Airline Financial Data

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2nd Quarter 2014 Airline Financial Data

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U.S. scheduled passenger airlines reported a net profit of $3.6 billion in the second quarter of 2014, up from $507 million in the first quarter of 2014 and $2.2 billion in the second quarter of 2013, the U.S. Department of Transportation’s Bureau of Transportation Statistics (BTS) reported today (Table 1). 

U.S. Scheduled Service Passenger Airlines Net Income 2Q 2013-2Q 2014

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U.S. Scheduled Service Passenger Airlines Net Income 2Q 2013-2Q 2014

The 27 U.S. scheduled service airlines reported an after-tax net profit as a group for the fifth consecutive quarter.

In addition to the after-tax net profit based on reports, the scheduled service passenger airlines reported a $5.5 billion pre-tax operating profit in the second quarter of 2014, up from $1.7 billion in the first quarter of 2014 and up from $3.7 billion in the second quarter of 2013. The airlines reported a pre-tax operating profit - as a group - for the 14th consecutive quarter (Tables 1, 3).

Net income or loss, and operating profit or loss, are two different measures of airline financial performance. Net income or loss may include 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 for all U.S. passenger airlines in the April-to-June second-quarter of 2014 was $44.6 billion. Airlines collected $33.7 billion from fares, 75.5 percent of total second-quarter operating revenue (Table 1).

Total operating expenses for all passenger airlines in the second-quarter of 2014 were $39.1 billion, of which fuel costs accounted for $10.8 billion, or 27.8 percent, and labor costs accounted for $10.3 billion, or 26.3 percent (Table 1).

In the second quarter, passenger airlines collected a total of $900 million in , 2.0 percent of total operating revenue, and $753 million from , 1.7 percent of total operating revenue. Fees are included for calculations of net income, operating revenue and operating profit or loss (Table 1).

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  for historic data.

Totals for Top 10 Scheduled Passenger Airlines

As a group, the top 10 U.S. scheduled passenger airlines, based on operating revenue,  reported an after-tax net profit of $3.5 billion in the second quarter of 2014, up from a profit of $474 million in the first quarter of 2014 and up from a profit of $2.2 billion in the second quarter of 2013  (Table 2). These airlines carried 79.4 percent of U.S. airlines’ in the second quarter and accounted for 96.8 percent of the scheduled passenger airline after-tax net profit. 

In addition to the after-tax net income reports, the 10 top airlines reported a $5.3 billion pre-tax operating profit in the second quarter of 2014, up from a profit of $1.6 billion in the first quarter of 2014 and up from a $3.5 billion pre-tax operating profit in the second quarter of 2013 (Table 3). 

Margins for All Scheduled Passenger Airlines

All U.S. scheduled passenger airlines reported a combined net income margin of 8.0 percent in the second quarter of 2014, up from up from a net margin of 5.5 percent in the second quarter of 2013.  Net margin is the net income or loss as a percentage of operating revenue. These airlines reported an operating profit margin of 12.3 percent in the second quarter of 2014, up from 9.0 percent in the second quarter of 2013. Operating margin is the operating profit or loss as a percentage of operating revenue (Table 4).

For the year-to-date January through June period, all U.S. scheduled passenger airlines reported a combined net income margin of 4.9 percent in 2014, up from a net margin of 2.4 percent in 2013.  These airlines reported an operating profit margin of 8.6 percent in the first six months of 2014, up from the same period in 5.5 percent in 2013 (Table 5).

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 , and . See the BTS for more detailed data.

Data are compiled from quarterly financial and monthly traffic reports filed with BTS by commercial air carriers. Financial and traffic data include data received by BTS as of Sept. 9.  Revised carrier data and late data filings will be made available monthly on on the Monday following the second Tuesday of the month. All data are subject to revision. BTS will release third-quarter 2014 data on Dec. 15.

Table 1. Quarterly U.S. Scheduled Service Passenger Airlines Financial Reports

Reports from 27 airlines in 2Q 2014

(Millions of dollars)

 2Q 20133Q 20134Q 20131Q 20142Q 2014Dollar Change (in millions) 2Q2013-2Q2014
Net Income2,2693,1657,3465073,5781,309
Operating Profit/Loss3,7314,7302,7031,6585,4991,768
Operating Revenue*41,34143,24449,05238,45944,6203,279
Fares30,98432,53029,30528,73133,6702,686
Baggage Fees87188079779190029
Reservation Change Fees71973567572675334
Operating Expenses37,60938,51446,35036,80139,1221,513
Fuel10,90810,90212,08610,19010,880-28
Labor9,4809,78511,1359,72910,294814

Source: Bureau of Transportation Statistics, Form 41; Schedules P1.2 and P6

* Passenger airline operating revenue includes two 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. See the P1.2 database .

