Airline Financial Data

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2017 Annual and 4th Quarter U.S. Airline Financial Data

Release Number: 
BTS 23-18

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2017 Annual Results for All Scheduled Passenger Airlines

U.S. scheduled passenger airlines reported an after-tax net profit of $15.5 billion in 2017, up from $14.0 billion in 2016 (Table 1).

The 23 U.S. scheduled service passenger airlines reported an after-tax net profit as a group for the fifth consecutive year based on net income reports.

The 23 U.S. scheduled service passenger airlines reported an after-tax net profit as a group for the fifth consecutive year based on net income reports.

billions of dollars ($)
billions of dollars ($)
201312.2
20147.4
201524.8
201614.0
201715.5
Source: 

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

The airlines also reported a $21.4 billion pre-tax operating profit in 2017, down from $25.4 billion in 2016. The airlines reported a pre-tax operating profit as a group for the ninth 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 2017 operating revenue was $175.3 billion. The airlines collected $130.5 billion from fares, 74.4 percent of total operating revenue (Table 4).

Total 2017 operating expenses were $153.9 billion, of which fuel costs accounted for $26.2 billion, or 17.1 percent, and labor costs accounted for $53.6 billion, or 34.8 percent (Table 4).

The airlines collected $4.6 billion in baggage fees, 2.6 percent of total operating revenue, and $2.9 billion 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 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 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 $13.4 billion in 2017, up from $10.3 billion in 2016 (Table 2). 

The 23 scheduled service passenger airlines reported an after-tax net profit from domestic operations as a group for the fifth consecutive year based on net income reports.

billions of dollars ($)
billions of dollars ($)
20137.8
20145.7
201518.0
201610.3
201713.4
Source: 

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

The airlines also reported a $17.9 billion pre-tax operating profit from domestic operations in 2017, down from $19.9 billion in 2016. The airlines reported a pre-tax operating profit from domestic operations as a group for the ninth consecutive year (Table 2).

Total 2017 operating revenue from domestic operations was $132.7 billion. The airlines collected $95.1 billion from fares, 71.7 percent of total 2017 domestic operating revenue (Tables 2, 5).

Total 2017 operating expenses from domestic operations were $114.9 billion, of which fuel costs accounted for $17.8 billion, or 15.5 percent, and labor costs accounted for $39.0 billion, or 33.9 percent (Tables 2, 5).

Scheduled passenger airlines collected from domestic operations $3.6 billion in baggage fees, 2.7 percent of total domestic operating revenue, and $1.9 billion from reservation change fees, 1.4 percent of total domestic operating revenue (Tables 2, 5).

International

The 18 U.S. scheduled passenger airlines that operate internationally reported an after-tax net profit of $2.1 billion in 2017 from their international operations, down from $3.8 billion in 2016 (Table 3).

The airlines reported an after-tax net profit from international operations as a group for the eighth consecutive year based on net income reports.

billions of dollars ($)
billions of dollars ($)
20134.4
20141.7
20156.8
20163.8
20172.1
Source: 

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

The airlines also reported a $3.6 billion pre-tax operating profit from international operations in 2017, down from $5.5 billion in 2016. The airlines reported a pre-tax operating profit from international operations as a group for the ninth consecutive year (Table 3).

Total 2017 operating revenue from international operations was $42.6 billion. Airlines collected $35.4 billion from fares, 83.1 percent of total international operating revenue (Tables 3, 6).

Total operating expenses from international operations for all passenger airlines in 2017 were $39.0 billion, of which fuel costs accounted for $8.4 billion, or 21.6 percent, and labor costs accounted for $14.6 billion, or 37.4 percent (Tables 3, 6).

The airlines collected from international operations $964.4 million in baggage fees, 2.3 percent of total international operating revenue, and $982.2 million from reservation change fees, 2.3 percent of total international operating revenue (Tables 3, 6).

