Accessible version Airlines Monthly Scorecard: updated thoughts, estimates post-2Q26 earnings season Price Objective Change A look at Airline supply, demand, valuations, and returns Coming into 2Q26 earnings season, we had expected airlines to speak to strong demand trends and accelerating unit revenues into 3Q26, with lower fuel prices providing an earnings tailwind into the second half of the year (see our 2Q26 preview here). While unit revenues are broadly accelerating and demand remains strong, the +33% ...