U.S. Airlines’ Net Profit Was $6.7 Billion in 2024, a Decrease from 2023 :: Hospitality Trends

U.S. scheduled passenger airlines reported a 2024 after-tax net profit of $6.7 billion and a pre-tax operating profit of $13.5 billion.

2024 Annual Results for All 25 Scheduled U.S. Passenger Airlines

After-tax net income 

• $6.7 billion profit in 2024
• Compared to $7.8 billion profit in 2023

Pre-tax operating profit/loss

• $13.5 billion profit in 2024
• Compared to $13.2 billion profit in 2023

 

• Total 2024 operating revenue: $247.2 billion
  • Share of total 2024 operating revenue:
    • Fares: $185.3 billion, 75.0% compared to 75.8% in 2023 
    • Baggage fees: $7.3 billion, 2.9% compared to 3.0% in 2023 
    • Reservation change fees: $1.0 billion, 0.4% compared to 0.4% in 2023

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

Total 2024 operating expenses: $233.7 billion

• Share of total 2024 operating expenses:
  • Fares: $43.9 billion, 18.8% compared to 21.3% in 2023
  • Labor: $85.1 billion, 36.4% compared to 34.8% in 2023

 

Domestic results for 25 scheduled airlines

After-tax domestic net income 

• $4.2 billion profit in 2024 
• Compared to $4.3 billion profit in 2023

Pre-tax domestic operating profit/loss 

• $9.2 billion profit in 2024 
• Compared to $8.4 billion profit in 2023

 

• 2024 domestic operating revenue: $184.0 billion
  • Share of total 2024 domestic operating revenue:
    • Fares: $132.2 billion, 71.9%, compared to 73.1% in 2023 
    • Baggage fees: $5.8 billion, 3.2%, compared to 3.2% in 2023 
    • Reservation change fees: $850 million, 0.5%, compared to 0.5% in 2023

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

• 2024 domestic operating expenses: $174.9 billion
  • Share of total 2024 domestic operating expenses:
    • Fuel: $29.9 billion, 17.1%, compared to 19.7% in 2023
    • Labor: $63.5 billion, 36.3%, compared to 34.7% in 2023

 

International results for 20 scheduled U.S. airlines

After-tax international net income 

• $2.5 billion profit in 2024 
• Compared to $3.5 billion profit in 2023

Pre-tax international operating profit 

• $4.4 billion profit in 2024 
• Compared to $4.8 billion profit in 2023

 

• 2024 international operating revenue: $63.2 billion
  • Share of total 2024 international operating revenue:
    • Fares: $53.1 billion, 84.0%, compared to 83.9% in 2023 
    • Baggage fees: $1.4 billion, 2.3%, compared to 2.3% in 2023 
    • Reservation change fees: $172 million, 0.3%, compared to 0.3% in 2023

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

• 2024 international operating expenses: $58.8 billion
  • Share of total 2024 international operating expenses:
    • Fuel: $14.0 billion, 23.7%, compared to 26.3% in 2023
    • Labor: $21.6 billion, 36.8%, compared to 34.8% in 2023

2024 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: 

• 2.7% in 2024 
• Compared to 3.3% in 2023

Operating margin:

• 5.5% in 2024 
• Compared to 5.6% in 2023

Domestic
Net income margin: 

• 2.3% in 2024 
• Compared to 2.4% in 2023

Operating margin:

• 5.0% in 2024 
• Compared to 4.8% in 2023

International
Net income margin: 

• 3.9% in 2024 
• Compared to 5.8% in 2023

Operating margin:

• 6.9% in 2024
• Compared to 8.0% in 2023

4Q 2024 Results for All 24 Scheduled U.S. Passenger Airlines 

U.S. scheduled passenger airlines reported a fourth-quarter 2024 after-tax net profit of $2.4 billion and a pre-tax operating profit of $4.4 billion.

One year earlier, in the fourth quarter of 2023, the airlines reported an after-tax net profit of $2.0 billion and a pre-tax operating profit of $2.2 billion.

