What changed in this filing

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Item 2. Management’s Discussion and Analysis

2026-07-16 compared with 2026-04-22 · 137 added, 49 removed, 191 unchanged (49% of the section changed)

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• Geopolitical Conflicts in the Middle East:

During the first quarter of 2026, geopolitical tensions in the Middle East caused disruption of flying in the region and contributed to materially higher global fuel prices that could continue in the future.

In response, we took immediate and decisive actions to mitigate the impact of the operational disruptions and rising fuel costs, including reducing lower-margin capacity and adjusting fares and fees.

During the first half of 2026, geopolitical conflicts in the Middle East caused disruption of flying in the region and contributed to materially higher global fuel prices.

In response, we took immediate and decisive actions to mitigate the impact of the operational disruptions and rising fuel costs, including reducing capacity and adjusting fares and fees.

While our long-term outlook is positive due to our expectation that customer demand will remain strong, we may continue to be impacted by future volatility in the fuel market, especially if the geopolitical conflicts in the Middle East escalate or expand.

• Regulatory or Court Decisions Restricting Our Capacity Targets:

We remain vulnerable to regulatory actions (including by the Federal Aviation Administration) or court decisions that would force us to limit our planned capacity at our hub locations in ways that are not aligned with our business strategy.

We remain vulnerable to regulatory actions (including by the Federal Aviation Administration) or court decisions that would force us to adjust our planned capacity at our hub locations.

• Governmental Funding Constraints:

We are working with our U.S.

federal government partners to reduce passenger travel disruptions due to budgetary decisions limiting or delaying government spending or reducing staffing of government agencies with which we interact routinely, including as a result of a federal government shutdown.

federal government partners to reduce passenger travel disruptions due to potential budgetary decisions limiting or delaying government spending or reducing staffing of government agencies with which we interact routinely, including as a result of a federal government shutdown.

We will monitor the potential favorable or unfavorable impacts of these and other factors on our business, operations, financial condition, future results of operations, liquidity and financial flexibility, which are dependent on future developments, including as a result of those factors discussed in Part I, Item 1A.

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RESULTS OF OPERATIONS

The following discussion provides an analysis of our results of operations and reasons for material changes therein for the three months ended March 31, 2026, as compared to the corresponding period in 2025.

First Quarter 2026 Compared to First Quarter 2025

Significant components of the Company's operating results for the three months ended March 31 are as follows (in millions, except percentage changes):

The following discussion provides an analysis of our results of operations and reasons for material changes therein for the three and six months ended June 30, 2026, as compared to the corresponding period in 2025.

Second Quarter 2026 Compared to Second Quarter 2025

Significant components of the Company's operating results for the three months ended June 30 are as follows (in millions, except percentage changes):

2026 2025 Increase (Decrease) % Change

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Net income $ 805 $ 973 $ (168) (17.3)

Certain consolidated statistical information for the Company's operations for the three months ended March 31 is as follows:

Certain consolidated statistical information for the Company's operations for the three months ended June 30 is as follows:

2026 2025 Increase (Decrease) % Change

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Fuel gallons consumed (millions) 1,219 1,188 32 2.7

Employee headcount, as of March 31

Employee headcount, as of June 30

117,500 111,300 6,200 5.6

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Operating Revenue.

The table below shows year-over-year comparisons by type of operating revenue for the three months ended March 31 (in millions, except for percentage changes):

The table below shows year-over-year comparisons by type of operating revenue for the three months ended June 30 (in millions, except for percentage changes):

2026 2025 Increase (Decrease) % Change

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Total operating revenue $ 17,672 $ 15,236 $ 2,436 16.0

The table below presents selected passenger revenue and operating data, broken out by geographic region, expressed as year-over-year changes for the three months ended March 31:

The table below presents selected passenger revenue and operating data, broken out by geographic region, expressed as year-over-year changes for the three months ended June 30:

Increase (Decrease) from 2025:

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Passenger load factor (points) (0.6) 1.1 2.3 — 0.3

Passenger revenue increased $1.3 billion, or 11.0%, in the first quarter of 2026 as compared to the year-ago period, primarily due to a 3.4% increase in capacity, a 4.2% increase in yield and a 4.1% increase in the number of passengers flown.