Table 2. Quarterly Large Airline Systemwide (Domestic + International) Net Income

Ranked by 2Q 2014 Operating Revenue

(millions of dollars)

RankAirline2Q 20133Q 20134Q 20131Q 20142Q 2014Dollar Change 1Q2013-1Q2014
1Delta6891,3728,482218807118
2United484377154-580769285
3American228290-1,79140126537
4Southwest224259213152465241
5US Airways325220-130126605280
6JetBlue367147-1231195
7Alaska102285769316664
8Hawaiian154319-33015
9Spirit3754436010669
10SkyWest253018719-6
10-Carrier Total2,1653,0027,1314743,4631,298
All Passenger Airlines2,2693,1657,3465073,5781,309

Source: Bureau of Transportation Statistics, Form 41; Schedule P1.2

Table 3. Quarterly Large Airline Systemwide (Domestic + International) Operating Profit/Loss

Ranked by 2Q 2014 Operating Revenue

(millions of dollars)

RankAirline2Q 20133Q 20134Q 20131Q 20142Q 2014Dollar Change 1Q2013-1Q2014
1Delta9491,6978706721,616667
2United771510238-341906135
3American478683281577718240
4Southwest433390386215775342
5US Airways4774213189678201
6JetBlue931521114314148
7Alaska18945413114725768
8Hawaiian407634125414
9Spirit6798686010538
10SkyWest5159392142-9
10-Carrier Total3,5484,5382,1591,5965,2921,744
All Passenger Airlines3,7314,7302,7031,6585,4991,768

Source: Bureau of Transportation Statistics, Form 41; Schedule P1.2

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

Reports from 27 airlines in 2Q 2014

(millions of dollars)

 2Q 20132Q 2014Change2013-2014 % Change% of 2Q 2014 Revenue or Expense Total
Operating Revenue     
Passenger Fares (scheduled/charter)31,124.633,670.22,545.68.1875.46
Cargo753.6769.315.72.081.72
Baggage871.1899.528.43.262.02
Reservation Changes719.2752.833.64.671.69
Transport-Related*7,085.87,459.5373.75.2716.72
Other**880.71,068.9188.221.372.40
Total Operating Revenue41,435.144,620.23,185.17.69100.00
Operating Expense     
Fuel10,903.310,879.9-23.4-0.2127.81
Labor9,518.810,293.9775.18.1426.31
Rentals2,234.82,131.1-103.7-4.645.45
Depreciation & Amortization1,642.01,757.2115.27.024.49
Landing Fees705.0719.414.42.041.84
Maintenance Materials690.6683.9-6.7-0.971.75
Transport-Related*5,228.35,368.4140.12.6813.72
Other***6,792.87,287.8495.07.2918.63
Total Operating Expense37,715.739,121.51,405.83.73100.00
Profits or Losses     
Operating Profit3,719.35,498.71,779.447.84N/A
Operating Margin**** (%)9.012.3N/AN/AN/A
Nonoperating Income/(Expense)#-1,080.4-517.4563.0-52.11N/A
Pre-Tax Income2,638.94,981.32,342.488.76N/A
Income Tax Benefit/(Expense)-375.3-1,403.3-1,028.0273.91N/A
Other Income/(Expense)0.00.00.0N/AN/A
Net Income2,259.03,578.11,319.158.39N/A
Net Margin## (%)5.58.0N/AN/AN/A

Source: Bureau of Transportation Statistics, Form 41; Schedules P1.2 and P6

* 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.

*** 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.

Table 5. Jan-June U.S. Scheduled Passenger Airlines Revenue, Expenses and Profits

Reports from 27 airlines in 2Q 2014

(millions of dollars)

 Jan-Jun 2013Jan-Jun 2014Change2013-2014 % Change% of YTD 2014 Revenue or Expense Total
Operating Revenue     
Passenger Fares (scheduled/charter)59,031.762,401.63,369.95.7175.11
Cargo1,486.71,474.1-12.6-0.851.77
Baggage1,672.11,690.518.41.102.03
Reservation Changes1,404.51,478.674.15.281.78
Transport-Related*13,402.213,981.9579.74.3316.83
Other**1,707.22,052.3345.120.212.47
Total Operating Revenue78,704.483,079.04,374.65.56100.00
Operating Expense     
Fuel21,508.921,070.2-438.7-2.0427.75
Labor18,757.320,022.81,265.56.7526.37
Rentals4,440.44,271.7-168.7-3.805.63
Depreciation & Amortization3,243.63,473.7230.17.094.58
Landing Fees1,359.01,362.63.60.261.79
Maintenance Materials1,406.21,382.9-23.3-1.661.82
Transport-Related*10,328.510,529.9201.41.9513.87
Other***13,360.513,808.8448.33.3618.19
Total Operating Expense74,404.475,922.61,518.22.04100.00
Profits or Losses     
Operating Profit4,300.07,156.42,856.466.43N/A
Operating Margin**** (%)5.58.6N/AN/AN/A
Nonoperating Income/(Expense)#-2,006.3-1,387.1619.2-30.86N/A
Pre-Tax Income2,293.75,769.23,475.5151.52N/A
Income Tax Benefit/(Expense)-424.2-1,684.0-1,259.8296.98N/A
Other Income/(Expense)0.00.00.0N/AN/A
Net Income1,861.24,085.32,224.1119.50N/A
Net Margin## (%)2.44.9N/AN/AN/A

Source: Bureau of Transportation Statistics, Form 41; Schedules P1.2 and P6

* 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.

*** 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.

Updated: Thursday, December 7, 2017
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