Financial Performance & Outlook - 3Q25 performance met or exceeded guidance midpoints[7] - CASM ex-fuel up 3.7% year-over-year[9] - Adjusted operating margin three points better than implied by July guidance ranges[9] - The company expects capital expenditures to trend at or below $1 billion annually beginning in 2026[35] - Interest expense is estimated at approximately $590 million for the full year 2025, reduced by about $10 million[36] Revenue & Demand - 3Q2025 ASMs increased by 0.9% compared to 3Q2024, while guidance was between 0.0% and 1.0%[19] - 3Q unit revenues exceeded midpoint of revised guidance[22] - TrueBlue revenue was up 12% year-over-year[25] Strategic Initiatives - The company plans to launch 17 new routes and increase frequency on 12 high-demand markets from Fort Lauderdale in 2025[12] - Implementation of Blue Sky with United Airlines is on track, with reciprocal loyalty point accrual & redemption launched[9] - A220s represent approximately 25% unit cost improvement versus E190s[33]

Financial Performance & Outlook - 1Q25 capacity decreased by 4.3% YoY, at the low end of the initial guidance range, due to self-help actions to reduce trough capacity[9] - 1Q25 RASM increased by 1.3% YoY, reflecting softer off-peak revenue trends[9] - 1Q25 CASM ex-Fuel increased by 8.3% YoY, beating the initial midpoint due to cost savings from operational execution[9] - The company is targeting $800-900 million in incremental EBIT through 2027 via JetForward initiatives[10] - The company ended 1Q with $3.8 billion in liquidity, supported by a strategic debt raise in 2024[29] Strategic Initiatives & Adjustments - JetForward initiatives are on track, with most achieving 1Q expectations, focusing on network adjustments and reliability investments[15] - The company is taking action to balance supply with demand, including capacity reductions in 1H25[21, 23] - The company deferred approximately $3.0 billion in capex in 2024, shifting 44 Airbus A321neo deliveries to 2030 and beyond[29] Guidance - 2Q25 ASM guidance is projected to decrease by 3.5% to 0.5% YoY[19] - 2Q25 RASM guidance is projected to decrease by 7.5% to 3.5% YoY[19] - 2025 capital expenditures are expected to be approximately $1.3 billion[36]