Second Quarter 2019 U.S. Airline Financial Data

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Second Quarter 2019 U.S. Airline Financial Data

Infographic - 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.

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 2019 (Tables 1-6) financial results.

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

Figure 1. Systemwide U.S. Scheduled Service Passenger Airlines Quarterly After Tax Net Profit, 2Q 2019 billions of dollars ($)Source: 

 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 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 billions of dollars ($)Source: 

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 billions of dollars ($)Source: 

 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.

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

DomesticNet 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

InternationalNet 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