When you look at the 20204Q earning releasese.

Delta Airlines
Scheduled Capacity: Down 35%
Sellable Capacity: Down 55%
Total Revenue: Down 60-65%
Total Operating Costs: Down 35-40%
Daily Cash Burn: $10-15M
4Q Revenue: $3.5B (down 69%)

United Airlines
Scheduled Capacity: Down 51%
Sellable Capacity: N/A
Total Revenue: Down 69%
Total Operating Costs: Down 45%
Daily Cash Burn: $19M
4Q Revenue: $3.4B (down 69%)

American Airlines
Scheduled Capacity: Down 53%
Sellable Capacity: N/A
Total Revenue: Down 64%
Total Operating Costs: Down 38%
Daily Cash Burn: $30M
4Q Revenue: $4B (down 64%)

Delta's sellable capacity is down just a few % more than United & American (55%, 51%, and 53% respectfully). So capacity is pretty much the same.

Delta's operating costs have not gone down as much as United & American (~37% vs 45%, and 38% respectfully).

Total revenue for 4Q was pretty much the same across the board, with pretty much the same capacity across the board.

When looking at daily cash burn. Delta had the best balance sheet coming into COVID(Southwest was better than Delta and daily cash burn for them is around $10-12M), so their daily cash burn SHOULD be less than the other two.

If you removed the debt payments for capital expenditures(airplanes) that United/American made before COVID, I would argue the daily cash burn for all 3 is probably within +/- 5%. (too lazy to do the math but have seen reports showing this).

If you “unleashed” the middle seats, demand wouldn’t warrant the extra flights and they would just reduce scheduled capacity. If the demand was there, then United/American would just add capacity as well at the same rate that Delta “unleashed” the middle seats.

Delta looks(and is in actuality) the best because of it’s pre-covid balance sheet. But on a day to day operation point of view right now, they’re all pretty much even.

With regard to the passenger experience….

I fly pretty much exclusively first class. On the domestic front, Pre-covid, Delta’s first class product was in the top 2 (Alaska being tied). Since COVID, Delta has the WORST first class product. Flew them for the second time since COVID, I couldn’t even get a diet coke. Beer/wine and a miniature bottle of water with a biscoff cookie.

American: Full up, beer/wine, liquor, canned beverages, real food.
Alaska: Beer/wine, canned beverages, real food.
United: Beer/wine, liquor, canned beverages, snack boxes.
Delta: Beer/wine, water, biscoff cookies.

The International business product across the board is the same. Delta's suites are the biggest, but United has pretty much the same thing. Pass that, microwavable dinners served with aluminum foil on top. Worst than what domestic 1st was pre-covid.

The Delta Lounge experience is now the best, no question.

You have plenty of room in 1st class, I don’t care if someone sits next to me. Back of the plane, different story, I’m sure it’s nice to not have someone next to you on a “full” flight. But up front, I’ll take the $500 American ticket, and pass on the $700 doggy bag with Delta.

United's Q4 cash burn was 23 million, not including debt or severance payments. Delta's was 12 million, which I believe doesn't include debt and severance either. Of course the pre-covid balance sheet plays a role, but Delta has been generating a substantial yield premium over United and American with a similar amount of sellable capacity. That is absolutely making a difference. On the topic of onboard hard product, Delta is probably the worst of the "full service" carriers at the moment, with catering being the main differentiator. If I was a betting man, I would guess we see the return of more substantial catering in Q2.

I remember why I don't like to post on forums, sucks when you record the data wrong.

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