Key facts
- The top nine airlines globally achieved a combined net profit of $25.11 billion.
- Emirates recorded its highest-ever net profit of $5.4 billion in the first quarter.
- Delta and United also reported significant profits of $5 billion and $3.4 billion, respectively.
- The Iran war led to airspace closures, affecting airline operations and contributing to a spike in jet fuel prices.
- Global airline profits are projected to be halved this year due to the conflict and rising fuel costs.
The world's most profitable airlines have posted record earnings, with the top nine carriers collectively earning $25.11 billion (€22bn) in their latest financial results. Emirates retained its position as the most profitable airline for the second consecutive year, reporting a record $5.4 billion (€4.7bn) net profit in the first quarter. This strong performance, however, largely reflects the industry's snapshot just before the Iran war significantly altered the landscape.
Following Emirates, Delta reported a $5 billion (€4.3bn) net profit, solidifying its lead among U.S. carriers, while United followed with $3.4 billion (€3bn). European airlines also showed strong results, with Ryanair earning €2.26 billion in its fiscal year ending March, a 40% increase driven by surging fares. Turkish Airlines achieved approximately $2.4 billion (€2.1bn) on record revenue, though its profit saw a slight decrease. Singapore Airlines' reported $2.1 billion (€1.8bn) profit includes a substantial one-off, non-cash accounting gain of S$1.1 billion ($800 million) from the Air India-Vistara merger, making its underlying profit closer to $1.3 billion (€1.1bn). Qatar Airways posted $1.94 billion (€1.7bn), Cathay Pacific around $1.27 billion (€1.1bn), and Japan's ANA about $1.1 billion (€963 million).
The rankings exclude multi-brand parent companies like IAG and Lufthansa Group. The recent Iran war has begun to impact these figures, with Qatar Airways' result showing a nearly 10% decline due to airspace closures in its final quarter. Emirates also carried 1% fewer passengers for similar reasons. The conflict has driven jet fuel prices above $150 a barrel, disrupting key shipping routes like the Strait of Hormuz. Consequently, the International Air Transport Association has warned that global airline profits are on track to be halved this year, despite current oil prices around $85 a barrel. Ryanair, having hedged 80% of its fuel needs, declined to provide future guidance due to the uncertain outlook.