<PAGE>   1
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549
                                    FORM 10-Q
(MARK ONE)

   X     QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
         EXCHANGE ACT OF 1934

FOR THE QUARTERLY PERIOD ENDED  JUNE 30, 1998  OR

         TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
 ______  SECURITIES EXCHANGE ACT OF 1934

FOR THE TRANSITION PERIOD FROM _____________ TO _________________


COMMISSION FILE NUMBER         1-12649


                        AMERICA WEST HOLDINGS CORPORATION

             (EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)

          DELAWARE                                 86-0847214
(STATE OR OTHER JURISDICTION OF        (I.R.S. EMPLOYER IDENTIFICATION NO.)
 INCORPORATION OR ORGANIZATION)


<TABLE>
<S>                                                          <C>                             <C>
        51 WEST THIRD STREET                                 TEMPE, ARIZONA                     85281
(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES)                                                     (ZIP CODE)
</TABLE>


REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE         (602) 693-0800



                              N/A
(FORMER NAME, FORMER ADDRESS AND FORMER FISCAL YEAR, IF CHANGED SINCE LAST
REPORT)

INDICATE BY CHECK MARK WHETHER THE REGISTRANT (1) HAS FILED ALL REPORTS REQUIRED
TO BE FILED BY SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 DURING
THE PRECEDING 12 MONTHS (OR FOR SUCH SHORTER PERIOD THAT THE REGISTRANT WAS
REQUIRED TO FILE SUCH REPORTS), AND (2) HAS BEEN SUBJECT TO SUCH FILING
REQUIREMENTS FOR THE PAST 90 DAYS.

YES   XX                   NO

THE COMPANY HAS 1,100,000 SHARES OF CLASS A COMMON STOCK AND 45,128,339
SHARES OF CLASS B COMMON STOCK OUTSTANDING AS OF JULY 31, 1998.
<PAGE>   2
PART I - FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS

                        AMERICA WEST HOLDINGS CORPORATION
                      CONDENSED CONSOLIDATED BALANCE SHEETS
                        (IN THOUSANDS EXCEPT SHARE DATA)

<TABLE>
<CAPTION>
                                                                    JUNE 30,        DECEMBER 31,
                                                                     1998              1997
                                                                     ----              ----
                    ASSETS                                        (UNAUDITED)

<S>                                                               <C>               <C>
Current assets:
    Cash and cash equivalents ............................        $  165,414        $  172,303
    Short-term investments ...............................            64,423              --
    Accounts receivable, net .............................            99,589            87,538
    Expendable spare parts and supplies, net .............            27,141            27,135
    Prepaid expenses .....................................            36,797            36,917
                                                                  ----------        ----------

        Total current assets .............................           393,364           323,893
                                                                  ----------        ----------

Property and equipment:
    Flight equipment .....................................           839,851           783,384
    Other property and equipment .........................           149,798           143,172
    Equipment purchase deposits ..........................            48,936            45,246
                                                                  ----------        ----------
                                                                   1,038,585           971,802
    Less accumulated depreciation and amortization .......           340,128           276,430
                                                                  ----------        ----------

         Net property and equipment ......................           698,457           695,372
                                                                  ----------        ----------

Other assets:
    Restricted cash ......................................            29,931            57,158
    Reorganization value in excess of amounts allocable to
        identifiable assets, net .........................           347,654           363,268
    Deferred income taxes ................................            74,700            74,700
    Other assets, net ....................................            37,364            32,400
                                                                  ----------        ----------

        Total other assets ...............................           489,649           527,526
                                                                  ----------        ----------
                                                                  $1,581,470        $1,546,791
                                                                  ==========        ==========
</TABLE>

     See accompanying notes to condensed consolidated financial statements.

                                        2
<PAGE>   3
                        AMERICA WEST HOLDINGS CORPORATION
                      CONDENSED CONSOLIDATED BALANCE SHEETS
                        (IN THOUSANDS EXCEPT SHARE DATA)

<TABLE>
<CAPTION>
                                                                              JUNE 30,          DECEMBER 31,
                                                                               1998                   1997
                                                                               ----                   ----
                           LIABILITIES AND STOCKHOLDERS' EQUITY             (UNAUDITED)

<S>                                                                         <C>                 <C>
Current liabilities:
    Current maturities of long-term debt ...........................        $    46,924         $    54,000
    Accounts payable ...............................................            110,828             140,908
    Air traffic liability ..........................................            225,136             173,149
    Accrued compensation and vacation benefits .....................             41,618              37,267
    Accrued taxes ..................................................             83,982              36,064
    Other accrued liabilities ......................................             53,889              44,554
                                                                            -----------         -----------

        Total current liabilities ..................................            562,377             485,942
                                                                            -----------         -----------

Long-term debt, less current maturities ............................            227,438             272,760
Deferred credits and other liabilities .............................            100,213             104,519

Commitments and contingencies

Stockholders' equity:
    Preferred stock, $.01 par value.  Authorized 48,800,000
        shares; no shares issued ...................................               --                  --
    Class A common stock, $.01 par value.  Authorized
        1,200,000 shares; issued and outstanding 1,100,000 shares at
        June 30, 1998 and 1,200,000 shares at December 31, 1997 ....                 11                  12
    Class B common stock, $.01 par value.  Authorized
        100,000,000 shares; issued 45,054,320
        shares at June 30, 1998 and 44,782,404 shares at
        December 31, 1997 ..........................................                451                 448
    Additional paid-in capital .....................................            562,362             565,546
    Retained earnings ..............................................            211,662             145,107
                                                                             -----------         -----------
                                                                                774,486             711,113

    Less: Cost of Class B Common Stock in treasury, 3,606,695
        shares in 1998 and 1,486,168 shares in 1997 ................            (83,044)            (27,543)
                                                                            -----------         -----------

        Total stockholders' equity .................................            691,442             683,570
                                                                            -----------         -----------
                                                                            $ 1,581,470         $ 1,546,791
                                                                            ===========         ===========
</TABLE>

     See accompanying notes to condensed consolidated financial statements.

