Big Airlines are Hoarding Cash to Survive the Pandemic

The COVID-19 pandemic has cratered demand for air travel, tens of thousands of people are already out of work, and a recovery — whatever that may look like — is expected to take years. But while smaller suppliers are crashing and burning, the biggest corporations that operate and orchestrate the air travel industry are surviving, thanks to their size and their access to a crucial resource: cash.

The major airlines were hit with historic losses, which they detailed over the last month during their quarterly earnings calls. Collectively, the Big...