Airlines: Monthly Scorecard: demand strength overshadowed by re-escalating conflict

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Airlines: Monthly Scorecard: demand strength overshadowed by re-escalating conflict

ns Delta Air Lines: Post call thoughts as DAL

supportive, with airline spending up +10% and now above 2024 levels, while spend per reaffirms EPS outlook from earlier in year

transaction has accelerated to more than +15%. With oil prices rebounding +21% this 13 July 2026

month and UAL highlighting another industry-wide fare increase last week, a key Airlines: 4Q26 domestic capacity growth:

how much will schedules come down? 14question for July is whether pricing momentum reaccelerates. See the latest BofA on July 2026

USA report for methodology, limitations, and disclaimers regarding BAC card data.

Airlines: 2Q26 earnings preview: favorable

4Q26 domestic capacity: magnitude of cuts in focus trends2026 while watching 4Q capacity 01 July

4Q26 domestic capacity growth remains elevated at +6.1%, a notable acceleration from Leisure: Leisure spend slows again in June

the roughly flat growth seen between May and September. As we move through the as Travel spend rises further 13 July 2026

summer, the key question is not whether capacity comes down, but by how much. As Cruise Lines: Cruise card spend rises +9.8%

discussed in our recent note, domestic schedules have historically been cut by roughly in June 13 July 2026

-300bps in the three months leading up to the start of a quarter, while recent comments BofA on USA: June retail sales: a truly Messi

from both DAL and UAL point to a moderation in growth. We will be closely monitoring month 10 July 2026

weekly schedule revisions, as the ultimate balance between supply and demand will Lodging: Weekly RevPAR: US +5.2% with

determine whether airlines can sustain meaningful unit revenue gains into 4Q26. +220bps of World Cup 15 July 2026