Notable concerns that warrant closer review
Revenue grew modestly (3.5%), driven by increased passenger traffic and capacity, but yield and PRASM declined, suggesting pricing pressure.. Operating expenses increased by 4.6%, outpacing revenue growth, largely due to higher salaries, landing fees, and other operating expenses, negatively impacting profitability.. Significant guarantee exposure of $2.8 billion for airport revenue bonds and $513 million in indirect guarantees for fuel facility debt.. Passenger revenue increased 3.1% to $53.4 billion due to a 6.1% increase in capacity and a 4.3% increase in passengers.