Airline Financial Data

You are here

2nd Quarter 2017 Airline Financial Data

Release Number: 
BTS 47-17
Date: 
Wednesday, September 20, 2017

Download Excel Tables

U.S. scheduled passenger airlines reported an after-tax net profit of $4.7 billion in the second quarter of 2017, up from $1.9 billion in the first quarter and up from $4.6 billion in the second quarter of 2016, the U.S. Department of Transportation’s Bureau of Transportation Statistics (BTS) reported today (Table 1).  

billions of dollars ($)
View Table Data
Figure 1. Systemwide U.S. Scheduled Service Passenger Airlines Quarterly Net Income
billions of dollars ($)
2Q20164.6
3Q20163.8
4Q20162.0
1Q20171.9
2Q20174.7
Source: 

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

The 24 U.S. scheduled service passenger airlines reported an after-tax net profit as a group for the 17th consecutive quarter.

In addition to the after-tax net profit of $4.7 billion based on net income reports, the scheduled service passenger airlines reported a $7.7 billion pre-tax operating profit in the second quarter of 2017, up from $3.3 billion in the first quarter and down from $7.9 billion in the second quarter of 2016. The airlines reported a pre-tax operating profit - as a group - for the 25th consecutive quarter (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 all U.S. passenger airlines in the April-June second-quarter of 2017 was $46.2 billion. Airlines collected $34.6 billion from fares, 75.0 percent of total second-quarter operating revenue (Table 4).

Total operating expenses for all passenger airlines in the second-quarter of 2017 were $38.5 billion, of which fuel costs accounted for $6.5 billion, or 16.8 percent, and labor costs accounted for $13.6 billion, or 35.4 percent (Table 4).

In the second quarter, scheduled passenger airlines collected a total of $1.2 billion in baggage fees, 2.6 percent of total operating revenue, and $737.5 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 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 $4.1 billion in the second quarter of 2017, up from $1.9 billion in the first quarter and up from $3.3 billion in the second quarter of 2016 (Table 2). 

billions of dollars ($)
View Table Data
Figure 2. Domestic U.S. Scheduled Service Passenger Airlines Quarterly Net Income
billions of dollars ($)
2Q20163.3
3Q20162.6
4Q20161.8
1Q20171.9
2Q20174.1
Source: 

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

The 24 U.S. scheduled service passenger airlines reported an after-tax net profit from domestic operations as a group for the 17th consecutive quarter.

In addition to the after-tax net profit of $4.1 billion based on net income reports, the scheduled service passenger airlines reported a $6.5 billion pre-tax operating profit in the second quarter of 2017, up from $3.0 billion in the first quarter and up from $6.1 billion in the second quarter of 2016. The airlines reported a pre-tax operating profit from domestic operations - as a group - for the 25th consecutive quarter (Table 2).

Total operating revenue from domestic operations for all U.S. passenger airlines in the April-June second-quarter of 2017 was $35.0 billion. Airlines collected $25.2 billion from fares, 72.2 percent of total second-quarter operating revenue (Tables 2, 5).

Total operating expenses from domestic operations for all passenger airlines in the second-quarter of 2017 were $28.5 billion, of which fuel costs accounted for $4.3 billion, or 15.2 percent, and labor costs accounted for $9.8 billion, or 34.4 percent (Tables 2, 5).

In the second quarter, passenger airlines collected from domestic operations a total of $930 million in baggage fees, 2.7 percent of total operating revenue, and $481 million from reservation change fees, 1.4 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 $613 million in the second quarter of 2017 from their international operations, up from $86 million in the first quarter and down from $1.3 billion in the second quarter of 2016 (Table 3).

billions of dollars ($)
View Table Data
Figure 3. International U.S. Scheduled Service Passenger Airlines Quarterly Net Income
billions of dollars ($)
2Q20161.3
3Q20161.2
4Q20160.2
1Q20170.1
2Q20170.6
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 10th consecutive quarter.

In addition to the after-tax net profit of $613 million based on net income reports, the scheduled service passenger airlines reported a $1.2 billion pre-tax operating profit in the second quarter of 2017 from their international operations, up from $277 million in the first quarter and down from $1.8 billion in the second quarter of 2016. The airlines reported a pre-tax operating profit from international operations - as a group - for the 21st consecutive quarter (Table 3).