Other operating revenue increased $97 million, or 10.5%, in the first quarter of 2026 as compared to the year-ago period, primarily due to an increase in mileage revenue from non-airline partners, including credit card spending with our co-branded credit card partner, JPMorgan Chase Bank, N.A.

Passenger revenue increased $2.3 billion, or 16.4%, in the second quarter of 2026 as compared to the year-ago period, primarily due to a 12.1% increase in yield and a 5.4% increase in the number of passengers flown.

Cargo revenue increased $97 million, or 22.6%, in the second quarter of 2026 as compared to the year-ago period, primarily due to an increase in freight yields.

Other operating revenue increased $75 million, or 7.7%, in the second quarter of 2026 as compared to the year-ago period, primarily due to an increase in mileage revenue from non-airline partners, including credit card spending with our co-branded credit card partner, JPMorgan Chase Bank, N.A., and an increase in visitor volumes at United Club lounges.

Operating Expenses.

The table below includes data related to the Company's operating expenses for the three months ended March 31 (in millions, except for percentage changes):

The table below includes data related to the Company's operating expenses for the three months ended June 30 (in millions, except for percentage changes):

2026 2025 Increase (Decrease) % Change

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NM - Greater than 100% change or otherwise not meaningful.

Salaries and related costs increased $406 million, or 9.8%, in the first quarter of 2026 as compared to the year-ago period, primarily due to increased pay as a result of the increase in flying activity, a 5.9% increase in headcount, and an increase in pay rates for eligible employee groups.

Aircraft fuel expense increased $339 million, or 12.6%, in the first quarter of 2026 as compared to the year-ago period, primarily due to a higher average price per gallon of fuel and increased consumption from increased flight activity.

Landing fees and other rent increased $75 million, or 8.6%, in the first quarter of 2026 as compared to the year-ago period, primarily due to higher landed weight volume from increased flight activity and rate increases at various airports.

Aircraft maintenance materials and outside repairs increased $123 million, or 16.8%, in the first quarter of 2026 as compared to the year-ago period, primarily due to higher volumes of engine overhauls and component parts repairs due to increased flight activity.

Salaries and related costs increased $274 million, or 6.2%, in the second quarter of 2026 as compared to the year-ago period, primarily due to increased pay as a result of the increase in flying activity, a 5.6% increase in headcount and pay rate increases for various eligible employee groups, most recently the employees represented by the Association of Flight Attendants ("AFA") per the new collective bargaining agreement.

Aircraft fuel expense increased $2.3 billion, or 84.1%, in the second quarter of 2026 as compared to the year-ago period, primarily due to a higher average price per gallon of fuel and increased consumption from increased flight activity.

Landing fees and other rent increased $95 million, or 9.9%, in the second quarter of 2026 as compared to the year-ago period, primarily due to rate increases at various airports as well as higher landed weight volume from increased flight activity.

Regional capacity purchase increased $67 million, or 9.8%, in the second quarter of 2026 as compared to the year-ago period, primarily due to a 6% increase in regional flying activity and annual rate increases under United's capacity purchase agreements ("CPAs").

Distribution expense increased $157 million, or 32.3%, in the second quarter of 2026 as compared to the year-ago period, primarily due to higher credit card fees and agency commissions driven by the overall increase in passenger revenue as well as the refinement of assumptions used in determining our credit card fees expense in the year-ago period.

For details on the Company's Special charges (credits), see Note 10 to the financial statements included in Part I, Item 1 of this report.

