Source: DOT BTS
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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.
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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
- Share of total 2Q 2025 operating revenue:
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
- Share of total 2Q 2025 operating revenue:
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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
- Share of total 2Q 2025 domestic operating revenue:
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
- Share of total 2Q 2025 domestic operating expenses:
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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
- Share of 2Q 2025 international operating revenue:
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
- Share of total 2Q 2025 international operating expenses:
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:
- 6.2% in 2Q2025
- Compared to 9.2% in 2Q2024
International
Net income margin:
- 10.1% in 2Q2025
- Compared to 7.1% in 2Q2024
Operating margin:
- 11.5% in 2Q2025
- Compared to 10.8% in 2Q2024
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 third-quarter 2025 data on December 17, 2025
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: AMQ (Ameristar Air Cargo), ZW (Air Wisconsin Airlines), NC (Northern Air Cargo), KH (Aloha Air Cargo). Silver Airways (3M) ceased operations on June 11, 2025, and did not file financial report for second-quarter 2025. Also, within text, percent change results may not be exact due to rounding.