Airline Financial Dashboard
U.S. Carrier Performance & Credit Analysis
Key Industry Metrics
Total Industry Revenue
$244.9B
FY2024
Avg Operating Margin
4.9%
All Carriers
Carriers Tracked
15
Passenger + Regional
Avg Load Factor
83.3%
Industry Average
Total Fleet Size
1,832
Aircraft
Carrier Type Filter
Financial Comparison
| Carrier | Type | Revenue | Op. Margin | Net Income | PRASM | CASM | Load Factor | Total Debt | S&P Rating |
|---|---|---|---|---|---|---|---|---|---|
| Delta | NETWORK | $61.6B | 9.7% | $3.5B | 17.65¢ | 19.30¢ | 85.0% | $16.2B | BBB- |
| United | NETWORK | $57.1B | 8.9% | $3.1B | 16.66¢ | 16.70¢ | 83.1% | $25.2B | BB |
| American | NETWORK | $54.2B | 4.8% | $846.0M | 16.93¢ | 17.61¢ | 84.9% | $30.5B | B+ |
| Southwest | LCC | $27.5B | 5.0% | $465.0M | 14.09¢ | 15.32¢ | 80.4% | $6.7B | BBB |
| Alaska | NETWORK | $11.7B | 4.3% | $395.0M | 16.01¢ | 15.32¢ | 83.5% | $5.8B | BB+ |
| JetBlue | LCC | $9.6B | -2.3% | $-370.0M | 13.64¢ | 13.96¢ | 82.0% | $5.8B | B |
| Spirit | ULCC | $4.9B | -22.5% | $-1.2B | 9.21¢ | 11.28¢ | 79.0% | $3.3B | — |
| SkyWest | REGIONAL | $3.8B | 15.2% | $323.0M | 22.10¢ | 18.74¢ | 82.0% | $2.7B | BB- |
| Frontier | ULCC | $3.8B | — | — | 9.85¢ | 9.85¢ | 84.0% | $2.1B | B |
| Envoy | REGIONAL | $3.2B | 7.8% | $175.0M | — | — | — | — | BB+ |
| Allegiant | ULCC | $2.6B | 5.0% | $46.0M | 11.38¢ | 10.81¢ | 86.0% | $2.3B | B+ |
| PSA | REGIONAL | $1.5B | 8.0% | $85.0M | — | — | — | — | BB+ |
| Republic | REGIONAL | $1.5B | 10.0% | $65.0M | — | — | — | $1.4B | B+ |
| Sun Country | ULCC | $1.1B | 9.9% | $13.4M | 11.62¢ | 10.47¢ | 84.5% | $438.2M | B+ |
| Hawaiian | NETWORK | $869.0M | — | — | 13.28¢ | 14.15¢ | 85.1% | $2.9B | B- |
Revenue Comparison
Delta$61.6B
United$57.1B
American$54.2B
Southwest$27.5B
Alaska$11.7B
JetBlue$9.6B
Spirit$4.9B
SkyWest$3.8B
Frontier$3.8B
Envoy$3.2B
Allegiant$2.6B
PSA$1.5B
Republic$1.5B
Sun Country$1.1B
Hawaiian$869.0M
Profitability Analysis
Operating Margin %
Delta9.7%
United8.9%
American4.8%
Southwest5.0%
Alaska4.3%
JetBlue-2.3%
Spirit-22.5%
SkyWest15.2%
Frontier0.0%
Envoy7.8%
Allegiant5.0%
PSA8.0%
Republic10.0%
Sun Country9.9%
Hawaiian0.0%
PRASM vs CASM (¢)
Delta
17.65¢
19.30¢
Spread: -1.65¢(other revenue covers gap)
United
16.66¢
16.70¢
Spread: -0.04¢(other revenue covers gap)
American
16.93¢
17.61¢
Spread: -0.68¢(other revenue covers gap)
Southwest
14.09¢
15.32¢
Spread: -1.23¢(other revenue covers gap)
Alaska
16.01¢
15.32¢
Spread: 0.69¢
JetBlue
13.64¢
13.96¢
Spread: -0.32¢(other revenue covers gap)
Spirit
9.21¢
11.28¢
Spread: -2.07¢(other revenue covers gap)
SkyWest
22.10¢
18.74¢
Spread: 3.36¢
Frontier
9.85¢
9.85¢
Spread: 0.00¢
Envoy
—
—
Spread: 0.00¢
Allegiant
11.38¢
10.81¢
Spread: 0.57¢
PSA
—
—
Spread: 0.00¢
Republic
—
—
Spread: 0.00¢
Sun Country
