# U.S. passenger airlines peer review

Descriptive comparison assembled from public SEC filings and verified companyfacts.

**Descriptive comparison -- not investment advice.** 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.

## Companies

[DAL](/company/DAL/), [UAL](/company/UAL/), [AAL](/company/AAL/), [LUV](/company/LUV/), [ALK](/company/ALK/), [JBLU](/company/JBLU/)

## 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.

Pack hash: `38443565fc220a0795d1d11272a5078e1d47ea7a03a3d3934851a616589e17e2`. Generated: 2026-06-26.

## Verified Quantitative Matrix

| Metric | DAL | UAL | AAL | LUV | ALK | JBLU | Comparability |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Revenue | 63,364,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_DAL_REVENUE_FY2025; concept us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | 59,070,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_UAL_REVENUE_FY2025; concept us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | 54,633,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_AAL_REVENUE_FY2025; concept us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | 28,063,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_LUV_REVENUE_FY2025; concept us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | 14,239,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_ALK_REVENUE_FY2025; concept us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | 9,062,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_JBLU_REVENUE_FY2025; concept us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | period aligned; reference 2025-12-31; offsets AAL 0d aligned, ALK 0d aligned, DAL 0d aligned, JBLU 0d aligned, LUV 0d aligned, UAL 0d aligned; tags clean |
| Operating margin | 9.19%; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_DAL_OPERATING_MARGIN_FY2025; concept us-gaap:OperatingIncomeLoss; us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | 7.98%; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_UAL_OPERATING_MARGIN_FY2025; concept us-gaap:OperatingIncomeLoss; us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | 2.69%; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_AAL_OPERATING_MARGIN_FY2025; concept us-gaap:OperatingIncomeLoss; us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | 1.53%; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_LUV_OPERATING_MARGIN_FY2025; concept us-gaap:OperatingIncomeLoss; us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | 2.13%; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_ALK_OPERATING_MARGIN_FY2025; concept us-gaap:OperatingIncomeLoss; us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | -4.06%; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_JBLU_OPERATING_MARGIN_FY2025; concept us-gaap:OperatingIncomeLoss; us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | period aligned; reference 2025-12-31; offsets AAL 0d aligned, ALK 0d aligned, DAL 0d aligned, JBLU 0d aligned, LUV 0d aligned, UAL 0d aligned; tags clean |
| Net margin | 7.90%; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_DAL_NET_MARGIN_FY2025; concept us-gaap:NetIncomeLoss; us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | 5.68%; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_UAL_NET_MARGIN_FY2025; concept us-gaap:NetIncomeLoss; us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | 0.20%; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_AAL_NET_MARGIN_FY2025; concept us-gaap:NetIncomeLoss; us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | 1.57%; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_LUV_NET_MARGIN_FY2025; concept us-gaap:NetIncomeLoss; us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | 0.70%; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_ALK_NET_MARGIN_FY2025; concept us-gaap:NetIncomeLoss; us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | -6.64%; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_JBLU_NET_MARGIN_FY2025; concept us-gaap:NetIncomeLoss; us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | period aligned; reference 2025-12-31; offsets AAL 0d aligned, ALK 0d aligned, DAL 0d aligned, JBLU 0d aligned, LUV 0d aligned, UAL 0d aligned; tags clean |
| Fuel expense | 9,819,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_DAL_FUEL_EXPENSE_FY2025; concept us-gaap:FuelCosts | 11,396,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_UAL_FUEL_EXPENSE_FY2025; concept us-gaap:FuelCosts | 10,718,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_AAL_FUEL_EXPENSE_FY2025; concept us-gaap:FuelCosts | 5,240,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_LUV_FUEL_EXPENSE_FY2025; concept us-gaap:FuelCosts | 2,879,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_ALK_FUEL_EXPENSE_FY2025; concept us-gaap:FuelCosts | 2,057,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_JBLU_FUEL_EXPENSE_FY2025; concept us-gaap:FuelCosts | period aligned; reference 2025-12-31; offsets AAL 0d aligned, ALK 0d aligned, DAL 0d aligned, JBLU 0d aligned, LUV 0d aligned, UAL 0d aligned; tags clean |
| Fuel / revenue | 15.50%; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_DAL_FUEL_INTENSITY_FY2025; concept us-gaap:FuelCosts; us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | 19.29%; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_UAL_FUEL_INTENSITY_FY2025; concept us-gaap:FuelCosts; us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | 19.62%; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_AAL_FUEL_INTENSITY_FY2025; concept us-gaap:FuelCosts; us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | 18.67%; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_LUV_FUEL_INTENSITY_FY2025; concept us-gaap:FuelCosts; us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | 20.22%; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_ALK_FUEL_INTENSITY_FY2025; concept us-gaap:FuelCosts; us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | 22.70%; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_JBLU_FUEL_INTENSITY_FY2025; concept us-gaap:FuelCosts; us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | period aligned; reference 2025-12-31; offsets AAL 0d aligned, ALK 0d aligned, DAL 0d aligned, JBLU 0d aligned, LUV 0d aligned, UAL 0d aligned; tags clean |
