Airline Financial Data

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2016 Annual and 4th Quarter Airline Financial Data

Release Number: 
BTS 23-17
Date: 
Tuesday, May 2, 2017

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U.S. scheduled passenger airlines reported an after-tax net profit of $13.5 billion in 2016, down from $24.8 billion in 2015, the U.S. Department of Transportation’s Bureau of Transportation Statistics (BTS) reported today (Table 1). 

(billions of dollars)
billions of dollars ($)
20120.1
201312.2
20147.4
201524.8
201613.5
Source: 

Bureau of Transportation Statistics, Schedule P1.2 http://www.transtats.bts.gov/Fields.asp?Table_ID=295

The 25 U.S. scheduled service passenger airlines reported an after-tax net profit as a group for the seventh consecutive year.

In addition to the after-tax net profit of $13.5 billion based on net income reports, the scheduled service passenger airlines reported a $24.8 billion pre-tax operating profit in 2016, down from $28.0 billion in 2015. The airlines reported a pre-tax operating profit - as a group - for the eighth consecutive year (Tables 1, 4).

Net profit or loss and operating profit or loss are two different measures of airline financial performance. Net profit or loss includes non-operating income and expenses, nonrecurring items or income taxes. Operating profit or loss is calculated from operating revenues and expenses before taxes and other nonrecurring items.

Total operating revenue for the 25 U.S. scheduled passenger airlines in 2016 was $168.2 billion. Airlines collected $125.2 billion from fares, 74.5 percent of total 2016 operating revenue (Table 4).

Total operating expenses for all passenger airlines in 2016 were $143.3 billion, of which fuel costs accounted for $22.4 billion, or 15.6 percent, and labor costs accounted for $49.7 billion, or 34.7 percent (Table 4).

In 2016, passenger airlines collected a total of $4.2 billion in baggage fees, 2.5 percent of total operating revenue, and $2.9 billion from reservation change fees, 1.7 percent of total operating revenue. Fees are included for calculations of net income, operating revenue and operating profit or loss (Table 4).

Baggage fees and reservation change fees are the only ancillary fees paid by passengers that are reported to BTS as separate items. Other fees, such as revenue from seating assignments and on-board sales of food, beverages, pillows, blankets, and entertainment are combined in different categories and cannot be identified separately.

See airline financial data press releases and the airline financial databases  for historical data.

Domestic

From domestic operations, U.S. scheduled passenger airlines reported an after-tax net profit of $9.8 billion in 2016, down from $18.0 billion in 2015 (Table 2). 

(billions of dollars)
billions of dollars ($)
2012-0.4
20137.8
20145.7
201518.0
20169.8
Source: 

Bureau of Transportation Statistics, Schedule P1.2 http://www.transtats.bts.gov/Fields.asp?Table_ID=295

The 25 U.S. scheduled service passenger airlines reported an after-tax net profit from domestic operations as a group for the fourth consecutive year.

In addition to the after-tax net profit of $9.8 billion based on net income reports, the scheduled service passenger airlines reported a $19.4 billion pre-tax operating profit from domestic operations in 2016, down from $20.8 billion in 2015. The airlines reported a pre-tax operating profit from domestic operations - as a group - for the eighth consecutive year (Table 2).

Total operating revenue from domestic operations for all U.S. passenger airlines in 2016 was $125.7 billion. Airlines collected $91.2 billion from fares, 72.6 percent of total 2016 operating revenue (Tables 2, 5).

Total operating expenses from domestic operations for the 25 passenger airlines in 2016 were $106.4 billion, of which fuel costs accounted for $15.2 billion, or 14.3 percent, and labor costs accounted for $36.0 billion, or 33.8 percent (Tables 2, 5).

In 2016, passenger airlines collected from domestic operations a total of $3.3 billion in baggage fees, 2.6 percent of total operating revenue, and $1.9 billion from reservation change fees, 1.5 percent of total operating revenue (Tables 2, 5).

International

The 17 U.S. scheduled passenger airlines that operate internationally reported an after-tax net profit of $3.8 billion in 2016 from their international operations, down from $6.8 billion in 2015 (Table 3).

The 25 U.S. scheduled service passenger airlines reported an after-tax net profit from domestic operations as a group for the fourth consecutive year.

In addition to the after-tax net profit of $9.8 billion based on net income reports, the scheduled service passenger airlines reported a $19.4 billion pre-tax operating profit from domestic operations in 2016, down from $20.8 billion in 2015. The airlines reported a pre-tax operating profit from domestic operations - as a group - for the eighth consecutive year (Table 2).

Total operating revenue from domestic operations for all U.S. passenger airlines in 2016 was $125.7 billion. Airlines collected $91.2 billion from fares, 72.6 percent of total 2016 operating revenue (Tables 2, 5).

Total operating expenses from domestic operations for the 25 passenger airlines in 2016 were $106.4 billion, of which fuel costs accounted for $15.2 billion, or 14.3 percent, and labor costs accounted for $36.0 billion, or 33.8 percent (Tables 2, 5).

In 2016, passenger airlines collected from domestic operations a total of $3.3 billion in baggage fees, 2.6 percent of total operating revenue, and $1.9 billion from reservation change fees, 1.5 percent of total operating revenue (Tables 2, 5).

International

The 17 U.S. scheduled passenger airlines that operate internationally reported an after-tax net profit of $3.8 billion in 2016 from their international operations, down from $6.8 billion in 2015 (Table 3).

