One of our favorite US DOT datasets was updated for 1Q25, allowing us to update several models. One we'd like to share here monitors 737 MAX operations by US airlines. The US is MAX's largest market, with Southwest Airlines as the leading operator. The model consists of five pages, and we will provide notes on each page below. We have noted previously the MAX's range. Notes: Page 1 - Readers can select an airline to view its RPM and share information about the 737 model deployed. The MAX share is rising fast as Boeing deliveries restart. Note that none of the US operators have seen any aircraft parked in the manner in which Chinese aircraft were. US operators have taken their deliveries as soon as they can. Page 2 - Here, we are examining fuel burn on a seat-mile-gallon basis. The higher the number, the better. The improvement of the MAX over the NG is impressive and far exceeds the original 16% promised. Using the 2025 data, the MAX 8 delivers 26.9% better fuel burn than the 800NG. The MAX 9 delivers 23.2% better fuel burn than the 900NG. Page 3 - Offers another look at fuel burn over time in a chart. The slump in 2020 reflects the MAX being grounded. The improvement gap between the 737 generations is clear. The MAX 9 is operating above the 100-seat-mile/gallon curve. The only other aircraft that matches this level is the A321neo. The performance suggests the MAX 10 is likely to also operate at this level when it achieves EIS. Page 4 - Offers a more detailed view of fuel burn by operator. Each model lists operators, enabling the reader to see relative performance. Notice that Alaska performs well across several models. Its -700 performance reflects that its aircraft are primarily freighters. Page 5 - This fuel burn view is similar to Page 4, but each chart lists an operator; this way, a reader can view performance within an airline. The charts reinforce the improvements the MAX delivers. Note Delta has no MAX in service now, but has a large MAX 10 order. Delta takes a fuel burn hit when it competes with MAX operators. Summary The MAX is delivering better-than-promised fuel burn. Since fuel accounts for ~45% of operating costs, this improvement is highly desirable. US airlines with MAX orders have not held back on deliveries. As quickly as Boeing can produce the MAX, airlines take delivery. Boeing has managed to run down its MAX inventory thanks to Indian startups. However, that opportunity has waned, and last week we saw the first new-build MAX for China, as well as a 1,500-day-old MAX delivered to China.