| Capital expenditures | 4,499,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_DAL_CAPEX_FY2025; concept us-gaap:PaymentsToAcquireProductiveAssets | 5,874,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_UAL_CAPEX_FY2025; concept us-gaap:PaymentsToAcquireProductiveAssets | 3,779,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_AAL_CAPEX_FY2025; concept us-gaap:PaymentsToAcquireProductiveAssets | 2,673,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_LUV_CAPEX_FY2025; concept us-gaap:PaymentsToAcquireProductiveAssets | 216,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_ALK_CAPEX_FY2025; concept us-gaap:PaymentsToAcquireOtherProductiveAssets | 1,078,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_JBLU_CAPEX_FY2025; concept us-gaap:PaymentsToAcquireProductiveAssets | period aligned; reference 2025-12-31; offsets AAL 0d aligned, ALK 0d aligned, DAL 0d aligned, JBLU 0d aligned, LUV 0d aligned, UAL 0d aligned; tags mixed; concepts us-gaap:PaymentsToAcquireOtherProductiveAssets, us-gaap:PaymentsToAcquireProductiveAssets; concept mapping AAL -> us-gaap:PaymentsToAcquireProductiveAssets; ALK -> us-gaap:PaymentsToAcquireOtherProductiveAssets; DAL -> us-gaap:PaymentsToAcquireProductiveAssets; JBLU -> us-gaap:PaymentsToAcquireProductiveAssets; LUV -> us-gaap:PaymentsToAcquireProductiveAssets; UAL -> us-gaap:PaymentsToAcquireProductiveAssets |
| Free cash flow | 3,843,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_DAL_FREE_CASH_FLOW_FY2025; concept us-gaap:NetCashProvidedByUsedInOperatingActivities; us-gaap:PaymentsToAcquireProductiveAssets | 2,557,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_UAL_FREE_CASH_FLOW_FY2025; concept us-gaap:NetCashProvidedByUsedInOperatingActivities; us-gaap:PaymentsToAcquireProductiveAssets | -680,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_AAL_FREE_CASH_FLOW_FY2025; concept us-gaap:NetCashProvidedByUsedInOperatingActivities; us-gaap:PaymentsToAcquireProductiveAssets | -831,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_LUV_FREE_CASH_FLOW_FY2025; concept us-gaap:NetCashProvidedByUsedInOperatingActivities; us-gaap:PaymentsToAcquireProductiveAssets | 1,033,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_ALK_FREE_CASH_FLOW_FY2025; concept us-gaap:NetCashProvidedByUsedInOperatingActivities; us-gaap:PaymentsToAcquireOtherProductiveAssets | -1,172,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_JBLU_FREE_CASH_FLOW_FY2025; concept us-gaap:NetCashProvidedByUsedInOperatingActivities; us-gaap:PaymentsToAcquireProductiveAssets | period aligned; reference 2025-12-31; offsets AAL 0d aligned, ALK 0d aligned, DAL 0d aligned, JBLU 0d aligned, LUV 0d aligned, UAL 0d aligned; tags mixed; concepts us-gaap:NetCashProvidedByUsedInOperatingActivities, us-gaap:PaymentsToAcquireOtherProductiveAssets, us-gaap:PaymentsToAcquireProductiveAssets; concept mapping AAL -> us-gaap:NetCashProvidedByUsedInOperatingActivities + us-gaap:PaymentsToAcquireProductiveAssets; ALK -> us-gaap:NetCashProvidedByUsedInOperatingActivities + us-gaap:PaymentsToAcquireOtherProductiveAssets; DAL -> us-gaap:NetCashProvidedByUsedInOperatingActivities + us-gaap:PaymentsToAcquireProductiveAssets; JBLU -> us-gaap:NetCashProvidedByUsedInOperatingActivities + us-gaap:PaymentsToAcquireProductiveAssets; LUV -> us-gaap:NetCashProvidedByUsedInOperatingActivities + us-gaap:PaymentsToAcquireProductiveAssets; UAL -> us-gaap:NetCashProvidedByUsedInOperatingActivities + us-gaap:PaymentsToAcquireProductiveAssets |
| Total debt | 13,308,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_DAL_TOTAL_DEBT_FY2025; concept us-gaap:LongTermDebt | Not available | 24,639,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_AAL_TOTAL_DEBT_FY2025; concept us-gaap:LongTermDebt | 4,929,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_LUV_TOTAL_DEBT_FY2025; concept us-gaap:LongTermDebt | 5,309,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_ALK_TOTAL_DEBT_FY2025; concept us-gaap:LongTermDebt | Not available | period aligned; reference 2025-12-31; offsets AAL 0d aligned, ALK 0d aligned, DAL 0d aligned, LUV 0d aligned; tags clean |
| Liabilities / equity leverage | 2.90; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_DAL_LIABILITIES_TO_EQUITY_FY2025; concept us-gaap:Assets; us-gaap:StockholdersEquity | 4.00; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_UAL_LIABILITIES_TO_EQUITY_FY2025; concept us-gaap:Assets; us-gaap:StockholdersEquity | Not available | 2.64; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_LUV_LIABILITIES_TO_EQUITY_FY2025; concept us-gaap:Assets; us-gaap:StockholdersEquity | 3.94; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_ALK_LIABILITIES_TO_EQUITY_FY2025; concept us-gaap:Assets; us-gaap:StockholdersEquity | 6.82; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_JBLU_LIABILITIES_TO_EQUITY_FY2025; concept us-gaap:Assets; us-gaap:StockholdersEquity | period aligned; reference 2025-12-31; offsets ALK 0d aligned, DAL 0d aligned, JBLU 0d aligned, LUV 0d aligned, UAL 0d aligned; tags clean |
| Cash and equivalents | 4,310,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_DAL_CASH_FY2025; concept us-gaap:CashAndCashEquivalentsAtCarryingValue | 5,942,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_UAL_CASH_FY2025; concept us-gaap:CashAndCashEquivalentsAtCarryingValue | Not available | 3,231,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_LUV_CASH_FY2025; concept us-gaap:CashAndCashEquivalentsAtCarryingValue | 627,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_ALK_CASH_FY2025; concept us-gaap:CashAndCashEquivalentsAtCarryingValue | 1,946,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_JBLU_CASH_FY2025; concept us-gaap:CashAndCashEquivalentsAtCarryingValue | period aligned; reference 2025-12-31; offsets ALK 0d aligned, DAL 0d aligned, JBLU 0d aligned, LUV 0d aligned, UAL 0d aligned; tags clean |
| Property, plant and equipment | Not available | 46,121,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_UAL_PPE_FY2025; concept us-gaap:PropertyPlantAndEquipmentNet | Not available | 20,245,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_LUV_PPE_FY2025; concept us-gaap:PropertyPlantAndEquipmentNet | 11,857,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_ALK_PPE_FY2025; concept us-gaap:PropertyPlantAndEquipmentNet | Not available | period aligned; reference 2025-12-31; offsets ALK 0d aligned, LUV 0d aligned, UAL 0d aligned; tags clean |
| RASM | Quarantined | Quarantined | Quarantined | Quarantined | Quarantined | Quarantined | Only 0 of 6 companies have a verified fact; threshold is 2. |
| CASM | Quarantined | Quarantined | Quarantined | Quarantined | Quarantined | Quarantined | Only 0 of 6 companies have a verified fact; threshold is 2. |
| Load factor | Quarantined | Quarantined | Quarantined | Quarantined | Quarantined | Quarantined | Only 0 of 6 companies have a verified fact; threshold is 2. |
| Available seat miles | Quarantined | Quarantined | Quarantined | Quarantined | Quarantined | Quarantined | Only 0 of 6 companies have a verified fact; threshold is 2. |