Other operating expenses increased $216 million, or 9.3%, in the first quarter of 2026 as compared to the year-ago period, primarily due to an increase in flight activity and on-board passengers, including increased costs for on-board catering, ground handling and passenger services, crew-related expenses, as well as expenditures related to information technology projects and services.

Other operating expenses increased $215 million, or 8.6%, in the second quarter of 2026 as compared to the year-ago period, primarily due to an increase in flight activity and number of passengers, including increased costs for catering, ground handling and passenger services, crew-related expenses, as well as expenditures related to information technology projects and services.

Nonoperating Income (Expense ).

The table below shows year-over-year comparisons of the Company's nonoperating income (expense) for the three months ended March 31 (in millions, except for percentage changes):

The table below shows year-over-year comparisons of the Company's nonoperating income (expense) for the three months ended June 30 (in millions, except for percentage changes):

2026 2025 Increase (Decrease) % Change

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Interest capitalized 59 51 8 16.7

Unrealized losses on investments, net (13) (21) (7) (35.4)

Unrealized gains on investments, net 40 26 14 NM

Miscellaneous, net 26 41 (15) (37.4)

Total nonoperating expense, net $ (69) $ (77) $ (7) (9.5)

Interest expense decreased $29 million, or 8.1%, in the first quarter of 2026 as compared to the year-ago period, primarily due to lower debt balances as a result of various debt prepayments and scheduled amortization.

Interest income decreased $29 million, or 17.7%, in the first quarter of 2026 as compared to the year-ago period, primarily due to lower levels of cash and short-term investments and lower interest rates.

Unrealized losses on investments, net, represent changes in the market value of the Company's investments in equity securities.

See Note 7 to the financial statements included in Part I, Item 1 of this report for information related to these equity investments.

Income Taxes.

See Note 5 to the financial statements included in Part I, Item 1 of this report for information related to income taxes.

First Six Months 2026 Compared to First Six Months 2025

Significant components of the Company's operating results for the six months ended June 30 are as follows (in millions, except percentage changes):

2026 2025 Increase (Decrease) % Change

Operating revenue $ 32,280 $ 28,448 $ 3,832 13.5

Operating expense 30,187 26,516 3,671 13.8

Operating income 2,093 1,932 161 8.3

Nonoperating expense, net (196) (206) (9) (4.6)

Income before income taxes 1,897 1,727 170 9.9

Income tax expense 393 366 27 7.4

Net income $ 1,504 $ 1,361 $ 143 10.5

Certain consolidated statistical information for the Company's operations for the six months ended June 30 is as follows:

2026 2025 Increase (Decrease) % Change

Passengers (thousands) 91,178 86,992 4,186 4.8

RPMs (millions) 136,150 129,604 6,545 5.1

ASMs (millions) 164,977 159,503 5,475 3.4

Passenger load factor 82.5 % 81.3 % 1.3 pts.

PRASM (cents) 17.74 16.11 1.63 10.1

TRASM (cents) 19.57 17.84 1.73 9.7

Yield (cents) 21.50 19.83 1.67 8.4

CTM (millions) 1,810 1,774 36 2.0

CASM (cents) 18.30 16.62 1.67 10.1

Average price per gallon of fuel, including fuel taxes $ 3.53 $ 2.43 $ 1.10 45.1

Fuel gallons consumed (millions) 2,312 2,254 58 2.6

Employee headcount, as of June 30

117,500 111,300 6,200 5.6

Operating Revenue.