(billions of dollars)
billions of dollars ($)
20120.5
20134.4
20141.7
20156.8
20163.8
Source: 

Bureau of Transportation Statistics, Schedule P1.2 http://www.transtats.bts.gov/Fields.asp?Table_ID=295

The 17 U.S. scheduled service passenger airlines reported an after-tax net profit from international operations as a group for the seventh consecutive year.

In addition to the after-tax net profit of $3.8 billion based on net income reports, the scheduled service passenger airlines reported a $5.5 billion pre-tax operating profit from international operations in 2016, down from $7.2 billion in 2015. The airlines reported a pre-tax operating profit from international operations - as a group - for the eighth consecutive year (Table 3).

Total operating revenue from international operations for the 17 U.S. passenger airlines in 2016 was $42.4 billion. Airlines collected $34.0 billion from fares, 80.2 percent of total 2016 operating revenue (Tables 3, 6).

Total operating expenses from international operations for all passenger airlines in 2016 were $37.0 billion, of which fuel costs accounted for $7.2 billion, or 19.4 percent, and labor costs accounted for $13.7 billion, or 37.2 percent (Tables 3, 6).

In 2016, passenger airlines collected from international operations a total of $875.5 million in baggage fees, 2.1 percent of total operating revenue, and $1.0 billion from reservation change fees, 2.4 percent of total operating revenue (Tables 3, 6).

Annual Margins for All Scheduled Passenger Airlines

All U.S. scheduled passenger airlines reported a combined net income margin of 8.1 percent in 2016, down from a net margin of 14.7 percent in 2015. Net margin is the net income or loss as a percentage of operating revenue. These airlines reported an operating profit margin of 14.8 percent in 2016, up from 8.6 percent in 2015. Operating margin is the operating profit or loss as a percentage of operating revenue (Table 4).

4th Quarter Results for All Scheduled Passenger Airlines

U.S. scheduled passenger airlines reported an after-tax net profit of $2.0 billion in the fourth quarter of 2016, down from $3.8 billion in the third quarter of 2016 and down from $6.9 billion in the fourth quarter of 2015 (Table 7). 

(billions of dollars)
billions of dollars ($)
4Q20156.9
1Q20163.1
2Q20164.6
3Q20163.8
4Q20162.0
Source: 

Bureau of Transportation Statistics, Schedule P1.2 http://www.transtats.bts.gov/Fields.asp?Table_ID=295

The 25 U.S. scheduled service passenger airlines reported an after-tax net profit as a group for the 15th consecutive quarter.

In addition to the after-tax net profit of $2.0 billion based on net income reports, the scheduled service passenger airlines reported a $4.1 billion pre-tax operating profit in the fourth quarter of 2016, down from $7.2 billion in the third quarter of 2016 and down from $5.9 billion in the fourth quarter of 2015. The airlines reported a pre-tax operating profit - as a group - for the 23rd consecutive quarter (Tables 7, 10).

Total operating revenue for all U.S. passenger airlines in the October-December fourth-quarter of 2016 was $41.1 billion. Airlines collected $30.5 billion from fares, 74.1 percent of total fourth-quarter operating revenue (Table 10).

Total operating expenses for all passenger airlines in the fourth-quarter of 2016 were $37.0 billion, of which fuel costs accounted for $5.8 billion, or 15.8 percent, and labor costs accounted for $13.0 billion, or 35.0 percent (Table 10).

In the fourth quarter, scheduled passenger airlines collected a total of $1.0 billion in baggage fees, 2.5 percent of total operating revenue, and $661.0 million from reservation change fees, 1.6 percent of total operating revenue. Fees are included for calculations of net income, operating revenue and operating profit or loss (Table 10).

Domestic

From domestic operations, U.S. scheduled passenger airlines reported an after-tax net profit of $1.8 billion in the fourth quarter of 2016, down from $2.6 billion in the third quarter of 2016 and down from $6.1 billion in the fourth quarter of 2015 (Table 8). 

(billions of dollars)
billions of dollars ($)
4Q20156.1
1Q20162.1
2Q20163.3
3Q20162.6
4Q20161.8
Source: 

Bureau of Transportation Statistics, Schedule P1.2 http://www.transtats.bts.gov/Fields.asp?Table_ID=295

The 25 U.S. scheduled service passenger airlines reported an after-tax net profit from domestic operations as a group for the 15th consecutive quarter.

In addition to the after-tax net profit of $1.8 billion based on net income reports, the scheduled service passenger airlines reported a $3.5 billion pre-tax operating profit from domestic operations in the fourth quarter of 2016, down from $5.4 billion in the third quarter of 2016 and down from $4.6 billion in the fourth quarter of 2015. The airlines reported a pre-tax operating profit from domestic operations - as a group - for the 23rd consecutive quarter (Table 8).

Total operating revenue from domestic operations for all U.S. passenger airlines in the October-December fourth-quarter of 2016 was $31.6 billion. Airlines collected $22.6 billion from fares, 71.6 percent of total fourth-quarter operating revenue (Tables 8, 11).

Total operating expenses from domestic operations for all passenger airlines in the fourth-quarter of 2016 were $28.1 billion, of which fuel costs accounted for $4.0 billion, or 14.4 percent, and labor costs accounted for $9.5 billion, or 33.9 percent (Tables 8, 11).

