Is it just me, or is this a very strange several weeks for the airline industry? I never thought I’d write the first part of the above headline, because the concept is just so outlandish.
In this post:
American says United merger would be bad for consumers
Several days ago, it was reported that in late February 2026, United CEO Scott Kirby approached the Trump administration about the concept of a merger with American. Kirby reportedly tried to argue that a combined airline would be a stronger competitor internationally (which I think is a really bad take, given the way joint ventures are structured, but I digress).
Such a deal would combine the world’s two largest airlines, so under normal circumstances, you’d assume there’s almost no chance of something like this getting regulatory approval. Trump is a quirky guy, though, so… who knows. It’s suggested that the White House was skeptical of such a concept, especially at a time when affordability is such an issue, ahead of the midterms.
There’s now an update, as American has gone on record as saying that it’s not interested in a merger with United, claiming it would be bad for consumers, and that it’s not consistent with the company’s understanding of the Trump administration’s approach to antirust enforcement. Specifically, here’s the statement:
We appreciate the leadership and strong support of President Trump, Secretary Duffy and numerous other leaders in the Administration who have demonstrated expertise and an ongoing commitment to continue to improve the world’s best aviation industry.
American Airlines is not engaged with or interested in any discussions regarding a merger with United Airlines. While changes in the broader airline marketplace may be necessary, a combination with United would be negative for competition and for consumers, and therefore inconsistent with our understanding of the Administration’s philosophy toward the industry and principles of antitrust law. Our focus will remain on executing on our strategic objectives and positioning American to win for the long term.
We look forward to continuing to work collaboratively with the Administration as it takes steps to strengthen the broader airline industry.
My take on American “rejecting” United’s merger intest
I don’t think most reasonable people were expecting that a United and American merger would get regulatory approval, even under Trump. I do think American publicly stating that this is bad for consumers further closes the door on any possibility of this.
I still can’t help but be curious what was going on in Kirby’s head. He’s a smart guy, so did he just have a moment of delusion, or was he just trying to feel out Trump, to see what he’d actually be open to? Don’t get me wrong, I’m sure Kirby would love for it to happen, but it just seems highly unrealistic.
I tend to think Kirby has three primary things that conceptually motivate him:
- Catching up with Delta financially
- Taking revenge on and trash talking American, his former employer
- Returning to JFK in a meaningful way
I can’t imagine that Kirby actually thought such a deal would get approval, though I suspect he took the approach of “you miss 100% of the shots you don’t take.” For that matter, suggesting an American merger and then “settling” for a JetBlue merger makes that seem much more reasonable, by comparison.
However, I also think American’s statement is worth taking note of. The airline didn’t need to make any statement about this, and it could’ve also just said that it believes a combination with United would be negative for competition and for consumers.
But the airline went on to mention how “changes in the broader airline marketplace may be necessary,” and that the carrier’s focus will remain executing on its “strategic objectives and positioning American to win for the long term.”
That’s… an interesting statement for American to volunteer. American is clearly signaling that it thinks there will be consolidation, and seems to be hinting at the possibility of it engaging in some consolidation of its own.
I think it’s going to be a very interesting several weeks. While JetBlue has a debt issue, I continue to think that we could ultimately see both American and United compete to buy JetBlue. United definitely doesn’t want American buying JetBlue, and American definitely doesn’t want United buying JetBlue (admittedly United is in a better financial situation, so…).
Bottom line
We recently learned that United CEO Scott Kirby approached the Trump administration about the concept of a merger with American. American has now responded by saying that it’s not interested in a merger with United, that it would be bad for consumers, and that the airline doesn’t think such a deal would get regulatory approval.
However, airlines are very deliberate when they issue statements on topics like this, and I can’t help but take note of the mention of how “changes in the broader airline marketplace may be necessary,” and how the airline will focus on its “strategic objectives and positioning American to win for the long term.” Is American hinting at some possible consolidation interest of its own, or…?
What do you make of American’s “rejection” of United?
United will get JetBlue and American will get Alaska.
At this point, I think everyone in the industry is just throwing up ideas against the wall and see what sticks. They all know there is blood in the water with Spirit and B6 to a lesser extent. That's going to almost necessitate some shifts, and with B6 having prized JFK slots, it's something that any of the big 3 airlines have some vested interest in.
Everyone knows that AA has no leadership acumen or...
At this point, I think everyone in the industry is just throwing up ideas against the wall and see what sticks. They all know there is blood in the water with Spirit and B6 to a lesser extent. That's going to almost necessitate some shifts, and with B6 having prized JFK slots, it's something that any of the big 3 airlines have some vested interest in.
Everyone knows that AA has no leadership acumen or any kind of balance sheet to make things work out, so it's up to what DL and UA are going to be willing to spend. This is all saber rattling right now.
As a long-suffering So FL flyer, I am for any outcome that involves UA or DL establishing more direct service to as many cities as possible to compete with the horrible AA out of MIA.
You mention Jetblue. I think it is interesting that you are not also mentioning Spirit. I guess legacy airlines do not want a ULC.
Kirby is a man child. Not the least bit funny. He should merge United with Uber then turn the business into an AI company that designs sneakers.
The bottom line is that Scott Kirby trolled AA on AA's 100th anniversary and ever-infantile Kirby drew all kinds of attention on a subject that everyone knows can never happen.
AA has plenty of problems but it has its feet firmly on the ground, unlike UA's exec offices.
AA said it is not and will not entertain any discussion about consolidation with UA
However, it is entirely possible that AA could entertain discussions with...
The bottom line is that Scott Kirby trolled AA on AA's 100th anniversary and ever-infantile Kirby drew all kinds of attention on a subject that everyone knows can never happen.
AA has plenty of problems but it has its feet firmly on the ground, unlike UA's exec offices.
AA said it is not and will not entertain any discussion about consolidation with UA
However, it is entirely possible that AA could entertain discussions with DL or WN, both of which will drive consolidation in this cycle and will work w/in the "divest assets" mandate that the DOJ is willing to entertain.
The last laugh could well be the industry carving up a carrier or two - potentially including one of the big 4 - and UA isn't invited to the table.
