Where Delta’s revenues were relatively resilient, United’s are rapidly receding, at least in the fourth quarter. In Episode 24—informally “part two” of U.S. earnings season—we discuss the sources of United’s revenue declines and the many moves the airline can make to restore them. Two other airlines, meanwhile, seem to have all the right moves.

Southwest is enjoying being safely cocooned in the healthy U.S. domestic market, and Alaska Airlines is enjoying watching new routes bear fruit almost overnight. We do manage to break out of the U.S.A., booking passage to India, where IndiGo and SpiceJet notched solid fourth quarters. In short, everybody is making money!