Annual Margins for All Scheduled Passenger Airlines

The 23 U.S. scheduled passenger airlines reported a combined net income margin of 8.8 percent in 2017, up from a net margin of 8.3 percent in 2016. Net margin is the net income or loss as a percentage of operating revenue. These airlines reported an operating profit margin of 12.2 percent in 2017, down from 15.0 percent in 2016. Operating margin is the operating profit or loss as a percentage of operating revenue (Table 4).

4th Quarter Results for All Scheduled Passenger Airlines

The 23 scheduled passenger airlines reported an after-tax net profit of $5.1 billion in the fourth quarter of 2017, up from $3.7 billion in the third quarter and up from $2.6 billion in the fourth quarter of 2016 (Table 7). 

The airlines reported an after-tax net profit as a group for the 19th consecutive quarter based on net income reports.

billions of dollars ($)
billions of dollars ($)
4Q20162.6
1Q20171.9
2Q20174.7
3Q20173.7
4Q20175.1
Source: 

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

The scheduled service passenger airlines also reported a $4.1 billion pre-tax operating profit in the fourth quarter of 2017, down from $6.3 billion in the third quarter and up from $4.6 billion in the fourth quarter of 2016. The airlines reported a pre-tax operating profit as a group for the 27th consecutive quarter (Tables 7, 10).

Total operating revenue for all U.S. passenger airlines in the October-December fourth-quarter of 2017 was $43.8 billion. Airlines collected $32.3 billion from fares, 73.6 percent of total fourth-quarter operating revenue (Table 7, 10).

Total operating expenses were $39.7 billion, of which fuel costs accounted for $7.1 billion, or 17.8 percent, and labor costs accounted for $13.6 billion, or 34.1 percent (Table 7, 10).

In the fourth quarter, the airlines collected $1.2 billion in baggage fees, 2.6 percent of total operating revenue, and $675.0 million from reservation change fees, 1.5 percent of total operating revenue. Fees are included for calculations of net income, operating revenue and operating profit or loss (Table 7, 10).

Domestic

From domestic operations, U.S. scheduled passenger airlines reported an after-tax net profit of $4.8 billion in the fourth quarter of 2017, up from $2.6 billion in the third quarter of 2017 and up from $2.3 billion in the fourth quarter of 2016 (Table 8).

The 23 U.S. scheduled service passenger airlines reported an after-tax net profit from domestic operations as a group for the 19th consecutive quarter based on net income reports.

billions of dollars ($)
billions of dollars ($)
4Q20162.3
1Q20171.9
2Q20174.1
3Q20172.6
4Q20174.8
Source: 

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

The scheduled service passenger airlines reported a $3.6 billion pre-tax operating profit from domestic operations in the fourth quarter of 2017, down from $4.7 billion in the third quarter of 2017 and up from $4.1 billion in the fourth quarter of 2016. The airlines reported a pre-tax operating profit from domestic operations - as a group - for the 19th consecutive quarter (Table 8).

Total operating revenue from domestic operations for all U.S. passenger airlines in the October-December fourth-quarter of 2017 was $33.7 billion. Airlines collected $23.9 billion from fares, 71.1 percent of total fourth-quarter operating revenue (Tables 8, 11).

Total operating expenses from domestic operations for all passenger airlines were $30.0 billion, of which fuel costs accounted for $4.8 billion, or 16.1 percent, and labor costs accounted for $10.0 billion, or 33.4 percent (Tables 8, 11).

In the fourth quarter, passenger airlines collected from domestic operations $918 million in baggage fees, 2.7 percent of total domestic operating revenue, and $452.0 million from reservation change fees, 1.3 percent of total domestic operating revenue (Tables 8, 11).

International

The 18 U.S. scheduled passenger airlines that operate internationally reported an after-tax net profit of $297.1 million in the fourth quarter of 2017 from their international operations, down from $1.1 billion in the third quarter of 2017 and up from $254.0 million in the fourth quarter of 2016 (Table 9).

