U.S. Airline Finance
Deep financial analysis of U.S. commercial aviation: Big Three carrier profiles (Delta, United, American), low-cost airline economics, loyalty program securitization, and the financial relationship between airlines and airports. Data sourced from DOT Form 41, SEC filings, and DWU research.
Industry Reference Guides
U.S. Airline Industry Overview
Market structure, Big Three vs LCC vs ULCC dynamics, hub-and-spoke economics, post-COVID recovery, and industry trends.
Airline Finance Fundamentals
PRASM, CASM, RASM, load factor, loyalty program securitization, EETC financing, debt analysis, and credit rating methodology.
Airline-Airport Financial Relationships
CPE calculation, AUA rate methodologies, gate leases, landing fee structures, hub concentration risk, and MII governance.
Airline Financial Profiles
FY2024 data — Form 41 & SEC filingsInvestment-grade credit leader. SkyMiles generates $7.4B annually from AmEx. ATL hub dominance with 70%+ market share. Industry-leading PRASM at 21.37¢.
United Next transformation: 700+ aircraft on order. MileagePlus securitized $6.5B in bonds. Overtook Delta in transatlantic passenger count in 2024.
Record $54.2B revenue with record $2.2B free cash flow. AAdvantage earns $6.1B in co-brand revenue. $30.5B total debt — highest among Big Three.
Iconic LCC under transformation: abandoning open seating after 50 years under Elliott Management pressure. $16.3B unencumbered assets, $6.7B debt.
Hawaiian Airlines acquisition closed January 2024. Mileage Plan raised $2B in loyalty financing. Ba1 (Moody's) negative outlook; targeting 2026-2027 IG recovery.
DOJ blocked Spirit merger in January 2024. JetForward Plan refocuses on East Coast leisure. Mint premium transcontinental/transatlantic growing. Critical 2025 profitability window.
Filed Chapter 11 in November 2024 after DOJ blocked JetBlue merger. $3.3B debt, yield compression, and failed M&A define the ULCC crisis. Restructuring plan targets 2025 emergence.
ULCC market leader under Indigo Partners ownership. Record revenue, margin expansion, fleet modernization with A321neo. Positioned for consolidation as weaker ULCCs falter.
Leisure-only ULCC with 40%+ ancillary revenue mix — highest in the industry. Sunseeker Resort impairment. Fleet transition from MD-80 to A320 family complete.
Unique hybrid model: scheduled passenger + charter + Amazon cargo. Apollo Global Management ownership. All-737 fleet, consistently profitable, growing from MSP hub.
Acquired by Alaska Air Group for $1.9B. Inter-island monopoly, Pacific long-haul widebody fleet. Integration underway — combined entity targets Pacific market dominance.
Capacity Purchase Agreement model explained. SkyWest dominance, Republic-Mesa consolidation, pilot pipeline crisis constraining capacity, and CPA renegotiation dynamics.
Financial Deep Dives
Capital structure, bankruptcy, government aidLoyalty Program Securitization
How Delta, United, and American monetized $26B+ in loyalty program assets through securitization. SkyMiles, MileagePlus, and AAdvantage deal structures, co-brand economics, and rating methodology.
EETC Aircraft Financing
Enhanced Equipment Trust Certificates: tranche structures, Section 1110 bankruptcy super-priority, aircraft valuation, LTV ratios, and $50B+ market overview.
Airline Bankruptcy History (1978-2026)
From Braniff to Spirit: 40 years of airline bankruptcies. Section 1113 labor rejection, airport stakeholder impact, and why airlines are "too important to liquidate."
CARES Act & Government Aid
$54B in federal airline support during COVID-19: PSP grants, Treasury loans, carrier allocations, repayment status, moral hazard debate, and international comparisons.
Data & Research Guides
Form 41, T-100, earnings, consumer reportsDOT Form 41 Financial Data Guide
Complete guide to Form 41 financial reporting: P-1 through P-7 schedules, B-1 balance sheet, TranStats access, limitations, and Form 41 vs. 10-K comparison.
T-100 Traffic Data Guide
Route-level airline traffic analysis: domestic vs. international data banks, data fields, download procedures, analysis techniques, and integration with Form 41.
Quarterly Earnings Analysis Guide
How to read airline earnings reports: PRASM, CASM-ex, load factor, non-GAAP adjustments, Big 3 comparison, forward booking signals, and distress early-warning indicators.
DOT Air Travel Consumer Report Guide
On-time performance, baggage handling, and complaint data: ATCR metrics, carrier rankings, seasonal variation, tarmac delay rules, and airport planning implications.
Expert Airline Finance Analysis
DWU Consulting brings deep expertise in aviation finance. Our airline finance practice covers carrier financial analysis, airline-airport rate economics, CPE benchmarking, and aviation debt structures. We serve airport authorities, financial advisors, and institutional investors navigating the complex dynamics between airlines and airports.
These reference guides are AI-assisted and prepared for educational purposes. They are not legal, financial, or investment advice. Financial data sourced from DOT Form 41, SEC 10-K filings, and DWU Consulting research as of February 2026.
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