                                       3
<PAGE>   4
                        AMERICA WEST HOLDINGS CORPORATION
                   CONDENSED CONSOLIDATED STATEMENTS OF INCOME
                      (IN THOUSANDS EXCEPT PER SHARE DATA)
                                   (UNAUDITED)

<TABLE>
<CAPTION>
                                                                THREE MONTHS ENDED                      SIX MONTHS ENDED
                                                                     JUNE 30,                                JUNE 30,
                                                             1998               1997                 1998                1997
                                                             ----               ----                 ----                ----
<S>                                                      <C>                 <C>                 <C>                 <C>
Operating revenues:
    Passenger ...................................        $   491,042         $   450,753         $   934,834         $   886,293
    Cargo .......................................             11,887              12,054              24,492              24,810
    Leisure Co. net revenues ....................             14,206                --                26,469                --
    Other .......................................             16,560              14,949              31,116              28,840
                                                         -----------         -----------         -----------         -----------
        Total operating revenues ................            533,695             477,756           1,016,911             939,943
                                                         -----------         -----------         -----------         -----------

Operating expenses:
    Salaries and related costs ..................            112,743             102,326             218,859             203,343
    Aircraft rents ..............................             60,195              55,089             118,940             110,021
    Other rents and landing fees ................             28,795              28,862              58,253              59,678
    Aircraft fuel ...............................             47,798              57,608              98,082             126,724
    Agency commissions ..........................             34,900              40,452              66,517              78,764
    Aircraft maintenance materials and repairs ..             44,041              37,669              86,469              68,981
    Depreciation and amortization ...............             12,765              12,348              25,063              24,425
    Amortization of excess reorganization value .              4,974               6,256               9,948              12,511
    Leisure Co. expenses ........................             10,267                --                20,116                --
    Other .......................................            100,476              86,563             188,516             171,450
                                                         -----------         -----------         -----------         -----------

        Total operating expenses ................            456,954             427,173             890,763             855,897
                                                         -----------         -----------         -----------         -----------

Operating income ................................             76,741              50,583             126,148              84,046
                                                         -----------         -----------         -----------         -----------

Nonoperating income (expenses):
    Interest income .............................              3,972               2,698               6,972               5,265
    Interest expense, net .......................             (6,313)            (10,349)            (14,048)            (20,738)
    Other, net ..................................               (652)               (168)             (1,068)                128
                                                         -----------         -----------         -----------         -----------

        Total nonoperating expenses, net ........             (2,993)             (7,819)             (8,144)            (15,345)
                                                         -----------         -----------         -----------         -----------

Income before income taxes ......................             73,748              42,764             118,004              68,701
                                                         -----------         -----------         -----------         -----------

Income taxes ....................................             32,331              19,756              51,449              31,739
                                                         -----------         -----------         -----------         -----------

Net income ......................................        $    41,417         $    23,008         $    66,555         $    36,962
                                                         ===========         ===========         ===========         ===========

Earnings per share:
    Basic .......................................        $      0.95         $      0.52         $      1.52         $      0.83
                                                         ===========         ===========         ===========         ===========
    Diluted .....................................        $      0.86         $      0.50         $      1.38         $      0.80
                                                         ===========         ===========         ===========         ===========
Shares used for computation:
    Basic .......................................             43,617              44,519              43,808              44,480
                                                         ===========         ===========         ===========         ===========
    Diluted .....................................             48,410              46,104              48,132              46,216
                                                         ===========         ===========         ===========         ===========
</TABLE>

     See accompanying notes to condensed consolidated financial statements.

                                       4
<PAGE>   5
                        AMERICA WEST HOLDINGS CORPORATION
                 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
                                 (IN THOUSANDS)
                                   (UNAUDITED)
<TABLE>
<CAPTION>
                                                                     SIX MONTHS ENDED
                                                                          JUNE 30,
                                                                   1998              1997
                                                                   ----              ----
<S>                                                             <C>               <C>
Net cash provided by operating activities ..............        $ 241,747         $  87,790
                                                                ---------         ---------
Cash flows from investing activities:
    Purchases of property and equipment ................          (67,789)          (76,459)
    Sales (purchases) of short-term investments ........          (64,423)           38,075
    Equipment purchase deposits and other ..............          (10,456)           (6,345)
                                                                ---------         ---------
        Net cash used in investing activities ..........         (142,668)          (44,729)
                                                                ---------         ---------

Cash flows from financing activities:
    Repayment of debt ..................................          (45,634)          (21,624)
    Repurchase of common stock and AWA warrants ........          (63,652)          (13,342)
    Other ..............................................            3,318             1,056
                                                                ---------         ---------
        Net cash used in financing activities ..........         (105,968)          (33,910)
                                                                ---------         ---------

Net increase (decrease) in cash and cash equivalents ...           (6,889)            9,151
                                                                ---------         ---------

Cash and cash equivalents at beginning of period .......          172,303           137,499
                                                                ---------         ---------

Cash and cash equivalents at end of period .............        $ 165,414         $ 146,650
                                                                =========         =========

Cash, cash equivalents and short-term investments at end
     of period .........................................        $ 229,837         $ 147,706
                                                                =========         =========

Cash paid for:
    Interest, net of amounts capitalized ...............        $  11,898         $  15,978
                                                                =========         =========
    Income taxes .......................................        $   4,211         $     132
                                                                =========         =========

Non-cash financing activities:
    Notes payable issued for equipment purchase deposits        $   3,500         $  16,553
                                                                =========         =========
    Notes payable canceled under the aircraft
         purchase agreement ............................        $ (10,309)        $    --
                                                                =========         =========
</TABLE>

     See accompanying notes to condensed consolidated financial statements.

                                       5
<PAGE>   6
                        AMERICA WEST HOLDINGS CORPORATION
              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
                                  JUNE 30, 1998

1.   BASIS OF PRESENTATION

         The unaudited condensed consolidated financial statements include the
accounts of America West Holdings Corporation ("Holdings" or the "Company") and
its wholly-owned subsidiaries, America West Airlines, Inc. ("AWA"), and The
Leisure Company ("Leisure Co."). These statements have been prepared pursuant to
the rules and regulations of the Securities and Exchange Commission and do not
include all information and footnotes required by generally accepted accounting
principles. In the opinion of management, the condensed consolidated financial
statements reflect all adjustments, which are of a normal recurring nature,
necessary for a fair presentation. Certain prior year amounts have been
reclassified to conform with current year presentation. The accompanying
condensed consolidated financial statements should be read in conjunction with
the consolidated financial statements and related notes thereto included in the
Company's Annual Report on Form 10-K for the year ended December 31, 1997.

2.   EARNINGS PER SHARE ("EPS")

         In 1997, the Company adopted Statement of Financial Accounting Standard
("SFAS") No. 128, "Earnings Per Share," which standardized reporting for EPS
into basic EPS and diluted EPS. All prior period EPS data have been restated to
conform to SFAS No. 128.

