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CASMex
Tracks the cost per available seat mile excluding fuel, offering a view into the airline's cost efficiency and operational management.CASMex has re‑accelerated since mid‑2024, indicating rising non‑fuel unit costs driven by integration and ramp activities (787 crew training, PSS cutover, recognition expenses) rather than fuel alone. That matters because these cost increases erode margins even as unit revenues and loyalty/co‑brand cash improve; management’s suspended guide and Q1 loss show fuel volatility compounds the squeeze. Near‑term profitability will depend on whether the noted transitory cost items lap out and premium/loyalty mix gains can offset the structural rise in CASMex.
Date | CASMex |
|---|---|
Jun 30, 2026 | 11.40 |
Mar 31, 2026 | 12.37 |
Dec 31, 2025 | 11.72 |
Sep 30, 2025 | 11.23 |
Jun 30, 2025 | 10.90 |
Mar 31, 2025 | 11.89 |
Dec 31, 2024 | 11.57 |
Sep 30, 2024 | 10.16 |
Jun 30, 2024 | 9.89 |
Mar 31, 2024 | 11.60 |