Note: Totals may not sum due to rounding.

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 2026 (Tables 1-6) financial results.

2Q 2026 Results for All 22 Scheduled U.S. Passenger Airlines

U.S. scheduled passenger airlines reported a second-quarter 2026 after-tax net gain of $16 million and a pre-tax operating profit of $3.0 billion.

One year earlier, in the second quarter of 2025, the airlines reported an after-tax net gain of $4.0 billion and a pre-tax operating gain of $5.0 billion.

Figure 1. Systemwide U.S. Scheduled Service Passenger Airlines Quarterly Net Income (billions of dollars)

After-tax net income

  • $16 million gain in 2Q 2026
  • Compared to 966 million loss in 1Q 2026
  • Compared to 4.0 billion gain in 2Q 2025

Pre-tax operating profit

  • $3.0 billion gain in 2Q 2026
  • Compared to $912 million gain in 1Q 2026
  • Compared to $5.0 billion gain in 2Q 2025
  • Total 2Q 2026 operating revenue: $75.6 billion:
    Share of total 2Q 2026 operating revenue:
    ▪ Fares: $55.9 billion, 73.9% compared to 75.1% in 2Q 2025
    ▪ Baggage fees: $2.1 billion, 2.8% compared to 2.7% in 2Q 2025
    ▪ Reservation change fees: $309 million, 0.4% compared to 0.4% in 2Q 2025

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

  • Total 2Q 2026 operating expenses: $72.6 billion:
    Share of total 2Q 2026 operating revenue:
    ▪ Fares: $17.5 billion, 24.1% compared to 16.5% in 2Q 2025
    ▪ Labor: $24.0 billion, 33.0% compared to 37.7% in 2Q 2025

Domestic operations, includes 22 U.S. airlines

Figure 2. Domestic U.S. Scheduled Service Passenger Airlines Quarterly After Tax New Profit (billions of dollar)

After-tax domestic net profit (net income)

  • $484 million loss in 2Q 2026
  • Compared to $531 million loss in 1Q 2026
  • Compared to $2.2 billion gain in 2Q 2025

Pre-tax domestic operating profit/loss

  • $2.1 billion gain in 2Q 2026
  • Compared to 919 million gain in 1Q 2026
  • Compared to $2.9 billion gain in 2Q 2025
  • 2Q 2026 domestic operating revenue: $56.1 billion
    Share of total 2Q 2026 domestic operating revenue:
    ▪ Fares: $39.4 billion, 70.3%, compared to 71.6% in 2Q 2025
    ▪ Baggage fees: $1.8 billion, 3.2%, compared to 3.0% in 2Q 2025
    ▪ Reservation change fees: $247 million, 0.4%, compared to 0.4% in 2Q 2025

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

  • 2Q 2026 domestic operating expenses: $54.0 billion, of which:
    Share of total 2Q 2026 domestic operating expenses:
    ▪ Fuel: $11.7 billion, 21.7%, compared to 15.0% in 2Q 2025
    ▪ Labor: $17.9 billion, 33.1%, compared to 37.5% in 2Q 2025

International operations, includes 17 U.S. airlines

Figure 3. International U.S. Scheduled Service Passenger Airlines Quarterly After Tax Net Profit (billions of dollars)

After-tax international net profit (net income)

  • $500 million gain in 2Q 2026
  • Compared to $435 million loss in 1Q 2026
  • Compared to $1.8 billion gain in 2Q 2025

Pre-tax international operating profit

  • $974 million gain in 2Q 2026
  • Compared to $8 million loss in 1Q 2026
  • Compared to $2.0 billion gain in 2Q 2025
  • 2Q 2026 international operating revenue: $19.5 billion, of which:
    Share of total 2Q 2026 international operating revenue:
    ▪ Fares: $16.4 billion, 84.1%, compared to 84.7% in 2Q 2025
    ▪ Baggage fees: $361 million, 1.8%, compared to 2.0% in 2Q 2025
    ▪ Reservation change fees: $62 million, 0.3%, compared to 0.3% in 2Q 2025

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

  • 2Q 2026 international operating expenses: $18.6 billion, of which:
    Share of total 2Q 2026 international operating expenses:
    ▪ Fuel: $5.8 billion, 31.1%, compared to 20.9% in 2Q 2025
    ▪ Labor: $6.1 billion, 33.0%, compared to 38.5% in 2Q 2025


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:

  • 0.0% in 2Q2026
  • Compared to 6.1% in 2Q2025

Operating margin:

  • 4.0% in 2Q2026
  • Compared to 7.6% in 2Q2025

Domestic

Net income margin:

  • -0.9% in 2Q2026
  • Compared to 4.6% in 2Q2025

Operating margin:

  • 3.7% in 2Q2026
  • Compared to 6.1% in 2Q2025

International

Net income margin:

  • 2.6% in 2Q2026
  • Compared to 10.1% in 2Q2025

Operating margin:

  • 5.0% in 2Q2026
  • Compared to 11.5% in 2Q2025

Reporting Notes

Data is compiled from quarterly reports filed with BTS by commercial air carriers as of August 28, 2026.

Additional data: BTS website, see tables for operating profit/loss, operating revenueand 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 third-quarter 2026 data on December 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. Missing carriers: ZW (Air Wisconsin). Also, within text, percent change results may not be exact due to rounding.

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