Airlines: State of the Global Airlines Union

Research evidence excerpt

Airlines: State of the Global Airlines Union

Update

June 10, 2026 02:14 PM GMT

Morgan Stanley & Co. LLCMAirlines | North America Ravi Shanker

Equity Analyst

State of the Global Airlines Ravi.Shanker@morganstanley.comMorgan Stanley Asia Limited+ +1 212 761-6350

Qianlei Fan, CFA

Equity AnalystUnion Qianlei.Fan@morganstanley.com +852 2239-1875

Together with our Global Airline colleagues, we highlight Morgan Stanley MUFG Securities Co., Ltd.+

Takuya Osaka

Equity Analystimportant topics and updates that occurred over the past

Takuya.Osaka@morganstanleymufg.com +81 3 6836-5438

month.

Morgan Stanley México, Casa de Bolsa, S.A. de C.V.+

In order to get a better sense of the Global Airline space, we are updating our Jens Spiess, CFA

monthly State of the Global Airlines Union report. This includes data for domestic Equity Analyst

Jens.Spiess@morganstanley.com +52 55 5282-6614

and international airline companies, trends, capacity, and other key metrics.

Morgan Stanley & Co. International plc+

See below for key highlights this month: Axel Stasse

United States: Our AlphaWise survey shows a slight decline y/y in travel intentions Axel.Stasse@morganstanley.com +44 20 7425-2429

over the next 6 months to 58% (vs. 64% last update) but an increase y/y for summer Morgan Stanley India Company Private Limited+

period travel intentions. Additionally, with the 2026 FIFA World Cup coming to the Binay Singh

U.S., 44% of consumers plan to engage with matches or related events, with 4% of Binay.Singh@morganstanley.com +91 22 6118-1158

consumers planning on attending a World Cup match in person. TSA passenger data

shows a ~2% y/y increase in May.

Japan: ANA’s 4Q beat was driven by temporary Middle East demand, while air cargo

shows structural upside on firm pricing into FY3/27.