THAT very well could happen and would be the karma to top 100 years of the big 3 US airlines.
It's not about what American wants or thinks. Airline market is more ruthless and unforgiving than most other markets. American is pretty much unprofitable already, despite this being perhaps the best U.S. airline market ever. DL and UL are squeezing it out on all fronts, American doing nothing to stop it. When the next downturn comes, American will be in a very rough place. They likely will need to sell, break up, or break up...
It's not about what American wants or thinks. Airline market is more ruthless and unforgiving than most other markets. American is pretty much unprofitable already, despite this being perhaps the best U.S. airline market ever. DL and UL are squeezing it out on all fronts, American doing nothing to stop it. When the next downturn comes, American will be in a very rough place. They likely will need to sell, break up, or break up and sell bits and pieces. Unless American can become competitive within 1-2 years, there's just no good ending.
JetBlue has the right size, and network, for a United takeover, however their 9B USD debt is not sustainable for a take over. Picking up the pieces would be the better deal.
The blocking of the Spirit/Frontier merger continues to be one heck of a shame
You are reading way too much into the statement by AA. Wishcasting. The UA merger story “float” seems pretty obvious anchoring wrt JetBlue. Often the most obvious explanation is the easiest. AA is not acquiring JetBlue.
the wishcasting is from those that believe that UAL will be able to add on $9 billion in additional debt for the 2nd place position at JFK and BOS on an operation that loses money at B6 costs, let alone what a legacy carrier has.
the most obvious explanation is that JBLU will take a trip through bankruptcy, shed assets and shrink since it has very little unsecured revenue that is not government loans...
the wishcasting is from those that believe that UAL will be able to add on $9 billion in additional debt for the 2nd place position at JFK and BOS on an operation that loses money at B6 costs, let alone what a legacy carrier has.
the most obvious explanation is that JBLU will take a trip through bankruptcy, shed assets and shrink since it has very little unsecured revenue that is not government loans (which can't be rejected in bankruptcy), and there decide it isn't interested in welcoming another competitor to JFK and JBLU's most valuable routes.
Maybe, just maybe, it is AA that knows that UA is the carrier that is cornered w/ FAA instituted capacity reductions at EWR, ORD and SFO - in other words UA's highest revenue hubs - and UA still doesn't serve JFK, making it the only one of the 4 major airlines in NYC that doesn't serve all 3 major NYC airports.
The most obvious explanation is that UA will not easily fix the mistakes it made in walking away from JFK
So many facts people on this website talk so much shit about Delta without understanding the strategy
As if American Airlines actually “believes a combination with United would be negative for competition and for consumer”. No corporation cares about the consumer. None.
Mr. Kirby is one delusional CEO. He wants to buy out his former employer, yet he's having problems paying for his half of the new terminal construction at ORD, a price of 4 to 6 billion dollars. This sounds like a mixture of Dunning-Kruger and being high on his own supply. Managing an airline while high is not recommended!!!
not only has UAL run up enormous commitments for terminals but it has a larger aircraft order book than just about the rest of the US airline industry combined.
Delta's order for dozens of Airbus and Boeing widebodies ran up DL's order book but it is still a fraction of UA's.
UA simply cannot afford to acquire anyone for much of anything given its already huge financial commitments and debt; the only reason UA has...
not only has UAL run up enormous commitments for terminals but it has a larger aircraft order book than just about the rest of the US airline industry combined.
Delta's order for dozens of Airbus and Boeing widebodies ran up DL's order book but it is still a fraction of UA's.
UA simply cannot afford to acquire anyone for much of anything given its already huge financial commitments and debt; the only reason UA has so much cash on hand is because they need to make sure they can pay for all of their commitments given the soaring price for fuel that UA will pay on top of its financial commitments.
and the best revenge AA could do is stick around until all of the new ORD terminals are rebuilt and then file for bankruptcy and reject its ORD lease so that UA has to absorb all of the costs.
the reason UA wants AA out of ORD now is so that the cost of the terminal rebuild can be cut.
My personal feeling is that Kirby was not trying to troll AA but was trying to promote a fake extreme merger in order to get the government to say they don't approve any Airline mergers. This would have curtailed any potential AA takeover of another airline.
What airline is AA taking over? Lol
I love the way they put words in the administration's mouth that backs them into a corner, making it all but impossible for the administration to give the green light. It also gives the public a heads-up to keep a eye on the administration's actions. Priceless.
Baba says, "Delta Air Lines is the most aggressive investor, holding several major minority stakes, and it has paid off dividends."
DL lost $289m in Q1 2026 in large part due to $526m in write downs of the value of their stakes in other airlines. Airlines are terrible investment according to Warren Buffett.
See page 10
https://d18rn0p25nwr6d.cloudfront.net/CIK-0000027904/b3340125-41e1-4a7c-98b3-93db57cdfd87.pdf
Rebel, although I am no acclaimed Warren Buffett, the investment guru, I am doing very nicely from my Airline stocks, thank you. Decades of small scale stock holdings and dealings have, for me, proved almost as profitable as property.
To clarify that statement, I remain a cautious longstanding investor in selected UK and Asian Airlines. Hotels, Technology and other small enterprises have proven themselves to be worthwhile for me too.
As it is...
Rebel, although I am no acclaimed Warren Buffett, the investment guru, I am doing very nicely from my Airline stocks, thank you. Decades of small scale stock holdings and dealings have, for me, proved almost as profitable as property.
To clarify that statement, I remain a cautious longstanding investor in selected UK and Asian Airlines. Hotels, Technology and other small enterprises have proven themselves to be worthwhile for me too.
As it is my money which I am investing, I’m cautious, I’m not gambling with other people’s money. I care if I make a mistake and unlike many corporate executives, I will not be rewarded for my frivolous actions.
Warren Buffett may not be impressed by my strategy, however, he could not call my Airline stock holdings a “Terrible investment”.
"I am doing very nicely from my Airline stocks"
Me too, but I doubt either of us are investing, but rather trading airline stocks. DL is investing, though stock appreciation is certainly not their only motivation.