## Code-computed comparisons

- grepcent-computed fuel intensity range: range endpoints are [DAL](/company/DAL/) (15.50%) and [JBLU](/company/JBLU/) (22.70%). Computed from facts NUM_DAL_FUEL_INTENSITY_FY2025 and NUM_JBLU_FUEL_INTENSITY_FY2025; comparability: period aligned; reference 2025-12-31; offsets AAL 0d aligned, ALK 0d aligned, DAL 0d aligned, JBLU 0d aligned, LUV 0d aligned, UAL 0d aligned; tags clean.
- Reported liabilities / equity leverage range: range endpoints are [LUV](/company/LUV/) (2.64) and [JBLU](/company/JBLU/) (6.82). Computed from facts NUM_LUV_LIABILITIES_TO_EQUITY_FY2025 and NUM_JBLU_LIABILITIES_TO_EQUITY_FY2025; comparability: period aligned; reference 2025-12-31; offsets ALK 0d aligned, DAL 0d aligned, JBLU 0d aligned, LUV 0d aligned, UAL 0d aligned; tags clean. Excluded: AAL: no liabilities_to_equity fact available.
- Reported operating margin range: range endpoints are [JBLU](/company/JBLU/) (-4.06%) and [DAL](/company/DAL/) (9.19%). Computed from facts NUM_JBLU_OPERATING_MARGIN_FY2025 and NUM_DAL_OPERATING_MARGIN_FY2025; comparability: period aligned; reference 2025-12-31; offsets AAL 0d aligned, ALK 0d aligned, DAL 0d aligned, JBLU 0d aligned, LUV 0d aligned, UAL 0d aligned; tags clean.

Market-risk companion: [/compare/airlines/risk/](/compare/airlines/risk/).

## Gate summary

Facts: 83. Claims survived: 11. Claims dropped: 0. Cells quarantined: 25.