AI-assembled from public SEC filings
U.S. passenger airlines peer review
Descriptive comparison assembled from public SEC filings and verified companyfacts.
This feature-specific review is assembled from a frozen evidence pack of public SEC filing quotes and verified SEC companyfacts numbers. It is descriptive only and makes no judgment about which company is better. It is not a rating, recommendation, endorsement, forecast, or investment advice. Figures are as of their cited filing dates.
Methodology
The cluster is selected mechanically from public SEC SIC 4512 companies already present in grepcent's processed universe, then constrained to the requested major U.S. passenger carrier set. Cargo-focused carriers are excluded. The review publishes no proprietary index-membership labels.
Verified Quantitative Matrix
Numbers are templated from frozen SEC companyfacts-derived facts already verified by grepcent. Fiscal periods and filing dates are shown in each cell; code-computed comparisons below only use calendar-aligned periods.
| Metric | DAL | UAL | AAL | LUV | ALK | JBLU |
|---|---|---|---|---|---|---|
| Revenue | 63,364,000,000 source · NUM_DAL_REVENUE_FY2025 | 59,070,000,000 source · NUM_UAL_REVENUE_FY2025 | 54,633,000,000 source · NUM_AAL_REVENUE_FY2025 | 28,063,000,000 source · NUM_LUV_REVENUE_FY2025 | 14,239,000,000 source · NUM_ALK_REVENUE_FY2025 | 9,062,000,000 source · NUM_JBLU_REVENUE_FY2025 |
| Operating margin | 9.19% source · NUM_DAL_OPERATING_MARGIN_FY2025 | 7.98% source · NUM_UAL_OPERATING_MARGIN_FY2025 | 2.69% source · NUM_AAL_OPERATING_MARGIN_FY2025 | 1.53% source · NUM_LUV_OPERATING_MARGIN_FY2025 | 2.13% source · NUM_ALK_OPERATING_MARGIN_FY2025 | -4.06% source · NUM_JBLU_OPERATING_MARGIN_FY2025 |
| Net margin | 7.90% source · NUM_DAL_NET_MARGIN_FY2025 | 5.68% source · NUM_UAL_NET_MARGIN_FY2025 | 0.20% source · NUM_AAL_NET_MARGIN_FY2025 | 1.57% source · NUM_LUV_NET_MARGIN_FY2025 | 0.70% source · NUM_ALK_NET_MARGIN_FY2025 | -6.64% source · NUM_JBLU_NET_MARGIN_FY2025 |
| Fuel expense | 9,819,000,000 source · NUM_DAL_FUEL_EXPENSE_FY2025 | 11,396,000,000 source · NUM_UAL_FUEL_EXPENSE_FY2025 | 10,718,000,000 source · NUM_AAL_FUEL_EXPENSE_FY2025 | 5,240,000,000 source · NUM_LUV_FUEL_EXPENSE_FY2025 | 2,879,000,000 source · NUM_ALK_FUEL_EXPENSE_FY2025 | 2,057,000,000 source · NUM_JBLU_FUEL_EXPENSE_FY2025 |
| Fuel / revenue | 15.50% source · NUM_DAL_FUEL_INTENSITY_FY2025 | 19.29% source · NUM_UAL_FUEL_INTENSITY_FY2025 | 19.62% source · NUM_AAL_FUEL_INTENSITY_FY2025 | 18.67% source · NUM_LUV_FUEL_INTENSITY_FY2025 | 20.22% source · NUM_ALK_FUEL_INTENSITY_FY2025 | 22.70% source · NUM_JBLU_FUEL_INTENSITY_FY2025 |