A $526 loss is not good.
thank you, rebel, for proving once again that you not only are consumed with trying to find fault with someone else so you don't have to admit that UA really does not run a very good business but you also are just plain ignorant of accounting.
DL didn't lose anything on its airline investments in 2025 or so far this year. Every asset on every balance sheet has to be revalued and that is just...
thank you, rebel, for proving once again that you not only are consumed with trying to find fault with someone else so you don't have to admit that UA really does not run a very good business but you also are just plain ignorant of accounting.
DL didn't lose anything on its airline investments in 2025 or so far this year. Every asset on every balance sheet has to be revalued and that is just as true for the rights that UA and every airline has for their international route systems, for the aircraft, and for equity investments.
DL revalues its equity investments because that is what they have to do to reflect the value of their ownership but they have not lost anything on those investments since LA and AM both filed for chapter 11.
Equity investments by nature are more volatile in their valuation than hard assets such as aircraft.
And since you want to talk about financial statements, how about you explain to us how DL manages to generate about 60% more profits on its international route system than UA even though UA's int'l route system is much larger?
according to DOT data, which I am sure you and others will argue is all flawed, DL made $1.6 billion in profits on its int'l network - and all regions were profitable - in the first 3 quarters of 2025. the DOT has not released profitability data for the last quarter of 2025.
In contrast,UA made just over $1 billion in profits on its internatioal network and consistently loses money flying to Latin America.
Don't like those numbers? then tell us what regions you would like to "move" profits from in order to make UA's international profits look better. The totals for all regions has to add up to the same number.
Maybe, just maybe, DL's international strategy is part of why it is so much more profitable on its int'l network and that will only grow with a DL fuel cost advantage this year and as the A350-1000s enter service with the abililty to carry far more passengers and cargo over a longer distance than anything UA has in its fleet or on order.
someday, maybe, just maybe, you will learn to accept that other airlines really do some things better than UA. Whether you learn or not, there will be people that will be on aviation social media to correct your falsehoods and post the facts and reality which you are completely incapable of accepting.
DAL Q1 Net Earnings (AKA profit/loss) = -289m (loss).
See page 4. https://d18rn0p25nwr6d.cloudfront.net/CIK-0000027904/b3340125-41e1-4a7c-98b3-93db57cdfd87.pdf
Don't take mine or even Delta's word for it. "Delta Air Lines (DAL) grows Q1 2026 revenue but books loss on $550M investment hit"
https://www.stocktitan.net/sec-filings/DAL/10-q-delta-air-lines-inc-quarterly-earnings-report-32768c6947b1.html
I understand accounting. You clearly do not.
UA loses money - real money - flying to Latin America.
DL "loses" money at times on its investments - and it also makes money.
You do realize that DL's airline equity investments "goosed" its earnings in the 3rd quarter of 2024 - the same quarter of the CrowdStrike meltdown - and DL ended up with a larger profit than UA not just for the quarter but...
I understand accounting. You clearly do not.
UA loses money - real money - flying to Latin America.
DL "loses" money at times on its investments - and it also makes money.
You do realize that DL's airline equity investments "goosed" its earnings in the 3rd quarter of 2024 - the same quarter of the CrowdStrike meltdown - and DL ended up with a larger profit than UA not just for the quarter but also for the year.
So, yes, let's note accounting adjustments which include DL's equity investments and WN's historic adjustments on its fuel hedges - but let's also not confuse those with actual losses on operations.
You, as usual, can't stand to admit that DL really does make more money on its operations because of better strategies, less expensive fuel, and better non-transportation revenue including credit card and MRO revenue - all of which UA could do; UA tried to buy a refinery but failed but does have an MRO operation and also offers credit card and loyalty programs, just like DL.
wanna keep going or wanna just admit that your incessant need to find a legup for UA has failed once again based on real facts and data?
LTD says, "I understand accounting. You clearly do not."
All evidence to the contrary. Sorry you don't like GAAP. Airline stocks are bad investments and unfortunately for DAL they have bought a lot of it.
when you type
"A $526 loss is not good."
on companies that generate $50 billion plus in revenue, $525 is chump change.
But even if it was $526 MILLION it is still an accounting "loss" in contrast to UA's operational losses flying to/from Latin America. and DL makes more money flying to Europe despite UAs larger size and more money per seat mile flying the Pacific.
and airline stocks have been pretty...
when you type
"A $526 loss is not good."
on companies that generate $50 billion plus in revenue, $525 is chump change.
But even if it was $526 MILLION it is still an accounting "loss" in contrast to UA's operational losses flying to/from Latin America. and DL makes more money flying to Europe despite UAs larger size and more money per seat mile flying the Pacific.
and airline stocks have been pretty good investments over the past year.
DAL stock is up 75% with LUV not far behind. JBLU has been a better stock than UAL which has still gained.
You simply don't understand finance and love to muddy the waters to avoid admitting that AA IS open to mergers and acquisitions, just not with UA.
Scott can troll AA all it wants but DL and WN are in far better positions to drive consolidation than UA - and either of those two southern airilines could well dwarf whatever UA comes up w/ its much more muted merger proposals.
As much as you want to believe otherwise, someone will have the last laugh - and it won't be Scott Kirby or any UA exec
LTD says, "But even if it was $526 MILLION it is still an accounting "loss"
DAL has spent $ billions of actual dollars buying stock of other airlines and in Q2 2020 alone DAL wrote down $2.1b in Covid losses on investments in VA, AeroMexico & LATAM. Over the long term airline stocks are notoriously terrible investments.
and those airline equities have value.
and, as noted, Latam and Aeromexico filed for chapter 11 which wipes out equity just as it did when CO and UA both filed.
Not sure why you continue to argue and don't understand the concept.
DL's international network generates far more profit flying far less capacity - and those higher profits far exceed any real or paper losses DL has incurred.
Once again, DL's equity investments in...
and those airline equities have value.
and, as noted, Latam and Aeromexico filed for chapter 11 which wipes out equity just as it did when CO and UA both filed.
Not sure why you continue to argue and don't understand the concept.
DL's international network generates far more profit flying far less capacity - and those higher profits far exceed any real or paper losses DL has incurred.
