RE:AC will be FCF generator Absolutely.
AC business model is a FCF generator. Covid only disrupted the model for 2-3 years and FCF has started again. Last 4 Qs have produced $3.8B FCF (after purchasing aircraft). Demand is strong, yields are stable, cost is accounted for and tools like Aeroplan, Credit Cards, 6th freedom, etc.. will only sweeten the deal.
Expect $2.0B+/year of FCF.