Official US Government Icon

Official websites use .gov
A .gov website belongs to an official government organization in the United States.

Secure Site Icon

Secure .gov websites use HTTPS
A lock ( ) or https:// means you’ve safely connected to the .gov website. Share sensitive information only on official, secure websites.

 Find the latest Coronavirus-related transportation statistics on the BTS COVID-19 landing page.

United States Department of Transportation United States Department of Transportation

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

Monday, May 7, 2018

Download Excel Tables

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.

 

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.

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.

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.

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.

 

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.

 

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.

Table 1. Annual U.S. Scheduled Service Passenger Airlines Financial Reports, 4Q 2017

2013 2014 2015 2016 2017 Dollar Change ($ in Millions) 2016-2017
Net Income 12,161 7,447 24,788 14,047 15,484 1,437
Operating Profit/Loss 11,304 14,600 27,987 25,366 21,440 -3,927
Operating Revenue* 161,625 169,277 169,057 169,158 175,340 6,182
Fares 121,361 127,455 127,061 125,916 130,493 4,577
Baggage Fees 3,362 3,558 3,814 4,321 4,576 256
Reservation Change Fees 2,814 2,940 3,012 2,906 2,856 -49
Operating Expenses 150,322 154,677 141,070 143,792 153,900 10,109
Fuel 42,637 43,431 26,979 22,549 26,241 3,692
Labor 38,050 40,760 45,487 49,948 53,552 3,604
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

Table 2. Domestic Annual U.S. Scheduled Service Passenger Airlines Financial Reports, 4Q 2017

2013 2014 2015 2016 2017 Dollar Change ($ in Millions) 2016-2017
Net Income 7,772 5,741 18,033 10,264 13,394 3,130
Operating Profit/Loss 7,308 10,790 20,808 19,899 17,857 -2,042
Operating Revenue* 114,651 120,831 122,544 126,739 132,748 6,009
Fares 83,968 89,258 90,957 91,906 95,121 3,215
Baggage Fees 2,612 2,777 2,980 3,445 3,612 167
Reservation Change Fees 1,788 1,869 1,927 1,880 1,874 -6
Operating Expenses 107,343 110,042 101,736 106,840 114,891 8,051
Fuel 27,677 28,057 17,727 15,387 17,799 2,412
Labor 27,436 29,241 32,823 36,215 38,954 2,739
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

Table 3. International Annual U.S. Scheduled Service Passenger Airlines Financial Reports, 4Q 2017

2013 2014 2015 2016 2017 Dollar Change ($ in Millions) 2016-2017
Net Income 4,389 1,705 6,755 3,782 2,089 -1,693
Operating Profit/Loss 3,996 3,811 7,179 5,467 3,582 -1,884
Operating Revenue* 46,974 48,445 46,513 42,419 42,592 173
Fares 37,393 38,198 36,104 34,010 35,372 1,361
Baggage Fees 750 781 834 876 964 89
Reservation Change Fees 1,026 1,071 1,085 1,026 982 -43
Operating Expenses 42,979 44,635 39,334 36,953 39,010 2,057
Fuel 14,960 15,374 9,252 7,163 8,442 1,280
Labor 10,614 11,519 12,664 13,733 14,598 865
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

Table 4. Jan-Dec U.S. Scheduled Passenger Airlines Revenue, Expenses and Profits, 4Q 2017

