Exhibit 99.3

Investor Relations Update

July 20, 2023

General Overview

● Capacity - The Company expects its third-quarter capacity to be up approximately 5% to 7% versus the third quarter of 2022. The Company continues to expect its full-year capacity to be up approximately 5% to 8% year over year.

● TRASM -The Company expects its third-quarter total revenue per available seat mile (TRASM) to be down approximately 4.5% to 6.5% versus the third quarter of 2022. The Company continues to expect its full-year TRASM to be up low single digits year over year.

● CASM-ex1 - The Company expects both its third-quarter and full-year CASM-ex to be up approximately 2% to 4% versus 2022. The Company’s forecast is inclusive of the impact of all anticipated labor agreements.

● Fuel - Based on the July 14, 2023, forward fuel curve, the Company expects to pay an average of between $2.55 and $2.65 per gallon of jet fuel (including taxes) in the third quarter and an average of between $2.70 and $2.80 per gallon for the full year. Based on its current plans, the Company expects to consume approximately 1,090 million gallons of jet fuel in the third quarter and 4,135 million gallons of jet fuel for the full year.

● Adjusted operating margin1-The Company expects an adjusted operating margin of approximately 8% to 10% for the third quarter. The Company now expects a full-year adjusted operating margin of 8% to 10%, an increase versus the Company's prior guidance of 7% to 9%.

● Adjusted nonoperating expense1-The Company expects its total adjusted nonoperating expense to be approximately $380 million in the third quarter and $1,575 million for the full year.

● Taxes - The Company expects a provision for income taxes at an effective rate of approximately 24% in the third quarter and for the full year, which is expected to be substantially non-cash.

● Adjusted EPS1- Based on the assumptions outlined above, the Company expects its third-quarter adjusted earnings per diluted share to be between approximately $0.85 and $0.95. Based on current assumptions, the Company now expects its full-year adjusted earnings per diluted share to be between $3.00 and $3.75, higher than the Company's prior guidance of $2.50 to $3.50.

Notes:

1. CASM-ex is cost per available seat mile (CASM) excluding fuel and net special items and is a non-GAAP measure. All adjusted operating margin, adjusted nonoperating expense and adjusted earnings per diluted share guidance excludes the impact of net special items and are non-GAAP measures. The Company is unable to reconcile certain forward-looking projections to GAAP as the nature or amount of net special items cannot be determined at this time. Please see GAAP to non-GAAP reconciliation at the end of this document.

Please refer to the footnotes and the forward-looking statements page of this document for additional information.

Financial Update

July 20, 2023

	3Q 20231
Available seat miles (ASMs)	~ + 5% to + 7% (vs. 3Q 22)
TRASM	~ - 4.5% to - 6.5% (vs. 3Q 22)
CASM excluding fuel and net special items	~ + 2% to + 4% (vs. 3Q 22)
Average fuel price (incl. taxes) ($/gal)	~ $2.55 to $2.65
Fuel gallons consumed (mil)	~ 1,090
Adjusted operating margin	~ 8% to 10%
Adjusted nonoperating expense ($ mil)	~ $380
Adjusted earnings per diluted share ($/share)	~ $0.85 to $0.95
	3Q 2023 Shares Forecast
	Shares (mil)2
Earnings Level ($ mil)	Basic	Diluted	Addback ($ mil)3
Earnings above $128	654.2	726.1	$12
Earnings up to $128	654.2	664.4	—
Net loss	654.2	654.2	—

	FY 20231
Available seat miles (ASMs)	~ + 5% to + 8% (vs. 2022)
TRASM	Up low single digits (vs. 2022)
CASM excluding fuel and net special items	~ + 2% to + 4% (vs. 2022)
Average fuel price (incl. taxes) ($/gal)	~ $2.70 to $2.80
Fuel gallons consumed (mil)	~ 4,135
Adjusted operating margin	~ 8% to 10%
Adjusted nonoperating expense ($ mil)	~ $1,575
Adjusted earnings per diluted share ($/share)	~ $3.00 to $3.75
	FY 2023 Shares Forecast
	Shares (mil)2
Earnings Level ($ mil)	Basic	Diluted	Addback ($ mil)3
Earnings above $501	653.6	723.0	$47
Earnings up to $501	653.6	661.2	—
Net loss	653.6	653.6	—

Notes:

1.	Includes guidance on certain non-GAAP measures, which exclude, among other things, net special items. The Company is unable to reconcile certain forward-looking projections to GAAP as the nature or amount of net special items cannot be determined at this time. Please see the GAAP to non-GAAP reconciliation at the end of this document. Numbers may not recalculate due to rounding.
2.	Shares outstanding are based upon several estimates and assumptions, including average per share stock price and stock award activity. The number of shares in actual calculations of earnings per share will likely be different from those set forth above.
3.	Interest addback for earnings per diluted share calculation for 6.5% convertible notes, net of estimated profit sharing, short-term incentive, and tax effects.

