Frequent Flyer: June International Travel Down LSD % Y/Y, DAL Expands Basic Fare Offerings, FAA Extends Flight Cap at ORD Airport

研报英文原文证据摘录

Frequent Flyer: June International Travel Down LSD % Y/Y, DAL Expands Basic Fare Offerings, FAA Extends Flight Cap at ORD Airport

Update

July 14, 2026 11:56 AM GMT

Morgan Stanley & Co. LLCMAirlines | North America Ravi Shanker

Equity Analyst

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

Research Associate

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

International Travel Down LSD Nancy Hipp

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

% Y/Y, DAL Expands Basic Fare

Airlines

North America

Industry View AttractiveOfferings, FAA Extends Flight

Cap at ORD Airport

June International Travel ticked down y/y for US travelers but

slightly up for non-US travelers. Also, last week, DAL expanded

its Basic fare offerings to its premium cabin and the FAA

extended its current flight cap at ORD through October 2027.

June US-citizen international travel declined LSD% vs. 2025 while non-US citizen

arrivals to the US increased slightly y/y. In the month of June the number of US

citizen departures to international regions was down -3.0% y/y (and +16% vs. 2019).

The number of non-US citizen International arrivals into the United States remains

below 2019 levels at -17%, but increased slightly y/y at +0.2% (compared to -4.5% y/

y in May). Interestingly, in our latest AW consumer survey (see here and here),

spending intentions for Domestic travel remain above International travel, despite

increased travel due to the World Cup (see here).

Exhibit 1: US citizen departures to Exhibit 2: The number of non-US

international regions were -3% y/y and citizen International arrivals into the

+16% vs. 2019 in the month of June United States increased slightly y/y in

US Citizen Departures to International Regions