Jan-Dec 2016 Jan-Dec 2017 Change 2016-2017 % Change % of YTD 2017 Revenue or Expense Total
Operating Revenue
Passenger Fares (scheduled/charter) 125,916.4 130,493.1 4,576.7 3.63 74.42
Cargo 2,629.2 2,984.6 355.4 13.52 1.70
Baggage 4,320.6 4,576.4 255.8 5.92 2.61
Reservation Changes 2,905.7 2,856.3 -49.4 -1.70 1.63
Transport-Related* 28,095.2 28,694.1 598.9 2.13 16.36
Other** 5,290.7 5,735.3 444.6 8.40 3.27
Total Operating Revenue*** 169,157.8 175,339.8 6,182.0 3.65 100.00
Operating Expense
Fuel 22,549.2 26,241.3 3,692.1 16.37 17.05
Labor 49,948.0 53,552.4 3,604.4 7.22 34.80
Rentals 8,777.2 8,886.8 109.6 1.25 5.77
Depreciation & Amortization 8,773.2 9,050.5 277.3 3.16 5.88
Landing Fees 2,976.8 3,056.3 79.5 2.67 1.99
Maintenance Materials 2,499.8 2,437.5 -62.3 -2.49 1.58
Transport-Related* 17,995.4 19,009.0 1,013.6 5.63 12.35
Other**** 30,272.2 31,666.5 1,394.3 4.61 20.58
Total Operating Expense 143,791.8 153,900.3 10,108.5 7.03 100.00
Profits or Losses
Operating Profit 25,366.0 21,439.5 -3,926.5 -15.48 N/A
Operating Margin# (%) 15.0 12.2 -2.8 N/A N/A
Nonoperating Income/(Expense)## -3,331.0 -2,297.6 1,033.4 -31.02 N/A
Pre-Tax Income 22,035.0 19,141.5 -2,893.5 -13.13 N/A
Income Tax Benefit/(Expense) -7,988.5 -3,658.0 4,330.5 -54.21 N/A
Other Income/(Expense) 0.0 0.0 0.0 0.0 N/A
Net Income 14,046.5 15,483.5 1,437.0 10.23 N/A
Net Margin### (%) 8.3 8.8 0.5 N/A N/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

Table 5. Jan-Dec U.S. Scheduled Domestic Passenger Airlines Revenue, Expenses and Profits, 4Q 2017

Jan-Dec 2016 Jan-Dec 2017 Change 2016-2017 % Change % of YTD 2017 Revenue or Expense Total
Operating Revenue
Passenger Fares (scheduled/charter) 91,906.0 95,121.4 3,215.4 3.50 71.66
Cargo 907.3 992.5 85.2 9.39 0.75
Baggage 3,445.1 3,612.0 166.9 4.84 2.72
Reservation Changes 1,880.1 1,874.1 -6.0 -0.32 1.41
Transport-Related* 24,344.6 26,514.2 2,169.6 8.91 19.97
Other** 4,255.6 4,633.5 377.9 8.88 3.49
Total Operating Revenue*** 126,738.7 132,747.7 6,009.0 4.74 100.00
Operating Expense
Fuel 15,386.6 17,798.9 2,412.3 15.68 15.49
Labor 36,215.3 38,954.4 2,739.1 7.56 33.91
Rentals 6,755.0 6,881.8 126.8 1.88 5.99
Depreciation & Amortization 6,206.9 6,443.9 237.0 3.82 5.61
Landing Fees 2,270.8 2,323.4 52.6 2.32 2.02
Maintenance Materials 1,892.4 1,860.9 -31.5 -1.66 1.62
Transport-Related* 16,719.4 18,257.1 1,537.7 9.20 15.89
Other**** 21,393.1 22,370.2 977.1 4.57 19.47
Total Operating Expense 106,839.5 114,890.6 8,051.1 7.54 100.00
Profits or Losses
Operating Profit 19,899.2 17,857.1 -2,042.1 -10.26 N/A
Operating Margin# (%) 15.7 13.5 -2.2 N/A N/A
Nonoperating Income/(Expense)## -2,927.9 -1,875.0 1,052.9 -35.96 N/A
Pre-Tax Income 16,971.3 15,982.1 -989.2 -5.83 N/A
Income Tax Benefit/(Expense) -6,707.1 -2,587.7 4,119.4 -61.42 N/A
Other Income/(Expense) 0.0 0.0 0.0 0.0 N/A
Net Income 10,264.2 13,394.4 3,130.2 30.50 N/A
Net Margin### (%) 8.1 10.1 2.0 N/A N/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

