1、USA|Aerospace&Defense ElectronicsEquity ResearchJuly 23,2025 SheilaKahyaoglu*|Equity Analyst+1(212)336-7216|JohnColantuoni*|Equity Analyst1(212)778-8634|GregKonrad,CFA*|Equity Analyst+1(212)284-2391|EllenPage*|Equity Associate+1(212)323-3381|KyleWenclawiak*|Equity Associate+1(212)323-7671|ConorWalte

2、rs*|Equity Associate+1(212)323-3395|EeganMcDermott*|Equity Associate+1(212)323-3325|Whats Up in the Clouds:Airline Web Traffic-1%Y-o-Y;US App Users-1%Y-o-YWhats Up in the Clouds complements our Whats Up in the Skies series and aimsto be a potential leading indicator of air traffic.We track web traff

3、ic data for50 global airline websites and 14 online travel agents.From July 13 to July 19,global airline and OTA web traffic by customer was-1%y-o-y(US traffic-7%y-o-y),while global traffic by airline location was-4%y-o-y(US-13%y-o-y).Most Interesting Item.DAL was the first major airline to report Q

4、2 results,with TRASMs-3%y-o-y,with Q3 implied down a further 2%y-o-y on currently published schedules.This compares toUAL,which saw TRASMs down 4%y-o-y in Q2.The Conference Boards Consumer Confidence Indexreverted in June,falling 5.4 points from 98.4 in May to 93.0 last month.The Present Situation I

5、ndexfell 6.4pts to 129.1,while the Expectations Index also declined,by 4.6pts to 69.0,still below the 80threshold,suggesting a recession is anticipated.Based on the latest weeks web traffic data,airtravel demand may suggest a potential softening in air traffic,with global airline and OTA web traffic

6、by customer location inflecting negative to-1%y-o-y(US traffic-7%y-o-y).In terms of app traffic,ourset of US carriers saw unique app users down 1%y-o-y and-3%on a T3M-o-T3M basis.However,data for just the Big 4 was resilient with unique app users up 3%T3M.US App Users-1%Y-o-Y In Week Beginning July