If someone can find a publicly traded sched airline in North America that reported a worse operating margin, (7.19% vs 8.01% last year) and a higher break-even load factor last quarter, (78.3% vs 78.2% last year), please let me know.

As usual, AC is at the bottom of the metrics chart, even in their second best quarter.

Meanwhile, after 3 years of trying to put the screws to WS, WS's YOY margin was up almost a full percentage point, even with fuel for all being up about 17% yoy.

In the "EBITDAR mention in the press release sweepstakes", AC mentioned the term 26 times. The cumulative mentions of EBITDAR in all of WS, UAL, AA, Delta and Southwest 2Q earnings press releases was, (count 'em), 0.

Not one EBITDAR mention. Apparently, and quite correctly, the other airlines don't consider EBITDAR to be a meaningful indicator of anything.

Enjoy the upside.