Second Quarter 2019 U.S. Airline Financial Data
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.
Figure 1. Systemwide U.S. Scheduled Service Passenger Airlines Quarterly After Tax Net Profit, 2Q 2019
Bureau of Transportation Statistics, Schedule P1.2 http://www.transtats.bts.gov/Fields.asp?Table_ID=295
After-tax net profit (net income)
- $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 operating revenue: $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:
Figure 2. Domestic U.S. Scheduled Service Passenger Airlines Quarterly After Tax Net Profit, 2Q 2019
Bureau of Transportation Statistics, Schedule P1.2 http://www.transtats.bts.gov/Fields.asp?Table_ID=295
After-tax domestic net profit (net income)
- $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 operating revenue: $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:
Figure 3. International U.S. Scheduled Service Passenger Airlines Quarterly After Tax Net Profit, 2Q 2019
Bureau of Transportation Statistics, Schedule P1.2 http://www.transtats.bts.gov/Fields.asp?Table_ID=295
After-tax international net profit (net income)
- $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 operating revenue: $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.
- 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
- 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
- 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 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 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 TranStats 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.