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US Airlines gained $6.0 billion in 2025, a decrease over 2024

Tuesday, May 12, 2026

BTS 26-43

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.

This summary infographic shows the net profit of fiscal year 2025. The first line reads “2025 Net Profit: $6.03 billion”. The second line shows an arrow pointed downward, and reads “$0.63B from 2024 (6.66B)”. Below this is a 2D graphic of an airplane. The line beneath the airplane graphic reads “Scheduled Passenger Airlines”.

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 2025 annual (Tables 1-6) and fourth-quarter (Tables 7-12) financial results.

2025 Annual Results for All 25 Scheduled Passenger Airlines

 

U.S. scheduled passenger airlines reported a 2025 after-tax net profit of $6.0 billion and a pre-tax operating profit of $11.4 billion.

This 2-D bar chart1 illustrates systemwide U.S. scheduled service passenger airlines annual net income by year. The x-axis represents years 2021, 2022, 2023, 2024, and 2025, and the y-axis represents net incomes (billions of dollars) .2 In all five years, the lowest value is -$2.8 (billions of dollars) in 2021 and $7.8(billions of dollars) in 2023 3,4,5

After-tax net income 

  • $6.0 billion profit in 2025
  • Compared to $6.7 billion profit in 2024

Pre-tax operating profit/loss

  • $11.4 billion profit in 2025
  • Compared to $13.5 billion profit in 2024                                                                                                                      
  • Total 2025 operating revenue: $252.6 billion
    Share of total 2025 operating revenue:

o    Fares: $187.2 billion, 74.1% compared to 75.0% in 2024 
o    Baggage fees: $7.4 billion, 2.9% compared to 2.9% in 2024 
o    Reservation change fees: $1.1 billion, 0.4% compared to 0.4% in 2024

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

  • Total 2025 operating expenses: $241.2 billion:
    Share of total 2025 operating revenue:

    o    Fares: $40.4 billion, 16.8% compared to 18.8% in 2024
    o    Labor: $91.2 billion, 37.8% compared to 36.4% in 202
     

Domestic results for 25 scheduled airlines

This 2-D bar chart1 illustrates Domestic U.S. Scheduled Service Passenger Airlines Annual Net Income by year. The x-axis represents years 2021, 2022, 2023, 2024, and 2025, and the y-axis represents net incomes (billions of dollars) .2 In all five years, the lowest value is $0.4 (billions of dollars) in 2021 and $4.7(billions of dollars) in 2023 3,4,5

After-tax domestic net income 

  • $3.2 billion profit in 2025
  • Compared to $4.6 billion profit in 2024

Pre-tax domestic operating profit/loss 

  • $7.2 billion profit in 2025
  • Compared to $9.5 billion profit in 2024
     
  • 2025 domestic operating revenue: $187.8 billion
    Share of total 2025 domestic operating revenue:
    o    Fares: $133.1 billion, 70.8%, compared to 71.9% in 2024 
    o    Baggage fees: $6.0 billion, 3.2%, compared to 3.2% in 2024 
    o    Reservation change fees: $851 million, 0.5%, compared to 0.5% in 2024

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

  • 2025 domestic operating expenses: $180.6 billion
    Share of total 2025 domestic operating expenses:
    o    Fuel: $27.4 billion, 15.2%, compared to 17.1% in 2024
    o    Labor: $67.7 billion, 37.5%, compared to 36.3% in 2024

International results for 19 scheduled U.S. airlines

This 2-D bar chart1 illustrates International U.S. Scheduled Service Passenger Airlines Annual Net Income by year. The x-axis represents years 2021, 2022, 2023, 2024, and 2025, and the y-axis represents net incomes (billions of dollars) .2 In all five years, the lowest value is -$3.2 (billions of dollars) in 2021 and $3.1(billions of dollars) in 2023 3,4,5

After-tax international net income 

  • $2.9 billion profit in 2025
  • Compared to $2.1 billion profit in 2024

Pre-tax international operating profit 

  • $4.1 billion profit in 2025
  • Compared to $4.0 billion profit in 2024
     
  • 2025 international operating revenue: $64.7 billion
    Share of total 2025 international operating revenue:
    o    Fares: $54.1 billion, 83.6%, compared to 83.9% in 2024 
    o    Baggage fees: $1.4 billion, 2.2%, compared to 2.3% in 2024 
    o    Reservation change fees: $202 million, 0.3%, compared to 0.3% in 2024

    Fees are included for calculations of net income, operating revenue and operating profit or loss.
     
  • 2025 international operating expenses: $60.6 billion
    Share of total 2025 international operating expenses:
    o    Fuel: $13.0 billion, 21.5%, compared to 23.7% in 2024
    o    Labor: $23.4 billion, 38.7%, compared to 36.8% in 2024

2025 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:

  • 2.4% in 2025
  • Compared to 2.7% in 2024

Operating margin:

  • 4.5% in 2025
  • Compared to 5.5% in 2024
Domestic

Net income margin:

  • 1.7% in 2025
  • Compared to 2.5% in 2024

Operating margin:

  • 3.9% in 2025
  • Compared to 5.2% in 2024
International

Net income margin:

  • 4.4% in 2025
  • Compared to 3.3% in 2024

Operating margin:

  • 6.4% in 2025
  • Compared to 6.3% in 2024


4Q 2025 Results for All 24 Scheduled U.S. Passenger Airlines

U.S. scheduled passenger airlines reported a fourth-quarter 2025 after-tax net profit of $0.6 billion and a pre-tax operating profit of $3.6 billion.

One year earlier, in the fourth quarter of 2024, the airlines reported an after-tax net profit of $2.4 billion and a pre-tax operating profit of $4.4 billion.
 