<TABLE>
<CAPTION>
                                                               THREE MONTHS ENDED                   SIX MONTHS ENDED
                                                                   JUNE 30,                               JUNE 30,
                                                           1998               1997                1998               1997
                                                           ----               ----                ----               ----
                                                                      (in thousands of dollars except share data)
<S>                                                     <C>                <C>                <C>                <C>
BASIC EARNINGS PER SHARE

Income applicable to common stock ..............        $    41,417        $    23,008        $    66,555        $    36,962
                                                        ===========        ===========        ===========        ===========

Weighted average common shares outstanding .....         43,616,703         44,519,010         43,808,055         44,479,616
                                                        ===========        ===========        ===========        ===========

Basic earnings per share .......................        $      0.95        $      0.52        $      1.52        $      0.83
                                                        ===========        ===========        ===========        ===========


DILUTED EARNINGS PER SHARE

Income applicable to common stock ..............        $    41,417        $    23,008        $    66,555        $    36,962
                                                        ===========        ===========        ===========        ===========

Share computation:
  Weighted average common shares outstanding ...         43,616,703         44,519,010         43,808,055         44,479,616
  Assumed exercise of stock options and warrants          4,792,985          1,585,330          4,323,876          1,735,943
                                                        -----------        -----------        -----------        -----------
  Weighted average common shares
        outstanding as adjusted ................         48,409,688         46,104,340         48,131,931         46,215,559
                                                        ===========        ===========        ===========        ===========

Diluted earnings per share .....................        $      0.86        $      0.50        $      1.38        $      0.80
                                                        ===========        ===========        ===========        ===========
</TABLE>

         For the three and six months ended June 30, 1998, options for 10,549
and 176,119 shares, respectively, are not included in the computation of diluted
EPS because the option exercise prices were greater than the average market
price of common stock for the respective periods. Similarly, for the three and
six months ended June 30, 1997, options for 1,065,446 and 1,047,471 shares,
respectively, are not included in the computation of diluted EPS.

                                       6
<PAGE>   7
                        AMERICA WEST HOLDINGS CORPORATION
              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
                                  JUNE 30, 1998

3.    STOCK REPURCHASE PROGRAM

         In May and June 1998 the Company repurchased 1,624,600 shares of Class
B Common Stock on the open market for approximately $46.1 million. These equity
repurchases were made pursuant to a stock repurchase program encompassing 2.5
million shares of Class B Common Stock and all outstanding warrants. In July
1998, the Company repurchased 197,900 shares of Class B Common Stock remaining
under this stock repurchase plan for approximately $5.8 million.

         In August 1998, the Company's Board of Directors approved the extension
of the Company's stock repurchase program to provide for the repurchase of up to
5.0 million shares of Class B Common Stock and all of AWA's 5.4 million publicly
traded warrants by December 31, 1999.

4.    FLIGHT EQUIPMENT

         AIRCRAFT PURCHASE AGREEMENT AMENDMENT In April 1998, AWA and AVSA
executed Amendment No. 1 to the aircraft purchase agreement which provides for
the reduction of the firm order of Airbus aircraft from 34 to 29. The aggregate
net cost of firm commitments remaining is approximately 1.0 billion based on a
3.5 percent annual price escalation.

         ENGINE HUSH KITS In May 1998, AWA entered into an agreement to purchase
14 737 hush kits at an aggregate net cost of approximately $14 million to
comply with the Federal Aviation Administration's ("FAA") Stage III noise
reduction requirements. Delivery of the hush kits began in May 1998 and will
continue through the first quarter of 1999. As of June 30, 1998, one aircraft
has been outfitted with a hush kit.

         ENGINE MAINTENANCE AGREEMENT In April 1998, AWA entered into a
long-term maintenance agreement to have certain aircraft engines maintained on a
flight hour basis.

5.    BOND FINANCING

         In April 1998 AWA completed the refunding of its $29.3 million variable
rate industrial development revenue bonds due 2016 ("old bonds") by issuing
$29.3 million of 6.3 percent fixed rate industrial development revenue bonds due
April 2023 ("new bonds"). Interest on the new bonds is payable semiannually
(April 1 and October 1) and commences on October 1, 1998. The new bonds are
subject to optional redemption prior to the maturity date on or after April 1,
2008, in whole or in part, on any interest payment date at the following
redemption prices: 102 percent on April 1 or October 1, 2008; 101 percent on
April 1 or October 1, 2009; and 100 percent on April 1, 2010 and thereafter. As
a result of the refinancing, $29.9 million of cash, which secured the
irrevocable direct pay letter of credit that backed the old bonds, was released
and available for general corporate purposes.

                                       7
<PAGE>   8
                        AMERICA WEST HOLDINGS CORPORATION
              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
                                  JUNE 30, 1998

6.    PASSENGER COMMISSIONS

         Effective May 1, 1998, AWA revised its eight percent travel agent
commission program to limit commissions paid to a maximum $50 payment per round
trip and a maximum $25 payment per one way itinerary on all tickets issued in
the United States and Canada. AWA also announced a new Internet commission
policy which offers to all online vendors selling AWA travel a five percent
commission with a maximum $10 payment.

7.    SUBSEQUENT EVENTS

         MESA CODE SHARE AGREEMENT In July 1998, AWA entered into a codesharing
agreement with Mesa Airlines ("Mesa") whereby Mesa serves as a feeder carrier
for AWA to provide America West Express regional airline service from AWA's
Phoenix hub using Canadair regional jets, deHavilland turboprops and Hawker-
Beech 1900 aircraft. The agreement contemplates adding regional operations in
the airline's hubs in Las Vegas and Columbus. The codesharing agreement with
Mesa provides for convenient flight schedules, passenger handling and computer
reservations under AWA flight designator code. The Mesa agreement will be in
effect through August 2004.

         FAA SETTLEMENT. On July 15, 1998, AWA and the FAA entered into an
agreement to settle disputes over alleged maintenance violations. Under the
agreement, AWA did not admit any wrongdoing, will implement certain changes in
maintenance oversight and will pay a civil penalty of $2.5 million. An
additional civil penalty of $2.5 million will be forgiven upon implementation of
the terms of the agreement. AWA's response to the FAA initiatives as well as
protracted labor negotiations resulted in a deterioration in AWA's on time
performance and schedule completion in late June and in July 1998.

