BTS 84-25

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.

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 2025 (Tables 1-6) financial results.

3Q 2025 Results for All 23 Scheduled U.S. Passenger Airlines

U.S. scheduled passenger airlines reported a third-quarter 2025 after-tax net income of $1.6 billion and a pre-tax operating profit of $2.7 billion.

One year earlier, in the third quarter of 2024, the airlines reported an after-tax net income of $2.1 billion and a pre-tax operating profit of $3.1 billion.

After-tax net income 

• $1.6 billion gain in 3Q 2025
• Compared to $4.0 billion gain in 2Q 2025
• Compared to $2.1 billion gain in 3Q 2024

Pre-tax operating profit 

• $2.7 billion gain in 3Q 2025
• Compared to $5.0 billion gain in 2Q 2025
• Compared to $3.1 billion gain in 3Q 2024
   
• Total 3Q 2025 operating revenue: $64.6 billion:
  Share of total 3Q 2025 operating revenue:
  • Fares: $47.6 billion, 73.6% compared to 75.5% in 3Q 2024
  • Baggage fees: $2.0 billion, 3.1% compared to 3.0% in 3Q 2024
  • Reservation change fees: $275 million, 0.4% compared to 0.4% in 3Q 2024

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

• Total 3Q 2025 operating expenses: $61.9 billion:
  Share of total 3Q 2025 operating revenue:
  • Fares: $10.5 billion, 17.0% compared to 18.5% in 3Q 2024
  • Labor: $23.3 billion, 37.7% compared to 36.4% in 3Q 2024

Domestic operations, includes 23 U.S. airlines:

After-tax domestic net profit (net income) 

• $748 million gain in 3Q 2025
• Compared to $2.2 billion gain in 2Q 2025
• Compared to $787 million gain in 3Q 2024

Pre-tax domestic operating profit 

• $1.6 billion gain in 3Q 2025
• Compared to $3.0 billion gain in 2Q 2025
• Compared to $1.4 billion gain in 3Q 2024
   
• 3Q 2025 domestic operating revenue: $47.5 billion
  Share of total 3Q 2025 domestic operating revenue:
  • Fares: $33.3 billion, 70.0%, compared to 72.0% in 3Q 2024
  • Baggage fees: $1.6 billion, 3.5%, compared to 3.3% in 3Q 2024
  • Reservation change fees: $218 million, 0.5%, compared to 0.5% in 3Q 2024

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

• 3Q 2025 domestic operating expenses: $46.0 billion, of which:
  Share of total 3Q 2025 domestic operating expenses:
  • Fuel: $7.0 billion, 15.2%, compared to 16.9% in 3Q 2024
  • Labor: $17.2 billion, 37.4%, compared to 36.4% in 3Q 2024

International operations, includes 18 U.S. airlines: 

After-tax international net profit (net income) 

• $858 million gain in 3Q 2025
• Compared to $1.8 billion gain in 2Q 2025
• Compared to $1.3 billion gain in 3Q 2024

Pre-tax international operating profit 

• $1.2 billion gain in 3Q 2025
• Compared to $2.0 billion gain in 2Q 2025
• Compared to $1.7 billion gain in 3Q 2024

• 3Q 2025 international operating revenue: $17.0 billion, of which:
  Share of 3Q 2025 international operating revenue:
  • Fares: $14.3 billion, 83.9%, compared to 84.9% in 3Q 2024
  • Baggage fees: $371 million, 2.2%, compared to 2.1% in 3Q 2024 
  • Reservation change fees: $58 million, 0.3%, compared to 0.3% in 3Q 2024

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

• 3Q 2025 international operating expenses: $15.9 billion, of which: Share of total 3Q 2025 international operating expenses:
  • Fuel: $3.5 billion, 22.1%, compared to 23.2% in 3Q 2024
  • Labor: $6.1 billion, 38.7%, compared to 36.5% in 3Q 2024

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: 

• 2.5% in 3Q2025
• Compared to 3.3% in 3Q2024

Operating margin:

• 4.2% in 2Q2025
• Compared to 4.9% in 3Q2024

Domestic
Net income margin: 

• 1.6% in 3Q2025
• Compared to 1.7% in 3Q2024

Operating margin:

• 3.3% in 3Q2025
• Compared to 3.0% in 3Q2024

International
Net income margin: 

• 5.0% in 3Q2025
• Compared to 7.5% in 3Q2024

Operating margin:

• 6.8% in 3Q2025
• Compared to 10.0% in 3Q2024

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 2025 data on Tuesday, May 12, 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. Regarding this release, the following carriers remain pending: ZW (Air Wisconsin Airlines), NC (Northern Air Cargo), KH (Aloha Air Cargo). Silver Airways (3M) ceased operations on June 11, 2025, and did not file financial report for second-quarter 2025. Also, within text, percent change results may not be exact due to rounding.

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