I have a feeling the OP used to set up hedge transactions for JP Morgan given his level of analysis... these numbers are what matters, and are actually from financial reports...

I might add one more figure, AA announced its PRASM was UP 7.3%.

to give some context, while UA did not reveal its revenue for May, if one extrapolates from its Q1 figures, had they matched Delta/US's PRASM growth (which is a measure of the airlines ability to attract higher paying passangers, i.e. sell its seats for more money overall) it would have been another $151M in revenue for the month.

To give further context, the "loss" of this revenue, multiplied by 3 months = their loss last quarter. Extrapolate this lag in revenue over a year and its 1.8B in revenue loss. Not only material, but the difference between a profit and a loss.

And since costs are basically fixed, its all pure profit/loss.

Also note that the AA status match (if it effects them) will not begin to impact revenue heavily until probably next month. And the trend vs. AA/US/DL is that the gap between UAs PRASM and the competition has widened, i.e. UA is falling further behind, this year. This is what one would expect if they are loosing high value traffic.

Its all very, very bad for UA.