Once again, DL's equity investments in airlines allowed DL to stay as the most profitable airline even during the CrowdStrike episode. Accounting adjustments work both ways.
and it is petty of you to argue that airlines are bad investments now that DAL stock has been the best performing of the industry over the past year.
The hypocrite that you are touted UAL stock's great performance when it grew faster than the industry - from being poorly run to now just an also ran to DL. Shockingly, UAL's market cap is now down to just 72% of DAL's; about a year ago, UAL was worth 85% of DAL's market cap
UAL isn't rising. It is falling off of a cliff in financial performance.
why don't you just walk away instead of continue to embarass yourself with your lies and manipulation which are all just attempts to deny the realities that everyone else can see?
LTD says, "Latam and Aeromexico filed for chapter 11 which wipes out equity"
Exactly!!! $2.1b, POOF! GONE! Glad you understand.
Equity is not needed within an alliance or code/revenue sharing. It's a choice, and almost always a bad one when it comes to airline stocks especially when one is limited as to when they can sell. Investing 101. See Warren Buffett.
and yet not only is Delta's international network more profitable but Latam stock has generated a better return than United stock over the past year
Just admit it - you are emotionally and incapable of admitting that someone else has better strategies than United.
It isn't necessary for UA to fly far more international capacity than DL and still make less -but that is UA's choice and it is a losing strategy.
It...
and yet not only is Delta's international network more profitable but Latam stock has generated a better return than United stock over the past year
Just admit it - you are emotionally and incapable of admitting that someone else has better strategies than United.
It isn't necessary for UA to fly far more international capacity than DL and still make less -but that is UA's choice and it is a losing strategy.
It is no wonder you don't make money when you think an 80% return in a year isn't good enough.
wanna tell us the return on your portfolio over the past year... statements required.
Can you read, Tim?
You’re talking about Latam stock now and ignoring the billions delta lost in latam and AM when they went under and delta had to reinvest.
Are you really this stupid on the topic?
Delta doesn’t buy equity in other money losing airlines to make money, they do it because they believe those incremental networks will make delta more money. The actual equity investments by delta have been a...
Can you read, Tim?
You’re talking about Latam stock now and ignoring the billions delta lost in latam and AM when they went under and delta had to reinvest.
Are you really this stupid on the topic?
Delta doesn’t buy equity in other money losing airlines to make money, they do it because they believe those incremental networks will make delta more money. The actual equity investments by delta have been a complete disaster
It’s the old Delta has to buy friends because no airline would willingly work with them. Still true these days.
I can read just fine. It is you and the ignorant UA sidekicks that cannot admit that DL's international strategy works just fine.
First, while you love to rag on Latam and Aeromexico, would you recount for us how long UA spent in bankrutpcy and how much equity it wiped out? And don't forget to include its predecessor Continental.
UA and its predecessor have filed for more bankruptcies than AM or LA combined.
Most...
I can read just fine. It is you and the ignorant UA sidekicks that cannot admit that DL's international strategy works just fine.
First, while you love to rag on Latam and Aeromexico, would you recount for us how long UA spent in bankrutpcy and how much equity it wiped out? And don't forget to include its predecessor Continental.
UA and its predecessor have filed for more bankruptcies than AM or LA combined.
Most importantly, DL's international network makes far more money per year than UA's even though DL flies less capacity.
DL gains access to major markets through equity investments because that is what it takes to win there.
You do realize that DL plus Virgin Atlantic are larger in the UK than UA? You also realize the same is true for DL plus LA and AM in Latin America. And DL makes money to Latin America and in every global region.
AA does not make money flying to Europe or Asia and UA does not make money to Latin America.
It takes money to make money and DL has invested where it gets a return.
AA and UA have yet to demonstrate in over 25 years post 9/11 that they can consistently make money in every global region. DL does on a regular basis.
I don't expect simpletons like you to understand the concept but those are facts.
MaxQ says, "You’re talking about Latam stock now and ignoring the billions delta lost in Latam and AM when they went under and delta had to reinvest...The actual equity investments by delta have been a complete disaster...It’s the old Delta has to buy friends because no airline would willingly work with them. Still true these days."
LTD likes to talk about the upside of DL investments like airlines and refineries, but not so much the...
MaxQ says, "You’re talking about Latam stock now and ignoring the billions delta lost in Latam and AM when they went under and delta had to reinvest...The actual equity investments by delta have been a complete disaster...It’s the old Delta has to buy friends because no airline would willingly work with them. Still true these days."
LTD likes to talk about the upside of DL investments like airlines and refineries, but not so much the problems. And apparently doesn't like accounting for those losses. Pretty entertaining.
"First, while you love to rag on Latam and Aeromexico, would you recount for us how long UA spent in bankrutpcy and how much equity it wiped out? "
And there it is... The old Tim Dunn misdirect. we're talking about Delta's lost billions in airline equity investments and now you want to talk about United's equity in bankruptcy 20 years ago? lol. Ok. How much equity did NW and DL wipe out in the...
"First, while you love to rag on Latam and Aeromexico, would you recount for us how long UA spent in bankrutpcy and how much equity it wiped out? "
And there it is... The old Tim Dunn misdirect. we're talking about Delta's lost billions in airline equity investments and now you want to talk about United's equity in bankruptcy 20 years ago? lol. Ok. How much equity did NW and DL wipe out in the same time?
Who is ragging on LATAM And AM? lol. You're over here trying to say how brilliant Delta equity investments are when the reality is Delta has lost billions then used taxpayer dollars from Covid (that they didn't pay their own employees) to reinvest in LA and AM.
Stick to a topic, Tim. This is one of your lamest attempts to redirect a topic you've ever attempted. You looked dumb enough drunk posting last night on this thread all night. Save yourself a little dignity this morning.
Just admit when you've said stupid nonsensical things, admit you're wrong, and move on. Attempting to bring up United bankruptcy from 20 years ago and pretending like it's what anyone is talking about then ignoring Delta's own history of being born from two bankruptcies? lol. What a loser.
Pick a topic and stick to it. When you realize you're wrong which you clearly have here since you're desperately trying to completely change the topic and pretend like it's related lol. Admit when you're wrong and just move on. It's not that tough.
the topic is AA and UA's overture, Max.