The airlines reported an after-tax net profit from international operations as a group for the 12th consecutive quarter based on net income reports.

billions of dollars ($)
billions of dollars ($)
4Q20160.3
1Q20170.1
2Q20170.6
3Q20171.1
4Q20170.3
Source: 

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

The scheduled service passenger airlines reported a $482.2 million pre-tax operating profit from international operations in the fourth quarter of 2017, down from $1.6 billion in the third quarter of 2017 and down from $580.8 million in the fourth quarter of 2016. The airlines reported a pre-tax operating profit from international operations as a group for the 23rd consecutive quarter (Table 9).

Total operating revenue from international operations in the October-December fourth-quarter of 2017 was $10.2 billion. Airlines collected $8.3 billion from fares, 81.9 percent of total fourth-quarter operating revenue (Tables 9, 12).

Total fourth-quarter operating expenses from international operations were $9.7 billion, of which fuel costs accounted for $2.2 billion, or 22.8 percent, and labor costs accounted for $3.5 billion, or 36.5 percent (Tables 9, 12).

In the fourth quarter, passenger airlines collected from international operations a total of $239.4 million in baggage fees, 2.4 percent of total international operating revenue, and $223 million from reservation change fees, 2.2 percent of total international 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 11.7 percent in the fourth quarter of 2017, up from a net margin of 6.1 percent in the fourth quarter of 2016. Net margin is the net income or loss as a percentage of operating revenue. These airlines reported an operating profit margin of 9.4 percent in the fourth quarter of 2017, down from 11.0 percent in the fourth quarter of 2016. 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 2018 data on June 18.

