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US Airlines gain $1.6 billion in third quarter 2023, a decrease over third quarter 2022

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US Airlines gain $1.6 billion in third quarter 2023, a decrease over third quarter 2022

Wednesday, December 20, 2023
BTS 58-23
 

3Q 2023 Airline Financial Infographic

 

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 third-quarter (Tables 1-6) financial results.


2Q 2023 Results for All 26 Scheduled U.S. Passenger Airlines 

U.S. scheduled passenger airlines reported a third-quarter 2023 after-tax net gain of $1.6 billion and a pre-tax operating gain of $3.3 billion.

One year earlier, in the third quarter of 2022, the airlines reported an after-tax net gain of $2.4 billion and a pre-tax operating gain of $4.7 billion.

  

Bar chart showing Systemwide U.S. Scheduled Service Passenger Airlines Quarterly Net Income

 

After-tax net income 

  • $1.6 billion gain in 3Q 2023 
  • Compared to $5.5 billion gain in 2Q 2023
  • Compared to $2.4 billion gain in 3Q 2022

Pre-tax operating profit 

  • $3.3 billion gain in 3Q 2023 
  • Compared to $7.7 billion gain in 2Q 2023
  • Compared to $4.7 billion gain in 3Q 2022

 

  • Total 3Q 2023 operating revenue: $62.0 billion
    • Share of total 3Q 2023 operating revenue:
      • Fares: $47.0 billion, 76.3%, compared to 75.3% in 3Q 2022
      • Baggage fees: $1.9 billion, 3.0%, compared to 3.0% in 3Q 2022
      • Reservation change fees: $268 million, 0.4%, compared to 0.4% in 3Q 2022

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

  • Total 3Q 2023 operating expenses: $58.3 billion:
    • Share of total 3Q 2023 operating expenses:
      • Fuel: $12.4 billion, 21.4%, compared to 26.0% in 3Q 2022
      • Labor: $20.2 billion, 34.6%, compared to 30.5% in 3Q 2022


Domestic operations, includes 26 U.S. airlines:

Bar chart showing Domestic U.S. Scheduled Service Passenger Airlines Quarterly Net Profit

 


After-tax domestic net profit (net income

  • $424 million gain in 3Q 2023 
  • Compared to $3.7 billion gain in 2Q 2023
  • Compared to $1.4 billion gain in 3Q 2022

Pre-tax domestic operating profit 

  • $1.4 billion gain in 3Q 2023 
  • Compared to $5.5 billion gain in 2Q 2023
  • Compared to $3.1 billion gain in 3Q 2022

 

  • 3Q 2023 domestic operating revenue: $44.7 billion
    • Share of total 3Q 2023 domestic operating revenue:
      • Fares: $32.7 billion, 73.0%, compared to 72.5% in 3Q 2022
      • Baggage fees: $1.5 billion, 3.3%, compared to 3.2% in 3Q 2022
      • Reservation change fees: $225 million, 0.5%, compared to 0.5% in 3Q 2022

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

  • 3Q 2023 domestic operating expenses: $43.3 billion, of which:
    • Share of total 3Q 2023 domestic operating expenses:
      • Fuel: $8.5 billion, 19.7%, compared to 23.7% in 3Q 2022
      • Labor: $14.9 billion, 34.5%, compared to 30.5% in 3Q 2022


International operations, includes 20 U.S. airlines:

Bar chart showing International U.S. Scheduled Service Passenger Airlines Quarterly Net Profit

 

After-tax international net profit (net income

  • $1.2 billion gain in 3Q 2023 
  • Compared to $1.7 billion gain in 2Q 2023
  • Compared to $941 million gain in 3Q 2022

Pre-tax international operating profit 

  • $1.9 billion gain in 3Q 2023 
  • Compared to $2.2 billion gain in 2Q 2023 
  • Compared to $1.5 billion gain in 3Q 2022

 

  • 3Q 2023 international operating revenue: $16.8 billion, of which:
    • Share of 3Q 2023 international operating revenue:
      • Fares: $14.3 billion, 85.1%, compared to 83.7% in 3Q 2022 
      • Baggage fees: $367 million, 2.2%, compared to 2.4% in 3Q 2022 
      • Reservation change fees: $43 million, 0.3%, compared to 0.2% in 3Q 2022

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

  • 3Q 2023 international operating expenses: $14.9 billion, of which:
    • Share of 3Q 2023 international operating expenses:
      • Fuel: $3.9 billion, 26.1%, compared to 33.3% in 3Q 2022
      • Labor: $5.2 billion, 35.0%, compared to 30.5% in 3Q 2022


3rd 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: 

  • 2.7% in 3Q2023 
  • Compared to 4.1% in 3Q2022

Operating margin:

  • 5.3% in 3Q2023 
  • Compared to 8.0% in 3Q2022

Domestic
Net income margin: 

  • 0.9% in 3Q2023 
  • Compared to 3.3% in 3Q2022

Operating margin:

  • 3.1% in 3Q2023
  • Compared to 7.1% in 3Q2022

International
Net income margin: 

  • 7.2% in 3Q2023
  • Compared to 6.4% in 3Q2022

Operating margin:

  • 11.1% in 3Q2023 
  • Compared to 10.6% in 3Q2022


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 fourth-quarter 2023 data on May 15, 2024.

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. Regarding this release, the following carriers remain pending: Aloha Air Cargo (KH), Northern Air Cargo Inc. (NC). Also, within text, percent change results may not be exact due to rounding.


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