         AIRCRAFT LEASES In July 1998, AWA entered into aircraft lease
arrangements for two B737-300 aircraft with lease terms of five and six years,
respectively.

                                       8
<PAGE>   9
                        AMERICA WEST HOLDINGS CORPORATION
                                  JUNE 30, 1998

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
        OF OPERATIONS

         Holdings became the holding company for AWA effective midnight,
December 31, 1996. In January 1998, Leisure Co. began operations as a new
leisure travel subsidiary of Holdings to develop and grow the Company's vacation
package tour business. Holdings' primary business activity is ownership of all
the capital stock of AWA and Leisure Co.

RESULTS OF OPERATIONS

         With commencement of Leisure Co. operations, Holdings 1998 operations
consist of two distinct lines of business for financial reporting purposes.
Management believes that a discussion of each of these business lines is
appropriate to understand the Company's results of operations. Management also
believes that an improved understanding of the Company's results can be gained
by comparing the three and six months ended June 30, 1998 to pro forma results
for the three and six months ended June 30, 1997, which assumes Leisure Co. had
commenced operations as a Holdings' subsidiary on January 1, 1997. The unaudited
pro forma statements of income for AWA and Leisure Co. presented herein have
been prepared based upon certain pro forma adjustments to AWA's historical
statements of income for the three and six months ended June 30, 1997. The 1997
pro forma results for AWA and Leisure Co. are for information purposes only and
are not necessarily indicative of what actually would have been achieved if
Leisure Co. had functioned as a separate entity during such period. In addition,
the pro forma information is not intended to be a projection of results that
will be obtained in the future.

SUMMARY

         For the three months ended June 30, 1998, Holdings earned record
consolidated net income of $41.4 million, an 80 percent increase over
consolidated net income of $23.0 million in 1997. The 1998 quarter included an
after-tax charge of $2.5 million related to a recent settlement by AWA with the
FAA (see Note 7. "Subsequent Events - FAA Settlement" in Notes to Condensed
Consolidated Financial Statements.) Diluted earnings per share for the three
months ended June 30, 1998 was $.86 compared to $.50 in the three months ended
June 30, 1997. Consolidated income tax expense for financial reporting purposes
was $32.3 million for the three months ended June 30, 1998 compared to $19.8
million for the three months ended June 30, 1997.

         Holdings also had record consolidated net income for the six months
ended June 30, 1998, realizing $66.6 million compared to $37.0 million in the
1997 period. For the six months ended June 30, 1998, diluted earnings per share
was $1.38 compared to $.80 for the 1997 period. Consolidated income tax expense
for financial reporting purposes was $51.4 million and $31.7 million for the six
months ended June 30, 1998 and 1997, respectively.

                                       9
<PAGE>   10
                        AMERICA WEST HOLDINGS CORPORATION
                                  JUNE 30, 1998

AWA

The following discussion provides an analysis of AWA's results of operations and
material changes therein.

                           America West Airlines, Inc.
                              Statements of Income
                                 (In thousands)
                                   (Unaudited)

<TABLE>
<CAPTION>
                                                          Three Months Ended                  Six Months Ended
                                                               June 30,                           June 30,
                                                        1998              1997              1998              1997
                                                        ----              ----              ----              ----
                                                                        Pro Forma                           Pro Forma
<S>                                                   <C>               <C>               <C>               <C>
Operating revenues:
    Passenger ................................        $ 491,042         $ 450,753         $ 934,834         $ 886,293
    Cargo ....................................           11,887            12,054            24,492            24,810
    Other ....................................           16,560            14,949            31,116            28,840
                                                      ---------         ---------         ---------         ---------
       Total operating revenues ..............          519,489           477,756           990,442           939,943
                                                      ---------         ---------         ---------         ---------

Operating expenses:
    Salaries and related costs ...............          112,262           100,554           217,846           199,616
    Aircraft rents ...........................           60,195            55,089           118,940           110,021
    Other rents and landing fees .............           28,794            28,862            58,252            59,678
    Aircraft fuel ............................           47,798            57,608            98,082           126,724
    Agency commissions .......................           34,900            38,529            66,517            75,123
    Aircraft maintenance materials & repairs .           44,041            37,669            86,469            68,981
    Depreciation and amortization ............           12,765            12,258            25,063            24,230
    Reorganization value amortization ........            4,974             5,923             9,948            11,845
    Other ....................................           99,968            94,064           187,710           186,006
                                                      ---------         ---------         ---------         ---------
       Total operating expenses ..............          445,697           430,556           868,827           862,224
                                                      ---------         ---------         ---------         ---------

Operating income .............................           73,792            47,200           121,615            77,719
                                                      ---------         ---------         ---------         ---------

Nonoperating income (expenses):
    Interest income ..........................            6,041             4,390            11,086             8,630
    Interest expense, net ....................           (8,263)          (12,059)          (17,935)          (24,140)
    Other, net ...............................             --                (168)             (264)              128
                                                      ---------         ---------         ---------         ---------
       Total nonoperating expenses, net ......           (2,222)           (7,837)           (7,113)          (15,382)
                                                      ---------         ---------         ---------         ---------

Income before income taxes ...................        $  71,570         $  39,363         $ 114,502         $  62,337
                                                      =========         =========         =========         =========
</TABLE>

                                       10
<PAGE>   11
                        AMERICA WEST HOLDINGS CORPORATION
                                  JUNE 30, 1998

         The table below sets forth selected operating data for AWA.

<TABLE>
<CAPTION>
                                                   Three Months Ended      Percent        Six Months Ended       Percent
                                                       June 30,            Change              June 30,          Change
                                                   1998         1997      1998-1997        1998        1997     1998-1997
                                                   ----         ----      ---------        ----        ----     ---------
<S>                                              <C>          <C>         <C>            <C>        <C>         <C>
Aircraft (end of period)....................         104          100         4.0            104        100        4.0
Average daily aircraft utilization (hours)..        12.2         12.4        (1.6)          12.3       12.4       (0.8)
Available seat miles (in millions)..........       6,082        5,848         4.0         11,928     11,638        2.5
Block hours.................................     115,050      113,089         1.7        228,252    225,812        1.1
Average stage length (miles)................         819          770         6.4            811        769        5.5
Average passenger journey (miles)...........       1,227        1,145         7.2          1,170      1,117        4.7
Revenue passenger miles (in millions).......       4,287        4,144         3.4          7,923      8,126       (2.5)
Load factor (percent).......................        70.5         70.9        (0.4)pts       66.4       69.8       (3.4)pts
Passenger enplanements (in thousands).......       4,643        4,674        (0.7)         8,792      9,264       (5.1)
Yield per revenue passenger mile (cents)....       11.46        10.88         5.3          11.80      10.91        8.2
Revenue per available seat mile:
   Passenger (cents)........................        8.07         7.71         4.7           7.84       7.62        2.9
   Total (cents)............................        8.54         8.17         4.5           8.30       8.08        2.7
Fuel consumption (gallons in millions)......        97.1         93.4         4.0          190.2      185.5        2.5
Fuel price (cents per gallon)...............       49.23        61.70       (20.2)         51.56      68.32      (24.5)
Average number of full-time equivalent
   employees................................       9,667        9,651         0.2          9,567      9,571          --
</TABLE>