The table below shows year-over-year comparisons by type of operating revenue for the six months ended June 30 (in millions, except for percentage changes):

2026 2025 Increase (Decrease) % Change

Passenger revenue $ 29,267 $ 25,696 $ 3,570 13.9

Cargo revenue 949 859 90 10.5

Other operating revenue 2,064 1,893 171 9.1

Total operating revenue $ 32,280 $ 28,448 $ 3,832 13.5

The table below presents selected passenger revenue and operating data, broken out by geographic region, expressed as year-over-year changes for the six months ended June 30, 2026 compared to the six months ended June 30, 2025:

Increase (Decrease) from 2025:

Domestic Atlantic Pacific Latin Total

Passenger revenue (in millions) $ 2,335 $ 579 $ 500 $ 156 $ 3,570

Passenger revenue 15.5 % 11.8 % 16.6 % 5.8 % 13.9 %

Average fare per passenger 9.7 % 7.6 % 3.8 % 6.6 % 8.7 %

Yield 9.7 % 8.1 % 6.1 % 5.0 % 8.4 %

PRASM 10.2 % 11.3 % 11.0 % 5.5 % 10.1 %

Passengers 5.2 % 3.9 % 12.3 % (0.7) % 4.8 %

RPMs 5.3 % 3.4 % 9.8 % 0.8 % 5.1 %

ASMs 4.8 % 0.4 % 5.0 % 0.3 % 3.4 %

Passenger load factor (points) 0.4 2.4 3.6 0.4 1.3

Passenger revenue increased $3.6 billion, or 13.9%, in the first six months of 2026 as compared to the year-ago period, primarily due to an 8.4% increase in yield and a 4.8% increase in the number of passengers flown.

Cargo revenue increased $90 million, or 10.5%, in the first six months of 2026 as compared to the year-ago period, primarily due to an increase in freight yields.

Other operating revenue increased $171 million, or 9.1%, in the first six months of 2026 as compared to the year-ago period, primarily due to an increase in mileage revenue from non-airline partners, including credit card spending with our co-branded credit card partner, JPMorgan Chase Bank, N.A., and an increase in visitor volumes at United Club lounges.

Operating Expenses.

The table below presents data related to the Company's operating expenses for the six months ended June 30 (in millions, except for percentage changes):

2026 2025 Increase (Decrease) % Change

Salaries and related costs $ 9,248 $ 8,568 $ 680 7.9

Aircraft fuel 8,150 5,476 2,674 48.8

Landing fees and other rent 2,004 1,834 170 9.3

Aircraft maintenance materials and outside repairs 1,760 1,596 164 10.3

Depreciation and amortization 1,518 1,461 58 3.9

Regional capacity purchase 1,435 1,326 108 8.2

Distribution expenses 1,167 983 183 18.6

Aircraft rent 195 118 77 65.0

Special charges (534) 340 (873) NM

Other operating expenses 5,245 4,814 431 9.0

Total operating expenses $ 30,187 $ 26,516 $ 3,671 13.8

Salaries and related costs increased $680 million, or 7.9%, in the first six months of 2026 as compared to the year-ago period, primarily due to increased pay as a result of the increase in flying activity, a 5.6% increase in headcount and pay rate increases for various eligible employee groups, most recently the employees represented by the AFA per the new collective bargaining agreement.

Aircraft fuel expense increased $2.7 billion, or 48.8%, in the first six months of 2026 as compared to the year-ago period, primarily due to a higher average price per gallon of fuel and increased consumption from increased flight activity.

Landing fees and other rent increased $170 million, or 9.3%, in the first six months of 2026 as compared to the year-ago period, primarily due to rate increases at various airports and higher landed weight volume due to increased flight activity.

Aircraft maintenance materials and outside repairs increased $164 million, or 10.3%, in the first six months of 2026 as compared to the year-ago period, primarily due to higher volumes of engine overhauls and component part repairs as well as contractual rate increases.

Depreciation and amortization increased $58 million, or 3.9%, in the first six months of 2026 as compared to the year-ago period, primarily due to the induction of new aircraft as well as certain aircraft improvements.

Regional capacity purchase increased $108 million, or 8.2%, in the first six months of 2026 as compared to the year-ago period, primarily due to a 4% increase in regional flying activity and annual rate increases under United's CPAs.

