Rough math from the F9 10-K available on the SEC website.

2025 we used 376M gallons of fuel at a cost of $929M.

229M shares outstanding.

Estimate 94M gallons used for 1Q26 (376M/4). At 2025 prices that's around $232M.

Now, push that price 60%. We go to $3.95 a gallon and it costs us $371M. So around $109M extra.

Divide the extra by shares outstanding and that's an $0.61 hit per share against the negative 1Q projection they already put out there.

10-K also said they aren't using a fuel hedge program.

Unless the prices settle soon, I fear a bloody 1Q.