U.S. scheduled passenger airlines reported a first-quarter 2026 after-tax net loss of $966 million and a pre-tax operating profit of $912 million.
One year earlier, in the first quarter of 2025, the airlines reported an after-tax net loss of $209 million and a pre-tax operating gain of $154 million.
After-tax net income
- $966 million loss in 1Q 2026
- Compared to 633 million gain in 4Q 2025
- Compared to 209 million loss in 1Q 2025
Pre-tax operating profit
- $912 million gain in 1Q 2026
- Compared to $3.6 billion gain in 4Q 2025
- Compared to $154 million gain in 1Q 2025
- Total 1Q 2026 operating revenue: $63.4 billion:
Share of total 1Q 2026 operating revenue:
▪ Fares: $46.2 billion, 72.9% compared to 74.1% in 1Q 2025
▪ Baggage fees: $1.9 billion, 3.0% compared to 2.9% in 1Q 2025
▪ Reservation change fees: $227 million, 0.4% compared to 0.4% in 1Q 2025
Fees are included for calculations of net income, operating revenue and operating profit or loss.
- Total 1Q 2026 operating expenses: $62.4 billion:
Share of total 1Q 2026 operating revenue:
▪ Fares: $10.9 billion, 17.5% compared to 17.0% in 1Q 2025
▪ Labor: $23.3 billion, 37.3% compared to 37.4% in 1Q 2025
Domestic operations, includes 22 U.S. airlines
After-tax domestic net profit (net income)
- $531 million loss in 1Q 2026
- Compared to $364 million gain in 4Q 2025
- Compared to $158 million loss in 1Q 2025
Pre-tax domestic operating profit/loss
- $919 million gain in 1Q 2026
- Compared to $2.7 billion gain in 4Q 2025
- Compared to 158 million loss in 1Q 2025
- 1Q 2026 domestic operating revenue: $47.9 billion
Share of total 1Q 2026 domestic operating revenue:
▪ Fares: $33.4 billion, 69.8%, compared to 71.3% in 1Q 2025
▪ Baggage fees: $1.6 billion, 3.3%, compared to 3.0% in 1Q 2025
▪ Reservation change fees: $174 million, 0.4%, compared to 0.4% in 1Q 2025
Fees are included for calculations of net income, operating revenue and operating profit or loss.
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1Q 2026 domestic operating expenses: $47.0 billion, of which:
Share of total 1Q 2026 domestic operating expenses:
▪ Fuel: $7.4 billion, 15.8%, compared to 15.5% in 1Q 2025
▪ Labor: $17.3 billion, 36.9%, compared to 37.1% in 1Q 2025
International operations, includes 17 U.S. airlines
After-tax international net profit (net income)
- $435 million loss in 1Q 2026
- Compared to $269 million gain in 4Q 2025
- Compared to $52 million loss in 1Q 2025
Pre-tax international operating profit
- $8 million loss in 1Q 2026
- Compared to $808 million gain in 4Q 2025
- Compared to $157 million gain in 1Q 2025
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1Q 2026 international operating revenue: $15.5 billion, of which:
Share of total 1Q 2026 international operating revenue:
▪ Fares: $12.7 billion, 82.3%, compared to 82.8% in 1Q 2025
▪ Baggage fees: $358 million, 2.3%, compared to 2.4% in 1Q 2025
▪ Reservation change fees: $53 million, 0.3%, compared to 0.3% in 1Q 2025
Fees are included for calculations of net income, operating revenue and operating profit or loss.
- 1Q 2026 international operating expenses: $15.5 billion, of which:
Share of total 1Q 2026 international operating expenses:
▪ Fuel: $3.5 billion, 22.6%, compared to 21.9% in 1Q 2025
▪ Labor: $6.0 billion, 38.7%, compared to 38.5% in 1Q 2025
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:
- -1.5% in 1Q2026
- Compared to -0.4% in 1Q2025
Operating margin:
- 1.4% in 1Q2026
- Compared to 0.3% in 1Q2025
Domestic
Net income margin:
- -1.1% in 1Q2026
- Compared to -0.4% in 1Q2025
Operating margin:
- 1.9% in 1Q2026
- Compared to 0.0% in 1Q2025
International
Net income margin:
- -2.8% in 1Q2026
- Compared to -0.4% in 1Q2025
Operating margin:
- 0.0% in 1Q2026
- Compared to 1.1% in 1Q20254