In the fourth quarter, passenger airlines collected from domestic operations a total of $822 million in baggage fees, 2.6 percent of total operating revenue, and $439 million from reservation change fees, 1.4 percent of total operating revenue (Tables 8, 11).

International

The 17 U.S. scheduled passenger airlines that operate internationally reported an after-tax net profit of $244 million in the fourth quarter of 2016, from their international operations, down from $1.2 billion in the third quarter of 2016 and down from $784 million in the fourth quarter of 2015 (Table 9).

(billions of dollars)
billions of dollars ($)
4Q20150.8
1Q20161.0
2Q20161.3
3Q20161.2
4Q20160.2

The 17 U.S. scheduled service passenger airlines reported an after-tax net profit from international operations as a group for the eighth consecutive quarter.

In addition to the after-tax net profit of $244 million based on net income reports, the scheduled service passenger airlines reported a $569 million pre-tax operating profit from international operations in the fourth quarter of 2016, down from $1.8 billion in the third quarter of 2016 and down from $1.3 billion in the fourth quarter of 2015. The airlines reported a pre-tax operating profit from international operations - as a group - for the 19th consecutive quarter (Table 9).

Total operating revenue from international operations for all U.S. passenger airlines in the October-December fourth-quarter of 2016 was $9.5 billion. Airlines collected $7.8 billion from fares, 82.5 percent of total fourth-quarter operating revenue (Tables 9, 12).

Total operating expenses from international operations for all passenger airlines in the fourth-quarter of 2016 were $8.9 billion, of which fuel costs accounted for $1.8 billion, or 20.3 percent, and labor costs accounted for $3.4 billion, or 38.6 percent (Tables 9, 12).

In the fourth quarter, passenger airlines collected from international operations a total of $207.0 million in baggage fees, 2.2 percent of total operating revenue, and $222 million from reservation change fees, 2.3 percent of total operating revenue (Tables 9, 12).

4th Quarter Margins for All Scheduled Passenger Airlines

All U.S. scheduled passenger airlines reported a combined net income margin of 4.9 percent in the fourth quarter of 2016, down from a net margin of 17.0 percent in the fourth quarter of 2015. Net margin is the net income or loss as a percentage of operating revenue. These airlines reported an operating profit margin of 10.0 percent in the fourth quarter of 2016, down from 14.5 percent in the fourth quarter of 2015. Operating margin is the operating profit or loss as a percentage of operating revenue (Table 10).

Reporting notes

Additional airline financial data can be found on the BTS website, including industry statistics for other individual low-cost and regional airlines. See tables for operating profit/loss, operating revenue and fuel cost and consumption. See the BTS financial databases for more detailed data.

By regulation, for the quarter ending Dec. 31, airlines that operate at least one aircraft that has more than 60 seats or the capacity to carry a payload of passengers, cargo and fuel weighing more than 18,000 pounds must report financial data to BTS by March 31. The airline filings are subject to a process of quality assurance and data validations before release to the public.

Revised carrier data and late data filings will be made available monthly on TranStats on the Monday following the second Tuesday of the month. All data are subject to revision. BTS will release first-quarter 2017 data on June 19.

Reports from 25 airlines in 2016, (Millions of dollars)
20122013201420152016Dollar Change ($ in Millions) 2015-2016
Net Income74.812,161.47,446.524,787.713,538.2-11,250
Operating Profit/Loss5,995.211,303.514,600.027,986.524,826.4-3,160
Operating Revenue*156,499.8161,625.1169,276.5169,056.9168,165.7-891
Fares116,869.1121,361.3127,455.4127,060.9125,244.9-1,816
Baggage Fees3,449.73,362.03,558.43,813.54,185.8372
Reservation Change Fees2,538.22,814.12,939.93,011.82,895.9-116
Operating Expenses150,504.6150,321.6154,676.6141,070.4143,339.32,269
Fuel 44,885.542,636.643,431.226,979.122,366.6-4,613
Labor37,179.038,050.040,760.045,487.049,712.74,226
Notes: 

* Passenger airline operating revenue includes four other categories.  1) Transport-related is revenue from services which grow from and are incidental to the air transportation services performed by the air carrier. Examples are in-flight onboard sales (food, liquor, pillows, etc), code share revenues, revenues from associated businesses (aircraft maintenance, fuel sales, restaurants, vending machines, etc). 2) Miscellaneous operating revenue includes pet transportation, sale of frequent flyer award miles to airline business partners and standby passenger fees.  3) Cargo revenue from transporting cargo in the belly of aircraft.  4)  Mail revenue from transporting mail in the belly of aircraft.  See the P1.2 database http://www.transtats.bts.gov/Fields.asp?Table_ID=295.

