US airlines lose $1.6 billion in first quarter 2024, a decrease over first quarter 2023

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 first-quarter (Tables 1-6) financial results.

1Q 2024 Results for All 25 Scheduled U.S. Passenger Airlines

U.S. scheduled passenger airlines reported a first-quarter 2024 after-tax net loss of $1.6 billion and a pre-tax operating loss of $290 million.

One year earlier, in the first quarter of 2023, the airlines reported an after-tax net loss of $1.2 billion and a pre-tax operating gain of $32 million.

After-tax net income

• $1.6 billion loss in 1Q 2024

• Compared to $2.0 billion gain in 4Q 2023

• Compared to $1.2 billion loss in 1Q 2023

Pre-tax operating profit

• $290 million loss in 1Q 2024

• Compared to $2.2 billion gain in 4Q 2023

• Compared to $32 million gain in 1Q 2023

• Total 1Q 2024 operating revenue: $56.0 billion

◦ Share of total 1Q 2024 operating revenue:

▪ Fares: $41.8 billion, 74.6%, compared to 74.6% in 1Q 2023

▪ Baggage fees: $1.7 billion, 3.1%, compared to 3.2% in 1Q 2023

▪ Reservation change fees: $250 million, 0.4%, compared to 0.5% in 1Q 2023

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

• Total 1Q 2024 operating expenses: $56.3 billion:

◦ Share of total 1Q 2024 operating expenses:

▪ Fuel: $11.3 billion, 20.0%, compared to 22.6% in 1Q 2023

▪ Labor: $20.0 billion, 35.8%, compared to 33.4% in 1Q 2023

Domestic operations, includes 25 U.S. airlines:

After-tax domestic net profit (net income)

• $858 million loss in 1Q 2024

• Compared to $1.5 billion gain in 4Q 2023

• Compared to $1.3 billion loss in 1Q 2023

Pre-tax domestic operating profit

• $117 million gain in 1Q 2024

• Compared to $1.9 billion gain in 4Q 2023

• Compared to $393 million loss in 1Q 2023

• 1Q 2024 domestic operating revenue: $42.3 billion

◦ Share of total 1Q 2024 domestic operating revenue:

▪ Fares: $30.4 billion, 71.8%, compared to 72.4% in 1Q 2023

▪ Baggage fees: $1.4 billion, 3.2%, compared to 3.4% in 1Q 2023

▪ Reservation change fees: $208 million, 0.5%, compared to 0.5% in 1Q 2023

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

• 1Q 2024 domestic operating expenses: $42.2 billion, of which:

◦ Share of total 1Q 2024 domestic operating expenses:

▪ Fuel: $7.7 billion, 18.2%, compared to 21.0% in 1Q 2023

▪ Labor: $15.1 billion, 35.7%, compared to 33.4% in 1Q 2023

International operations, includes 19 U.S. airlines:

After-tax international net profit (net income)

• $783 million loss in 1Q 2024

• Compared to $513 million gain in 4Q 2023

• Compared to $43 million gain in 1Q 2023

Pre-tax international operating profit

• $407 million loss in 1Q 2024

• Compared to $301 million gain in 4Q 2023

• Compared to $426 million gain in 1Q 2023

• 1Q 2024 international operating revenue: $13.7 billion, of which:

◦ Share of 1Q 2024 international operating revenue:

▪ Fares: $11.4 billion, 83.1%, compared to 81.8% in 1Q 2023

▪ Baggage fees: $359 million, 2.6%, compared to 2.6% in 1Q 2023

▪ Reservation change fees: $41 million, 0.3%, compared to 0.3% in 1Q 2023

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

• 1Q 2024 international operating expenses: $14.1 billion, of which:

◦ Share of 1Q 2024 international operating expenses:

▪ Fuel: $3.6 billion, 25.3%, compared to 28.2% in 1Q 2023

▪ Labor: $5.1 billion, 36.0%, compared to 33.5% in 1Q 2023

1st 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:

• -2.9% in 1Q2024

• Compared to -2.3% in 1Q2023

Operating margin:

• -0.5% in 1Q2024

• Compared to 0.1% in 1Q2023

Domestic

Net income margin:

• -2.0% in 1Q2024

• Compared to -3.2% in 1Q2023

Operating margin:

• 0.3% in 1Q2024

• Compared to -1.0% in 1Q2023

International

Net income margin:

• -5.7% in 1Q2024

• Compared to 0.3% in 1Q2023

Operating margin:

• -3.0% in 1Q2024

• Compared to 3.4% in 1Q2023

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 second-quarter 2024 data on Friday, September 20, 2024.

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) and WL (Caribbean Sun Airlines). Also, within text, percent change results may not be exact due to rounding.