Today's SWAPA number is, six. That's the percent acceleration in RASM or revenue per available seat mile in the fourth quarter that was implied during the second quarter earnings call for Southwest Airlines. Now, that's looking down the road, but a lot has happened in the recent past for both the company and the industry as a whole. It's been continuous light chop during 2025 with impacts from the supply chain, trade agreements, and capacity growths. These effects haven't just been felt Southwest, but on the industry worldwide.

So, today we're sitting down with our resident experts in this arena. Joining us are Erich Schnitzler and Greg Auld from the SWAPA Economic and Financial Analysis Committee and Second Vice President, Hank Ketchum. Let's take a look back at what's transpired, both at the company and industry at large, what's happening now, and what we can expect for the remainder of the year.

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