Frequent Flyer: JBLU Wins Spirit‘s LGA Slots, SNCY Cuts Schedule, Navan H1‘26 Business Travel Benchmark, June US Airfares Up Y/Y

Research evidence excerpt

Frequent Flyer: JBLU Wins Spirit‘s LGA Slots, SNCY Cuts Schedule, Navan H1‘26 Business Travel Benchmark, June US Airfares Up Y/Y

Update

July 21, 2026 04:01 AM GMT

Morgan Stanley & Co. LLCMAirlines | North America Ravi Shanker

Equity Analyst

Frequent Flyer: JBLU Wins Ravi.Shanker@morganstanley.comMadison J Pasterchick +1 212 761-6350

Research Associate

Madison.Pasterchick@morganstanley.com +1 212 761-3787

Spirit's LGA Slots, SNCY Cuts Nancy Hipp

Nancy.Hipp@morganstanley.com +1 212 761-1311

Schedule, Navan H1'26 Business

Airlines

North America

Industry View AttractiveTravel Benchmark, June US

Airfares Up Y/Y

JBLU wins slots at LaGuardia Airport from Spirit's bankruptcy

auction, SNCY cut September flights due to staffing constraints

in both passenger and cargo segments, and Navan released its

H1'26 Business Travel Benchmark. Also, June US airfares

increased slightly seq. and are up +26.5% y/y.

JBLU recently announced its successful bid for Spirit's 22 takeoff and landing

slots at LaGuardia Airport. JBLU offered $58.5 million, coming in well below Spirit's

previous Chapter 7 liquidation scenario estimate of $69.4 million, according to

Bloomberg Law. In a recent statement, JBLU mgmt. said it was pleased to secure the

slots, calling LaGuardia "one of the nation's most capacity-constrained airports".

JBLU will take over Spirit's operations in both LGA's Terminal A and the Marine Air

Terminal, and mgmt. noted they will continue to "evaluat[e] how best to utilize

these slots". US Bankruptcy Court papers note that Frontier's $57.5 million bid will

serve as a backup bid in the case that JBLU's bid falls through. This bid follows JBLU's

recently announced plan to shift some of its operations from the New York area to

the more profitable South Florida market.