Please refer to the footnotes and the forward-looking statements page of this document for additional information.

GAAP to Non-GAAP Reconciliation

July 20, 2023

The Company sometimes uses financial measures that are derived from the condensed consolidated financial statements or otherwise provided in the form of guidance but that are not presented in accordance with GAAP to understand and evaluate its current operating performance and to allow for period-to-period comparisons. The Company believes these non-GAAP financial measures may also provide useful information to investors and others. These non-GAAP measures may not be comparable to similarly titled non-GAAP measures of other companies, and should be considered in addition to, and not as a substitute for or superior to, any measure of performance, cash flow or liquidity prepared in accordance with GAAP. The Company is providing a reconciliation of reported non-GAAP financial measures to their comparable financial measures on a GAAP basis. The table below presents the reconciliation of total operating costs (GAAP measure) to total operating costs excluding fuel and net special items (non-GAAP measure) and total operating costs per ASM (CASM) to CASM excluding fuel and net special items. Management uses total operating costs excluding fuel and net special items and CASM excluding fuel and net special items to evaluate the Company's current operating performance and for period-to-period comparisons. The price of fuel, over which the Company has no control, impacts the comparability of period-to-period financial performance. Additionally, net special items may vary from period-to-period in nature and amount. These adjustments to exclude fuel and net special items allow management an additional tool to understand and analyze the Company’s non-fuel costs and core operating performance.

GAAP to Non-GAAP Reconciliation of Total Operating Costs and CASM ($ mil, except ASM and CASM data)
	3Q 2023 Range				FY 2023 Range
	Low		High		Low		High
Total operating expenses	$	12,040	$	12,510	$	46,922	$	49,078
Less fuel expense	2,780		2,889		11,165		11,578
Less operating net special items	—		—		—		—
Total operating expense excluding fuel and net special items (non-GAAP)	$	9,260	$	9,622	$	35,757	$	37,500
Total CASM (cts)	16.72		17.05		17.17		17.46
Total CASM excluding fuel and net special items (cts) (non-GAAP)	12.86		13.11		13.09		13.34
Percentage change compared to 3Q 2022 (%)	2.0%		4.0%		2.0%		4.0%
Total ASMs (bil)	72.0		73.4		273.2		281.0

Note: Amounts may not recalculate due to rounding.

Please refer to the footnotes and the forward-looking statements page of this document for additional information.

Forward-Looking Statements

July 20, 2023

Cautionary Statement Regarding Forward-Looking Statements

Certain of the statements contained in this report should be considered forward-looking statements within the meaning of the Securities Act of 1933, as amended, the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. These forward-looking statements may be identified by words such as “may,” “will,” “expect,” “intend,” “anticipate,” “believe,” “estimate,” “plan,” “project,” “could,” “should,” “would,” “continue,” “seek,” “target,” “guidance,” “outlook,” “if current trends continue,” “optimistic,” “forecast” and other similar words. Such statements include, but are not limited to, statements about the Company’s plans, objectives, expectations, intentions, estimates and strategies for the future, and other statements that are not historical facts. These forward-looking statements are based on the Company’s current objectives, beliefs and expectations, and they are subject to significant risks and uncertainties that may cause actual results and financial position and timing of certain events to differ materially from the information in the forward-looking statements. These risks and uncertainties include, but are not limited to, those set forth herein as well as in the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2023 (especially in Part I, Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations and Part II, Item 1A. Risk Factors), and other risks and uncertainties listed from time to time in the Company’s other filings with the Securities and Exchange Commission. Additionally, there may be other factors of which the Company is not currently aware that may affect matters discussed in the forward-looking statements and may also cause actual results to differ materially from those discussed. The Company does not assume any obligation to publicly update or supplement any forward-looking statement to reflect actual results, changes in assumptions or changes in other factors affecting these forward-looking statements other than as required by law. Any forward-looking statements speak only as of the date hereof or as of the dates indicated in the statement.

Please refer to the footnotes and the forward-looking statements page of this document for additional information.