I will address it above.
You and rebel demonstrate over and over that you are real good at arguing and hypocrisy but pi8u9 poor at math.
DL makes $600 million plus per year MORE than UA on its international network.
Every year.
You can rag on DL's losses on its equity investments but you are incapable of admitting that DL makes more money on its...
the topic is AA and UA's overture, Max.
I will address it above.
You and rebel demonstrate over and over that you are real good at arguing and hypocrisy but pi8u9 poor at math.
DL makes $600 million plus per year MORE than UA on its international network.
Every year.
You can rag on DL's losses on its equity investments but you are incapable of admitting that DL makes more money on its international network - and the investments are PRECISELY why DL makes them.
In Latin America alone, it is a difference of hundreds of millions of dollars and the difference between losses in the region for UA and profits for AA.
Even as the largest carrier across the Pacific, UA operated just at breakeven while DL made far more money on much less capacity.
DL consistently makes more money over the Atlantic and is not that much smaller.
There is no changing the topic. The cold hard reality is that DL's strategy works - and neither of you are capable of admitting that.
DAL has lost $289m in 2026.
just wait til you see what everyone else in the industry and esp. American and United loses in the rest of 2026.
and they do plastic surgery "down there" which is clearly what you need.
LTD says, "just wait til you see what everyone else in the industry and esp. American and United loses in the rest of 2026."
Q1 2026 Net Income
UA $699m
DL ($289m)
UA $1b ahead so far in 2026. It was just a matter of time.
Let's zoom out for a second and see how an airline can achieve financial stability by limited (less than 25% stakes in a successful foreign airline. Airlines (outside the US) are thriving in the industry with subsidized fuel costs and immense growth. Delta Air Lines is the most aggressive investor, holding several major minority stakes, and it has paid off dividends.
Time to spread the wingzzzz
Delta Air Lines
Delta has established a "global...
Let's zoom out for a second and see how an airline can achieve financial stability by limited (less than 25% stakes in a successful foreign airline. Airlines (outside the US) are thriving in the industry with subsidized fuel costs and immense growth. Delta Air Lines is the most aggressive investor, holding several major minority stakes, and it has paid off dividends.
Time to spread the wingzzzz
Delta Air Lines
Delta has established a "global equity partner" strategy to secure hubs and traffic in key regions.
- LATAM Airlines (South America): Delta holds a 20% stake, making it the largest US investor in South America's biggest airline.
- Virgin Atlantic (UK): Delta maintains a 49% stake, the maximum allowed under UK law for a foreign entity.
- Aeromexico (Mexico): Delta has long held a major minority position, which was restructured during Aeromexico's bankruptcy.
- Air France-KLM (Europe): Delta holds a minority equity stake (approximately 2.8%) as part of its deep transatlantic joint venture.
- China Eastern (Asia): Delta owns roughly 3.2% to 3.5% of the carrier to strengthen its footprint in the Chinese market.
- Hanjin KAL (Korean Air): Delta holds a roughly 10% stake in the parent company of Korean Air.
American Airlines
American Airlines typically prefers joint business agreements over equity stakes but does maintain a few strategic investments.
- China Southern Airlines: American purchased a minor stake (approximately 2.7%) to boost its access to the Chinese mainland market.
- GOL Airlines (Brazil): American has previously invested in GOL to counter Delta’s move into LATAM, though these positions fluctuate with restructuring.
United Airlines
United Airlines generally focuses on the Star Alliance network rather than direct equity ownership, but it has had notable past investments.
- Azul Brazilian Airlines: United has historically held a small equity stake (around 8%) to secure its position in the Brazilian market.
…. CORRECTION Baba ….
The Delta to which you are referring is an “Airline” and not a tube through which air is transported. They may choose to corrupt the English Language, however, educated people should not be so misled, don’t you agree?
No offence intended, I am simply correcting their crass misuse of my mother tongue.
...CORRECTION AeroB13a....
Delta Air Lines is the airline's legal name.
No offense intended?
None taken Rebel, there is no accounting for the ignorance of some Delta Airline executives who have made such an abominable decision …. simply a matter of ‘airheads’ making themselves look extremely foolish, yes?
Most US airlines were air lines previously just as Cunard is still a cruise line. Is Cunard wrong?
No Rebel, Cunard being an English Company (all be that it was founded by a Canadian), is quite correct in describing the company as a Cruise Line.
Webster, the American dictionary publisher certainly has a lot to answer for …. no letter ‘u’ in colour or labour for instance. Tire (as in tired/weary) is used instead of tyre to describe a motor vehicle air filled wheel.
Delta might be foolish enough to believe...
No Rebel, Cunard being an English Company (all be that it was founded by a Canadian), is quite correct in describing the company as a Cruise Line.
Webster, the American dictionary publisher certainly has a lot to answer for …. no letter ‘u’ in colour or labour for instance. Tire (as in tired/weary) is used instead of tyre to describe a motor vehicle air filled wheel.
Delta might be foolish enough to believe that it is ‘hip’ to be full of compressed air, however, the English speaking world knows better …. :-)
Sorry old chap, but if cruise line is fine then so is air line. Cheerio!
I am sorry too Rebel, sorry that you are so brainwashed into believing that calling an airline brand a tube for the conveyance of compressed air. You and your like are so ignorant of the meaning of so many English, English words that you need to hang your head in shame, old bean …. Yes?
Merriam-Webster
air line
2 of 2
noun (2)
: a straight line through the air between two points
Sorry again old chap.
In a post below I proclaimed that: “The biggest problem with U.S. airlines is their passengers!”
Thank you Rebel for proving me to be correct on two counts, eg:
Merriam-Webster definition of an AIRLINE:
“An air transportation system including its equipment, routes, operating personnel, and management”.
Oxford English Dictionary definition of AIRLINE:
“An airline is defined as a company that flies airplanes to transport people and goods”.
Definition of an air line:
An air...
In a post below I proclaimed that: “The biggest problem with U.S. airlines is their passengers!”
Thank you Rebel for proving me to be correct on two counts, eg:
Merriam-Webster definition of an AIRLINE:
“An air transportation system including its equipment, routes, operating personnel, and management”.