This 2-D bar chart1 illustrates Systemwide U.S. Scheduled Service Passenger Airlines Quarterly Net Income by quarter. The x-axis represents quarters 4Q2024, 1Q2025, 2Q2025, 3Q2025, and 4Q2025, and the y-axis represents net incomes (billions of dollars) .2 In all five quarters, the lowest value is -$0.2 (billions of dollars) in 1Q2025 and $4.0(billions of dollars) in 2Q2025 3,4,5

After-tax net income 

  • $627 million profit in 4Q 2025
  • Compared to $1.6 billion profit in 3Q 2025
  • Compared to $2.4 billion profit in 4Q 2024

Pre-tax operating profit 

  • $3.6 billion profit in 4Q 2025
  • Compared to $2.7 billion profit in 3Q 2025
  • Compared to $4.4 billion profit in 4Q 2024
     
  • Total 4Q 2025 operating revenue: $64.7 billion
    Share of total 4Q 2025 operating revenue:
    o    Fares: $47.6 billion, 73.6%, compared to 74.2% in 4Q 2024
    o    Baggage fees: $2.0 billion, 3.0%, compared to 2.8% in 4Q 2024
    o    Reservation change fees: $286 million, 0.4%, compared to 0.4% in 4Q 2024

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

  • Total 4Q 2025 operating expenses: $61.2 billion
    Share of total 4Q 2025 operating expenses:
    o    Fuel: $10.1 billion, 16.5%, compared to 16.7% in 4Q 2024
    o    Labor: $23.4 billion, 38.3%, compared to 37.7% in 4Q 2024

Domestic operations, includes 24 U.S. airlines: 

This 2-D bar chart1 illustrates Domestic U.S. Scheduled Service Passenger Airlines Quarterly Net Income by quarter. The x-axis represents quarters 4Q2024, 1Q2025, 2Q2025, 3Q2025, and 4Q2025, and the y-axis represents net incomes (billions of dollars) .2 In all five quarters, the lowest value is -$0.2 (billions of dollars) in 1Q2025 and $2.2(billions of dollars) in 2Q2025 3,4,5

After-tax domestic net profit (net income) 

  • $359 million profit in 4Q 2025
  • Compared to $750 million profit in 3Q 2025
  • Compared to $2.0 billion profit in 4Q 2024

Pre-tax domestic operating profit

  • $2.7 billion profit in 4Q 2025
  • Compared to $1.6 billion profit in 3Q 2025
  • Compared to $3.5 billion profit in 4Q 2024
     
  • 4Q 2025 domestic operating revenue: $48.9 billion
    Share of total 4Q 2025 domestic operating revenue:
    • Fares: $34.5 billion, 70.6%, compared to 71.6% in 4Q 2024
    • Baggage fees: $1.6 billion, 3.3%, compared to 2.9% in 4Q 2024
    • Reservation change fees: $235 million, 0.5%, compared to 0.4% in 4Q 2024

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

  • 4Q 2025 domestic operating expenses: $46.1 billion, of which:
    Share of total 4Q 2025 domestic operating expenses:
    o    Fuel: $6.9 billion, 14.9%, compared to 15.2% in 4Q 2024
    o    Labor: $17.5 billion, 38.0%, compared to 37.5% in 4Q 2024

International operations, includes 18 U.S. airlines: 

This 2-D bar chart1 illustrates International U.S. Scheduled Service Passenger Airlines Quarterly Net Income by quarter. The x-axis represents quarters 4Q2024, 1Q2025, 2Q2025, 3Q2025, and 4Q2025, and the y-axis represents net incomes (billions of dollars) .2 In all five quarters, the lowest value is -$0.1 (billions of dollars) in 1Q2025 and $1.8(billions of dollars) in 2Q2025 3,4,5

After-tax international net profit (net income) 

  • $269 million profit in 4Q 2025
  • Compared to $858 million profit in 3Q 2025
  • Compared to $470 million profit in 4Q 2024

Pre-tax international operating profit 

  • $808 million profit in 4Q 2025
  • Compared to $1.2 billion profit in 3Q 2025
  • Compared to $946 million profit in 4Q 2024
     
  • 4Q 2025 international operating revenue: $15.9 billion, of which:
    Share of 4Q 2025 international operating revenue:
    • Fares: $13.1 billion, 82.8%, compared to 82.4% in 4Q 2024 
    • Baggage fees: $349 million, 2.2%, compared to 2.2% in 4Q 2024
    • Reservation change fees: $51 million, 0.3%, compared to 0.3% in 4Q 2024

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

  • 4Q 2025 international operating expenses: $15.0 billion, of which:
    Share of total 4Q 2025 international operating expenses:
    • Fuel: $3.2 billion, 21.2%, compared to 21.5% in 4Q 2024
    • Labor: $5.9 billion, 39.1%, compared to 38.3% in 4Q 2024
4th 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:

  • 1.0% in 4Q2025
  • Compared to 3.9% in 4Q2024

Operating margin:

  • 5.5% in 4Q2025
  • Compared to 7.1% in 4Q2024
Domestic

Net income margin:

  • 0.7% in 4Q2025
  • Compared to 4.1% in 4Q2024

Operating margin:

  • 5.6% in 4Q2025
  • Compared to 7.3% in 4Q2024
International

Net income margin:

  • 1.7% in 4Q2025
  • Compared to 3.1% in 4Q2024

Operating margin:

  • 5.1% in 4Q2025
  • Compared to 6.3% in 4Q2024

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 first-quarter 2025 data on June 17, 2026.

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. Also, within text, percent change results may not be exact due to rounding.

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