Major U.S. airlines are each responding differently to surging fuel costs, with some like Southwest and Delta opting not to change their profit outlooks for the year. United and Alaska, on the other hand, have either revised or pulled back guidance.
Spirit's collapse didn't happen overnight: A blocked merger, two bankruptcies, a bailout that never came. Four years of mounting problems, and in the end, it was fuel prices that sealed it.
Airlines are hoping 2026 is a short, sharp fuel shock, but with supply routes at risk and fewer policy tools available, this crisis could last longer and test demand in ways recent history hasn’t.
The Trump administration is nearing a deal to bail out Spirit, which would provide the embattled ultra-low-cost carrier a lifeline after facing the possibility of liquidation.
United is the first U.S. carrier to lower its 2026 outlook as a result of surging fuel prices. Alaska Airlines, which reported first-quarter earnings on Monday, suspended guidance for the year.