         The table below sets forth the major components of operating cost per
available seat mile ("CASM") for AWA. CASM for 1997 is based on pro forma 1997
operating expenses.

<TABLE>
<CAPTION>
                                                  Three Months Ended    Percent      Six Months Ended        Percent
                                                       June 30,         Change            June 30,            Change
                                                   1998        1997   1998-1997      1998         1997      1998-1997
                                                   ----        ----   ---------      ----         ----      ---------
                                                           Pro Forma                           Pro Forma
<S>                                               <C>         <C>     <C>            <C>         <C>        <C>
(in cents)
Salaries and related costs....................     1.85       1.72        7.6         1.83        1.71         7.0
Aircraft rents................................      .99        .94        5.3         1.00         .95         5.3
Other rents and landing fees..................      .47        .49       (4.1)         .49         .51        (3.9)
Aircraft fuel.................................      .79        .99      (20.2)         .82        1.09       (24.8)
Agency commissions............................      .57        .66      (13.6)         .56         .65       (13.8)
Aircraft maintenance materials and repairs....      .72        .64       12.5          .72         .59        22.0
Depreciation and amortization.................      .21        .21          -          .21         .21           -
Amortization of excess reorganization value...      .08        .10      (20.0)         .08         .10       (20.0)
Other.........................................     1.65       1.61        2.5         1.57        1.60        (1.9)
                                                   ----       ----                    ----        ----
                                                   7.33       7.36       (0.4)        7.28        7.41        (1.8)
                                                   ====       ====                    ====        ====
</TABLE>

                                       11
<PAGE>   12
                        AMERICA WEST HOLDINGS CORPORATION
                                  JUNE 30, 1998

Three Months Ended June 30, 1998 and 1997

         For the three months ended June 30, 1998, AWA realized operating income
of $73.8 million, a 56.3 percent increase over the $47.2 million operating
income recognized in last year's quarter. Income before income taxes for the
three month period in 1998 was $71.6 million compared to $39.4 million in 1997.

         Total operating revenues for the 1998 second quarter were $519.5
million. Passenger revenues were $491 million for the three months ended June
30, 1998, an increase of $40.3 million or 8.9 percent from 1997. Passenger
revenue per available seat mile ("RASM") for the quarter increased 4.7 percent
to 8.07 cents from 7.71 cents driven by a 5.3 percent increase in passenger
yield. The increase in RASM and yield reflects the continued benefits of AWA's
improved product and revenue management capabilities. The increases occurred
despite a 6.4 percent increase in aircraft stage length due to increased flying
to long-haul business markets. Capacity, as measured by available seat miles
("ASMs"), increased 4.0 percent in the 1998 second quarter as compared to 1997
while load factor decreased by .4 points to 70.5 percent. Cargo and other
revenues increased 5.3 percent to $28.4 million for the second quarter of 1998.

         CASM decreased .4 percent to 7.33 cents in the second quarter of 1998
from 7.36 cents for the comparable 1997 period, primarily due to lower fuel
prices. Significant changes in the components of operating expense per ASM are
explained as follows:

    -    Salaries and related costs per ASM increased 7.6 percent primarily due
         to increases in the accrual for AWArd Pay ($5.1 million) resulting from
         higher operating income in 1998 and employee benefit related costs.
         AWArd Pay is the program by which AWA awards performance bonuses to
         eligible non-executive, non-union employees provided certain annually
         established operating and performance targets are attained. In
         addition, a salary level increase in the pilot contract that was
         effective May 1997 and increased training drove pilot salaries per ASM
         higher in the 1998 quarter over the comparable 1997 period.

    -    Aircraft rent expense per ASM increased 5.3 percent due to the net
         addition of four leased aircraft to the fleet during the 1998 quarter
         as compared to 1997.

    -    Other rents and landing fees expense per ASM decreased 4.1 percent in
         the second quarter of 1998 as landings decreased by 2.9 percent.

    -    Aircraft fuel expense per ASM decreased 20.2 percent due to a 20.2
         percent decrease in the average price per gallon of fuel to 49.23 cents
         in the 1998 quarter from 61.70 cents in 1997.

    -    Agency commissions expense per ASM decreased 13.6 percent as cost
         reductions associated with the change in agency commission rate from 10
         percent to eight percent in October 1997 and the $50 commission cap
         implemented on May 1, 1998 more than offset the effects of higher
         passenger revenues in the 1998 quarter.

    -    Aircraft maintenance materials and repairs expense per ASM increased
         12.5 percent primarily due to the $5.0 million increase in capitalized
         maintenance amortization expense for the second quarter of 1998 when
         compared to the 1997 second quarter.

    -    Amortization of excess reorganization value expense per ASM decreased
         20.0 percent as a result of the reduction in the unamortized balance of
         excess reorganization value due to the utilization of tax attributes of
         the pre-reorganized Company.

                                       12
<PAGE>   13
                        AMERICA WEST HOLDINGS CORPORATION
                                  JUNE 30, 1998

    -    Other operating expenses per ASM increased 2.5 percent to 1.65 cents
         from 1.61 cents primarily due to the effect in the 1998 quarter of the
         FAA settlement and Year 2000 costs and higher interrupted trip expense
         and crew accommodation costs. These increases were offset in part by
         reduced advertising costs.

         Net nonoperating expenses decreased $5.6 million to $2.2 million in the
second quarter of 1998 from $7.8 million in 1997. The quarter-over-quarter
change was primarily due to a net decrease in interest expense as AWA's average
outstanding debt was $94.7 million lower in the second quarter of 1998 as
compared to 1997.