| Capital expenditures | 4,499,000,000 source · NUM_DAL_CAPEX_FY2025 | 5,874,000,000 source · NUM_UAL_CAPEX_FY2025 | 3,779,000,000 source · NUM_AAL_CAPEX_FY2025 | 2,673,000,000 source · NUM_LUV_CAPEX_FY2025 | 216,000,000 source · NUM_ALK_CAPEX_FY2025 | 1,078,000,000 source · NUM_JBLU_CAPEX_FY2025 |
| Free cash flow | 3,843,000,000 source · NUM_DAL_FREE_CASH_FLOW_FY2025 | 2,557,000,000 source · NUM_UAL_FREE_CASH_FLOW_FY2025 | -680,000,000 source · NUM_AAL_FREE_CASH_FLOW_FY2025 | -831,000,000 source · NUM_LUV_FREE_CASH_FLOW_FY2025 | 1,033,000,000 source · NUM_ALK_FREE_CASH_FLOW_FY2025 | -1,172,000,000 source · NUM_JBLU_FREE_CASH_FLOW_FY2025 |
| Total debt | 13,308,000,000 source · NUM_DAL_TOTAL_DEBT_FY2025 | Not available. | 24,639,000,000 source · NUM_AAL_TOTAL_DEBT_FY2025 | 4,929,000,000 source · NUM_LUV_TOTAL_DEBT_FY2025 | 5,309,000,000 source · NUM_ALK_TOTAL_DEBT_FY2025 | Not available. |
| Liabilities / equity leverage | 2.90 source · NUM_DAL_LIABILITIES_TO_EQUITY_FY2025 | 4.00 source · NUM_UAL_LIABILITIES_TO_EQUITY_FY2025 | Not available. | 2.64 source · NUM_LUV_LIABILITIES_TO_EQUITY_FY2025 | 3.94 source · NUM_ALK_LIABILITIES_TO_EQUITY_FY2025 | 6.82 source · NUM_JBLU_LIABILITIES_TO_EQUITY_FY2025 |
| Cash and equivalents | 4,310,000,000 source · NUM_DAL_CASH_FY2025 | 5,942,000,000 source · NUM_UAL_CASH_FY2025 | Not available. | 3,231,000,000 source · NUM_LUV_CASH_FY2025 | 627,000,000 source · NUM_ALK_CASH_FY2025 | 1,946,000,000 source · NUM_JBLU_CASH_FY2025 |
| Property, plant and equipment | Not available. | 46,121,000,000 source · NUM_UAL_PPE_FY2025 | Not available. | 20,245,000,000 source · NUM_LUV_PPE_FY2025 | 11,857,000,000 source · NUM_ALK_PPE_FY2025 | Not available. |
| RASM | Quarantined: Only 0 of 6 companies have a verified fact; threshold is 2. | |||||
| CASM | Quarantined: Only 0 of 6 companies have a verified fact; threshold is 2. | |||||
| Load factor | Quarantined: Only 0 of 6 companies have a verified fact; threshold is 2. | |||||
| Available seat miles | Quarantined: Only 0 of 6 companies have a verified fact; threshold is 2. | |||||
Code-computed comparisons
- Reported operating margin range: range endpoints are JBLU (-4.06%) and DAL (9.19%).
- grepcent-computed fuel intensity range: range endpoints are DAL (15.50%) and JBLU (22.70%).
- Reported liabilities / equity leverage range: range endpoints are LUV (2.64) and JBLU (6.82).