Oxford English Dictionary definition of AIRLINE:
“An airline is defined as a company that flies airplanes to transport people and goods”.
Definition of an air line:
An air line is a tube, or hose, that contains and carries a compressed air supply. In industrial usage, this may be used to inflate car or bicycle tyres or power tools worked by compressed air, for breathing apparatus in hazardous environments and to operate many other pneumatic systems.
Please note the correct English spelling of ‘tyres’ too!
Now, to address your determination to argue with anyone, even when you have been proven to be wrong (Tim Dunn and me for example) proves only one thing ..
.. you are an excellent example of a click generating troll, yes?
Not at all. Delta Air Lines is perfectly fine just like Cunard Cruise lines given the MW definition, but I enjoy your projection. Cheers!
Uneducated passengers who cannot read or possess the intellectual capacity to fully process and comprehend the English language, deserve to travel in an air line along with the compressed hot air expelled by fellow illiterates. The proletariat really do deserve to be treated like cattle and other dumb creatures, yes?
Stick to your stubborn beliefs and that way you will never rise above amoeba status. Please feel free to continue to embarrass yourself in...
Uneducated passengers who cannot read or possess the intellectual capacity to fully process and comprehend the English language, deserve to travel in an air line along with the compressed hot air expelled by fellow illiterates. The proletariat really do deserve to be treated like cattle and other dumb creatures, yes?
Stick to your stubborn beliefs and that way you will never rise above amoeba status. Please feel free to continue to embarrass yourself in this public arena, Ben loves the clicks.
Just so you know, those who can tell the difference between an Airline and an air line, actually travel in World Class Airlines, not common or garden U.S. domestic cattle trucks. Please don’t get with the program as you are placed exactly where you are ment to be …. :-)
Methinks thou doth protest too much.
Rebel posted ….
“Methinks thou doth protest too much”
What a terrible misquote old sock! You may consider it to be correct because it sounds Shakespearean and dramatic. But Shakespeare never wrote it. Is that just another one of your Webster derived American English nonsense?
Shakespeare actually wrote:
“The lady doth protest too much, methinks.”
Even an old dyslexia sufferer like me can tell that your quote doesn’t behave like a normal subject-verb English...
Rebel posted ….
“Methinks thou doth protest too much”
What a terrible misquote old sock! You may consider it to be correct because it sounds Shakespearean and dramatic. But Shakespeare never wrote it. Is that just another one of your Webster derived American English nonsense?
Shakespeare actually wrote:
“The lady doth protest too much, methinks.”
Even an old dyslexia sufferer like me can tell that your quote doesn’t behave like a normal subject-verb English sentence.
Ben must be loving the clicks generated …. :-)
You're too easy.
If kirby wanted to take revenge on AA he has never done it at their hub in phl. Delta has more flights at phl. Yet every united flight I take at phl is well sold and a very large percentage boards in group 1. It would seem united could add more flights to challenge AA more. Even if there is a limit of gates it seems united has figured out how to be aggressive with gates at other airports like ord.
They'd cannibalize too much from EWR if they went after PHL. Not even Kirby's that obsessed.
just a reminder for all of those that are convinced that consolidation is right around the corner.
Every one of the airlines that are candidates to be acquired - including AA, B6, NK and others - have massive debt.
and there is very little of that debt that is unsecured which is about the only kind of debt that can be restructured in bankruptcy.
Nearly all of AA and B6' debt is...
just a reminder for all of those that are convinced that consolidation is right around the corner.
Every one of the airlines that are candidates to be acquired - including AA, B6, NK and others - have massive debt.
and there is very little of that debt that is unsecured which is about the only kind of debt that can be restructured in bankruptcy.
Nearly all of AA and B6' debt is debt is secured by assets including airplanes.
The reason why NK is returning aircraft is because that is the only way to reduce the debt - by resizing the financial responsibilities of the airline to a size which they believe(d) to be viable.
The same thing will be true for B6 regardless of who acquires it and it would be true if AA merges with anyone else including the mythical AA plus AS run by AS mgmt.
If an acquiring airline acquires one of the lower performing existing airlines, it will have no choice but to take on the debt.
Chapter 11 at best will be to shrink operations and get rid of airplanes and other assets that produce financial returns that cannot support profitability at the expected new levels of profitability.
And employee salaries and benefits will be cut.
UA has made massive financial commitments for growth so has much less bandwidth to take on debt even through mergers.
DL and WN are by far in the best position to grow through mergers and acquisitions and neither is likely to take on any existing airlines.
Consolidation will either take the form of existing airlines selling off assets or all or part of existing airlines will go through chapter 11 bankruptcy to shrink first.
I agree. UA will be looking to pick up some of the prime divestitures to complement their organic growth.
I have said that all along... but they will have to take a proportionate share of the debt.
Can they strip out enough JFK slots for a 20 flight/day operation and pay a premium - like a couple billion - for them? Yes, it is possible but UA will then have a JFK operation that is still smaller than DL, B6 and AA at JFK.
How UA thinks it will be able to have a...
I have said that all along... but they will have to take a proportionate share of the debt.
Can they strip out enough JFK slots for a 20 flight/day operation and pay a premium - like a couple billion - for them? Yes, it is possible but UA will then have a JFK operation that is still smaller than DL, B6 and AA at JFK.
How UA thinks it will be able to have a niche operation at JFK when it says AA can't survive at ORD by being smaller than just one other carrier is what doesn't add up.
and there is no assurance that if B6 goes into chapter 11 that it will have any interest in leasing any slots to UA. B6' whole operation will be more profitable after a trip through chapter 11 and they sure don't want another competitor.
and if UA wants a piece of B6' BOS or FLL, they will have to shell out more money - and the economics to do that just don't work
Are you trying to convince yourself? Too funny.
it's either fact or it is not.
If AA can't make ORD work with a proportionately larger operation to UA, according to UA execs, then how is UA supposed to make JFK work with a niche operation where AA and B6 still exist - perhaps at some point as a single carrier and perhaps carved up between other airlines?
and let's also not kid ourselves that DL will be growing EWR - which is...
it's either fact or it is not.