After-tax net income 

• $2.4 billion profit in 4Q 2024
• Compared to $2.1 billion profit in 3Q 2024
• Compared to $2.0 billion profit in 4Q 2023

Pre-tax operating profit

• $4.4 billion profit in 4Q 2024
• Compared to $3.1 billion profit in 3Q 2024
• Compared to $2.2 billion profit in 4Q 2023

 

• Total 4Q 2024 operating revenue: $62.7 billion
  • Share of total 4Q 2024 operating revenue:
    • Fares: $46.5 billion, 74.2%, compared to 75.7% in 4Q 2023
    • Baggage fees: $1.7 billion, 2.8%, compared to 2.9% in 4Q 2023
    • Reservation change fees: $241 million, 0.4%, compared to 0.4% in 4Q 2023

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

• Total 4Q 2024 operating expenses: $58.2 billion
  • Share of total 4Q 2024 operating expenses:
    • Fuel: $9.7 billion, 16.7%, compared to 22.1% in 4Q 2023
    • Labor: $22.0 billion, 37.7%, compared to 35.3% in 4Q 2023

Domestic operations, includes 24 U.S. airlines:

After-tax domestic net profit (net income) 

• $1.9 billion profit in 4Q 2024
• Compared to $711 million profit in 3Q 2024
• Compared to $1.4 billion profit in 4Q 2023

Pre-tax domestic operating profit 

• $3.4 billion profit in 4Q 2024
• Compared to $1.3 billion profit in 3Q 2024
• Compared to $1.9 billion profit in 4Q 2023

 

• 4Q 2024 domestic operating revenue: $47.5 billion
  • Share of total 4Q 2024 domestic operating revenue:
    • Fares: $34.0 billion, 71.6%, compared to 73.2% in 4Q 2023
    • Baggage fees: $1.4 billion, 2.9%, compared to 3.1% in 4Q 2023
    • Reservation change fees: $200 million, 0.4%, compared to 0.5% in 4Q 2023

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

• 4Q 2024 domestic operating expenses: $44.1 billion, of which:
  • Share of total 4Q 2024 domestic operating expenses:
    • Fuel: $6.7 billion, 15.2%, compared to 20.2% in 4Q 2023
    • Labor: $16.6 billion, 37.5%, compared to 35.4% in 4Q 2023

 

International operations, includes 19 U.S. airlines:

After-tax international net profit (net income) 

• $572 million profit in 4Q 2024
• Compared to $1.4 billion profit in 3Q 2024
• Compared to $507 million profit in 4Q 2023

Pre-tax international operating profit 

• $1.0 billion profit in 4Q 2024
• Compared to $1.8 billion profit in 3Q 2024
• Compared to $299 million profit in 4Q 2023

 

• 4Q 2024 international operating revenue: $15.1 billion, of which:
  • Share of 4Q 2024 international operating revenue:
    • Fares: $12.5 billion, 82.5%, compared to 83.6% in 4Q 2023 
    • Baggage fees: $337 million, 2.2%, compared to 2.3% in 4Q 2023 
    • Reservation change fees: $41 million, 0.3%, compared to 0.3% in 4Q 2023 

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

• 4Q 2024 international operating expenses: $14.1 billion, of which:
  • Share of total 4Q 2024 international operating expenses:
    • Fuel: $3.0 billion, 21.5%, compared to 27.7% in 4Q 2023
    • Labor: $5.4 billion, 38.3%, compared to 34.8% in 4Q 2023

4th 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:

• 3.4% in 4Q2024
• Compared to 3.3% in 4Q2023

Operating margin:

• 7.1% in 4Q2024
• Compared to 3.7% in 4Q2023

Domestic
Net income margin: 

• 3.9% in 4Q2024
• Compared to 3.2% in 4Q2023

Operating margin:

Compared to 4.2% in 4Q2023

International
Net income margin:

• 3.8% in 4Q2024
• Compared to 3.6% in 4Q2023

Operating margin:

• 6.9% in 4Q2024
• Compared to 2.1% in 4Q2023