Six Months Ended June 30, 1998 and 1997

         For the six months ended June 30, 1998, AWA realized operating income
of $121.6 million, a 56.5 percent increase over the $77.7 million operating
income recognized in the six months ended June 30, 1997. Income before income
taxes for the six month period in 1998 was $114.5 million compared to $62.3
million in 1997.

         Total operating revenues for the six months ended June 30, 1998 were
$990.4 million. Passenger revenues were $934.8 million for the six months ended
June 30, 1998, an increase of $48.5 million or 5.5 percent from 1997. RASM for
the six months ended June 30, 1998 increased 2.9 percent to 7.84 cents from 7.62
cents driven by an 8.2 percent increase in passenger yield. The increase in RASM
and yield occurred despite a 5.5 percent increase in aircraft stage length due
to increased flying to long-haul business markets and the lapse of a federal
transportation excise tax for the period January 1 to March 6, 1997. Capacity,
as measured by ASMs, increased 2.5 percent in the six months ended June 30, 1998
as compared to 1997 while load factor decreased by 3.4 points to 66.4 percent.
Cargo and other revenues increased 3.6 percent to $55.6 million for the six
months ended June 30, 1998.

         CASM decreased 1.8 percent to 7.28 cents in the six months ended June
30, 1998 from 7.41 cents for the comparable 1997 period, primarily due to lower
fuel prices. Significant changes in the components of operating expense per ASM
are explained as follows:

    -    Salaries and related costs per ASM increased 7.0 percent primarily due
         to increases in the accrual for AWArd Pay ($6.3 million) resulting from
         higher operating income in 1998. In addition, a salary level increase
         in the pilot contract that was effective May 1997 and higher headcount
         increased pilot salaries in the six month period ended June 30, 1998
         compared to 1997.

    -    Aircraft rent expense per ASM increased 5.3 percent due primarily to
         the net addition of four leased aircraft to the fleet during the 1998
         period as compared to 1997.

    -    Other rents and landing fees expense per ASM decreased 3.9 percent in
         the six months ended June 30, 1998 as landings decreased by 3.4
         percent. An increase in airport rents of $1.8 million was offset by
         lower equipment rentals as fewer spare parts were on loan from other
         airlines.

    -    Aircraft fuel expense per ASM decreased 24.8 percent due to a 24.5
         percent decrease in the average price per gallon of fuel to 51.56 cents
         in the 1998 period from 68.32 cents in 1997.

    -    Agency commissions expense per ASM decreased 13.8 percent as the cost
         reduction associated with the change in agency commission rate from 10
         percent to eight percent in October 1997 more than offset the effects 
         of higher revenue in the six month period ended June 30, 1998. A $50
         commission cap implemented on May 1, 1998 also contributed to the
         decrease.

                                       13
<PAGE>   14
                        AMERICA WEST HOLDINGS CORPORATION
                                  JUNE 30, 1998

    -    Aircraft maintenance materials and repairs expense per ASM increased
         22.0 percent primarily due to a $9.5 million increase in capitalized
         maintenance amortization expense for the 1998 period when compared to
         the comparable period in 1997 and higher airframe maintenance and
         component repair costs.

    -    Amortization of excess reorganization value expense per ASM decreased
         20.0 percent as a result of the reduction in the unamortized balance of
         excess reorganization value due to the utilization of tax attributes of
         the pre-reorganized Company.

    -    Other operating expenses per ASM decreased 1.9 percent to 1.57 cents
         from 1.60 cents primarily due to reduced advertising costs and traffic
         liability insurance rates which were offset in part by the effect in
         1998 of the FAA settlement and Year 2000 costs, and higher crew
         accommodation expenses.

         Net nonoperating expenses decreased $8.3 million to $7.1 million in the
six months ended June 30, 1998 from $15.4 million in 1997. The
period-over-period change was primarily due to a net decrease in interest
expense as AWA's outstanding debt was $97.1 million lower in the 1998 period as
compared to 1997.

LEISURE CO.

         The following discussion provides an analysis of Leisure Co.'s results
of operations and reasons for material changes therein.


                               The Leisure Company
                              Statements of Income
                                 (In thousands)
                                   (Unaudited)

<TABLE>
<CAPTION>
                                     Three Months Ended              Six Months Ended
                                          June 30,                        June 30,
                                    1998            1997            1998             1997
                                    ----            ----            ----             ----
                                                  Pro Forma                       Pro Forma
<S>                               <C>             <C>             <C>             <C>
Operating revenues .......        $ 50,436        $ 55,136        $ 93,396        $105,872
Cost of goods sold .......          36,178          42,106          66,826          79,859
                                  --------        --------        --------        --------
Net revenues .............          14,258          13,030          26,570          26,013
                                  --------        --------        --------        --------

Total operating expenses .          10,267           9,647          20,116          19,686
                                  --------        --------        --------        --------

Operating Income .........           3,991           3,383           6,454           6,327
                                  --------        --------        --------        --------

Nonoperating expenses, net             147             346             286             687
                                  --------        --------        --------        --------

Income before income taxes        $  3,844        $  3,037        $  6,168        $  5,640
                                  ========        ========        ========        ========
</TABLE>


         Leisure Co.'s income before income taxes for the three months ended
1998 was $3.8 million, up $.8 million when compared to the second quarter in
1997 on a pro forma basis. Operating revenues fell $4.7 million due to AWA's
improving yield profile, which resulted in less reliance on vacation package
traffic and therefore lower volumes for Leisure Co. This shortfall was largely
offset by a reduction in cost of goods sold due to lower package volumes.
Overall, net revenues increased by $1.2 million while total operating expenses
were relatively flat in the 1998 quarter when compared to 1997.

                                       14
<PAGE>   15
                        AMERICA WEST HOLDINGS CORPORATION
                                  JUNE 30, 1998

         For the six months ended June 30, 1998, income before income taxes was
$6.2 million, an increase of $.5 million when compared to 1997 on a pro forma
basis. Net revenues increased marginally in the 1998 period when compared to
1997 as a $12.5 million decrease in revenues due to lower package volumes was
more than offset by a $13.0 million decrease in cost of goods sold. Total
operating expenses were relatively flat period-over-period.

