2022 3rd Quarter U.S. Airline Financial Data

3Q 2022 Results for All 24 Scheduled U.S. Passenger Airlines

U.S. scheduled passenger airlines reported a third-quarter 2022 after-tax net income of $2.4 billion and a pre-tax operating income of $4.7 billion.

One year earlier, in the third quarter of 2021, the airlines reported an after-tax net income of $2.7 billion and a pre-tax operating loss of $187 million.

After-tax net income

• $2.4 billion profit in 3Q 2022
• Compared to $2.2 billion profit in 2Q 2022
• Compared to $2.7 billion profit in 3Q 2021

Pre-tax operating profit

• $4.7 billion profit in 3Q 2022
• Compared to $4.7 billion profit in 2Q 2022
• Compared to $187 million loss in 3Q 2021

• Total 3Q 2022 operating revenue: $58.2 billion
• Share of total 3Q 2022 operating revenue:
• Fares: $43.8 billion, 75.3%, compared to 68.6% in 3Q 2021
• Baggage fees: $1.8 billion, 3.0%, compared to 4.0% in 3Q 2021
• Reservation change fees: $261 million, 0.5%, compared to 0.6% in 3Q 2021

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

• Total 3Q 2022 operating expenses: $53.6 billion
• Share of total 3Q 2022 operating expenses:
• Fuel: $14.0 billion, 26.0%, compared to 16.8% in 3Q 2021
• Labor: $16.3 billion, 30.5%, compared to 35.2% in 3Q 2021

Domestic operations, includes 24 U.S. airlines:

After-tax domestic net profit (net income)

• $1.5 billion proft in 3Q 2022
• Compared to $2.6 billion profit in 2Q 2022
• Compared to $2.6 billion profit in 3Q 2021

Pre-tax domestic operating profit

• $3.1 billion profit in 3Q 2022
• Compared to $4.6 billion profit in 2Q 2022
• Compared to $81.1 million profit in 3Q 2021

• 3Q 2022 domestic operating revenue: $43.6 billion
• Share of total 3Q 2022 domestic operating revenue:
• Fares: $31.6 billion, 72.5%, compared to 67.8% in 3Q 2021
• Baggage fees: $1.4 billion, 3.2%, compared to 3.9% in 3Q 2021
• Reservation change fees: $227 million, 0.5%, compared to 0.6% in 3Q 2021

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

• 3Q 2022 domestic operating expenses: $40.5 billion
• Share of total 3Q 2022 domestic operating expenses:
• Fuel: $9.6 billion, 23.7%, compared to 15.7% in 3Q 2021
• Labor: $12.4 billion, 30.5%, compared to 34.7% in 3Q 2021

International operations, includes 19 U.S. airlines:

After-tax international net profit (net income)

• $948 million profit in 3Q 2022
• Compared to $347 million loss in 2Q 2022
• Compared to $149 million profit in 3Q 2021

Pre-tax international operating profit

• $1.6 billion profit in 3Q 2022
• Compared to $99 million profit in 2Q 2022
• Compared to $268 million loss in 3Q 2021

• 3Q 2022 international operating revenue: $14.6 billion
• Share of 3Q 2022 international operating revenue:
• Fares: $12.2 billion, 83.7%, compared to 72.5% in 3Q 2021
• Baggage fees: $349 million, 2.4%, compared to 4.3% in 3Q 2021
• Reservation change fees: $34 million, 0.2%, compared to 0.4% in 3Q 2021

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

• 3Q 2022 international operating expenses: $13.0 billion
• Share of 3Q 2022 international operating expenses:
• Fuel: $4.3 billion, 33.4%, compared to 21.7% in 3Q 2021
• Labor: $4.0 billion, 30.5%, compared to 37.3% in 3Q 2021

2nd 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% in 3Q2022
• Compared to 6.9% in 3Q2021

Operating margin:

• 0% in 3Q2022
• Compared to -0.5% in 3Q2021

Domestic

Net income margin:

• 3% in 3Q2022
• Compared to 7.9% in 3Q2021

Operating margin:

• 1% in 3Q2022
• Compared to 0.3% in 3Q2021

International

Net income margin:

• 5% in 3Q2022
• Compared to 2.1% in 3Q2021

Operating margin:

• 6% in 3Q2022
• Compared to -3.8% in 3Q2021

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 Sep. 30, 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 November 10. 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 and annual 2022 data on May 5.