Reports from 23 airlines in 2017, (Millions of dollars)
20132014201520162017Dollar Change ($ in Millions) 2016-2017
Net Income12,1617,44724,78814,04715,4841,437
Operating Profit/Loss11,30414,60027,98725,36621,440-3,927
Operating Revenue*161,625169,277169,057169,158175,3406,182
Fares121,361127,455127,061125,916130,4934,577
Baggage Fees3,3623,5583,8144,3214,576256
Reservation Change Fees2,8142,9403,0122,9062,856-49
Operating Expenses150,322154,677141,070143,792153,90010,109
Fuel 42,63743,43126,97922,54926,2413,692
Labor38,05040,76045,48749,94853,5523,604
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 23 airlines in 2017, (Millions of dollars)
20132014201520162017Dollar Change ($ in Millions) 2016-2017
Net Income7,7725,74118,03310,26413,3943,130
Operating Profit/Loss7,30810,79020,80819,89917,857-2,042
Operating Revenue*114,651120,831122,544126,739132,7486,009
Fares83,96889,25890,95791,90695,1213,215
Baggage Fees2,6122,7772,9803,4453,612167
Reservation Change Fees1,7881,8691,9271,8801,874-6
Operating Expenses107,343110,042101,736106,840114,8918,051
Fuel 27,67728,05717,72715,38717,7992,412
Labor27,43629,24132,82336,21538,9542,739
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 18 airlines in 2017, (Millions of dollars)
20132014201520162017Dollar Change ($ in Millions) 2016-2017
Net Income4,3891,7056,7553,7822,089-1,693
Operating Profit/Loss3,9963,8117,1795,4673,582-1,884
Operating Revenue*46,97448,44546,51342,41942,592173
Fares37,39338,19836,10434,01035,3721,361
Baggage Fees75078183487696489
Reservation Change Fees1,0261,0711,0851,026982-43
Operating Expenses42,97944,63539,33436,95339,0102,057
Fuel 14,96015,3749,2527,1638,4421,280
Labor10,61411,51912,66413,73314,598865
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 23 airlines in 2017, (Millions of dollars)
Jan-Dec 2016Jan-Dec 2017Change2016-2017 % Change% of YTD 2017 Revenue or Expense Total
Operating Revenue
Passenger Fares (scheduled/charter)125,916.4130,493.14,576.73.6374.42
Cargo2,629.22,984.6355.413.521.70
Baggage4,320.64,576.4255.85.922.61
Reservation Changes2,905.72,856.3-49.4-1.701.63
Transport-Related*28,095.228,694.1598.92.1316.36
Other**5,290.75,735.3444.68.403.27
Total Operating Revenue***169,157.8175,339.86,182.03.65100.00
Operating Expense
Fuel22,549.226,241.33,692.116.3717.05
Labor49,948.053,552.43,604.47.2234.80
Rentals8,777.28,886.8109.61.255.77
Depreciation & Amortization8,773.29,050.5277.33.165.88
Landing Fees2,976.83,056.379.52.671.99
Maintenance Materials2,499.82,437.5-62.3-2.491.58
Transport-Related*17,995.419,009.01,013.65.6312.35
Other****30,272.231,666.51,394.34.6120.58
Total Operating Expense143,791.8153,900.310,108.57.03100.00
Profits or Losses
Operating Profit25,366.021,439.5-3,926.5-15.48N/A
Operating Margin# (%)15.012.2-2.8N/AN/A
Nonoperating Income/(Expense)##-3,331.0-2,297.61,033.4-31.02N/A
Pre-Tax Income22,035.019,141.5-2,893.5-13.13N/A
Income Tax Benefit/(Expense)-7,988.5-3,658.04,330.5-54.21N/A
Other Income/(Expense)0.00.00.00.0N/A
Net Income14,046.515,483.51,437.010.23N/A
Net Margin### (%)8.38.80.5N/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 23 airlines in 2017, (Millions of dollars)
Jan-Dec 2016Jan-Dec 2017Change2016-2017 % Change% of YTD 2017 Revenue or Expense Total
Operating Revenue
Passenger Fares (scheduled/charter)91,906.095,121.43,215.43.5071.66
Cargo907.3992.585.29.390.75
Baggage3,445.13,612.0166.94.842.72
Reservation Changes1,880.11,874.1-6.0-0.321.41
Transport-Related*24,344.626,514.22,169.68.9119.97
Other**4,255.64,633.5377.98.883.49
Total Operating Revenue***126,738.7132,747.76,009.04.74100.00
Operating Expense
Fuel15,386.617,798.92,412.315.6815.49
Labor36,215.338,954.42,739.17.5633.91
Rentals6,755.06,881.8126.81.885.99
