The four biggest U.S. airlines generated $200 billion in revenue last year. All of them lost money transporting passengers.
All four carriers—Delta Air Lines, United Airlines, American Airlines, and Southwest Airlines — were profitable in 2024, posting a combined net income near $8 billion and operating income of $14 billion. But all four registered higher cost per available seat mile (CASM) than passenger revenue per available seat mile. In other words, the airlines lost money doing the very thing they're ostensibly in business to do.
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