LIQUIDITY AND CAPITAL RESOURCES

         Unrestricted cash and cash equivalents and short-term investments
increased to $229.8 million at June 30, 1998 from $172.3 million at December 31,
1997. Net cash provided by operating activities increased to $241.7 million for
the six months ended June 30, 1998 from $87.8 million in 1997 due principally to
the period-over-period change in air traffic liability, which grew 30.0 percent
in the 1998 period as compared to a decrease of 13.7 percent in the 1997 period,
and to higher net income in the six months ended June 30, 1998. Net cash used in
investing activities increased to $142.7 million for the 1998 period from $44.7
million for the 1997 period. This increase was primarily due to the purchase of
short-term investments totaling $64.4 million and the payment of $10.5 million
in equipment purchase deposits for aircraft. Net cash used in financing
activities was $106.0 million for the six months ended June 30, 1998 compared to
$33.9 million in the 1997 period primarily due to the repayment of $30 million
of revolving credit facility debt and the repurchase of Holdings' Class B Common
Stock and AWA warrants.

         Operating with a working capital deficiency is common in the airline
industry as tickets sold for transportation which have not yet been provided are
classified as a current liability while the related income-producing assets, the
aircraft, are classified as non-current. The Company's working capital
deficiency at June 30, 1998 was $169.0 million, an increase of 4.3 percent from
December 31, 1997.

         In April 1998 AWA completed the refunding of its $29.3 million variable
rate industrial development revenue bonds due 2016 ("old bonds") by issuing
$29.3 million of 6.3 percent fixed rate industrial development revenue bonds due
April 2023 ("new bonds"). Interest on the new bonds is payable semiannually
(April 1 and October 1) and commences on October 1, 1998. The new bonds are
subject to optional redemption prior to the maturity date on or after April 1,
2008, in whole or in part, on any interest payment date at the following
redemption prices: 102 percent on April 1 or October 1, 2008; 101 percent on
April 1 or October 1, 2009; and 100 percent on April 1, 2010 and thereafter. As
a result of the refinancing, $29.9 million of cash, which secured the
irrevocable direct pay letter of credit that backed the old bonds, was released
and became available for general corporate purposes.

         At June 30, 1998, AWA had firm commitments to AVSA, to purchase a total
of 29 Airbus aircraft, with three to be delivered in the fourth quarter of 1998.
AWA also has an option to purchase 52 more Airbus aircraft of which 12 are
subject to reconfirmation by AWA. The aggregate net cost of firm commitments
remaining under the aircraft order is approximately $1.0 billion based on a 3.5
percent annual price escalation. AWA has arranged for financing from AVSA for
more than two-thirds of such commitment. AWA intends to seek additional
financing (which may include public debt financing or private financing) in the
future when and as appropriate. There can be no assurance that sufficient
funding will be obtained for all aircraft. A default by AWA under the AVSA
purchase commitment could have a material adverse effect on AWA.

                                       15
<PAGE>   16
                        AMERICA WEST HOLDINGS CORPORATION
                                  JUNE 30, 1998


         As of June 30, 1998, AWA's fleet consisted of 104 aircraft of which 17
aircraft meet the FAA's Stage II (but not Stage III) noise reduction
requirements and must be retired or significantly modified prior to the year
2000. In May 1998, AWA entered into an agreement to purchase 14 737 hush kits at
an aggregate net cost of approximately $14 million to comply with Stage III
requirements. Delivery of the hush kits began in May 1998 and will continue
through the first quarter of 1999. As of June 30, 1998, one aircraft had been
outfitted with a hush kit. The remaining four non-compliant aircraft will be
retired.

         Capital expenditures for the six months ended June 30, 1998 and 1997
were approximately $67.8 million and $76.5 million, respectively. Included in
these amounts are capital expenditures for capitalized maintenance of
approximately $55.3 million for the six months ended June 30, 1998 and $47.3
million for the six months ended June 30, 1997.

         Certain of AWA's long-term debt agreements contain minimum cash balance
requirements, leverage ratios, coverage ratios and other financial covenants
with which AWA was in compliance at June 30, 1998.

OTHER INFORMATION

YEAR 2000 COMPLIANCE

         Many currently installed computer systems and software products are
coded to accept two digit entries in the date code field. These date code fields
will need to accept four digit entries to distinguish 21st century dates from
20th century dates. Any programs that have time-sensitive software may recognize
a date using "00" as the year 1900 rather than the year 2000. This could result
in the computer shutting down or performing incorrect computations. As a result,
before December 31, 1999, computer systems and software used by many companies
may need to be upgraded to comply with such "Year 2000" requirements. Many of
the Company's systems, including information and computer systems and automated
equipment, will be affected by the Year 2000 issue. The Company is also heavily
reliant on the FAA's management of the nation's air traffic control system,
local authorities' management of the airports at which AWA operates, and vendors
to provide goods (fuel, catering, etc.), services (telecommunications, data
networks, satellites, etc.) and data (frequent flyer partnerships, alliances,
etc.).

         The Company has underway a Year 2000 Project to identify the programs
and infrastructure that could be affected by the Year 2000 issues and is
implementing a plan to resolve the problems identified on a timely basis. The
plan will require the Company to devote a considerable amount of internal
resources and hire substantial external resources to assist with the
implementation and monitoring of the plan, and will require the replacement of
certain equipment and modification of certain software. The Company currently
estimates that the total cost of its Year 2000 Project will be approximately $29
million, including approximately $23 million which has been or will be expensed
as incurred and approximately $6 million of capital expenditures. These costs
include approximately $6 million of normal system software and equipment
upgrades and replacements which the Company anticipated incurring in the
ordinary course regardless of the Year 2000 issue. Substantially all of those
costs will be incurred during the second half of 1998 and during 1999.

         If the Company's plan to address the Year 2000 issue is not
successfully or timely implemented, the Company may need to devote more
resources to the process and additional costs may be incurred, which could have
a material adverse effect on the Company's business, financial condition and
results of operations. The Company is also in the process of discussing with the
FAA, airport authorities and its vendors the potential impact the Year 2000
issue will have on their systems. Problems encountered by the FAA, the airport
authorities or vendors in connection with the Year 2000 issue also may have a
material adverse effect on the Company's business, financial condition and
results of operations. As a component of its Year 2000 Project, the Company is
developing contingency plans to mitigate the affects of problems experienced by
it or key vendors or service providers in the timely implementation of Year 2000
programs.

                                       16
<PAGE>   17
                        AMERICA WEST HOLDINGS CORPORATION
                                  JUNE 30, 1998


         The costs of the Company's Year 2000 Project and the date on which the
Company plans to complete the Year 2000 compliance program are based on
management's best estimates, and reflect assumptions regarding the availability
and cost of personnel trained in this area, the compliance plans of third
parties (including the FAA and other third parties mentioned above) and similar
uncertainties. However, due to the complexity and pervasiveness of the Year 2000
issue and in particular the uncertainty regarding the compliance programs of
third parties, no assurance can be given that these estimates will be achieved,
and actual results could differ materially from those anticipated.

