Quarterly guidance

Q4 Revenue growth
Up 19.5% to 22.5% year-over-year.
Q4 Average fuel price
Approximately $4.70 per gallon.
Q4 CASM ex growth
Increase 2.5% to 3.5% year-over-year.
Q4 Adjusted loss per diluted share
Between $0.50 and $1.10.

Annual guidance

Full-year adjusted loss per diluted share
Between $1 and $1.60.
Full-year capital expenditures
$4 billion to $4.5 billion.
Full-year net debt
Approximately $30.5 billion, flat to the close of 2025.
Full-year aircraft deliveries
47 new aircraft.

Outlook

Consumer demand
The U.S. economy remains strong, supported by healthy employment, rising household incomes, and significant wealth accumulation, with consumers continuing to prioritize travel.
Capacity growth
Given today's elevated fuel prices, the growth rate in 2027 is expected to decelerate considerably, with capacity adjustments focused on aircraft utilization.
Corporate travel
Corporate demand remains strong, with managed corporate revenue increasing 28% year-over-year in the third quarter for its sixth consecutive quarter of double-digit growth.
Fuel expense
Fuel expense for the full year is expected to be more than $7 billion higher than in 2025 based on prevailing market conditions.
Cost reengineering
By the end of the year, the company expects to achieve nearly $1 billion in annual run rate savings and more than $900 million in working capital improvements.