Narrative Matrix
| Dimension | DAL | UAL | AAL | LUV | ALK | JBLU |
|---|---|---|---|---|---|---|
| Business model | Quarantined: no direct dimension-relevant quote survived the gate. | In its latest annual MD&A, UAL describes this business model item. [FACT:Q_UAL_BUSINESS_MODEL_1] Uniting the World." We have the most comprehensive route network among North American carriers, including U.S. mainland hubs in Chicago, Denver, Houston, Los Angeles, New York/Newark, San Francisco and Washington, D.C. company page · source filing · fact Q_UAL_BUSINESS_MODEL_1 · filed 2026-02-12 | Quarantined: no direct dimension-relevant quote survived the gate. | Quarantined: no direct dimension-relevant quote survived the gate. | In its latest annual MD&A, ALK describes this business model item. [FACT:Q_ALK_BUSINESS_MODEL_1] In August 2025, we launched Atmos Rewards, a single loyalty program combining Alaska’s Mileage Plan and Hawaiian’s HawaiianMiles. company page · source filing · fact Q_ALK_BUSINESS_MODEL_1 · filed 2026-02-12 | In its latest annual MD&A, JBLU describes this business model item. [FACT:Q_JBLU_BUSINESS_MODEL_1] In 2025, we expanded our network by launching new service from Boston to two transatlantic locations, Madrid, Spain and Edinburgh, Scotland. company page · source filing · fact Q_JBLU_BUSINESS_MODEL_1 · filed 2026-02-12 |
| Geographic and customer exposure | Quarantined: no direct dimension-relevant quote survived the gate. | Quarantined: no direct dimension-relevant quote survived the gate. | Quarantined: no direct dimension-relevant quote survived the gate. | Quarantined: no direct dimension-relevant quote survived the gate. | Quarantined: no direct dimension-relevant quote survived the gate. | Quarantined: no direct dimension-relevant quote survived the gate. |
| Capital allocation | Quarantined: no direct dimension-relevant quote survived the gate. | Quarantined: no direct dimension-relevant quote survived the gate. | Quarantined: no direct dimension-relevant quote survived the gate. | Quarantined: no direct dimension-relevant quote survived the gate. | Quarantined: no direct dimension-relevant quote survived the gate. | Quarantined: no direct dimension-relevant quote survived the gate. |
| Stated strategy in filings | In its latest annual MD&A, DAL describes this stated strategy in filings item. [FACT:Q_DAL_STATED_STRATEGY_1] On January 12, 2026, we entered into a definitive agreement with The Boeing Company to acquire 30 Boeing 787-10 aircraft, with an option to purchase up to an additional 30 of the same aircraft. company page · source filing · fact Q_DAL_STATED_STRATEGY_1 · filed 2026-02-11 | Quarantined: no direct dimension-relevant quote survived the gate. | In its latest annual MD&A, AAL describes this stated strategy in filings item. [FACT:Q_AAL_STATED_STRATEGY_3] Our principal investing activities in 2025 included $3.8 billion of capital expenditures, which primarily related to the purchase of 23 Boeing 737 MAX aircraft, 12 Embraer E175 aircraft, eight Bombardier CRJ900 aircraft, six Boeing 787-9 aircraft, five Airbus A321XLR aircraft, two Boeing 737-800 aircraft lease repurchases, one Airbus A321neo aircraft, one Airbus A320 aircraft lease repurchase and eight aircraft engines. company page · source filing · fact Q_AAL_STATED_STRATEGY_3 · filed 2026-02-18 | In its latest annual MD&A, LUV describes this stated strategy in filings item. [FACT:Q_LUV_STATED_STRATEGY_1] The first Boeing 737-8 (“-8”) aircraft with an updated cabin was delivered and entered service on October 16, 2025. company page · source filing · fact Q_LUV_STATED_STRATEGY_1 · filed 2026-02-05 | In its latest annual MD&A, ALK describes this stated strategy in filings item. [FACT:Q_ALK_STATED_STRATEGY_3] This includes certain B737-8 aircraft contracted for delivery in 2025 and 2026 that have moved into 2026 and 2027, and certain B787 aircraft contracted for delivery in 2025 that have moved into 2026. company page · source filing · fact Q_ALK_STATED_STRATEGY_3 · filed 2026-02-12 | In its latest annual MD&A, JBLU describes this stated strategy in filings item. [FACT:Q_JBLU_STATED_STRATEGY_1] We introduced Blue Sky, our collaboration with United Airlines, and launched reciprocal accrual and redemption of loyalty points. company page · source filing · fact Q_JBLU_STATED_STRATEGY_1 · filed 2026-02-12 |
