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U.S. Department of Transportation U.S. Department of Transportation Icon United States Department of Transportation United States Department of Transportation

US Airlines gained $2.1 billion in third quarter 2024, an increase over third quarter 2023

Wednesday, December 18, 2024

BTS 58-24

 

This release is published on a fixed schedule as required by the Office of Management and Budget, and statistics in this release may be revised when inputs to the statistics are corrected or updated. Data on the program page of this website are the most up-to-date and complete.

 

3Q 2024 Airline Financial Infographic


U.S. airline financial reports are filed quarterly with the Bureau of Transportation Statistics (BTS). See the tables that accompany this release on the BTS website for additional third-quarter (Tables 1-6) financial results.


3Q 2024 Results for All 25 Scheduled U.S. Passenger Airlines

U.S. scheduled passenger airlines reported a third-quarter 2024 after-tax net gain of $2.1 billion and a pre-tax operating profit of $3.1 billion.

One year earlier, in the third quarter of 2023, the airlines reported an after-tax net gain of $1.6 billion and a pre-tax operating gain of $3.3 billion.


Bar chart showing Systemwide U.S. Scheduled Service Passenger Airlines Quarterly Net Income 3Q2023-3Q2024

 

After-tax net income 

  • $2.1 billion gain in 3Q 2024
  • Compared to $3.8 billion gain in 2Q 2024
  • Compared to $1.6 billion gain in 3Q 2023

Pre-tax operating profit 

  • $3.1 billion gain in 3Q 2024
  • Compared to $6.3 billion gain in 2Q 2024
  • Compared to $3.3 billion gain in 3Q 2023

 

  • Total 3Q 2024 operating revenue: $63.0 billion
    • Share of total 3Q 2024 operating revenue:
      • Fares: $47.6 billion, 75.5%, compared to 76.3% in 3Q 2023
      • Baggage fees: $1.9 billion, 3.0%, compared to 2.9% in 3Q 2023
      • Reservation change fees: $254 million, 0.4%, compared to 0.4% in 3Q 2023

Fees are included for calculations of net income, operating revenue and operating profit or loss.

  • Total 3Q 2024 operating expenses: $59.9 billion:
    • Share of total 3Q 2024 operating expenses:
      • Fares: $11.1 billion, 18.6% compared to 21.4% in 3Q 2023
      • Labor: $21.8 billion, 36.4% compared to 34.6% in 3Q 2023


Domestic operations, includes 25 U.S. airlines:

Bar chart showing Domestic U.S. Scheduled Service Passenger Airlines Quarterly Net Income 3Q2023-3Q2024


After-tax domestic net profit (net income

  • $711 million gain in 3Q 2024
  • Compared to $2.5 billion gain in 2Q 2024
  • Compared to $421 million gain in 3Q 2023

Pre-tax domestic operating profit 

  • $1.3 billion gain in 3Q 2024 
  • Compared to $4.3 billion gain in 2Q 2024
  • Compared to $1.4 billion gain in 3Q 2023

 

  • 3Q 2024 domestic operating revenue: $45.9 billion
    • Share of total 3Q 2024 domestic operating revenue:
      • Fares: $33.0 billion, 71.9%, compared to 73.0% in 3Q 2023
      • Baggage fees: $1.5 billion, 3.3%, compared to 3.2% in 3Q 2023
      • Reservation change fees: $210 million, 0.5%, compared to 0.5% in 3Q 2023

 
Fees are included for calculations of net income, operating revenue and operating profit or loss.

  • 3Q 2024 domestic operating expenses: $44.6 billion, of which:
    • Share of total 3Q 2024 domestic operating expenses:
      • Fuel: $7.6 billion, 17.0%, compared to 19.7% in 3Q 2023
      • Labor: $16.2 billion, 36.3%, compared to 34.5% in 3Q 2023


International operations, includes 20 U.S. airlines:

Bar chart showing International U.S. Scheduled Service Passenger Airlines Quarterly Net Income 3Q2023-3Q2024
 

After-tax international net profit (net income

  • $1.4 billion gain in 3Q 2024 
  • Compared to $1.3 billion gain in 2Q 2024
  • Compared to $1.2 billion gain in 3Q 2023

Pre-tax international operating profit 

  • $1.8 billion gain in 3Q 2024 
  • Compared to $1.9 billion gain in 2Q 2024 
  • Compared to $1.9 billion gain in 3Q 2023

 

  • 3Q 2024 international operating revenue: $17.1 billion, of which:
    • Share of 3Q 2024 international operating revenue:
      • Fares: $14.6 billion, 85.0%, compared to 85.1% in 3Q 2023 
      • Baggage fees: $367 million, 2.1%, compared to 2.2% in 3Q 2023 
      • Reservation change fees: $44 million, 0.3%, compared to 0.3% in 3Q 2023

Fees are included for calculations of net income, operating revenue and operating profit or loss.
 

  • 3Q 2024 international operating expenses: $15.4 billion, of which:
    • Share of 3Q 2024 international operating expenses:
      • Fuel: $3.6 billion, 23.2%, compared to 26.1% in 3Q 2023
      • Labor: $5.6 billion, 36.5%, compared to 34.9% in 3Q 2023


3rd Quarter Margins 

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

Systemwide: 
Net income margin: 

  • 3.3% in 3Q2024 
  • Compared to 2.7% in 3Q2023

Operating margin:

  • 4.9% in 3Q2024 
  • Compared to 5.3% in 3Q2023

Domestic
Net income margin: 

  • 1.5% in 3Q2024 
  • Compared to 0.9% in 3Q2023

Operating margin:

  • 2.8% in 3Q2024
  • Compared to 3.1% in 3Q2023

International
Net income margin: 

  • 7.9% in 3Q2024
  • Compared to 7.2% in 3Q2023

Operating margin:

  • 10.4% in 3Q2024 
  • Compared to 11.1% in 3Q2023


Reporting notes
Additional data: BTS website, see tables for operating profit/loss, operating revenue and fuel cost and consumption. See the BTS financial databases for more detailed data including numbers for individual airlines.

Filing requirement: By regulation, for the quarter ending Dec. 31, airlines that operate at least one aircraft that is designed/certified for more than 60 seats or the capacity to carry a payload of passengers and cargo 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. 

Data updates: 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 fourth-quarter 2024 data on May 15, 2025

Missing carriers: The information provided within BTS statistical releases may not be based on 100% of reporting carriers. Generally, data are released per schedule if reports have been received from at least 90% of the carriers, along with data from all the major carriers. Regarding this release, the following carriers remain pending: ZW (Air Wisconsin Airlines), WL (Caribbean Sub Airlines), NC (Northern Air Cargo), KH (Aloha Air Cargo), and GFQ (Gulf And Caribbean Cargo). Also, within text, percent change results may not be exact due to rounding.