Depreciation & Amortization6,206.96,443.9237.03.825.61
Landing Fees2,270.82,323.452.62.322.02
Maintenance Materials1,892.41,860.9-31.5-1.661.62
Transport-Related*16,719.418,257.11,537.79.2015.89
Other****21,393.122,370.2977.14.5719.47
Total Operating Expense106,839.5114,890.68,051.17.54100.00
Profits or Losses
Operating Profit19,899.217,857.1-2,042.1-10.26N/A
Operating Margin# (%)15.713.5-2.2N/AN/A
Nonoperating Income/(Expense)##-2,927.9-1,875.01,052.9-35.96N/A
Pre-Tax Income16,971.315,982.1-989.2-5.83N/A
Income Tax Benefit/(Expense)-6,707.1-2,587.74,119.4-61.42N/A
Other Income/(Expense)0.00.00.00.0N/A
Net Income10,264.213,394.43,130.230.50N/A
Net Margin### (%)8.110.12.0N/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 18 airlines in 2017, (Millions of dollars)
Jan-Dec 2016Jan-Dec 2017Change2016-2017 % Change% of YTD 2017 Revenue or Expense Total
Operating Revenue
Passenger Fares (scheduled/charter)34,010.435,371.71,361.34.0083.05
Cargo1,721.91,992.1270.215.694.68
Baggage875.5964.488.910.152.26
Reservation Changes1,025.6982.2-43.4-4.232.31
Transport-Related*3,750.62,179.9-1,570.7-41.885.12
Other**1,035.11,101.866.76.442.59
Total Operating Revenue***42,419.142,592.1173.00.41100.00
Operating Expense
Fuel7,162.68,442.41,279.817.8721.64
Labor13,732.714,598.0865.36.3037.42
Rentals2,022.22,005.0-17.2-0.855.14
Depreciation & Amortization2,566.32,606.640.31.576.68
Landing Fees706.0732.926.93.811.88
Maintenance Materials607.4576.6-30.8-5.071.48
Transport-Related*1,276.0751.9-524.1-41.071.93
Other****8,879.39,296.3417.04.7023.83
Total Operating Expense36,952.539,009.72,057.25.57100.00
Profits or Losses
Operating Profit5,466.83,582.4-1,884.4-34.47N/A
Operating Margin# (%)12.98.4-4.5N/AN/A
Nonoperating Income/(Expense)##-403.1-422.6-19.54.84N/A
Pre-Tax Income5,063.73,159.9-1,903.8-37.60N/A
Income Tax Benefit/(Expense)-1,281.4-1,070.3211.1-16.47N/A
Other Income/(Expense)0.00.00.00.0N/A
Net Income3,782.32,089.1-1,693.2-44.77N/A
Net Margin### (%)8.94.9-4.0N/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 23 airlines in 4Q 2017, (Millions of dollars)
4Q 20161Q 20172Q 20173Q 20174Q 2017Dollar Change 4Q2016-4Q2017
Net Income2,5511,9394,6713,7435,1412,590
Operating Profit/Loss4,6423,2677,7346,3354,105-537
Operating Revenue*42,09639,69646,19045,61643,8391,744
Fares31,12129,38734,63334,20032,2741,153
Baggage Fees1,1641,0271,1771,2161,157-6
Reservation Change Fees6717247387206754
Operating Expenses37,45436,42838,45539,28239,7352,281
Fuel 6,0265,9386,4506,8017,0531,027
Labor13,19012,78413,61613,58913,564374
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 23 airlines in 4Q 2017, (Millions of dollars)
Domestic Operations4Q 20161Q 20172Q 20173Q 20174Q 2017Dollar Change 4Q2016-4Q2017
Net Income2,2981,8534,0582,6384,8442,547
Operating Profit/Loss4,0612,9916,5024,7263,622-439
Operating Revenue*32,61430,39534,95733,65033,6641,051
Fares23,29921,73025,24524,11723,946647
Baggage Fees956818930950918-38
Reservation Change Fees499477481465452-47
Operating Expenses28,52327,40428,45528,92430,0421,519
Fuel 4,2214,0694,3204,5484,849628
Labor9,7479,3709,8009,72610,026279
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 18 airlines in 4Q 2017, (Millions of dollars)
International Operations4Q 20161Q 20172Q 20173Q 20174Q 2017Dollar Change 4Q2016-4Q2017
Net Income254866131,10529744
Operating Profit/Loss5812771,2331,609482-99
Operating Revenue*9,4829,30111,23311,96710,175693
Fares7,8227,6569,38810,0838,328506
Baggage Fees20720924726523932
Reservation Change Fees2222462572562231
Operating Expenses8,9019,02410,00010,3589,693792
Fuel 1,8061,8682,1302,2532,205399
Labor3,4433,4143,8163,8633,53895
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 23 airlines in 4Q 2017, (Millions of dollars)