If AA can't make ORD work with a proportionately larger operation to UA, according to UA execs, then how is UA supposed to make JFK work with a niche operation where AA and B6 still exist - perhaps at some point as a single carrier and perhaps carved up between other airlines?
and let's also not kid ourselves that DL will be growing EWR - which is schedule controlled and not slot controlled - to add EWR transcons if UA decides to run a niche operation at JFK.
given that UA operates a larger percentage of EWR and esp. of the transcons, approval of JFK slots might REQUIRE that the FAA create times at EWR for more transcon competition.
this mythical consolidation into other carrier strength markets is not going to play out quite like a lot of people believe.
UA just wants enough JFK slots and gates for transcons and DL won't grow at EWR because they aren't stupid.
only in your dreams is DL going to let UA waltz into JFK without DL taking an equally if not stronger response.
You do realize that UA did precisely nothing when DL added LAX-HKG?
Let them go down .
Bidding on Spirit's assets in its liquidation will be the warm up for B6. The real question is whether anyone will make an offer for all of B6 or whether they'll just carve up the assets in a bankruptcy. My guess is B6 will hold out for the former, but it will end up being the latter. And if that's the case, AA could - could - ultimately end up in a better position than it had with the NEA. Or not - UA could buy B6. Interesting next 12-18 months for sure.
United and American doesn’t happen. I think American would be better off merging with JetBlue but United is the more likely candidate. I read somewhere that Alaska should merge with American. I wonder what Alaska-American merger would look like. Alaska competent leadership with American’s resources. Would be interesting.
AA making an offer for JetBlue definitely an option IME. That would solve AA's NYC and Boston problem. Not sure how that would play out with MIA and FLL or even JFK and BOS, and what they might have to divest to get approval.
AA lost last time but not moving fast enough to get Northwest or CO and ended up with the most homely girl at the dance.
I just pissed myself laughing … as If anyone in that circus would have the intelligence or understanding of any of it - oh let’s run that by the Orange Turd shall we …
And what business acumen do you have? None, probably.
Should be okay if you didn't forget to put on your Depends.
....aaaaaand there it is, folks! The first politard comment of the thread! What kept you? I know those like you are so deranged by politics you have to inject it into everything.
The biggest problem with U.S. airlines is their passengers!
Penny pinching, points pirates, promote prolonged dependency upon credit card affiliations to airline partners.
“Free the nipple” …. or in this case your addiction to credit card affiliations …. Yes?
honestly prob the right move for AA - while the UA proposal would create a juggernaut untouchable by other domestic airlines, AA has been making some real dents in UA and especially DL markets, so makes sense for them to play this out a bit longer and see how things shake out. they've still got a couple more years of neglect on the antitrust enforcement side if they need to revisit.
“We appreciate the leadership and strong support of President Trump, Secretary Duffy and numerous other leaders in the Administration who have demonstrated expertise…..”
lol
Sounds like North Korea… Need to praise the supreme leader first before getting to the point…?
And what do you know about business?
Time to bring back PanAm and give the exclusive rights to cross the Atlantic.
Why not merge all airlines while you’re at it, and have a national carrier? It’s been done before. You could call it Aeroflot perhaps.
AA should bid for B6 regardless. Either they win B6 or UA overpays.
An airline bankruptcy plan of reorganizations (POR) could include a merger such as American and US Airways.
JFK & EWR. along with LGA, are considered "common airports" for an antitrust review. Therefore, it's unlikely Delta or United could acquire JetBlue unless the insolvent carrier was on the verge of liquidation then the "failing company doctrine" would apply.
I suspect Delta and United cannot acquire JetBlue and American's strategic objective is to wait for JetBlue to...
An airline bankruptcy plan of reorganizations (POR) could include a merger such as American and US Airways.
JFK & EWR. along with LGA, are considered "common airports" for an antitrust review. Therefore, it's unlikely Delta or United could acquire JetBlue unless the insolvent carrier was on the verge of liquidation then the "failing company doctrine" would apply.
I suspect Delta and United cannot acquire JetBlue and American's strategic objective is to wait for JetBlue to file for Chapter 11, shed much of its debt, and then American files its POR with the to acquire JetBlue, which icreate 3 strong NYC competitors.
Meanwhile, maybe Kirby should not have poor mouthed American and then ask the Fort Worth-based carrier to merge...
Just sayin...
The state AGs would tie up such a proposal in the courts. It wouldn't be surprising if it were to drag out. If it did, the next administration would withdraw any consent. It just seems to be such an odd thing to suggest.
The only question is for the American Airline's stockholders. Will they be better off 5 years from now continuing to hold AA stock?
Or will they be better off having swapped their AA stock for UA stock in 2026.
That's the only question that matters and the opinions of the stockholders are the only ones that matter.
The opinions of the stockholders are immaterial, ya rube.
I’m confused …, why would delta go through so many mergers in the past , only to become stagnant and number three in size - it’s an airline that loves mergers and control - I’m thinking one more merger for delta , and the airline would become unionized in every work group , which is something it doesn’t want … hence , no more mergers for delta ( except for A merger with Alaskan (poor...
I’m confused …, why would delta go through so many mergers in the past , only to become stagnant and number three in size - it’s an airline that loves mergers and control - I’m thinking one more merger for delta , and the airline would become unionized in every work group , which is something it doesn’t want … hence , no more mergers for delta ( except for A merger with Alaskan (poor Alaskan) )
United will grab jet blue before American does , … American will file bankruptcy once again down the road ( couldn’t happen to a nicer airline ( i’m being facetious) ) .
Americans will continue to bail out all these airlines again with tax dollars when they get close to bellying up . It’s a big ol mess - but one thing for sure these airlines think they’re all that and a bag of chips !
AA is such a trash airline that merging with United would drag United down tremendously. AA needs to concentrate on improving their service rather than merging or gobbling up some other airline. AA's best days are far behind them, and may never get back to being the great airline they once were. Haven't flown them in 25+ years after they 'stole' substantial mileage from me that was never to have expired (earned prior to their...
