US Airlines lose $1.0 billion in first quarter 2026, a decrease over first quarter 2025

BTS 37-25

This release is published on a fixed schedule as required by the Office of Management and Budget, and statistics in this release may be revised when inputs to the statistics are corrected or updated. Data on the program page of this website are the most up-to-date and complete.

Note: Totals may not sum due to rounding.

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 first-quarter 2026 (Tables 1-6) financial results.

1Q 2026 Results for All 22 Scheduled U.S. Passenger Airlines

U.S. scheduled passenger airlines reported a first-quarter 2026 after-tax net loss of $966 million and a pre-tax operating profit of $912 million.

One year earlier, in the first quarter of 2025, the airlines reported an after-tax net loss of $209 million and a pre-tax operating gain of $154 million.

After-tax net income

• $966 million loss in 1Q 2026
• Compared to 633 million gain in 4Q 2025
• Compared to 209 million loss in 1Q 2025

Pre-tax operating profit

• $912 million gain in 1Q 2026
• Compared to $3.6 billion gain in 4Q 2025
• Compared to $154 million gain in 1Q 2025
• Total 1Q 2026 operating revenue: $63.4 billion:
  Share of total 1Q 2026 operating revenue:
  ▪ Fares: $46.2 billion, 72.9% compared to 74.1% in 1Q 2025
  ▪ Baggage fees: $1.9 billion, 3.0% compared to 2.9% in 1Q 2025
  ▪ Reservation change fees: $227 million, 0.4% compared to 0.4% in 1Q 2025

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

• Total 1Q 2026 operating expenses: $62.4 billion:
  Share of total 1Q 2026 operating revenue:
  ▪ Fares: $10.9 billion, 17.5% compared to 17.0% in 1Q 2025
  ▪ Labor: $23.3 billion, 37.3% compared to 37.4% in 1Q 2025
  

Domestic operations, includes 22 U.S. airlines

After-tax domestic net profit (net income)

• $531 million loss in 1Q 2026
• Compared to $364 million gain in 4Q 2025
• Compared to $158 million loss in 1Q 2025

Pre-tax domestic operating profit/loss

• $919 million gain in 1Q 2026
• Compared to $2.7 billion gain in 4Q 2025
• Compared to 158 million loss in 1Q 2025
• 1Q 2026 domestic operating revenue: $47.9 billion
  Share of total 1Q 2026 domestic operating revenue:
  ▪ Fares: $33.4 billion, 69.8%, compared to 71.3% in 1Q 2025
  ▪ Baggage fees: $1.6 billion, 3.3%, compared to 3.0% in 1Q 2025
  ▪ Reservation change fees: $174 million, 0.4%, compared to 0.4% in 1Q 2025

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

• 1Q 2026 domestic operating expenses: $47.0 billion, of which:
  Share of total 1Q 2026 domestic operating expenses:
  ▪ Fuel: $7.4 billion, 15.8%, compared to 15.5% in 1Q 2025
  ▪ Labor: $17.3 billion, 36.9%, compared to 37.1% in 1Q 2025

International operations, includes 17 U.S. airlines

After-tax international net profit (net income)

• $435 million loss in 1Q 2026
• Compared to $269 million gain in 4Q 2025
• Compared to $52 million loss in 1Q 2025

Pre-tax international operating profit

• $8 million loss in 1Q 2026
• Compared to $808 million gain in 4Q 2025
• Compared to $157 million gain in 1Q 2025

• 1Q 2026 international operating revenue: $15.5 billion, of which:
  Share of total 1Q 2026 international operating revenue:
  ▪ Fares: $12.7 billion, 82.3%, compared to 82.8% in 1Q 2025
  ▪ Baggage fees: $358 million, 2.3%, compared to 2.4% in 1Q 2025
  ▪ Reservation change fees: $53 million, 0.3%, compared to 0.3% in 1Q 2025
  

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

• 1Q 2026 international operating expenses: $15.5 billion, of which:
  Share of total 1Q 2026 international operating expenses:
  ▪ Fuel: $3.5 billion, 22.6%, compared to 21.9% in 1Q 2025
  ▪ Labor: $6.0 billion, 38.7%, compared to 38.5% in 1Q 2025

1st 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:

• -1.5% in 1Q2026
• Compared to -0.4% in 1Q2025

Operating margin:

• 1.4% in 1Q2026
• Compared to 0.3% in 1Q2025

Domestic

Net income margin:

• -1.1% in 1Q2026
• Compared to -0.4% in 1Q2025

Operating margin:

• 1.9% in 1Q2026
• Compared to 0.0% in 1Q2025

International

Net income margin:

• -2.8% in 1Q2026
• Compared to -0.4% in 1Q2025

Operating margin:

• 0.0% in 1Q2026
• Compared to 1.1% in 1Q20254

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 second-quarter 2026 data on September 15. 2026.

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. Missing carriers: ZW (Air Wisconsin), ABX (ABX Air). Also, within text, percent change results may not be exact due to rounding.

To receive updates from BTS directly to your email, please consider subscribing to our GovDelivery service.