Source: 

Bureau of Transportation Statistics, Form 41; Schedules P1.2 and P6

Reports from 25 airlines in 2016, (Millions of dollars)
20122013201420152016Dollar Change ($ in Millions) 2015-2016
Net Income-403.27,772.25,741.418,032.59,762.9-8,270
Operating Profit/Loss3,771.67,307.810,789.520,807.719,371.1-1,437
Operating Revenue*111,137.5114,650.9120,831.2122,543.9125,746.63,203
Fares80,865.883,967.989,257.790,956.691,234.5278
Baggage Fees2,691.62,612.02,777.42,979.63,310.3331
Reservation Change Fees1,610.51,788.01,868.91,926.71,870.3-56
Operating Expenses107,365.9107,343.1110,041.7101,736.2106,375.54,639
Fuel 29,409.427,677.028,057.417,726.715,204.0-2,523
Labor26,796.327,435.929,240.632,823.135,980.03,157
Notes: 

* Passenger airline operating revenue includes four other categories.  1) Transport-related is revenue from services which grow from and are incidental to the air transportation services performed by the air carrier. Examples are in-flight onboard sales (food, liquor, pillows, etc), code share revenues, revenues from associated businesses (aircraft maintenance, fuel sales, restaurants, vending machines, etc). 2) Miscellaneous operating revenue includes pet transportation, sale of frequent flyer award miles to airline business partners and standby passenger fees.  3)  Cargo revenue from transporting cargo in belly of aircraft.  4)  Mail revenue from transporting mail in belly of aircraft.  See the P1.2 database http://www.transtats.bts.gov/Fields.asp?Table_ID=295.

Source: 

 Bureau of Transportation Statistics, Form 41; Schedules P1.2 and P6

Reports from 17 airlines in 2016, (Millions of dollars)
20122013201420152016Dollar Change ($ in Millions) 2015-2016
Net Income478.04,389.21,705.06,755.13,775.3-2,980
Operating Profit/Loss2,223.63,995.73,810.57,178.85,455.3-1,724
Operating Revenue*45,362.346,974.248,445.346,513.042,419.1-4,094
Fares36,003.337,393.438,197.736,104.334,010.4-2,094
Baggage Fees758.2750.0781.0833.9875.542
Reservation Change Fees927.71,026.11,071.01,085.01,025.6-59
Operating Expenses43,138.842,978.544,634.939,334.236,963.8-2,370
Fuel 15,476.114,959.615,373.89,252.37,162.6-2,090
Labor10,382.710,614.111,519.412,663.913,732.71,069
Notes: 

* Passenger airline operating revenue includes four other categories.  1) Transport-related is revenue from services which grow from and are incidental to the air transportation services performed by the air carrier. Examples are in-flight onboard sales (food, liquor, pillows, etc), code share revenues, revenues from associated businesses (aircraft maintenance, fuel sales, restaurants, vending machines, etc). 2) Miscellaneous operating revenue includes pet transportation, sale of frequent flyer award miles to airline business partners and standby passenger fees.  3)  Cargo revenue from transporting cargo in belly of aircraft.  4)  Mail revenue from transporting mail in belly of aircraft.  See the P1.2 database http://www.transtats.bts.gov/Fields.asp?Table_ID=295.

Source: 

Bureau of Transportation Statistics, Form 41; Schedules P1.2 and P6

Reports from 25 airlines in 2016, (Millions of dollars)
Jan-Dec 2015Jan-Dec 2016Change2015-2016 % Change% of YTD 2016 Revenue or Expense Total
Operating Revenue
Passenger Fares (scheduled/charter)127,060.9125,244.9-1,816.0-1.4374.48
Cargo2,890.12,629.2-260.9-9.031.56
Baggage3,813.54,185.8372.39.762.49
Reservation Changes3,011.82,895.9-115.9-3.851.72
Transport-Related*27,385.227,943.2558.02.0416.62
Other**4,895.45,266.7371.37.583.13
Total Operating Revenue***169,056.9168,165.7-891.2-0.53100.00
Operating Expense
Fuel26,979.122,366.6-4,612.5-17.1015.60
Labor45,487.049,712.74,225.79.2934.68
Rentals8,632.38,792.3160.01.856.13
Depreciation & Amortization7,512.58,748.31,235.816.456.10
Landing Fees2,853.32,939.185.83.012.05
Maintenance Materials2,520.52,467.6-52.9-2.101.72
Transport-Related*18,172.517,995.4-177.1-0.9712.55
Other****28,913.230,317.31,404.14.8621.15
Total Operating Expense141,070.4143,339.32,268.91.61100.00
Profits or Losses
Operating Profit27,986.524,826.4-3,160.1-11.29N/A
Operating Margin# (%)16.614.8-1.8N/AN/A
Nonoperating Income/(Expense)##-4,109.4-3,299.6809.8-19.71N/A
Pre-Tax Income23,877.221,526.7-2,350.5-9.84N/A
Income Tax Benefit/(Expense)910.5-7,988.5-8,899.0-977.38N/A
Other Income/(Expense)0.00.00.00.0N/A
Net Income24,787.713,538.2-11,249.5-45.38N/A
Net Margin### (%)14.78.1-6.6N/AN/A
Notes: 

* Transport-Related is revenue/expenses from services which grow from and are incidental to the air transportation services performed by the air carrier. Examples are in-flight onboard sales (food, liquor, pillows, etc), code share revenues, revenues and expenses from associated businesses (aircraft maintenance, fuel sales, restaurants, vending machines, etc).  

** Other revenue includes miscellaneous operating revenue (including pet transportation, sale of frequent flyer award miles to airline business partners and standby passenger fees) and public service revenues subsidy.

*** Based on U.S. Department of Transportation accounting standards, Total Operating Revenues are overstated by code share revenues which are included in both the mainline Transport-Related Revenues and the code share Passenger Revenue. Code share revenues are expensed out in the mainline Transport-Related Expense to allow a true Operating Profit(Loss). This reporting may understate all components of operating revenue, including Passenger Revenue, as a percentage of Total Operating Revenue.