Distribution expenses increased $183 million, or 18.6%, in the first six months of 2026 as compared to the year-ago period, primarily due to higher credit card fees and agency commissions driven by the overall increase in passenger revenue as well as the refinement of assumptions used in determining our credit card fees expense in the year-ago period.

Aircraft rent increased $77 million, or 65.0%, in the first six months of 2026 as compared to the year-ago period, primarily due to the addition of new leased aircraft to the Company's fleet.

For details on the Company's Special charges, see Note 10 to the financial statements included in Part I, Item 1 of this report.

Other operating expenses increased $431 million, or 9.0%, in the first six months of 2026 as compared to the year-ago period, primarily due to an increase in flight activity and number of passengers, including increased costs for catering, ground handling and passenger services, crew-related expenses, as well as expenditures related to information technology projects and services.

Nonoperating Income (Expense).

The following table illustrates the year-over-year dollar and percentage changes in the Company's nonoperating income (expense) for the six months ended June 30 (in millions, except for percentage changes):

2026 2025 Increase (Decrease) % Change

Interest expense $ (670) $ (717) $ (47) (6.6)

Interest income 284 331 (47) (14.2)

Interest capitalized 113 98 15 15.2

Unrealized gains on investments, net 26 5 21 NM

Miscellaneous, net 50 77 (27) (35.0)

Total nonoperating expense, net $ (196) $ (206) $ (9) (4.6)

Interest expense decreased $47 million, or 6.6%, in the first six months of 2026 as compared to the year-ago period, primarily due to lower debt balances as a result of various debt prepayments and scheduled amortization.

Interest income decreased $47 million, or 14.2%, in the first six months of 2026 as compared to the year-ago period, primarily due to lower interest rates.

Miscellaneous, net, changed by $27 million in the first six months of 2026 as compared to the year-ago period, primarily due to debt extinguishment and modification fees in the first six months of 2026, foreign exchange losses recorded in the current period as compared to gains in the year-ago-period and a decrease in the benefit from the Company's net periodic benefit cost of its pensions and postretirement benefit plans.

Income Taxes.

See Note 5 to the financial statements included in Part I, Item 1 of this report for information related to income taxes.

LIQUIDITY AND CAPITAL RESOURCES

Current Liquidity

As of March 31, 2026, the Company had $14.2 billion in unrestricted cash, cash equivalents and short-term investments, as compared to $12.2 billion at December 31, 2025.

As of June 30, 2026, the Company had $16.6 billion in unrestricted cash, cash equivalents and short-term investments, as compared to $12.2 billion at December 31, 2025.

We believe that our existing cash, cash equivalents and short-term investments, together with cash generated from operations, will be sufficient to satisfy our anticipated liquidity needs for the next 12 months, and we expect to meet our long-term liquidity needs with our anticipated access to the capital markets and projected cash from operations.

The Company has a $3.0 billion revolving credit facility as of March 31, 2026.

The Company has a $3.0 billion revolving credit facility as of June 30, 2026.

The revolving credit facility is secured by certain route authorities and airport slots and gates.

No borrowings were outstanding under the revolving credit facility as of March 31, 2026.

No borrowings were outstanding under the revolving credit facility as of June 30, 2026.

We have a significant amount of fixed obligations, including debt, leases of aircraft, airport and other facilities, and pension funding obligations.

As of March 31, 2026, the Company had approximately $31.0 billion of debt, finance lease, operating lease and other financial liabilities, including $3.0 billion that will become due in the next 12 months.

In addition, we have substantial noncancelable commitments for capital expenditures, including the acquisition of certain new aircraft and related spare engines.

As of June 30, 2026, the Company had $33.7 billion of debt, finance lease, operating lease and other financial liabilities, including $3.0 billion that will become due in the next 12 months.

In addition, we have substantial

noncancelable commitments for capital expenditures, including the acquisition of certain new aircraft and related spare engines.

