The three largest U.S. network carriers delivered mixed second-quarter results, underscoring a bifurcated outlook for the rest of 2025 as international demand remains solid but domestic booking trends soften. American Airlines posted record quarterly revenue of $14.4 billion and a GAAP profit of $599 million, yet warned it could swing to an adjusted loss of as much as $0.60 a share in the third quarter and between a $0.20 loss and $0.80 profit for the full year. The carrier cited current booking patterns, fuel costs and an uncertain domestic market despite robust premium-cabin sales and $12 billion of liquidity at quarter-end. United Airlines marginally beat earnings expectations with adjusted profit of $3.87 a share on $15.2 billion in revenue and lifted its 2025 profit target to $9–$11 a share. The company said a pick-up in bookings early in July and capacity adjustments should support margins of 9–11 percent in the current quarter. Delta Air Lines, which reported earlier in the month, generated $15.5 billion in revenue and $2.10 in adjusted earnings per share, modestly ahead of estimates. The carrier reinstated full-year guidance of $5.25–$6.25 a share after seeing bookings stabilize following April’s demand dip. Taken together, the results show airlines benefiting from steady long-haul and premium travel while diverging in expectations for the U.S. market, leaving investors to weigh improving balance sheets against the risk of a slowdown in domestic demand.