Scott Kirby

You know, one of the things I would say is customers are across the board willing to pay for better product service, better technology, better experience across the board.

But also I'd add like airline traffic, you know, in 2025 airfares were 2% lower than they were in 2019.

So we've been deflation, inflation is about up about 23% over that period.

We've been deflationary and our costs in many cases have grown even more, you know, 50% increase in airport costs.

It's sort of the norm across the industry.

So airfare remains a pretty good value, pretty good travel for customers.

That's put a lot of pressure on the low end of the airline industry, as you can see, but air travel remains a good value.

And we are increasingly finding that really across the board, customers are willing to pay for at least a little bit for a better experience.

Well, I think the low end, whether it happens through consolidation or airlines shrinking or airlines just going out of business, I think the low end of the market is in the... It's a painful process, but in the process of shrinking back to the niche that works for the low end.

And that really is flying in big leisure markets, mostly flying to Orlando and Vegas, and really shrinking back to that niche.

And they're going through that process.

I don't know if it'll be consolidation or...

liquidation or just shrinking dramatically.

But they really outgrew the niche and they're in the painful process of shrinking back to that niche.

Well, I wasn't talking about them, but JetBlue is a great partner for us.

We love their focus on customers.

Really, it's more cultural than anything.

It's the reason we wanted to partner with JetBlue, because we both believe in doing the right thing for customers, that the industry is not a commodity.

And the partnership is great so far.

If there are opportunities to expand in the future, we'd certainly look at that.