| Idiosyncratic risks in filings | Quarantined: no direct dimension-relevant quote survived the gate. | Quarantined: no direct dimension-relevant quote survived the gate. | In its latest annual MD&A, AAL describes this idiosyncratic risks in filings item. [FACT:Q_AAL_IDIOSYNCRATIC_RISKS_2] Labor contract expenses for 2024 included one-time charges resulting from the ratifications of new CBAs with our mainline flight attendants and passenger service team members, including one-time payments and adjustments to vacation accruals resulting from pay rate increases. company page · source filing · fact Q_AAL_IDIOSYNCRATIC_RISKS_2 · filed 2026-02-18 | In its latest annual MD&A, LUV describes this idiosyncratic risks in filings item. [FACT:Q_LUV_IDIOSYNCRATIC_RISKS_1] During second quarter 2025, the Company terminated its remaining portfolio of fuel hedging contracts, which were scheduled to settle through 2027, to effectively close its fuel hedging portfolio and program. company page · source filing · fact Q_LUV_IDIOSYNCRATIC_RISKS_1 · filed 2026-02-05 | In its latest annual MD&A, ALK describes this idiosyncratic risks in filings item. [FACT:Q_ALK_IDIOSYNCRATIC_RISKS_1] In 2025, Alaska flight attendants, represented by the Association of Flight Attendants (AFA), ratified a new three-year Collective Bargaining Agreement (CBA). company page · source filing · fact Q_ALK_IDIOSYNCRATIC_RISKS_1 · filed 2026-02-12 | Quarantined: no direct dimension-relevant quote survived the gate. |
| Recent narrative change | Quarantined: no direct dimension-relevant quote survived the gate. | Quarantined: no direct dimension-relevant quote survived the gate. | Quarantined: no direct dimension-relevant quote survived the gate. | Quarantined: no direct dimension-relevant quote survived the gate. | Quarantined: no direct dimension-relevant quote survived the gate. | Quarantined: no direct dimension-relevant quote survived the gate. |
Gate summary
Quarantined quantitative rows
- rasm: Only 0 of 6 companies have a verified fact; threshold is 2.
- casm: Only 0 of 6 companies have a verified fact; threshold is 2.
- load_factor: Only 0 of 6 companies have a verified fact; threshold is 2.
- available_seat_miles: Only 0 of 6 companies have a verified fact; threshold is 2.
Quarantined dimensions
- geographic_customer_exposure: No verified cells survived the gate.
- capital_allocation: No verified cells survived the gate.
- recent_narrative_change: No verified cells survived the gate.
Quarantined cells
- DAL / business_model: No direct dimension-relevant quote survived the evidence gate.
- AAL / business_model: No direct dimension-relevant quote survived the evidence gate.
- LUV / business_model: No direct dimension-relevant quote survived the evidence gate.
- DAL / geographic_customer_exposure: No direct dimension-relevant quote survived the evidence gate.
- UAL / geographic_customer_exposure: No direct dimension-relevant quote survived the evidence gate.
- AAL / geographic_customer_exposure: No direct dimension-relevant quote survived the evidence gate.
- LUV / geographic_customer_exposure: No direct dimension-relevant quote survived the evidence gate.
- ALK / geographic_customer_exposure: No direct dimension-relevant quote survived the evidence gate.
- JBLU / geographic_customer_exposure: No direct dimension-relevant quote survived the evidence gate.
- DAL / capital_allocation: No direct dimension-relevant quote survived the evidence gate.
- UAL / capital_allocation: No direct dimension-relevant quote survived the evidence gate.
- AAL / capital_allocation: No direct dimension-relevant quote survived the evidence gate.
- LUV / capital_allocation: No direct dimension-relevant quote survived the evidence gate.
- ALK / capital_allocation: No direct dimension-relevant quote survived the evidence gate.
- JBLU / capital_allocation: No direct dimension-relevant quote survived the evidence gate.
- UAL / stated_strategy: No direct dimension-relevant quote survived the evidence gate.
- DAL / idiosyncratic_risks: No direct dimension-relevant quote survived the evidence gate.
- UAL / idiosyncratic_risks: No direct dimension-relevant quote survived the evidence gate.
- JBLU / idiosyncratic_risks: No direct dimension-relevant quote survived the evidence gate.
- DAL / recent_narrative_change: No direct dimension-relevant quote survived the evidence gate.
- UAL / recent_narrative_change: No direct dimension-relevant quote survived the evidence gate.
- AAL / recent_narrative_change: No direct dimension-relevant quote survived the evidence gate.
- LUV / recent_narrative_change: No direct dimension-relevant quote survived the evidence gate.
- ALK / recent_narrative_change: No direct dimension-relevant quote survived the evidence gate.