AIRLINE QUARTERLY FINANCIAL REVIEW SECOND QUARTER 2020 MAJORS DEPARTMENT OF TRANSPORTATION OFFICE OF AVIATION ANALYSIS: COMPETITION AND POLICY ANALYIS DIVISION Table of Contents INTRODUCTION ........................................................................................................................................................................................................................... 2 TOTAL SYSTEM PASSENGER & ALL-CARGO MAJORS ................................................................................................................................................................... 3 Chart 1. Operating Profit and Net Income (Loss) for the Quarter .................................................................................................................................. 6 Chart 2. Operating Profit and Net Income (Loss) for the Year Ended ............................................................................................................................ 6 Chart 3. Operating Profit (Loss) by Quarter ................................................................................................................................................................... 7 Chart 4. Net Income (Loss) by Quarter .......................................................................................................................................................................... 7 Chart 5. Operating Profit (Loss) Year Ended by Quarter ................................................................................................................................................ 8 Chart 6. Net Income (Loss) Year Ended by Quarter ....................................................................................................................................................... 8 Chart 7. Operating Revenue per Revenue Ton-Mile, Year over Year Percent Change ................................................................................................... 9 Chart 8. Ton Load Factor Year over Year Point Change.................................................................................................................................................. 9 Chart 9. Operating Expense per Revenue Ton-Mile, Year over Year Percent Change .................................................................................................. 10 Chart 10. Operating Expense per Available Ton-Mile, Year over Year Percent Change ................................................................................................. 10 TOTAL PASSENGER MAJORS ...................................................................................................................................................................................................... 11 Chart 11. Passenger Revenue per Revenue Passenger-Mile, Year over Year Percent Change ....................................................................................... 14 Chart 12. Revenue Passenger-Miles (Scheduled Service), Year over Year Percent Change ........................................................................................... 14 Chart 13. Available Seat-Miles (Scheduled Passenger Service), Year over Year Percent Change ................................................................................... 15 Chart 14. Passenger Load Factor, Year over Year Point Change .................................................................................................................................... 15 Chart 15. Passenger (RPM) Yield for the Quarter .......................................................................................................................................................... 16 Chart 16. Passenger Load Factor for the Quarter .......................................................................................................................................................... 16 Alaska Airlines Inc. (AS) ........................................................................................................................................................................................................ 17 Allegiant Air (G4) .................................................................................................................................................................................................................. 18 American Airlines Inc. (AA) .................................................................................................................................................................................................. 19 Delta Air Lines Inc. (DL) ........................................................................................................................................................................................................ 20 Envoy Air (MQ) .................................................................................................................................................................................................................... 21 ExpressJet Airlines LLC (EV) .................................................................................................................................................................................................. 22 Frontier Airlines Inc. (F9)...................................................................................................................................................................................................... 23 Hawaiian Airlines Inc. (HA) ................................................................................................................................................................................................... 24 JetBlue Airways (B6) ............................................................................................................................................................................................................ 25 Republic Airline (YX) ............................................................................................................................................................................................................. 26 SkyWest Airlines Inc. (OO) ................................................................................................................................................................................................... 27 Southwest Airlines Co. (WN) ................................................................................................................................................................................................ 28 Spirit Air Lines (NK) .............................................................................................................................................................................................................. 29 United Air Lines Inc. (UA) ..................................................................................................................................................................................................... 30 SYSTEM CARGO MAJORS ........................................................................................................................................................................................................... 31 Atlas Air Inc. (5Y) .................................................................................................................................................................................................................. 34 Federal Express Corporation (FX) ......................................................................................................................................................................................... 35 Kalitta Air LLC (KAQ) ............................................................................................................................................................................................................. 36 Polar Air Cargo Airways (PO) ................................................................................................................................................................................................ 37 United Parcel Service (5X) .................................................................................................................................................................................................... 38 Comparison of Operating Profit (Loss) for Individual System Majors ........................................................................................................................................ 39 Comparison of Net Income (Loss) for Individual System Majors ............................................................................................................................................... 40 Comparison of Passenger Load Factors for Individual System Passenger Majors ..................................................................................................................... 41 Comparison of Passenger Yields (Cents) for Individual System Passenger Majors .................................................................................................................... 42 Comparison of Operating Profit Margin (Percent) for Individual System Majors ...................................................................................................................... 43 Comparison of Debt-to-Investment and Total Debt for Individual System