北美航空公司周运力更新：5月23日：2025年第二季度美国国内增长保持在+2.4%不变；过去一周2025年第三季度国内增长下降了1.2个百分点，目前行业增长1%。西南航空、美国航空、达美航空和联合航空都减少了2025年第三季度后期的国内航班计划。

Weekly Capacity Update: May 23rd 2Q25 domestic US growth unchanged at +2.4%; 3Q25domestic growth reduced 1.2pts over the past week withindustry now up 1%. Southwest, American, Delta and Unitedall reduced late 3Q25 domestic schedules. North America AirlinesPOSITIVE North America Airlines Brandon R. Oglenski+1 212 526 8903brandon.oglenski@barclays.comBCI, US This report is an overview of capacity changes present in this past week’s schedule, as measuredon an available seat-mile basis. Current schedules were live as of May 23rd, which we compare tolast week's capacity report with schedules that were live as of May 16th. John Dorsett+1 212 526 8487john.dorsett@barclays.comBCI, US 2Q25 domestic US capacity was reduced 7bps and remains +2.4%; system growth includingUS international markets is at 3.3%.Over the past week, United reduced June domestic USscheduled capacity by 105bps with cuts coming from the carrier’s Newark hub schedule givenongoing runway construction maintenance that should finish by the middle of June (for moreon the Newark situation please see: “Newark is (Not) New York”). See Figures 1-2 and Figures4-5 for 2Q25 summary and monthly carrier changes to current schedules over the past week.American, Delta and United scheduled domestic US capacity is 4.6%, 4.5% and 6.8%,respectively. Eric Morgan, CFA+1 212 526 9642eric.morgan@barclays.comBCI, US David Zazula, CFA+1 212 526 5108david.zazula@barclays.comBCI, US 3Q25 domestic US schedules were reduced 120bps over the past week to +1.1%; American,Delta, Southwest and United all reduced August and or September schedules.We believe3Q25 schedules are becoming more reliable as American, Delta, Southwest and United all madedownward revisions to capacity growth over the past week. 3Q25 scheduled domestic UScapacity growth for American, Delta and United is now 3.2%, 2.2% and 7.4%, respectively. SeeFigure 3 and Figures 6-8 for 3Q25 summary and monthly carrier changes to current schedulesover the past week. As we expected (and previously conveyed by management), Americanreduced August and September domestic capacity by 4.4pts to 1.7% and 9.7pts to +2.3%,respectively. Delta reduced September domestic capacity by 2.1pts to +2.8%. We note thatUnited has elevated growth throughout the third quarter relative to American and Delta but thatmanagement highlighted on the first quarter earnings call that expansion plans had beenreduced by four points relative to prior aspirations (not disclosed). Further, Southwest reducedAugust and September capacity growth by 1.5pts to -0.5% and 1.8pts to +0.4%, respectively. Wenote that low fare and low cost carriers have limited scheduled capacity growth in the thirdquarter, with domestic industry growth primarily being driven by the network carriers. As always, we welcome your questions and comments, Barclays Airlines Research Team FIGURE 1. Domestic and System Schedule Changes from May to September, and 2Q25 and 3Q25 Source: Diio mi, Barclays Research FIGURE 4. May 2025 US Scheduled Capacity Growth; Domestic US Scheduled Growth at 1.7% Source: Diio mi, Barclays Research FIGURE 7. August 2025 US Scheduled Capacity Growth, Domestic US Now +0.3%, American Reduced 4.4pts and Southwest Reduced 1.5pts Source: Diio mi, Barclays Research Analyst(s) Certification(s): I, Brandon R. Oglenski, hereby certify (1) that the views expressed in this research report accurately reflect my personal views about any or all of thesubject securities or issuers referred to in this research report and (2) no part of my compensation was, is or will be directly or indirectly related to thespecific recommendations or views expressed in this research report. Important Disclosures: Barclays Research is produced by the Investment Bank of Barclays Bank PLC and itsaffiliates(collectively and each individually, "Barclays"). Allauthors contributing to this research report are Research Analysts unless otherwise indicated. The publication date at the top of the report reflects thelocal time where the report was produced and maydifferfrom the release date provided in GMT. Availability of Disclosures: Where any companies are the subject of this research report, for current important disclosures regarding those companies please refer to https://publicresearch.barclays.com or alternatively send a written request to: Barclays Research Compliance, 745 Seventh Avenue, 13th Floor, New York, NY10019 or call +1-212-526-1072. The analysts responsible for preparing this research report have received compensation based upon various factors including the firm's total revenues,a portion of which is generated by investment banking activities, the profitability and revenues of the Markets business and the potential interest of thefirm's investing clients in research with respect to the asset class covered by the analyst. Analysts regularly conduct site visits to view the material operations of covered companies, but Barclays policy prohibits them from accepting