Table 6. Jan-Dec U.S. Scheduled International Passenger Airlines Revenue, Expenses and Profits, 4Q 2017

Jan-Dec 2016 Jan-Dec 2017 Change 2016-2017 % Change % of YTD 2017 Revenue or Expense Total
Operating Revenue
Passenger Fares (scheduled/charter) 34,010.4 35,371.7 1,361.3 4.00 83.05
Cargo 1,721.9 1,992.1 270.2 15.69 4.68
Baggage 875.5 964.4 88.9 10.15 2.26
Reservation Changes 1,025.6 982.2 -43.4 -4.23 2.31
Transport-Related* 3,750.6 2,179.9 -1,570.7 -41.88 5.12
Other** 1,035.1 1,101.8 66.7 6.44 2.59
Total Operating Revenue*** 42,419.1 42,592.1 173.0 0.41 100.00
Operating Expense
Fuel 7,162.6 8,442.4 1,279.8 17.87 21.64
Labor 13,732.7 14,598.0 865.3 6.30 37.42
Rentals 2,022.2 2,005.0 -17.2 -0.85 5.14
Depreciation & Amortization 2,566.3 2,606.6 40.3 1.57 6.68
Landing Fees 706.0 732.9 26.9 3.81 1.88
Maintenance Materials 607.4 576.6 -30.8 -5.07 1.48
Transport-Related* 1,276.0 751.9 -524.1 -41.07 1.93
Other**** 8,879.3 9,296.3 417.0 4.70 23.83
Total Operating Expense 36,952.5 39,009.7 2,057.2 5.57 100.00
Profits or Losses
Operating Profit 5,466.8 3,582.4 -1,884.4 -34.47 N/A
Operating Margin# (%) 12.9 8.4 -4.5 N/A N/A
Nonoperating Income/(Expense)## -403.1 -422.6 -19.5 4.84 N/A
Pre-Tax Income 5,063.7 3,159.9 -1,903.8 -37.60 N/A
Income Tax Benefit/(Expense) -1,281.4 -1,070.3 211.1 -16.47 N/A
Other Income/(Expense) 0.0 0.0 0.0 0.0 N/A
Net Income 3,782.3 2,089.1 -1,693.2 -44.77 N/A
Net Margin### (%) 8.9 4.9 -4.0 N/A N/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

Table 7. Quarterly U.S. Scheduled Service Passenger Airlines Financial Reports, 4Q 2017

4Q 2016 1Q 2017 2Q 2017 3Q 2017 4Q 2017 Dollar Change 4Q2016-4Q2017
Net Income 2,551 1,939 4,671 3,743 5,141 2,590
Operating Profit/Loss 4,642 3,267 7,734 6,335 4,105 -537
Operating Revenue* 42,096 39,696 46,190 45,616 43,839 1,744
Fares 31,121 29,387 34,633 34,200 32,274 1,153
Baggage Fees 1,164 1,027 1,177 1,216 1,157 -6
Reservation Change Fees 671 724 738 720 675 4
Operating Expenses 37,454 36,428 38,455 39,282 39,735 2,281
Fuel 6,026 5,938 6,450 6,801 7,053 1,027
Labor 13,190 12,784 13,616 13,589 13,564 374
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

Table 8. Domestic Quarterly U.S. Scheduled Service Passenger Airlines Financial Reports, 4Q 2017

Domestic Operations 4Q 2016 1Q 2017 2Q 2017 3Q 2017 4Q 2017 Dollar Change 4Q2016-4Q2017
Net Income 2,298 1,853 4,058 2,638 4,844 2,547
Operating Profit/Loss 4,061 2,991 6,502 4,726 3,622 -439
Operating Revenue* 32,614 30,395 34,957 33,650 33,664 1,051
Fares 23,299 21,730 25,245 24,117 23,946 647
Baggage Fees 956 818 930 950 918 -38
Reservation Change Fees 499 477 481 465 452 -47
Operating Expenses 28,523 27,404 28,455 28,924 30,042 1,519
Fuel 4,221 4,069 4,320 4,548 4,849 628
Labor 9,747 9,370 9,800 9,726 10,026 279
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

Table 9. International Quarterly U.S. Scheduled Service Passenger Airlines Financial Reports, 4Q 2017

International Operations 4Q 2016 1Q 2017 2Q 2017 3Q 2017 4Q 2017 Dollar Change 4Q2016-4Q2017
Net Income 254 86 613 1,105 297 44
Operating Profit/Loss 581 277 1,233 1,609 482 -99
Operating Revenue* 9,482 9,301 11,233 11,967 10,175 693
Fares 7,822 7,656 9,388 10,083 8,328 506
Baggage Fees 207 209 247 265 239 32
Reservation Change Fees 222 246 257 256 223 1
Operating Expenses 8,901 9,024 10,000 10,358 9,693 792
Fuel 1,806 1,868 2,130 2,253 2,205 399
Labor 3,443 3,414 3,816 3,863 3,538 95
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

Table 10. Quarterly U.S. Scheduled Passenger Airlines Revenue, Expenses and Profits, 4Q 2017

4Q 2016 4Q 2017 Change 2016-2017 % Change % of 4Q 2017 Revenue or Expense Total
Operating Revenue
Passenger Fares (scheduled/charter) 31,121.1 32,274.3 1,153.2 3.71 73.62
Cargo 717.3 843.7 126.4 17.62 1.92
Baggage 1,163.8 1,157.4 -6.4 -0.55 2.64
Reservation Changes 670.6 675.0 4.4 0.66 1.54
Transport-Related* 7,101.3 7,388.8 287.5 4.05 16.85
Other** 1,321.4 1,499.9 178.5 13.51 3.42
Total Operating Revenue*** 42,095.5 43,839.1 1,743.6 4.14 100.00
Operating Expense
Fuel 6,026.2 7,053.4 1,027.2 17.05 17.75
Labor 13,189.8 13,563.5 373.7 2.83 34.14
Rentals 2,173.1 2,218.6 45.5 2.09 5.58
Depreciation & Amortization 2,179.8 2,308.4 128.6 5.90 5.81
Landing Fees 749.9 757.7 7.8 1.04 1.91
Maintenance Materials 648.0 608.7 -39.3 -6.06 1.53
Transport-Related* 4,521.9 5,092.4 570.5 12.62 12.82
Other**** 7,964.9 8,131.9 167.0 2.10 20.47
Total Operating Expense 37,453.6 39,734.6 2,281.0 6.09 100.00
Profits or Losses
Operating Profit 4,641.9 4,104.5 -537.4 -11.58 N/A
Operating Margin# (%) 11.0 9.4 -1.7 N/A N/A
Nonoperating Income/(Expense)## -646.6 -538.5 647.1 50.00 N/A
Pre-Tax Income 3,995.3 3,566.1 -429.2 -10.74 N/A
Income Tax Benefit/(Expense) -1,444.3 1,575.1 3,019.4 -209.06 N/A
Other Income/(Expense) 0.0 0.0 0.0 0.0 N/A
Net Income 2,551.0 5,141.1 2,590.1 101.53 N/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

Table 11. Domestic Quarterly U.S. Scheduled Passenger Airlines Revenue, Expenses and Profits, 4Q 2017

4Q 2016 4Q 2017 Change 2016-2017 % Change % of 4Q 2017 Revenue or Expense Total
Operating Revenue
Passenger Fares (scheduled/charter) 23,299.3 23,946.2 646.9 2.78 71.13
Cargo 247.2 256.8 9.6 3.88 0.76
Baggage 956.4 918.0 -38.4 -4.02 2.73
Reservation Changes 449.0 452.0 3.0 0.67 1.34
Transport-Related* 6,580.7 6,867.0 286.3 4.35 20.40
Other** 1,081.1 1,224.2 143.1 13.24 3.64
Total Operating Revenue*** 32,613.7 33,664.2 1,050.5 3.22 100.00
Operating Expense
Fuel 4,220.7 4,848.7 628.0 14.88 16.14
Labor 9,747.2 10,025.8 278.6 2.86 33.37
Rentals 1,709.8 1,742.9 33.1 1.94 5.80
Depreciation & Amortization 1,607.8 1,659.5 51.7 3.22 5.52
Landing Fees 591.3 580.4 -10.9 -1.84 1.93
Maintenance Materials 502.8 469.3 -33.5 -6.66 1.56
Transport-Related* 4,343.8 4,910.7 566.9 13.05 16.35
Other**** 5,829.2 5,804.6 -24.6 -0.42 19.32
Total Operating Expense 28,552.6 30,041.9 1,489.3 5.22 100.00
Profits or Losses
Operating Profit 4,061.1 3,622.3 -438.8 -10.80 N/A
Operating Margin# (%) 12.5 10.8 -1.7 N/A N/A
Nonoperating Income/(Expense)## -556.5 -448.4 108.1 -19.42 N/A
Pre-Tax Income 3,504.6 3,173.9 -330.7 -9.44 N/A
Income Tax Benefit/(Expense) -1,207.1 1,670.1 2,877.2 -238.36 N/A
Other Income/(Expense) 0.0 0.0 0.0 0.0 N/A
Net Income 2,297.5 4,844.0 2,546.5 110.84 N/A
Net Margin### (%) 7.0 14.4 7.3 N/A N/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

Table 12. International Quarterly U.S. Scheduled Passenger Airlines Revenue, Expenses and Profits, 4Q 2017

4Q 2016 4Q 2017 Change 2016-2017 % Change % of 4Q 2017 Revenue or Expense Total
Operating Revenue
Passenger Fares (scheduled/charter) 7,821.8 8,328.1 506.3 6.47 81.85
Cargo 470.1 586.9 116.8 24.85 5.77
Baggage 207.4 239.4 32.0 15.43 2.35
Reservation Changes 221.6 223.0 1.4 0.63 2.19
Transport-Related* 520.6 521.8 1.2 0.23 5.13
Other** 240.3 275.7 35.4 14.73 2.71
Total Operating Revenue*** 9,481.8 10,174.9 693.1 7.31 100.00
Operating Expense
Fuel 1,805.5 2,204.7 399.2 22.11 22.75
Labor 3,442.6 3,537.7 95.1 2.76 36.50
Rentals 463.3 475.7 12.4 2.68 4.91
Depreciation & Amortization 572.0 648.9 76.9 13.44 6.69
Landing Fees 158.6 177.3 18.7 11.79 1.83
Maintenance Materials 145.2 139.4 -5.8 -3.99 1.44
Transport-Related* 178.1 181.7 3.6 2.02 1.87
Other**** 2,135.7 2,327.3 191.6 8.97 24.01
Total Operating Expense 8,901.0 9,692.7 791.7 8.89 100.00
Profits or Losses
Operating Profit 580.8 482.2 -98.6 -16.98 N/A
Operating Margin# (%) 6.1 4.7 -1.4 N/A N/A
Nonoperating Income/(Expense)## -90.1 -90.1 0.0 0.00 N/A
Pre-Tax Income 490.7 392.2 -98.5 -20.07 N/A
Income Tax Benefit/(Expense) -237.2 -95.0 142.2 -59.95 N/A
Other Income/(Expense) 0.0 0.0 0.0 0.0 N/A
Net Income 253.5 297.1 43.6 17.20 N/A
Net Margin### (%) 2.7 2.9 0.2 N/A N/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