**** Other expense includes purchase of materials such as passenger food and other materials; and purchase of services such as advertising, communication, insurance, outside flight equipment maintenance, traffic commissions and other services. 

# Operating margin is the operating profit or loss as a percentage of operating revenue

## Nonoperating Income and Expense includes interest on long-term debt and capital leases, other interest expense, foreign exchange gains and losses, capital gains and losses and other income and expenses.

### Net margin is the net income or loss as a percentage of operating revenue.

Source: 

Bureau of Transportation Statistics, Form 41; Schedules P1.2 http://www.transtats.bts.gov/Fields.asp?Table_ID=295 and P6 http://www.transtats.bts.gov/Fields.asp?Table_ID=291

Reports from 25 airlines in 2016, (Millions of dollars)
Jan-Dec 2015Jan-Dec 2016Change2015-2016 % Change% of YTD 2016 Revenue or Expense Total
Operating Revenue
Passenger Fares (scheduled/charter)90,956.691,234.5277.90.3172.55
Cargo994.6907.3-87.3-8.780.72
Baggage2,979.63,310.3330.711.102.63
Reservation Changes1,926.71,870.3-56.4-2.931.49
Transport-Related*21,874.324,192.62,318.310.6019.24
Other**3,812.14,231.6419.511.003.37
Total Operating Revenue***122,543.9125,746.63,202.72.61100.00
Operating Expense
Fuel17,726.715,204.0-2,522.7-14.2314.29
Labor32,823.135,980.03,156.99.6233.82
Rentals6,607.46,766.6159.22.416.36
Depreciation & Amortization5,369.16,174.2805.115.005.80
Landing Fees2,174.52,233.158.62.692.10
Maintenance Materials1,819.21,860.241.02.251.75
Transport-Related*14,959.516,719.41,759.911.7615.72
Other****20,256.721,438.01,181.35.8320.15
Total Operating Expense101,736.2106,375.54,639.34.56100.00
Profits or Losses
Operating Profit20,807.719,371.1-1,436.6-6.90N/A
Operating Margin# (%)17.015.4-1.6N/AN/A
Nonoperating Income/(Expense)##-3,208.9-2,901.0307.9-9.60N/A
Pre-Tax Income17,598.816,470.0-1,128.8-6.41N/A
Income Tax Benefit/(Expense)433.7-6,707.1-7,140.8-1,646.48N/A
Other Income/(Expense)0.00.00.00.0N/A
Net Income18,032.59,762.9-8,269.6-45.86N/A
Net Margin### (%)14.77.8-7.0N/AN/A
Notes: 

* Transport-Related is revenue/expenses from services which grow from and are incidental to the air transportation services performed by the air carrier. Examples are in-flight onboard sales (food, liquor, pillows, etc), code share revenues, revenues and expenses from associated businesses (aircraft maintenance, fuel sales, restaurants, vending machines, etc).  

** Other revenue includes miscellaneous operating revenue (including pet transportation, sale of frequent flyer award miles to airline business partners and standby passenger fees) and public service revenues subsidy.

*** Based on U.S. Department of Transportation accounting standards, Total Operating Revenues are overstated by code share revenues which are included in both the mainline Transport-Related Revenues and the code share Passenger Revenue. Code share revenues are expensed out in the mainline Transport-Related Expense to allow a true Operating Profit(Loss). This reporting may understate all components of operating revenue, including Passenger Revenue, as a percentage of Total Operating Revenue.

**** Other expense includes purchase of materials such as passenger food and other materials; and purchase of services such as advertising, communication, insurance, outside flight equipment maintenance, traffic commissions and other services. 

# Operating margin is the operating profit or loss as a percentage of operating revenue

## Nonoperating Income and Expense includes interest on long-term debt and capital leases, other interest expense, foreign exchange gains and losses, capital gains and losses and other income and expenses.

### Net margin is the net income or loss as a percentage of operating revenue.

Source: 

Bureau of Transportation Statistics, Form 41; Schedules P1.2 http://www.transtats.bts.gov/Fields.asp?Table_ID=295 and P6 http://www.transtats.bts.gov/Fields.asp?Table_ID=291

Reports from 17 airlines in 2016, (Millions of dollars)
Jan-Dec 2015Jan-Dec 2016Change2015-2016 % Change% of YTD 2016 Revenue or Expense Total
Operating Revenue
Passenger Fares (scheduled/charter)36,104.334,010.4-2,093.9-5.8080.18
Cargo1,895.51,721.9-173.6-9.164.06
Baggage833.9875.541.64.992.06
Reservation Changes1,085.01,025.6-59.4-5.472.42
Transport-Related*5,510.93,750.6-1,760.3-31.948.84
Other**1,083.41,035.1-48.3-4.462.44
Total Operating Revenue***46,513.042,419.1-4,093.9-8.80100.00
Operating Expense
Fuel9,252.37,162.6-2,089.7-22.5919.38
Labor12,663.913,732.71,068.88.4437.15
Rentals2,024.92,025.70.80.045.48
Depreciation & Amortization2,143.42,574.1430.720.096.96
Landing Fees678.8706.027.24.011.91
Maintenance Materials701.3607.4-93.9-13.391.64
Transport-Related*3,213.01,276.0-1,937.0-60.293.45
Other****8,656.68,879.3222.72.5724.02
Total Operating Expense39,334.236,963.8-2,370.4-6.03100.00
Profits or Losses
Operating Profit7,178.85,455.3-1,723.5-24.01N/A
Operating Margin# (%)15.412.9-2.6N/AN/A
Nonoperating Income/(Expense)##-900.5-398.6501.9-55.74N/A
Pre-Tax Income6,278.45,056.7-1,221.7-19.46N/A
Income Tax Benefit/(Expense)476.8-1,281.4-1,758.2-368.75N/A
Other Income/(Expense)0.00.00.00.0N/A
Net Income6,755.13,775.3-2,979.8-44.11N/A
Net Margin### (%)14.58.9-5.6N/AN/A
Notes: 