AA is such a trash airline that merging with United would drag United down tremendously. AA needs to concentrate on improving their service rather than merging or gobbling up some other airline. AA's best days are far behind them, and may never get back to being the great airline they once were. Haven't flown them in 25+ years after they 'stole' substantial mileage from me that was never to have expired (earned prior to their change to miles expiring after after a certain period). They didn't care when I called them out on it, and I have found far better service from other airlines
What are you smoking? United is much worse than american. United lost my luggage and refuse to compensate. Their attendants are rude. Flew with them 3 timed between 2019 and 2025 and regret every time. Giving them a chance is no different than throwing money away.
All airlines have moments where they fail at providing service. But there is no world where American is better than United. I fly them both regularly and would say that 80% of United flights are decent, while less than half of American flights hit the same bar. American pulled all of the amenities out of aircraft in their quest to compete with Spirit, while also having one of the most disgruntled teams of flight attendants in the sky.
Mate that's the same with all airlines in the usa. They have no clue or understanding about service, especially with premium passengers. US airlines are shockers.
Scott Kirby is an immature jerk, taking revenge is so silly. I prefer flying AA much much more than UA, which I despise for being much less customer and nember friendly
Right. Lotta talk. Small D energy.
Malarkey. Hoopla. Bull.
Corporations and politicians really have become reality television and the travel blogs really have become some combination of The National Enquirer, TMZ, and BRAVO.
Next episode… will Tim Apple bring another golden idol… tune in to find out!
Ben says, "United definitely doesn’t want American buying JetBlue"
Why not? Do you think the combined airline would have to divest JFK slots? Would it be laden with more debt? Would it have to deal with all the fun and distractions of a merger? Too funny.
are you this dumb working at UA investor relations, Rebel? UA doesn't want another competitor in NYC. AA buying B6 would create a true 3rd player in NYC.
Newark is a dump and known for it. It's the only reason UA has to advertise to New Yorkers go to EWR... is that lost on you living in Chicago never going to NYC? lol
Has it never occurred to you that AA and Delta...
are you this dumb working at UA investor relations, Rebel? UA doesn't want another competitor in NYC. AA buying B6 would create a true 3rd player in NYC.
Newark is a dump and known for it. It's the only reason UA has to advertise to New Yorkers go to EWR... is that lost on you living in Chicago never going to NYC? lol
Has it never occurred to you that AA and Delta never have to market LGA and jFK to New Yorkers? There's a reason, Reb. Only UA needs to advertise a known airport to New Yorkers to make it seem more palatable. lol
Go back to your IR Drivel. You contribute nothing except what you're told to say and don't even know what you're saying then.
And yet UA has the largest NYC market share without anything at JFK. Methinks thou doth protest way too much.
@ rebel -- Regarding UA having the largest NYC market share without anything at JFK, I don't disagree with that, but my question is why Kirby is obsessed with having a meaningful presence at JFK then?
I think Ben already got ya here but your response did invite the obvious response:
Your CEO is obsessed with JFK... for being the "largest" in NYC ;) It seems EWR is not enough per your own CEO. You should talk to him about your talking points.
but.. given that United has to market the entire Newark airport to the island of Manhattan as though they don't know it exists to make it palatable, that's not surprising.
@ rebel -- If American and JetBlue were to merge, I don't think they should have to divest JFK slots, since the combined NYC presence would really just level the playing field, and mean there are three real competitors in NYC.
As far as "dealing with all the fun and distractions of a merger," American management doesn't seem to be focused even without distractions, so I can't really comment on that. No matter what, American needs new management, though.
Sure, all CEOs want all they can get or get away with towards gaining monopolistic pricing power, but at what price and for how long can they enjoy using it? What Kirby wants and needs are enough slots at JFK for transcons to SFO and LAX. The folks heading to the Hamptons from the coast aren't flying into EWR.
to be clear.
You think Scott Kirby wants JFK slots to connect LA and SF to the Hamptons? lol.
Let's both hope your own CEO is smarter than you about why he wants JFK access. It certainly is NOT the Hamptons lol but wow... Way to lower the IQ
He wants JFK because your casual international flyer thinks of EWR what it is, a drive from Manhattan across a desolate wasteland of NJ (don't...
to be clear.
You think Scott Kirby wants JFK slots to connect LA and SF to the Hamptons? lol.
Let's both hope your own CEO is smarter than you about why he wants JFK access. It certainly is NOT the Hamptons lol but wow... Way to lower the IQ
He wants JFK because your casual international flyer thinks of EWR what it is, a drive from Manhattan across a desolate wasteland of NJ (don't pretend you haven't done that drive. There's nothing pretty on the way to EWR from Manhattan).
JFK is why every United JV partner flies there despite the UA EWR hub.
Look it up. LHR-JFK is a higher yield vs LHR-EWR.
@ rebel -- I have to again agree with Plane Jane. You think the reason United wants JFK-LAX/SFO flights is specifically to serve West Coast to Hamptons demand? You think that justifies the service on a year-round basis, with several daily flights? I have a hard time making sense of that logic in any way.
The Hamptons is short-hand for the bicoastal, high yield customers that the airlines and CC companies crave. The linear thinking is entertaining though. Chess v checkers.
"As far as "dealing with all the fun and distractions of a merger," American management doesn't seem to be focused even without distractions, so I can't really comment on that. No matter what, American needs new management, though."
Also true.
United would be buying JetBlue's $9 billion debt and there's no reason for that.
Everybody wants JetBlue but nobody wants to assume $8+ billion in debt. JetBlue will be bankrupt in 6-12 months. They can fight it out over their assets. Split up JFK, United gets FLL.
@ Rjb -- If JetBlue files for bankruptcy, it would almost certainly be Chapter 11 and not Chapter 7. Assets wouldn't be sold off, but the airline would reorganize, and likely keep its entire JFK portfolio. JetBlue isn't like Spirit, where it's just complete toast.
I hear you that in an ideal world, airlines could get JetBlue's assets without assuming the debt, but I just don't see it going that way. Time is of the essence here, given regulatory approval concerns.
Some of that debt "could" be converted into equity upon a merger/acquisition. Now would bondholders go for such a deal?