Our debt agreements contain customary terms and conditions as well as various affirmative, negative and financial covenants that, among other things, limit the ability of the Company and its subsidiaries, under certain circumstances, to incur additional indebtedness and pay dividends or repurchase stock.

As of March 31, 2026, the Company was in compliance with its covenants under these debt agreements.

As of March 31, 2026, a substantial portion of the Company's assets, principally aircraft and certain related assets, certain route authorities and airport slots and gates, was pledged under various loan and other agreements.

As of June 30, 2026, the Company was in compliance with its covenants under these debt agreements.

As of June 30, 2026, a substantial portion of the Company's assets, principally aircraft and certain related assets, certain route authorities and airport slots and gates, was pledged under various loan and other agreements.

See Note 8 to the financial statements included in Part I, Item 1 of this report for additional information on aircraft financing and other debt instruments.

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The Company has backstop financing commitments available from certain of its aircraft manufacturers for a limited number of its future aircraft deliveries, subject to certain customary conditions.

As of March 31, 2026, United had firm commitments to purchase aircraft from The Boeing Company ("Boeing") and Airbus S.A.S.

As of June 30, 2026, United had firm commitments to purchase aircraft from The Boeing Company ("Boeing") and Airbus S.A.S.

("Airbus") as presented in the table below:

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Aircraft Type Number of Firm

Commitments (a) Last Nine Months of 2026 2027 After 2027 Last Nine Months of 2026 2027 After 2027

Commitments (a) Last Six Months of 2026 2027 After 2027 Last Six Months of 2026 2027 After 2027

787 146 42 11 93 12 27 107

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(i) the Company and the aircraft manufacturers, with whom the Company has existing orders for new aircraft, agree to modify (or further modify) the contracts governing those orders;

(ii) rights are

exercised pursuant to the relevant agreements to cancel deliveries or modify the timing of deliveries;

(ii) rights are exercised pursuant to the relevant agreements to cancel deliveries or modify the timing of deliveries;

or (iii) the aircraft manufacturers are unable to deliver in accordance with the terms of those orders.

Sources and Uses of Cash

The following table summarizes our cash flows for the three months ended March 31 (in millions):

The following table summarizes our cash flows for the six months ended June 30 (in millions):

Total cash provided by (used in):

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Operating Activities.

Cash flows provided by operating activities increased approximately $1.1 billion in the first quarter of 2026 as compared to the year-ago period, primarily due to an operating income increase period-over-period as well as a net change in various working capital items, including an increase in advance ticket sales.

Cash flows provided by operating activities increased $0.5 billion in the first six months of 2026 as compared to the year-ago period, primarily due to an operating income increase period-over-period as well as a net change in various working capital items, primarily an increase in advance ticket sales.

Investing Activities.

Cash flows used in investing activities increased approximately $0.4 billion in the first quarter of 2026 as compared to the year-ago period, primarily due to an increase in capital expenditures primarily attributable to the purchase of aircraft and advance deposits for future aircraft purchases.

Cash flows used in investing activities increased $0.3 billion in the first six months of 2026 as compared to the year-ago period, primarily due to an increase in capital expenditures attributable to the purchase of aircraft and related spare parts.

Financing Activities.

Significant financing events in the three months ended March 31, 2026 were as follows:

Significant financing events in the six months ended June 30, 2026 were as follows:

Debt Issuances.

During the three months ended March 31, 2026, the Company received and recorded:

During the six months ended June 30, 2026, the Company received and recorded:

• $1.0 billion from the issuance of 5.375% Senior Notes due 2031;

• $1.0 billion from the issuance of 4.875% Senior Notes due 2029;

• $258 million from various aircraft financings.

• $3.9 billion from various aircraft financings.

Debt, Finance Lease and Other Financial Liability Principal Payments .

During the three months ended March 31, 2026, the Company made payments for debt, finance leases, and other financial liabilities of $3.1 billion, including the prepayment of the $2.0 billion 4.375% Senior Secured Notes due April 15, 2026.

