Airlines that participated in Bank of America’s Industrials, Transportation & Airlines Key Leaders Conference indicated they have no appetite for buying Spirit Airlines’ aircraft, according to a note from Bank of America analyst Andrew Didora.
Representatives from United Airlines, Delta Air Lines, American Airlines, Allegiant Travel, JetBlue Airways, Frontier Group, Republic Airways and SkyWest attended the conference. Attendees said structural features of Spirit’s fleet make direct purchases impractical - specifically, cabin configurations that require lengthy modifications. According to the conference discussion, seat changeouts would take roughly 6-9 months per aircraft, while a complete cabin refresh would need substantially more time.
While carriers generally rejected the idea of acquiring Spirit’s airplanes, they said they would evaluate the carrier’s airport slots and gates where those assets are applicable. Executives emphasized that the ultimate disposition of slots is primarily a matter for local regulators. In New York, for example, the carriers noted that Spirit’s slots would be returned to local authorities for reallocation - a process that they said tends to favor leisure-focused operators when seats are redistributed.
Beyond the conversation about Spirit’s assets, conference participants painted an industry picture of strong demand and pricing power. Didora’s note states that all airlines at the event reported robust demand with no evident price elasticity. Delta, in particular, highlighted that cash sales remain healthy across all cabins and across advance-purchase windows, and that those trends hold across different geographic markets.
Bank of America’s card spend data for the airline category was cited as having reaccelerated, now showing growth in the mid-teens. Scheduling data discussed at the conference indicates domestic capacity will be essentially flat from May through August, with capacity expansion beginning to accelerate in September and later months.
Looking further ahead, carriers said growth in the second half of 2026 will be contingent on fuel price movements. If fuel prices remain elevated for a prolonged period, airlines indicated they could pull back on planned capacity additions.
Conference coverage note: Details above are based on Bank of America’s conference reporting as summarized by analyst Andrew Didora.