Airline Quarterly Financial Review

Overview

The reports below contain tables and charts on the financial condition of the U.S. Major and Passenger National airlines. All data presented in this financial and traffic review are derived from Form 41 Schedules reported to the U.S. Department of Transportation by Large Certificated Air Carriers.

The data are presented on both a carrier group and an individual carrier basis, but the primary focus is on individual carrier system entity performance. Data are presented for the most recent quarterly period compared to the prior year’s quarter, as well as for the 12-month ended period for the five most recent quarters. A graphic presentation of comparative trends on a carrier group basis is made for several unit and overall financial indicators.

Air Carrier Group Definitions:

• Majors:  Air carriers with annual operating revenues greater than $1,000,000,000
• Nationals:  Air carriers with annual operating revenues from $100,000,001 to $1,000,000,000
• Large Regionals:  Air carriers with operating revenues from $20,000,000 to $100,000,000
• Medium Regionals:  Air carriers with annual operating revenues less than $20,000,000 

Major Group - Passenger and All-Cargo Carriers

National Group - Passenger Carriers Only

Table Data

Raw table data for the Airline Quarterly Financial Review can be found at DOT's public data portal, using the links below. This portal allows the public to access and extract data sets for multiple time periods using user-specified criteria. Data for individual carriers in unavailable quarters in above tables may still be available in raw data format below although data for the entire group may be incomplete. Please click the links below to be redirected to the site:

• Major Group – Passenger and All-Cargo Carriers

• National Group - Passenger Carriers Only

• Aviation Source Data - All Reporting Airlines

Technical Notes

In the case of merged carriers, data for the carriers involved have been combined and presented under the name of the surviving carrier so that meaningful (pro forma) comparisons can be made. See report endnotes for further information regarding timing of mergers.

In some instances, a metric in the individual carrier report will show a symbol. Please see the endnotes for a glossary of symbols.

Carriers can move between groupings (e.g., Majors and Nationals) based on the criteria listed above over time. Each report includes 18 quarters of data. In the instance where a carrier falls into both groupings during the 18 quarters, a carrier will appear in both reports. The data from the Majors report and the data from the Nationals report should not be combined without ensuring any duplications are removed.

Certain data in this review are classified into two broad categories: “Domestic” and “International” services. “Domestic” service encompasses operations within and between the 50 states of the United States, the District of Columbia, and United States territories. It also encompasses transborder operations to and from Canada. All other operations are considered “International” services, which include operations in the Atlantic, Latin, and Pacific regions.

Regarding COVID-19, payroll support programs passed by the U.S. Congress, and which provided grants or loans to air carriers, may be reported differently depending on the air carrier and may not be reflected in revenue or expense numbers of these quarterly reports. 

While the Office of Aviation Analysis has reviewed the reports for obvious errors, the data are presented as reported by the carriers to the Bureau of Transportation Statistics and have not been verified or compared to publicly filed financial documents.

Suggestions from users for improving either the scope, presentation, or utility of this review are welcomed. Please contact the Office of Aviation Analysis to share suggestions, discrepancy details, or other information.