Total operating revenue from international operations for all U.S. passenger airlines in the April-June second-quarter of 2017 was $11.2 billion. Airlines collected $9.4 billion from fares, 83.6 percent of total second-quarter operating revenue (Tables 3, 6).

Total operating expenses from international operations for all passenger airlines in the second-quarter of 2017 were $10.0 billion, of which fuel costs accounted for $2.1 billion, or 21.3 percent, and labor costs accounted for $3.8 billion, or 38.2 percent (Tables 3, 6).

In the second quarter, passenger airlines collected from international operations a total of $247 million in baggage fees, 2.2 percent of total operating revenue, and $257 million from reservation change fees, 2.3 percent of total operating revenue (Tables 3, 6).

2nd Quarter Margins for All Scheduled Passenger Airlines

All U.S. scheduled passenger airlines reported a combined net income margin of 10.1 percent in the second quarter of 2017, down from a net margin of 10.7 percent in the second 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 16.7 percent in the second quarter of 2017, down from 18.1 percent in the second quarter of 2016. Operating margin is the operating profit or loss as a percentage of operating revenue (Table 4).

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 June 30, 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 Aug. 15. 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 third-quarter 2017 data on Dec. 11.

Reports from 24 airlines in 2Q 2017, (Millions of dollars)
View Table Data
2Q 20163Q 20164Q 20161Q 20172Q 2017Dollar Change 2Q2016-2Q2017
Net Income4,6493,8252,0101,9394,67122
Operating Profit/Loss7,8737,2484,1023,2677,734-139
Operating Revenue*43,50544,40641,10339,69646,1902,685
Fares32,46233,32530,45029,38734,6332,171
Baggage Fees1,0731,1011,0291,0271,177104
Reservation Change Fees755731661724738-18
Operating Expenses35,63237,15837,00136,42838,4552,823
Fuel 5,5666,0965,8445,9386,450884
Labor12,21312,74812,95512,78413,6161,403
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 24 airlines in 2Q 2017, (Millions of dollars)
View Table Data
Domestic Operations2Q 20163Q 20164Q 20161Q 20172Q 2017Dollar Change 2Q2016-2Q2017
Net Income3,3282,5991,7661,8534,058730
Operating Profit/Loss6,1055,4423,5332,9916,502397
Operating Revenue*32,46332,93531,62230,39534,9572,494
Fares23,65023,59822,62821,73025,2451,595
Baggage Fees84886882281893082
Reservation Change Fees483468439477481-2
Operating Expenses26,35827,49328,08927,40428,4552,097
Fuel 3,7624,0804,0384,0694,320557
Labor8,7679,1729,5129,3709,8001,033
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 2Q 2017, (Millions of dollars)
View Table Data
International Operations2Q 20163Q 20164Q 20161Q 20172Q 2017Dollar Change 2Q2016-2Q2017
Net Income1,3211,22624486613-709
Operating Profit/Loss1,7681,8065692771,233-535
Operating Revenue*11,04211,4709,4829,30111,233190
Fares8,8129,7277,8227,6569,388576
Baggage Fees22523320720924722
Reservation Change Fees273263222246257-16
Operating Expenses9,2749,6658,9139,02410,000726
Fuel 1,8042,0161,8061,8682,130326
Labor3,4463,5763,4433,4143,816370
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 24 airlines in 2Q 2017, (Millions of dollars)
View Table Data
2Q 20162Q 2017Change2016-2017 % Change% of 2Q 2017 Revenue or Expense Total
Operating Revenue
Passenger Fares (scheduled/charter)32,461.434,632.72,171.36.6974.98
Cargo645.0743.698.615.291.61
Baggage1,072.91,176.5103.69.662.55
Reservation Changes755.0737.5-17.5-2.321.60
Transport-Related*7,228.37,476.4248.13.4316.19
Other**1,342.51,423.080.56.003.08
Total Operating Revenue***43,505.146,189.72,684.66.17100.00
Operating Expense
Fuel5,566.66,449.9883.315.8716.77
Labor12,212.513,615.91,403.411.4935.41
Rentals2,186.42,190.94.50.215.70
Depreciation & Amortization2,466.72,244.0-222.7-9.035.84
Landing Fees755.7772.316.62.202.01
Maintenance Materials615.9596.7-19.2-3.121.55
Transport-Related*4,559.94,586.927.00.5911.93
Other****7,268.77,998.7730.010.0420.80
Total Operating Expense35,632.438,455.32,822.97.92100.00
Profits or Losses
Operating Profit7,872.77,734.3-1.76N/A
Operating Margin# (%)18.116.7-1.4N/AN/A
Nonoperating Income/(Expense)##-681.3-539.450.00N/A
Pre-Tax Income7,191.47,194.80.05N/A
Income Tax Benefit/(Expense)-2,542.5-2,524.3-0.72N/A
Other Income/(Expense)0.00.00.0N/A
Net Income4,648.94,670.60.47N/A
Net Margin### (%)10.710.1-0.6N/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 and P6

View Table Data
2Q 20162Q 2017Change2016-2017 % Change% of 2Q 2017 Revenue or Expense Total
Operating Revenue
Passenger Fares (scheduled/charter)23,649.925,245.21,595.36.7572.22
Cargo216.0253.237.217.220.72
Baggage848.1929.681.59.612.66
Reservation Changes482.5480.5-2.0-0.411.37
Transport-Related*6,185.86,907.1721.311.6619.76
Other**1,080.61,141.560.95.643.27
Total Operating Revenue***32,462.934,957.12,494.27.68100.00
Operating Expense
Fuel3,762.44,319.6557.214.8115.18
Labor8,766.59,799.91,033.411.7934.44
Rentals1,659.61,700.941.32.495.98
Depreciation & Amortization1,660.71,592.1-68.6-4.135.60
Landing Fees568.1587.819.73.472.07
Maintenance Materials464.7449.2-15.5-3.341.58
Transport-Related*4,381.14,394.713.60.3115.44
Other****5,091.95,611.1519.210.2019.72
Total Operating Expense26,358.028,455.32,097.37.96100.00
Profits or Losses
Operating Profit6,104.96,501.8396.96.50N/A
Operating Margin# (%)18.818.6-0.2N/AN/A
Nonoperating Income/(Expense)##-584.6-424.3160.3-27.42N/A
Pre-Tax Income5,520.36,077.4557.110.09N/A
Income Tax Benefit/(Expense)-2,192.6-2,019.5173.1-7.89N/A
Other Income/(Expense)0.00.00.00.0N/A
Net Income3,327.74,057.9730.221.94N/A
Net Margin### (%)10.311.61.4N/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 2Q 2017, (Millions of dollars)
View Table Data
2Q 20162Q 2017Change2016-2017 % Change% of 2Q 2017 Revenue or Expense Total
Operating Revenue
Passenger Fares (scheduled/charter)8,811.59,387.5576.06.5483.57
Cargo429.0490.461.414.314.37
Baggage224.8246.822.09.792.20
Reservation Changes272.5257.0-15.5-5.692.29
Transport-Related*1,042.5569.3-473.2-45.395.07
Other**261.9281.519.67.482.51
Total Operating Revenue***11,042.211,232.5190.31.72100.00
Operating Expense
Fuel1,804.22,130.3326.118.0721.30
Labor3,446.03,816.0370.010.7438.16
Rentals526.8490.0-36.8-6.994.90
Depreciation & Amortization806.0651.9-154.1-19.126.52
Landing Fees187.6184.5-3.1-1.651.85
Maintenance Materials151.2147.5-3.7-2.451.48
Transport-Related*178.8192.213.47.491.92
Other****2,173.82,387.6213.89.8423.88
Total Operating Expense9,274.410,000.0725.67.82100.00
Profits or Losses
Operating Profit1,767.81,232.5-535.3-30.28N/A
Operating Margin# (%)16.011.0-5.0N/AN/A
Nonoperating Income/(Expense)##-96.7-115.1-18.419.03N/A
Pre-Tax Income1,671.11,117.4-553.7-33.13N/A
Income Tax Benefit/(Expense)-349.9-504.8-154.944.27N/A
Other Income/(Expense)0.00.00.00.0N/A
Net Income1,321.2612.6-708.6-53.63N/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