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Data Spotlight: Key Airline Revenue, Aircraft Order Metrics
The four largest US airlines and three largest European airline groups performed well financially and in terms of passengers carried—demonstrating strong demand for air travel—in the 2026 second quarter (Q2). This was a notable accomplishment given that all were contending with higher jet fuel prices because of the ongoing war in Iran and the closure of the Strait of Hormuz.
The question, of course, is how long strong demand for air travel can continue if inflation weighs on economies in the second half of the year—and how long airlines can sustain higher fares to offset increased fuel costs?
Among the “big four” US majors, Delta Air Lines was the Q2 2026 leader in terms of operating revenue and net profit, although its year-over-year (YOY) profit was down because of higher fuel costs. RPKs were up 4% YOY.
United Airlines continued its turnaround under CEO Scott Kirby, posting Q2 revenues of $17.7 billion, a 16% YOY increase, although again, cost increases bit into net profits. RPKs grew 4% YOY.
American Airlines also saw strong revenue performance at $16.7 billion, a 16.3% YOY increase, but it was less able to manage cost hikes and saw a much steeper drop in net income versus Delta and United to $71 million. American has also warned of an expected net loss in the third quarter and announced some management changes to address its profit performance gap. American’s RPK performance for the quarter was strong, showing a 4% YOY increase.
Southwest Airlines recorded Q2 operating revenue of $8.4 billion, setting a new second quarter record and representing a 16.4% YOY increase from the same period in 2025 that reflects fundamental changes senior management introduced under pressure from shareholders. Net profit was $233 million while RPKs grew 1%.
Among the three largest European airline groups—Air France-KLM Group, International Airlines Group and Lufthansa Group—all turned in good Q2 revenues and decent net profits given the geopolitical and economic landscape.
Lufthansa Group posted a Q2 record-high operating revenue of €11.1 billion ($12.85 billion), an 8% YOY increase, and a net profit of €123 million.
Air France-KLM reported Q2 2026 revenue of €9.3 billion, a 10% YOY increase, and a €190 million net profit.
IAG reported total Q2 revenue of €8.9 billion, flat versus a year ago.
At the traffic level, Lufthansa Group airlines carried 35.5 million passengers in the quarter, IAG was not far behind with 31.5 million people, while Air France-KLM carried 28.3 million passengers.
On both sides of the Atlantic, all eyes will be on Q3 to see if travel demand remains high and how airlines manage their costs. While most European airlines hedge some of their fuel, no major US airlines participate in hedging. The longer jet fuel cost spikes continue, the more likely that will change.
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