v3.25.2

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Jun. 30, 2025	Dec. 31, 2024
Current Assets
Cash and cash equivalents	$ 563	$ 740
Accounts receivable, net	98	73
Supplies, net	86	79
Other current assets	85	98
Total current assets	832	990
Property and equipment, net	458	376
Operating lease right-of-use assets	4,270	3,930
Pre-delivery deposits for flight equipment	466	404
Intangible assets, net	27	27
Other assets	471	426
Total assets	6,524	6,153
Liabilities and stockholders’ equity
Accounts payable	169	115
Air traffic liability	324	294
Frequent flyer liability	18	18
Current maturities of long-term debt, net	326	261
Current maturities of operating leases	700	664
Other current liabilities	508	500
Total current liabilities	2,045	1,852
Long-term debt, net	234	241
Long-term operating leases	3,610	3,302
Long-term frequent flyer liability	34	31
Other long-term liabilities	95	123
Total liabilities	6,018	5,549
Commitments and contingencies (Note 8)
Stockholders’ equity:
Common stock, $0.001 par value per share, with 228,134,548 and 225,440,496 shares issued and outstanding as of June 30, 2025 and December 31, 2024, respectively	0	0
Additional paid-in capital	429	414
Retained earnings	83	196
Accumulated other comprehensive income (loss)	(6)	(6)
Total stockholders’ equity	506	604
Total liabilities and stockholders’ equity	$ 6,524	$ 6,153

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