FORWARD LOOKING INFORMATION

         This report contains various forward-looking statements and information
that are based on management's beliefs as well as assumptions made by and
information currently available to management. Whether such forward-looking
statements and information ultimately prove to be accurate depends on various
uncertainties and future developments that cannot be predicted. The results of
operations in the air travel business historically fluctuate in response to
general economic conditions. The airline industry is sensitive to changes in
economic conditions that affect business and leisure travel and is highly
susceptible to unforeseen events, such as political instability, regional
hostilities, recession, fuel price escalation, inflation, adverse weather
conditions or other adverse occurrences that result in a decline in air travel.
Any event that results in decreased travel or increased competition among
airlines could have a material adverse effect on the Company's financial
condition and results of operations. The Company's results of operations for
interim periods are not necessarily indicative of those for an entire year,
because the travel business is subject to seasonal fluctuations. Due to the
greater demand for air and leisure travel during the summer months, revenues in
the airline and leisure travel industries in the second and third quarters of
the year tend to be greater than revenues in the first and fourth quarters of
the year. In addition, the Company's business is subject to significant risks,
including, the competitive nature of the industry, the lack of significant
unencumbered assets and significant future capital requirements, the results of
union negotiations, the concentration of the voting power of the Company, the
cost of aircraft fuel, certain regulatory matters, operating and financial
restrictions on the Company imposed by certain loan and debt instruments, Year
2000 compliance issues and the volatility of the Company's stock price. For a
more complete discussion of these and other risks and uncertainties that may
affect the Company's business and future operating results, please refer to the
Company's Annual Report on Form 10-K for the year ended December 31, 1997, which
is on file with the Securities and Exchange Commission.

                                       17
<PAGE>   18
                        AMERICA WEST HOLDINGS CORPORATION
                                  JUNE 30, 1998

PART II - OTHER INFORMATION

ITEM 2. CHANGES IN SECURITIES


ITEM 4. SUBMISSION OF MATTERS TO VOTE OF SECURITY HOLDER

         a. The 1998 Annual Meeting of Stockholders of the Company was held on
May 21, 1998. Ten persons were elected as proposed in the proxy statement
pursuant to Regulation 14A of the Securities Exchange Act of 1934, as amended,
to serve as directors until their successors are elected and qualified. There
were 93,613,986 votes cast in the election of directors and there were no
abstentions and broker non-votes. The voting regarding each nominee was as
follows: William A. Franke (for: 93,405,915 / withheld: 208,071); Frederick W.
Bradley, Jr. (for: 93,408,095 / withheld: 205,891); James G. Coulter (for:
93,408,132 / withheld: 205,854); Richard R. Goodmanson (for: 93,407,824 /
withheld: 206,162); John L. Goolsby (for: 93,408,143 / withheld: 205,843);
Richard C. Kraemer (for: 93,408,096 / withheld: 205,890); Richard P. Schifter
(for: 93,407,951 / withheld: 206,035); Walter T. Klenz (for: 93,406,819 /
withheld: 207,167); Denise M. O'Leary (for: 93,406,811 / withheld: 207,175); and
John F. Tierney (for: 93,408,156 / withheld: 205,830);

         b. Also at the 1998 Annual Meeting of Stockholders of the Company, the
proposal by the International Brotherhood of Teamsters was not approved with
6,170,556 votes for; 80,520,967 votes against; 254,025 votes abstained and
6,668,438 broker non-votes.

ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K

         a.       Exhibits

<TABLE>
<CAPTION>
                  EXHIBIT
                  NUMBER         DESCRIPTION AND METHOD OF FILING
                  ------         --------------------------------
<S>               <C>            <C>
                  *10.28**          Amendment No. 1 dated March 31, 1998 to Airbus A320/A319
                                    Purchase Agreement dated September 12, 1997 between
                                    AVSA S.A.R.L. and AWA

                  *10.29            Financing Agreement dated April 1, 1998 between the
                                    Industrial Development Authority of the City of Phoenix,
                                    Arizona and AWA

                  *10.30            Indenture of Trust dated April 1, 1998 from the 
                                    Industrial Development Authority of the City of
                                    Phoenix, Arizona to Norwest Bank, Arizona N.A.

                  *11.1             Computation of Earnings Per Share.

                  *27.1             Financial Data Schedule.

                  *27.2             Restated Financial Data Schedule.
                  -----
                  *                 Filed herewith.
                  **                The Company has sought confidential treatment for
                                    portions of the referenced exhibit.
</TABLE>

         b.       Reports on Form 8-K

                                                                None

                                       18
<PAGE>   19
                        AMERICA WEST HOLDINGS CORPORATION
                                  JUNE 30, 1998







                                    SIGNATURE



         Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.


                                    AMERICA WEST HOLDINGS CORPORATION





                                        By   /s/ W. Douglas Parker
                                             W. Douglas Parker
                                          Senior Vice President and
                                                      Chief Financial Officer

DATED:   August 7, 1998

                                       19
<PAGE>   20
                        AMERICA WEST HOLDINGS CORPORATION
                                  JUNE 30, 1998


                                  EXHIBIT INDEX


<TABLE>
<CAPTION>
                  EXHIBIT
                  NUMBER         DESCRIPTION AND METHOD OF FILING
                  ------         --------------------------------
<S>               <C>            <C>
                  *10.28**          Amendment No. 1 dated March 31, 1998 to Airbus A320/A319
                                    Purchase Agreement dated September 12, 1997 between
                                    AVSA S.A.R.L. and AWA

                  *10.29            Financing Agreement dated April 1, 1998 between the
                                    Industrial Development Authority of the City of Phoenix,
                                    Arizona and AWA

                  *10.30            Indenture of Trust dated April 1, 1998 from the 
                                    Industrial Development Authority of the City of
                                    Phoenix, Arizona to Norwest Bank, Arizona N.A.

                  *11.1             Computation of Earnings Per Share.

                  *27.1             Financial Data Schedule.

                  *27.2             Restated Financial Data Schedule.
                  -----
                  *                 Filed herewith.

                  **                The Company has sought confidential treatment for
                                    portions of the referenced exhibit.
</TABLE>

                                       20