4Q 20164Q 2017Change2016-2017 % Change% of 4Q 2017 Revenue or Expense Total
Operating Revenue
Passenger Fares (scheduled/charter)31,121.132,274.31,153.23.7173.62
Cargo717.3843.7126.417.621.92
Baggage1,163.81,157.4-6.4-0.552.64
Reservation Changes670.6675.04.40.661.54
Transport-Related*7,101.37,388.8287.54.0516.85
Other**1,321.41,499.9178.513.513.42
Total Operating Revenue***42,095.543,839.11,743.64.14100.00
Operating Expense
Fuel6,026.27,053.41,027.217.0517.75
Labor13,189.813,563.5373.72.8334.14
Rentals2,173.12,218.645.52.095.58
Depreciation & Amortization2,179.82,308.4128.65.905.81
Landing Fees749.9757.77.81.041.91
Maintenance Materials648.0608.7-39.3-6.061.53
Transport-Related*4,521.95,092.4570.512.6212.82
Other****7,964.98,131.9167.02.1020.47
Total Operating Expense37,453.639,734.62,281.06.09100.00
Profits or Losses
Operating Profit4,641.94,104.5-537.4-11.58N/A
Operating Margin# (%)11.09.4-1.7N/AN/A
Nonoperating Income/(Expense)##-646.6-538.5647.150.00N/A
Pre-Tax Income3,995.33,566.1-429.2-10.74N/A
Income Tax Benefit/(Expense)-1,444.31,575.13,019.4-209.06N/A
Other Income/(Expense)0.00.00.00.0N/A
Net Income2,551.05,141.12,590.1101.53N/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 23 airlines in 4Q 2017, (Millions of dollars)
4Q 20164Q 2017Change2016-2017 % Change% of 4Q 2017 Revenue or Expense Total
Operating Revenue
Passenger Fares (scheduled/charter)23,299.323,946.2646.92.7871.13
Cargo247.2256.89.63.880.76
Baggage956.4918.0-38.4-4.022.73
Reservation Changes449.0452.03.00.671.34
Transport-Related*6,580.76,867.0286.34.3520.40
Other**1,081.11,224.2143.113.243.64
Total Operating Revenue***32,613.733,664.21,050.53.22100.00
Operating Expense
Fuel4,220.74,848.7628.014.8816.14
Labor9,747.210,025.8278.62.8633.37
Rentals1,709.81,742.933.11.945.80
Depreciation & Amortization1,607.81,659.551.73.225.52
Landing Fees591.3580.4-10.9-1.841.93
Maintenance Materials502.8469.3-33.5-6.661.56
Transport-Related*4,343.84,910.7566.913.0516.35
Other****5,829.25,804.6-24.6-0.4219.32
Total Operating Expense28,552.630,041.91,489.35.22100.00
Profits or Losses
Operating Profit4,061.13,622.3-438.8-10.80N/A
Operating Margin# (%)12.510.8-1.7N/AN/A
Nonoperating Income/(Expense)##-556.5-448.4108.1-19.42N/A
Pre-Tax Income3,504.63,173.9-330.7-9.44N/A
Income Tax Benefit/(Expense)-1,207.11,670.12,877.2-238.36N/A
Other Income/(Expense)0.00.00.00.0N/A
Net Income2,297.54,844.02,546.5110.84N/A
Net Margin### (%)7.014.47.3N/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 18 airlines in 4Q 2017, (Millions of dollars)
4Q 20164Q 2017Change2016-2017 % Change% of 4Q 2017 Revenue or Expense Total
Operating Revenue
Passenger Fares (scheduled/charter)7,821.88,328.1506.36.4781.85
Cargo470.1586.9116.824.855.77
Baggage207.4239.432.015.432.35
Reservation Changes221.6223.01.40.632.19
Transport-Related*520.6521.81.20.235.13
Other**240.3275.735.414.732.71
Total Operating Revenue***9,481.810,174.9693.17.31100.00
Operating Expense
Fuel1,805.52,204.7399.222.1122.75
Labor3,442.63,537.795.12.7636.50
Rentals463.3475.712.42.684.91
Depreciation & Amortization572.0648.976.913.446.69
Landing Fees158.6177.318.711.791.83
Maintenance Materials145.2139.4-5.8-3.991.44
Transport-Related*178.1181.73.62.021.87
Other****2,135.72,327.3191.68.9724.01
Total Operating Expense8,901.09,692.7791.78.89100.00
Profits or Losses
Operating Profit580.8482.2-98.6-16.98N/A
Operating Margin# (%)6.14.7-1.4N/AN/A
Nonoperating Income/(Expense)##-90.1-90.10.00.00N/A
Pre-Tax Income490.7392.2-98.5-20.07N/A
Income Tax Benefit/(Expense)-237.2-95.0142.2-59.95N/A
Other Income/(Expense)0.00.00.00.0N/A
Net Income253.5297.143.617.20N/A
Net Margin### (%)2.72.90.2N/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