* Transport-Related is revenue/expenses from services which grow from and are incidental to the air transportation services performed by the air carrier. Examples are in-flight onboard sales (food, liquor, pillows, etc), code share revenues, revenues and expenses from associated businesses (aircraft maintenance, fuel sales, restaurants, vending machines, etc).  

** Other revenue includes miscellaneous operating revenue (including pet transportation, sale of frequent flyer award miles to airline business partners and standby passenger fees) and public service revenues subsidy.

*** Based on U.S. Department of Transportation accounting standards, Total Operating Revenues are overstated by code share revenues which are included in both the mainline Transport-Related Revenues and the code share Passenger Revenue. Code share revenues are expensed out in the mainline Transport-Related Expense to allow a true Operating Profit(Loss). This reporting may understate all components of operating revenue, including Passenger Revenue, as a percentage of Total Operating Revenue.

**** Other expense includes purchase of materials such as passenger food and other materials; and purchase of services such as advertising, communication, insurance, outside flight equipment maintenance, traffic commissions and other services. 

# Operating margin is the operating profit or loss as a percentage of operating revenue

## Nonoperating Income and Expense includes interest on long-term debt and capital leases, other interest expense, foreign exchange gains and losses, capital gains and losses and other income and expenses.

### Net margin is the net income or loss as a percentage of operating revenue.

Source: 

Bureau of Transportation Statistics, Form 41; Schedules P1.2 http://www.transtats.bts.gov/Fields.asp?Table_ID=295 and P6 http://www.transtats.bts.gov/Fields.asp?Table_ID=291

Reports from 25 airlines in 4Q 2016, (Millions of dollars)
4Q 20151Q 20162Q 20163Q 20164Q 2016Dollar Change 4Q2015-4Q2016
Net Income6,8913,0564,6493,8252,010-4,881
Operating Profit/Loss5,8875,6057,8737,2484,102-1,785
Operating Revenue*40,52539,15143,50544,40641,103578
Fares30,16829,00832,46233,32530,450282
Baggage Fees9589831,0731,1011,02971
Reservation Change Fees715749755731661-54
Operating Expenses34,63833,54735,63237,15837,0012,363
Fuel 5,8194,8605,5666,0965,84424
Labor11,55511,79812,21312,74812,9551,400
Notes: 

* Passenger airline operating revenue includes four other categories.  1) Transport-related is revenue from services which grow from and are incidental to the air transportation services performed by the air carrier. Examples are in-flight onboard sales (food, liquor, pillows, etc), code share revenues, revenues from associated businesses (aircraft maintenance, fuel sales, restaurants, vending machines, etc). 2) Miscellaneous operating revenue includes pet transportation, sale of frequent flyer award miles to airline business partners and standby passenger fees.   3)  Cargo revenue from transporting cargo in belly of aircraft.  4)  Mail revenue from transporting mail in belly of aircraft.  See the P1.2 database http://www.transtats.bts.gov/Fields.asp?Table_ID=295.

Source: 

Bureau of Transportation Statistics, Form 41; Schedules P1.2 and P6

Reports from 25 airlines in 4Q 2016, (Millions of dollars)
Domestic Operations4Q 20151Q 20162Q 20163Q 20164Q 2016Dollar Change 4Q2015-4Q2016
Net Income6,1072,0723,3282,5991,766-4,341
Operating Profit/Loss4,6224,2926,1055,4423,533-1,089
Operating Revenue*30,02428,72732,46332,93531,6221,597
Fares22,35621,35923,65023,59822,628272
Baggage Fees74477384886882278
Reservation Change Fees462481483468439-23
Operating Expenses25,40224,43426,35827,49328,0892,686
Fuel 3,9133,3233,7624,0804,038125
Labor8,4938,5308,7679,1729,5121,019
Notes: 

* Passenger airline operating revenue includes four other categories.  1) Transport-related is revenue from services which grow from and are incidental to the air transportation services performed by the air carrier. Examples are in-flight onboard sales (food, liquor, pillows, etc), code share revenues, revenues from associated businesses (aircraft maintenance, fuel sales, restaurants, vending machines, etc). 2) Miscellaneous operating revenue includes pet transportation, sale of frequent flyer award miles to airline business partners and standby passenger fees.   3)  Cargo revenue from transporting cargo in belly of aircraft.  4)  Mail revenue from transporting mail in belly of aircraft.  See the P1.2 database http://www.transtats.bts.gov/Fields.asp?Table_ID=295.