See Note 8 to the financial statements included in Part I, Item 1 of this report for additional information on debt issuances and debt prepayment.

During the six months ended June 30, 2026, the Company made payments for debt, finance leases, and other financial liabilities of $4.5 billion, including the redemption of $2.0 billion aggregate principal amount of the 4.375% Senior Secured Notes due 2026 and the partial prepayment of $0.6 billion aggregate principal amount of a $1.5 billion note issued to the U.S.

Treasury under the Payroll Support Program due 2030.

See Note 8 to the financial statements included in Part I, Item 1 of this report for additional information on debt issuances and debt prepayments.

Share repurchase.

As part of our capital deployment program, the Company's Board of Directors authorized a share repurchase program in October 2024.

In the three months ended March 31, 2026, the Company repurchased, through open market purchases, approximately 0.3 million shares of UAL common stock for a total of approximately $27 million as part of its share repurchase program.

In the six months ended June 30, 2026, the Company repurchased, through open market purchases, 0.3 million shares of UAL common stock for a total of $27 million as part of its share repurchase program.

The Company did not make any repurchases during the three months ended June 30, 2026.

Credit Ratings.

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Management's Discussion and Analysis of Financial Condition and Results of Operations and elsewhere, relating to, among other things, goals, plans and projections regarding the Company's financial position, results of operations, capital allocation and investments, market position, airline capacity, fleet plan strategy, fares, booking trends, product development, corporate citizenship-related strategy initiatives and business strategy.

Such forward-looking statements are based on historical performance and current expectations, estimates, forecasts and projections about the Company's future financial results, goals, plans, commitments, strategies and objectives and involve inherent risks, assumptions and uncertainties, known or unknown, including internal or external factors that could delay, divert or change any of them, that are difficult to predict, may be beyond the Company's control and could cause the Company's future financial results, goals, plans, commitments, strategies and objectives to differ materially from those expressed in, or implied by, the statements.

objectives to differ materially from those expressed in, or implied by, the statements.

Words such as "should," "could," "would," "will," "may," "expects," "plans," "intends," "anticipates," "indicates," "remains," "believes," "estimates," "projects," "forecast," "guidance," "outlook," "goals," "targets," "pledge," "confident," "optimistic," "dedicated," "positioned," "on track" and other words and terms of similar meaning and expression are intended to identify forward-looking statements, although not all forward-looking statements contain such terms.

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any damage to our reputation or brand image;

reliance on technology and automated systems to operate our business and the impact of any significant failure or disruption of, or failure to effectively integrate and implement, these technologies or systems;

our reliance on technology and automated systems to operate our business and the impact of any significant failure or disruption of, or failure to effectively integrate and implement, these technologies or systems;

increasing privacy, data security and cybersecurity obligations or a significant data breach;

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costs, liabilities and risks associated with environmental regulation and climate change;

high and/or volatile fuel prices or significant disruptions in the supply of aircraft fuel, including as a result of the military conflict in Iran;

high and/or volatile fuel prices or significant disruptions in the supply of aircraft fuel, including as a result of the geopolitical conflicts in the Middle East;

the impacts of our significant amount of financial leverage from fixed obligations and the impacts of insufficient liquidity on our financial condition and business;

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The foregoing list sets forth many, but not all, of the factors that could impact our ability to achieve results described in any forward-looking statements.

Investors should understand that it is not possible to predict or identify all such factors and should not consider this list to be a complete statement of all potential risks and uncertainties.

Investors should understand that it is not possible to predict or identify all such factors and should

not consider this list to be a complete statement of all potential risks and uncertainties.

It is routine for our internal projections and expectations to change as the year or each quarter in the year progresses, and therefore it should be clearly understood that the internal projections, beliefs and assumptions upon which we base our expectations may change.

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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 2. Management’s Discussion and Analysis