11.62¢
10.47¢
Spread: 1.15¢
Hawaiian
13.28¢
14.15¢
Spread: -0.87¢(other revenue covers gap)
Credit Ratings Overview
| Carrier | S&P | Moody's | Fitch | Outlook |
|---|---|---|---|---|
| Delta | BBB- | Baa2 | BBB- | stable |
| United | BB | Ba1 | BB+ | stable |
| American | B+ | B1 | B+ | stable |
| Southwest | BBB | Baa2 | BBB+ | negative |
| Alaska | BB+ | Baa3 | BB+ | positive |
| JetBlue | B | B3 | B | stable |
| Spirit | — | Ca | — | — |
| SkyWest | BB- | Ba3 | BB | positive |
| Frontier | B | B3 | — | stable |
| Envoy | BB+ | — | — | stable |
| Allegiant | B+ | B1 | BB- | stable |
| PSA | BB+ | — | — | stable |
| Republic | B+ | B2 | — | stable |
| Sun Country | B+ | B1 | — | stable |
| Hawaiian | B- | B3 | — | watch_positive |
Fleet Summary
| Carrier | Total Aircraft | Avg Age (yrs) | Top Aircraft | Boeing % | Airbus % |
|---|---|---|---|---|---|
| Delta | 127 | — | A321-200 | 0.0% | 100.0% |
| United | 79 | — | B737-MAX9 | 100.0% | 0.0% |
| American | 219 | — | A321-200 | 0.0% | 100.0% |
| Southwest | 368 | — | B737-700 | 100.0% | 0.0% |
| Alaska | 79 | — | B737-900ER | 100.0% | 0.0% |
| JetBlue | 130 | — | A320-200 | 0.0% | 100.0% |
| Spirit | 0 | — | — | —% | —% |
| SkyWest | 270 | 4.8 | Embraer E175 | 0.0% | 0.0% |
| Frontier | 42 | — | A320neo | 0.0% | 100.0% |
| Envoy | 138 | 5.5 | Embraer E175 | 0.0% | 0.0% |
| Allegiant | 62 | — | A320-200 | 0.0% | 100.0% |
| PSA | 80 | 12.5 | Bombardier CRJ900 | 0.0% | 0.0% |
| Republic | 180 | 5.2 | Embraer E175 | 0.0% | 0.0% |
| Sun Country | 40 | 9.2 | Boeing 737-800 | 0.0% | 0.0% |
| Hawaiian | 18 | 3.5 | Airbus A321neo | 0.0% | 0.0% |
Balance Sheet Health
| Carrier | Total Assets | Total Debt | Cash | Debt/Revenue |
|---|---|---|---|---|
| Delta | $72.6B | $16.2B | $3.2B | 0.26x |
| United | $71.5B | $25.2B | $6.8B | 0.44x |
| American | $64.4B | $30.5B | $848.0M | 0.56x |
| Southwest | $38.1B | $6.7B | $8.4B | 0.25x |
| Alaska | $23.7B | $5.8B | $1.9B | 0.50x |
| JetBlue | $14.1B | $5.8B | $1.2B | 0.60x |
| Spirit | $8.4B | $3.3B | $350.0M | 0.67x |
| SkyWest | $4.2B | $2.7B | $450.0M | 0.70x |
| Frontier | $5.4B | $2.1B | $630.0M | 0.55x |
| Envoy | — | — | — | —x |
| Allegiant | $5.6B | $2.3B | $147.0M | 0.89x |
| PSA | — | — | — | —x |
| Republic | $2.1B | $1.4B | $323.0M | 0.93x |
| Sun Country | $1.6B | $438.2M | $205.6M | 0.41x |
| Hawaiian | $5.2B | $2.9B | $520.0M | 3.28x |
Data Source: Airline 10-K filings (FY2024), S&P/Moody's/Fitch rating actions through February 2026. Compiled by DWU Consulting.
This dashboard was prepared with AI-assisted research by DWU Consulting. It is provided for informational purposes only and does not constitute legal, financial, or investment advice. All data should be independently verified before use in any official capacity.