Source: 

Bureau of Transportation Statistics, Form 41; Schedules P1.2 and P6

Reports from 17 airlines in 4Q 2016, (Millions of dollars)
International Operations4Q 20151Q 20162Q 20163Q 20164Q 2016Dollar Change 4Q2015-4Q2016
Net Income7849851,3211,226244-540
Operating Profit/Loss1,2651,3121,7681,806569-695
Operating Revenue*10,50110,42511,04211,4709,482-1,019
Fares7,8137,6508,8129,7277,8229
Baggage Fees214210225233207-6
Reservation Change Fees253268273263222-31
Operating Expenses9,2369,1129,2749,6658,913-324
Fuel 1,9071,5371,8042,0161,806-101
Labor3,0623,2683,4463,5763,443381
Notes: 

* Passenger airline operating revenue includes four other categories.  1) Transport-related is revenue from services which grow from and are incidental to the air transportation services performed by the air carrier. Examples are in-flight onboard sales (food, liquor, pillows, etc), code share revenues, revenues from associated businesses (aircraft maintenance, fuel sales, restaurants, vending machines, etc). 2) Miscellaneous operating revenue includes pet transportation, sale of frequent flyer award miles to airline business partners and standby passenger fees.   3)  Cargo revenue from transporting cargo in belly of aircraft.   4)  Mail revenue from transporting mail in belly of aircraft.  See the P1.2 database http://www.transtats.bts.gov/Fields.asp?Table_ID=295.

Source: 

Bureau of Transportation Statistics, Form 41; Schedules P1.2 and P6

Reports from 25 airlines in 4Q 2016, (Millions of dollars)
4Q 20154Q 2016Change2015-2016 % Change% of 4Q 2016 Revenue or Expense Total
Operating Revenue
Passenger Fares (scheduled/charter)30,168.130,449.6281.50.9374.08
Cargo710.7717.36.60.931.75
Baggage957.81,029.071.27.432.50
Reservation Changes715.0660.9-54.1-7.571.61
Transport-Related*6,700.96,949.2248.33.7116.91
Other**1,272.71,297.324.61.933.16
Total Operating Revenue***40,525.241,103.3578.11.43100.00
Operating Expense
Fuel5,819.45,843.524.10.4115.79
Labor11,554.912,954.51,399.612.1135.01
Rentals2,163.42,188.224.81.155.91
Depreciation & Amortization1,939.42,155.0215.611.125.82
Landing Fees694.3712.217.92.581.92
Maintenance Materials672.3615.8-56.5-8.401.66
Transport-Related*4,351.24,521.9170.73.9212.22
Other****7,543.58,010.0466.56.1821.65
Total Operating Expense34,738.437,001.12,262.76.51100.00
Profits or Losses
Operating Profit5,886.84,102.2-1,784.6-30.32N/A
Operating Margin# (%)14.510.0-4.5N/AN/A
Nonoperating Income/(Expense)##.-1295.6-648.5647.150.00N/A
Pre-Tax Income4,591.23,453.8-1,137.4-24.77N/A
Income Tax Benefit/(Expense)2,299.4-1,444.3-3,743.7-162.81N/A
Other Income/(Expense)0.00.00.00.0N/A
Net Income6,890.72,009.5-4,881.2-70.84N/A
Net Margin### (%)17.04.9-12.1N/AN/A
Notes: 

* Transport-Related is revenue/expenses from services which grow from and are incidental to the air transportation services performed by the air carrier. Examples are in-flight onboard sales (food, liquor, pillows, etc), code share revenues, revenues and expenses from associated businesses (aircraft maintenance, fuel sales, restaurants, vending machines, etc).  

** Other revenue includes miscellaneous operating revenue (including pet transportation, sale of frequent flyer award miles to airline business partners and standby passenger fees) and public service revenues subsidy.

*** Based on U.S. Department of Transportation accounting standards, Total Operating Revenues are overstated by code share revenues which are included in both the mainline Transport-Related Revenues and the code share Passenger Revenue. Code share revenues are expensed out in the mainline Transport-Related Expense to allow a true Operating Profit(Loss). This reporting may understate all components of operating revenue, including Passenger Revenue, as a percentage of Total Operating Revenue.

**** Other expense includes purchase of materials such as passenger food and other materials; and purchase of services such as advertising, communication, insurance, outside flight equipment maintenance, traffic commissions and other services. 

# Operating margin is the operating profit or loss as a percentage of operating revenue

## Nonoperating Income and Expense includes interest on long-term debt and capital leases, other interest expense, foreign exchange gains and losses, capital gains and losses and other income and expenses.

### Net margin is the net income or loss as a percentage of operating revenue.

Source: 

Bureau of Transportation Statistics, Form 41; Schedules P1.2 and P6

Reports from 25 airlines in 4Q 2016, (Millions of dollars)
4Q 20154Q 2016Change2015-2016 % Change% of 4Q 2016 Revenue or Expense Total
Operating Revenue
Passenger Fares (scheduled/charter)22,355.522,627.8272.31.2271.56
Cargo245.4247.21.80.730.78
Baggage744.0821.677.610.432.60
Reservation Changes462.0439.3-22.7-4.911.39
Transport-Related*5,209.46,428.61,219.223.4020.33
Other**1,008.11,057.048.94.853.34
Total Operating Revenue***30,024.431,621.51,597.15.32100.00
Operating Expense
Fuel3,912.64,038.0125.43.2114.38
Labor8,493.19,511.91,018.812.0033.86
Rentals1,675.41,721.446.02.756.13
Depreciation & Amortization1,397.91,575.2177.312.685.61
Landing Fees536.9553.616.73.111.97
Maintenance Materials436.8470.633.87.741.68
Transport-Related*3,561.94,343.8781.921.9515.46
Other****5,387.75,874.1486.49.0320.91
Total Operating Expense25,402.328,088.62,686.310.58100.00
Profits or Losses
Operating Profit4,622.13,532.9-1,089.2-23.57N/A
Operating Margin# (%)15.411.2-4.2N/AN/A
Nonoperating Income/(Expense)##-1,067.8-560.0507.8-47.56N/A
Pre-Tax Income3,554.32,973.0-581.3-16.35N/A
Income Tax Benefit/(Expense)2,552.8-1,207.1-3,759.9-147.29N/A
Other Income/(Expense)0.00.00.00.0N/A
Net Income6,107.11,765.9-4,341.2-71.08N/A
Net Margin### (%)20.35.6-14.8N/AN/A
Notes: 

