He was not celebrating their demise or anything of the sort, we was making a commentary about their business economics.

Sure, American actually made a less than 0.5% of its revenues in 2025 using the higher, adjusted (non-GAAP) $237 million profit number. This fuel hit at AA is $400 million in Q1 alone. Probably much more significant in Q2 and Q3 at least. Even if they keep up with pricing power, it's a delicate dance when break-even is so tenuous.

Frontier might actually be not much worse off either since it has the most Neos and lowest CASM in the domestic industry. But both of these require the operator to maintain strong pricing power with the higher fuel to take advantage of their network strengths (AA) or low CASM (F9)...

Definitely not welcome news for B6 with lots of legacy A320 (& A321) or especially NK as they see their remaining fleet shift toward the older, more fuel-thirsty airframes.

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Finally, 5% is hardly anything to even note when TLV and DXV each represent 1%, and the other 3% is largely the ORD mess that everyone has known about for weeks...