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Tom Fitzgerald

Vice President and Equity Research Analyst at Cowen Inc.

Tom Fitzgerald is a Vice President and Equity Research Analyst at TD Cowen, specializing in the airlines and air-related industries across the US and Canadian markets. He covers major companies including United Airlines, American Airlines, Copa Holdings, Air Canada, and Southwest Airlines, and is recognized for a 69% success rate and an average return of 13% per rating according to TipRanks, with a top single-rating return of 66.8% on Air Canada. Fitzgerald began his equity research career in 2021 when he joined TD Cowen, following rigorous academic and industry training, and holds the CFA charter. He is a prominent commentator on sector trends in major media outlets and participates frequently in industry outlook events.

Tom Fitzgerald's questions to JETBLUE AIRWAYS (JBLU) leadership

Question · Q3 2025

Tom Fitzgerald from TD Cowen Inc. asked about the reliability and time on wing of JetBlue's A220 fleet and its implications for 2026 planning. He also inquired about JetBlue's strategy for technology in distribution and levers to drive more direct channel sales.

Answer

Ursula Hurley, CFO of JetBlue Airways, acknowledged some reliability challenges with the A220 fleet, which JetBlue is addressing with Airbus Canada. However, she noted that the impact on 2026 capacity growth is less significant than new aircraft deliveries and the return of grounded aircraft. Marty St. George, President of JetBlue Airways, highlighted that JetBlue already achieves three-quarters direct bookings with strong penetration and selective OTA partnerships. He mentioned the ongoing implementation of NDC technology, expressing excitement for its potential to enable continuous pricing, which he believes will optimize demand curves through both price adjustments.

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Tom Fitzgerald's questions to United Airlines Holdings (UAL) leadership

Question · Q3 2025

Tom Fitzgerald from TD Cowen requested an update on the Starlink installation cadence through 2026 and the opportunities it creates for connective media.

Answer

EVP and Chief Commercial Officer Andrew Nocella reported that Starlink installation is over halfway complete for United Express, with the first 737-800 recently taking off with 'off the chart' NPS scores. He described Starlink as a 'game-changer' for customer experience, offering gate-to-gate, reliable, and fast Wi-Fi. He highlighted the significant upside for connective media by delivering unique, personalized content and travel aids to each seat, with full fleet enablement expected by the end of 2027. COO Toby Enqvist added a 'nerdy' statistic: 145 paying customers, 170 devices, and 145 gigabytes used on the inaugural flight.

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Question · Q2 2025

Tom Fitzgerald from TD Cowen requested an update on the Connected Media initiative and its potential contribution by 2026. He also asked about the current aircraft delivery situation and the expected timing of the associated aircraft gauge benefit.

Answer

EVP & CCO Andrew Nocella stated that United aims to double media revenue in 2025 and that the combination of new seatback screens and Starlink connectivity will unlock significant value in the 2026-2027 timeframe. EVP & CFO Mike Leskinen reported that narrowbody MAX deliveries from Boeing are ahead of schedule, while widebody 787s are delayed. He projects a 2% increase in aircraft gauge for 2026, with acceleration expected in 2027.

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Tom Fitzgerald's questions to Copa Holdings (CPA) leadership

Question · Q2 2025

Tom Fitzgerald from TD Cowen asked about the role of technology, such as dynamic pricing, in Copa's revenue strategy and requested an update on the progress of its seat densification program.

Answer

CEO Pedro Heilbron explained that Copa has invested in 'homemade' digital tools for its website and app to drive ancillary revenue cost-effectively. He noted the company is in its 'infancy' with advanced dynamic pricing but is pursuing it with an ROI-focus. He also stated that 30 aircraft are still pending for seat densification, a project delayed by aircraft delivery schedules.

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Tom Fitzgerald's questions to Frontier Group Holdings (ULCC) leadership

Question · Q2 2025

Tom Fitzgerald asked for the expected run rate for 'other revenue' and how Frontier would manage the risk of another domestic capacity glut next spring.

Answer

CCO Robert Schroeter detailed several initiatives poised to boost 'other revenue,' including loyalty, first-class seating, and NDC distribution, suggesting the current run rate will grow. CEO Barry Biffle addressed the risk by stating that a persistent glut would force more competitors to exit markets, ultimately benefiting Frontier as the 'last man standing' due to its low-cost structure and strong balance sheet.

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