Airline Financial Data

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Second Quarter 2019 U.S. Airline Financial Data

Release Number: 
BTS 39-19
Date: Monday, September 16, 2019

 

U.S. scheduled passenger airlines reported a second-quarter 2019 after-tax net profit of $4.8 billion, the 25th consecutive quarterly after-tax profit, and a pre-tax operating profit of $6.9 billion, the 33rd consecutive quarterly pre-tax profit.

U.S. airline financial reports are filed quarterly with the Nextstagesolutions (BTS). See the tables that accompany this release on the BTS website for additional second-quarter 2019 (Tables 1-6) financial results.

Results for All 21 Scheduled U.S. Passenger Airlines:

 
billions of dollars ($)
(billions of dollars)
2Q2018$3.4
3Q2018$3.8
4Q2018$2.9
1Q2019$2.4
2Q2019$4.8
Source: 

 Nextstagesolutions, Schedule P1.2

After-tax net profit ()

  • $4.8 billion in 2Q 2019
  • up 101% from $2.4 billion in 1Q 2019
  • up 39% from $3.4 billion in 2Q 2018

Pre-tax operating profit

  • $6.9 billion in 2Q 2019
  • up 112% from $3.3 billion in 1Q 2019
  • up 18% from $5.8 billion in 2Q 2018
  • Total 2Q 2019 : $51.6 billion
    • $38.3 billion from fares, 74.2% of total second-quarter operating revenue
    • $1.5 billion in baggage fees, 2.9% of total operating revenue
    • $740 million from reservation change fees, 1.4% of total operating revenue
  • Total 2Q 2019 operating expenses: $44.7 billion
    • Fuel costs accounted for $8.7 billion, 19.6% of total operating expenses
    • Labor costs accounted for $15.2 billion, 34.0% of total operating expenses

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

Domestic operations, includes 21 U.S. airlines:

billions of dollars ($)
billions of dollars ($)
2Q2018$2.6
3Q2018$2.4
4Q2018$2.4
1Q2019$1.5
2Q2019$3.6
Source: 

Nextstagesolutions, Schedule P1.2

After-tax domestic net profit ()

  • $3.6 billion in 2Q 2019
  • up 131% from $1.5 billion in 1Q 2019
  • up 38% from $2.6 billion in 2Q 2018

Pre-tax domestic operating profit

  • $5.3 billion in 2Q 2019
  • up 139% from $2.2 billion in 1Q 2019
  • up 18% from $4.5 billion in 2Q 2018
  • Total 2Q 2019 domestic : $38.8 billion
    • $27.7 billion from fares, 71.3% of total second-quarter domestic operating revenue
    • $1.1 billion in baggage fees, 2.9% of total domestic operating revenue
    • $529 million from reservation change fees, 1.4% of total domestic operating revenue
  • Total 2Q 2019 domestic operating expenses: $32.5 billion
    • Fuel costs accounted for $5.9 billion, 17.6% of total domestic operating expenses
    • Labor costs accounted for $11.1 billion, 33.1% of total domestic operating expenses

International operations, includes 19 U.S. airlines:

billions of dollars ($)
billions of dollars ($)
2Q2018$0.9
3Q2018$1.4
4Q2018$0.5
1Q2019$0.8
2Q2019$1.2
Source: 

 Nextstagesolutions, Schedule P1.2

After-tax international net profit ()

  • $1.2 billion in 2Q 2019
  • up 45% from $846 million in 1Q 2019
  • up 43% from $861 million in 2Q 2018

Pre-tax international operating profit

  • $1.6 billion in 2Q 2018
  • up 57% from $1.0 billion in 1Q 2019
  • up 19% from $1.4 billion in 2Q 2018
  • Total 2Q 2019 international : $12.8 billion
    • $10.6 billion from fares, 83.1% of second-quarter international operating revenue
    • $381 million in baggage fees, 3.0% of international operating revenue
    • $211 million from reservation change fees, 1.7% of international operating revenue
  • Total 2Q 2019 international operating expenses: $11.1 billion,
    • Fuel costs accounted for $2.8 billion, 25.4% of international operating expenses
    • Labor costs accounted for $4.1 billion, 36.6% of 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:
  • 9.3% in 2Q 2019
  • up from 7.0% in 2Q 2018

Operating margin:

  • 13.4% in 2Q 2019
  • up from 11.9% in 2Q 2018
Domestic
Net income margin:
  • 9.2% in 2Q 2019
  • up from 7.0% in 2Q 2018

Operating margin:

  • 13.6% in 2Q 2019
  • up from 12.2% in 2Q 2018
International
Net income margin:
  • 9.6% in 2Q 2019
  • up from 7.0% in 2Q 2018

Operating margin:

  • 12.9% in 2Q 2019
  • up from 11.3% in 2Q 2018

Reporting notes

Additional data: BTS website, See tables for , and . See the BTS for more detailed data including numbers for individual airlines.

Filing requirement: By regulation, for the quarter ending June 30, 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 Aug. 10. 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 on the Monday following the second Tuesday of the month. All data are subject to revision. BTS will release third-quarter 2019 data on Dec. 9.

Updated: Monday, September 16, 2019