan highlighted new aircraft arriving with ~50% premium seating versus 30% on retiring aircraft. Cargo capacity also improving, up 8% in the quarter. The domestic network feeding international plus partner hubs creates insulation and strength.

Joe reported broadly strong demand with only two soft spots: European point-of-sale (ongoing) and Mexico leisure (post-incidents, capacity pulled). Premium and corporate demand remains particularly strong.

Glen described the basic/main/extra segmentation rolling out to Comfort Plus with results above internal projections. The approach disaggregates seat from product attributes (refundability, seat assignment timing). Joe added merchandising and retailing tools represent a multibillion-dollar long-term opportunity.

Glen acknowledged Delta's higher-income customer mix enhances its relative position but could only speak for Delta. Noted strength continuing to accelerate into Q4.

Glen confirmed new deliveries come with higher premium mix and that nearly all 2026 growth will be in premium sectors, though formal guidance not yet given.

Glen noted most corporate survey results indicate same or higher spend. Banking, consultancies, and technology are favorable; autos and manufacturing are lagging.

Glen confirmed Fetcher expanded from 1% to 3% of domestic with a goal of 20% by year-end. Emphasized careful rollout with extensive model training rather than rushing deployment.

Dan noted 85% of $20B procured supply base is services, with goods predominantly US-sourced. Mindful of second and third tier supply chain impacts.

Glen argued Delta's strong brand gives it first call on value-seeking customers, putting more pressure on bottom-end carriers than expected.

Glen noted boomers drive premium demand now with younger wealthier cohorts representing upside. Corporate survey shows 90% expect to meet or exceed prior year spend.

Glen declined hub-by-hub specifics but confirmed encouraging competitive dynamics across all hubs, noting even Boston is resilient despite elevated capacity.

Andrew said merchandising improvements alone valued in hundreds of millions per year. All 7 initiatives are very significant. Foundation for not only double-digit margins but ultimately mid-teen margins. More initiatives planned with another media day next year.

Andrew distinguished United's low-churn loyalty program from high-churn reward programs that require constant bonus incentives. Members stay because they value travel rewards like Polaris to Tahiti. More details in 10-12 weeks.

Andrew explained connectivity goals hit by 2027, after which growth shifts to gauge (larger aircraft) rather than frequency. Hubs around 650 daily flights approaching optimal. Diminishing returns above 900.

Andrew said Starlink is a game-changer with off-the-chart NPS scores on first equipped 737-800. Over halfway through E175 fleet. Full fleet by end 2027. Connected Media intersection with Starlink unlocks unique personalized content delivery.

Mike confirmed 2% gauge growth in 2026 with acceleration in 2027 as MAX deliveries continue and wider fleet transformation progresses.

Andrew said real unlock comes late 2026/2027 when Starlink and seatback screens combine. Over half of fleet has new tech; 60 aircraft flying Starlink.

Andrew emphasized structural bullishness driven by supply constraints in airports and wide-body aircraft lasting through end of decade.

Scott described GenAI applications in customer communication, labor contract interpretation, and embedded across the organization.

Tom says both the underlying assets and the embedded maintenance value are trading strongly, benefiting Southwest as it sells assets.

Andrew emphasized RASM as the only metric that matters. Southwest's RASM on a multi-year basis has outperformed the big 3 carriers. Yield traction is extraordinarily strong currently, and that drives high RASM regardless of load factor levels.

Andrew confirmed expectation for full run rate in 2026 with efforts to accelerate. Tom confirmed bag fee implementation is producing fuel savings from fewer bags onboard, plus numerous other fuel efficiency initiatives using new technology tools.

Andrew explained they refined the cabin layout to maximize revenue per square foot. Former extra legroom seats behind exit rows become preferred seats with slightly more legroom. The concentrated ELR layout in front of exit row is expected to generate better monetization.

Bob redirected toward Southwest's existing domestic dominance and brand loyalty rather than addressing specific fleet or international initiatives. Committed to continuing to meet customers' evolving needs but offered no specifics on RJs, wide-bodies, or international expansion.