1、USA|LeisureEquity ResearchAugust 29,2025 DavidKatz*|Equity Analyst(212)323-3355|SheilaKahyaoglu*|Equity Analyst+1(212)336-7216|JamesHeaney*|Equity Analyst(212)336-1171|JohnColantuoni*|Equity Analyst1(212)778-8634|StephanieMoore*|Equity Analyst(615)934-1384|TrevorWilliams*|Equity Analyst(415)229-1546

2、|JefferiesData Strategy*|Equity Strategist+1(212)510-3239|The Travel Tapestry:Cruise Staying Strong;Theme Parks Bounce BackOur August look at the Travel&Leisure sector sews together data from multipleAnalyst teams and sub-sectors to surface trends&insights.Cruise lines remainthe strongest vertical,w

3、ith pricing accelerating through the summer.Elsewhere,Theme Parks had a good July,with web visits and app user activity rising,whileUS Hotel RevPAR continues to slide,though intl trends have held up.Q3 Airline Capacity Mostly Intact Vs Jun,w/3%of cross-border volume.We est.total US inbound travelrep

4、resents 10%of V/MA cross-border ex intra-Europe volume.North American Scheduled Flights Down 5%vs 2019.We count 197,736 flights in North America forthe most recent week,which is+1%y-o-y,to 5%below 2019.This is tied to US flights-4%relative to2019,or up 1%y-o-y,driven by the domestic side-5%(+1%y-o-y

5、),with international flights+2%(+4%y-o-y).Scheduled flight data supports the Morning Consult survey(Exhibit 14)showing muted air travelintentions in August.Notably,the data captures scheduled flights rather than flown flights,so close-incancelations where the flight was not removed from the official

6、 schedule will not be captured.Global Web Traffic by Location of Airline+3%Y/Y In Week Beginning August 15.Among US carriers,average TRASMs declined 3%y-o-y in Q2,including AAL/DAL/LUV all-3%with UAL the laggard down4%in the quarter.Looking ahead,AAL implied unit revenues drop another 2-4%y-o-y,w/DA