* Transport-Related is revenue/expenses from services which grow from and are incidental to the air transportation services performed by the air carrier. Examples are in-flight onboard sales (food, liquor, pillows, etc), code share revenues, revenues and expenses from associated businesses (aircraft maintenance, fuel sales, restaurants, vending machines, etc).  

** Other revenue includes miscellaneous operating revenue (including pet transportation, sale of frequent flyer award miles to airline business partners and standby passenger fees) and public service revenues subsidy.

*** Based on U.S. Department of Transportation accounting standards, Total Operating Revenues are overstated by code share revenues which are included in both the mainline Transport-Related Revenues and the code share Passenger Revenue. Code share revenues are expensed out in the mainline Transport-Related Expense to allow a true Operating Profit(Loss). This reporting may understate all components of operating revenue, including Passenger Revenue, as a percentage of Total Operating Revenue.

**** Other expense includes purchase of materials such as passenger food and other materials; and purchase of services such as advertising, communication, insurance, outside flight equipment maintenance, traffic commissions and other services. 

# Operating margin is the operating profit or loss as a percentage of operating revenue

## Nonoperating Income and Expense includes interest on long-term debt and capital leases, other interest expense, foreign exchange gains and losses, capital gains and losses and other income and expenses.

### Net margin is the net income or loss as a percentage of operating revenue.

Source: 

Bureau of Transportation Statistics, Form 41; Schedules P1.2 and P6

Reports from 17 airlines in 4Q 2016, (millions of dollars)
4Q 20154Q 2016Change2015-2016 % Change% of 4Q 2016 Revenue or Expense Total
Operating Revenue
Passenger Fares (scheduled/charter)7,812.67,821.89.20.1282.49
Cargo465.3470.14.81.034.96
Baggage213.8207.4-6.4-2.992.19
Reservation Changes253.0221.6-31.4-12.412.34
Transport-Related*1,491.5520.6-970.9-65.105.49
Other**264.6240.3-24.3-9.182.53
Total Operating Revenue***10,500.89,481.8-1,019.0-9.70100.00
Operating Expense
Fuel1,906.81,805.5-101.3-5.3120.26
Labor3,061.83,442.6380.812.4438.63
Rentals488.0466.8-21.2-4.345.24
Depreciation & Amortization541.5579.838.37.076.51
Landing Fees157.4158.61.20.761.78
Maintenance Materials135.5145.29.77.161.63
Transport-Related*789.3178.1-611.2-77.442.00
Other****2,155.82,135.9-19.9-0.9223.97
Total Operating Expense9,236.18,912.5-323.6-3.50100.00
Profits or Losses
Operating Profit1,264.7569.3-695.4-54.99N/A
Operating Margin# (%)12.06.0-6.0N/AN/A
Nonoperating Income/(Expense)##-227.8-88.5139.3-61.15N/A
Pre-Tax Income1,036.9480.8-556.1-53.63N/A
Income Tax Benefit/(Expense)-253.4-237.216.2-6.39N/A
Other Income/(Expense)0.00.00.00.0N/A
Net Income783.6243.6-540.0-68.91N/A
Net Margin### (%)7.52.6-4.9N/AN/A
Notes: 

* Transport-Related is revenue/expenses from services which grow from and are incidental to the air transportation services performed by the air carrier. Examples are in-flight onboard sales (food, liquor, pillows, etc), code share revenues, revenues and expenses from associated businesses (aircraft maintenance, fuel sales, restaurants, vending machines, etc).  

** Other revenue includes miscellaneous operating revenue (including pet transportation, sale of frequent flyer award miles to airline business partners and standby passenger fees) and public service revenues subsidy.

*** Based on U.S. Department of Transportation accounting standards, Total Operating Revenues are overstated by code share revenues which are included in both the mainline Transport-Related Revenues and the code share Passenger Revenue. Code share revenues are expensed out in the mainline Transport-Related Expense to allow a true Operating Profit(Loss). This reporting may understate all components of operating revenue, including Passenger Revenue, as a percentage of Total Operating Revenue.

**** Other expense includes purchase of materials such as passenger food and other materials; and purchase of services such as advertising, communication, insurance, outside flight equipment maintenance, traffic commissions and other services. 

# Operating margin is the operating profit or loss as a percentage of operating revenue

## Nonoperating Income and Expense includes interest on long-term debt and capital leases, other interest expense, foreign exchange gains and losses, capital gains and losses and other income and expenses.

### Net margin is the net income or loss as a percentage of operating revenue.

Source: 

Bureau of Transportation Statistics, Form 41; Schedules P1.2 and P6