American, United Weigh Capacity Cuts as Fuel Prices Stay Elevated

American Airlines CEO Robert Isom told the Morgan Stanley Laguna conference on Sept. 16, 2026, that if fuel prices remain as high as they are right now, capacity planning will need adjustments. "We've absolutely done a great job of recapturing a tremendous amount of that expense," he said, with third-quarter revenue forecast to grow 16% to 19% year over year. CFO Devon May said Q4 fuel had risen roughly $1 a gallon from July's assumption, and every 1-cent move changes quarterly costs by about $10 million. American and United are pulling some December flights. United CFO Michael Leskinen said further adjustments may come in the first quarter and into 2027: "We are not flying to maximize market share. We're flying to maximize profitability and free cash generation." Southwest already cut planned 2026 capacity growth roughly in half from about 2% to 3%. CFO Tom Doxey said if fuel is higher for longer, trimming capacity would be the "natural response." Shares of American, United and Southwest are down about 14%, 15% and 11% over the past month. What is contested: The sources show no substantive disagreement on the numbers or executive remarks, only on framing. Left-leaning outlets stress a fuel surge and cuts; right-leaning outlets describe carriers weighing cuts as prices stay elevated.