US airlines net gain was $4 billion in second quarter 2025

Sep 16, 2025

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 second-quarter 2025 (Tables 1-6) financial results.

2Q 2025 Results for All 23 Scheduled U.S. Passenger Airlines

U.S. scheduled passenger airlines reported a second-quarter 2025 after-tax net income of $4.0 billion and a pre-tax operating profit of $5.0 billion.

One year earlier, in the second quarter of 2024, the airlines reported an after-tax net income of $3.8 billion and a pre-tax operating profit of $6.3 billion.

After-tax net income

• $4.0 billion gain in 2Q 2025

• Compared to $223 million loss in 1Q 2025

• Compared to $3.8 billion gain in 2Q 2024

Pre-tax operating profit

• $5.0 billion gain in 2Q 2025

• Compared to $140 million gain in 1Q 2025

• Compared to $6.3 billion gain in 2Q 2024

• Total 2Q 2025 operating revenue: $65.7 billion:

◦ Share of total 2Q 2025 operating revenue:

▪ Fares: $49.4 billion, 75.1% compared to 75.5% in 2Q 2024

▪ Baggage fees: $1.8 billion, 2.7% compared to 3.0% in 2Q 2024

▪ Reservation change fees: $260 million, 0.4% compared to 0.4% in 2Q 2024

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

• Total 2Q 2025 operating expenses: $60.7 billion:

◦ Share of total 2Q 2025 operating revenue:

▪ Fares: $10.0 billion, 16.5% compared to 19.9% in 2Q 2024

▪ Labor: $22.9 billion, 37.7% compared to 35.7% in 2Q 2024

After-tax domestic net profit (net income)

• $2.2 billion gain in 2Q 2025

• Compared to $172 million loss in 1Q 2025

• Compared to $2.6 billion gain in 2Q 2024

Pre-tax domestic operating profit

• $3.0 billion gain in 2Q 2025

• Compared to $17 million loss in 1Q 2025

• Compared to $4.4 billion gain in 2Q 2024

• 2Q 2025 domestic operating revenue: $48.1 billion

◦ Share of total 2Q 2025 domestic operating revenue:

▪ Fares: $34.5 billion, 71.6%, compared to 72.2% in 2Q 2024

▪ Baggage fees: $1.5 billion, 3.0%, compared to 3.3% in 2Q 2024

▪ Reservation change fees: $208 million, 0.4%, compared to 0.5% in 2Q 2024

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

• 2Q 2025 domestic operating expenses: $45.2 billion, of which:

◦ Share of total 2Q 2025 domestic operating expenses:

▪ Fuel: $6.8 billion, 15.0%, compared to 18.2% in 2Q 2024

▪ Labor: $16.9 billion, 37.4%, compared to 35.5% in 2Q 2024

After-tax international net profit (net income)

• $1.8 billion gain in 2Q 2025

• Compared to $52 million loss in 1Q 2025

• Compared to $1.2 billion gain in 2Q 2024

Pre-tax international operating profit

• $2.0 billion gain in 2Q 2025

• Compared to $157 million gain in 1Q 2025

• Compared to $1.8 billion gain in 2Q 2024

• 2Q 2025 international operating revenue: $17.6 billion, of which:

◦ Share of 2Q 2025 international operating revenue:

▪ Fares: $14.9 billion, 84.7%, compared to 84.8% in 2Q 2024

▪ Baggage fees: $351 million, 2.0%, compared to 2.2% in 2Q 2024

▪ Reservation change fees: $51 million, 0.3%, compared to 0.3% in 2Q 2024

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

• 2Q 2025 international operating expenses: $15.6 billion, of which:

◦ Share of total 2Q 2025 international operating expenses:

▪ Fuel: $3.3 billion, 20.9%, compared to 24.9% in 2Q 2024

▪ Labor: $6.0 billion, 38.5%, compared to 36.3% in 2Q 2024

2nd 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:

• 6.1% in 2Q2025

• Compared to 5.8% in 2Q2024

Operating margin:

• 7.6% in 2Q2025

• Compared to 9.6% in 2Q2024

Domestic

Net income margin:

• 4.6% in 2Q2025

• Compared to 5.4% in 2Q2024

Operating margin: