Quarterly guidance

Revenue growth
Approximately 20% year-over-year.
Capacity growth
Roughly 3%.
Earnings per share
$1.15 to $1.65 per share.
Operating margin
7% to 9%.

Annual guidance

Earnings per share
$5.10 to $5.60 per share.
Free cash flow
Approximately $2.5 billion.
Debt reduction
More than $2 billion.

Outlook

Fuel prices
Expected to double over last year for the full year, representing a $6 billion increase.
Nonfuel unit costs
Expected to improve 1 to 2 points sequentially in the fourth quarter.
Long-term cost growth
Targeting low single-digit unit cost growth for next year as capacity normalizes.
Loyalty
AmEx remuneration expected to exceed $9 billion this year, moving toward $10 billion.
MRO
Positioned to more than double revenue over the next several years.
Capacity
Managing for margins, with a focus on premium seats and international growth.