Top 10: The airlines with the biggest revenues in 2025
January 3, 2026
The aviation industry has had a remarkable year, marked by significant increases in travel demand, technological breakthroughs, and advancements in sustainable practices. We review commercial airlines or groups with the largest market capitalisations, revenues, and earnings in 2025. While high revenues do not necessarily translate into profitability, the ranking in this list is solely based on annual revenues.
| Rank | Airline | Revenue (USD) | Earnings (USD) |
|---|---|---|---|
| 1 | Delta Air Lines | $62.92 B | $6.57 B |
| 2 | United Airlines Holdings | $58.36 B | $5.49 B |
| 3 | American Airlines | $54.29 B | $2.60 B |
| 4 | Lufthansa Group | $43.92 B | $3.04 B |
| 5 | International Airlines Group (IAG) | $37.38 B | $4.86 B |
| 6 | Air France-KLM Group | $35.90 B | $2.76 B |
| 7 | Emirates | $34.90 B | $5.8 B |
| 8 | Southwest Airlines | $27.55 B | $610 M |
| 9 | China Southern Airlines | $24.49 B | $670 M |
| 10 | Air China | $23.41 B | -$140 M |
1. Delta Air Lines
US-based Delta Air Lines reported a trailing twelve months (TTM) revenue of $62.92 billion, a marginal 2.03% increase over the previous period. The airline has seen a consistent increase in its annual revenues since the global aviation downturn in 2020. Delta’s financial reports showed TTM earnings of $6.57 billion. The current pretax earnings are significantly greater than the previous period, when the airline earned $5.40 billion.
As one of the oldest airlines, Delta enjoys a market capitalisation (total market value) of $46.38 billion, making it one of the most valuable aviation companies worldwide. The Atlanta-based airline operates over 5,500 daily flights, serving 325 destinations in 53 countries. The airline operates a mainline fleet of 900 aircraft and an additional 340 aircraft operated under its subsidiary Delta Connection.
2. United Airlines Holdings
United Airlines Holdings is one of the three large US airlines, particularly dominating the US domestic market. Recent financial reports from the Chicago-based airline showed a TTM revenue of $58.36 billion, a marginal 2.29% increase over the previous period. The airline showed pretax earnings of $5.49 billion, a slight 1.26% decrease over the same period last year.
The Star Alliance member also operates a regional airline network, United Express, through partnerships with various regional carriers. United has a market capitalisation of $37.13 billion, making it one of the most valuable companies on a global scale. The airline operates scheduled flights to nearly 390 destinations worldwide, utilising a massive fleet of approximately 1,050 mainline aircraft.
3. American Airlines
American Airlines makes it to third place, showing a TTM revenue of $54.29 billion, a slight 0.15% increase over the previous period. While the total revenue has been consistently increasing over the last few years, the airline saw a slight decline in its earnings. According to the 2025 financial reports, the TTM earnings were $2.60 billion, significantly lower than the previous period when the airline recorded pretax earnings of $3.08 billion.
Headquartered in Fort Worth, Texas, American Airlines is the world’s largest airline in terms of daily flights. As of December 2025, the airline has a market capitalisation of $10.44 billion. The airline, along with its regional subsidiary American Eagle, operates nearly 7,000 flights a day to over 350 destinations in 48 countries. The founding member of the Oneworld alliance operates a mainline fleet of over 1,000 aircraft and an additional 550 aircraft operated under the American Eagle brand.
4. Lufthansa Group
Lufthansa Group, a major German aviation conglomerate, comprises various European carriers, including Lufthansa, SWISS, Austrian Airlines, Brussels Airlines, ITA Airways, and the low-cost airline Eurowings. The Group also encompasses Lufthansa Cargo and Lufthansa Technik (MRO), catering, and IT services. The conglomerate has a market capitalisation of $11.83 billion in 2025.
Lufthansa Group showed a TTM revenue of $43.92 billion, a significant 8.45% increase over the previous period. Recent financial reports also show TTM pretax earnings of $3.04 billion, a massive 29.04% increase over the same period last year. With a total market capitalisation of $11.82 billion, Lufthansa Group is by far Europe’s largest aviation group by revenue. The Group has its dominance at major European bases, including Frankfurt, Munich, Zurich, Vienna, Brussels, and Rome.
5. International Airlines Group (IAG)
The International Airlines Group (IAG) comprises major airlines, including British Airways, Iberia, Aer Lingus, Vueling, and LEVEL. As one of the world’s largest airline groups, it operates an extensive network of cargo and passenger routes. The conglomerate has a market capitalisation of $26.99 billion in 2025.
Headquartered in London and Madrid, the group allows its airlines to maintain individual brands while benefiting from the combined network. The recent financial report from IAG shows a TTM revenue of $37.38 billion, a significant 8.04% increase over the previous period. The report also highlights the group’s pretax earnings, amounting to $4.86 billion, a massive 25.04% increase over last year.
6. Air France-KLM Group
The Air France-KLM Group was formed from the merger of two airlines in 2004, functioning as one entity. While operating under both brand names, the airlines share hubs in Paris (CDG) and Amsterdam Schiphol (AMS). It is one of Europe’s largest airline groups in terms of global network and passenger traffic.
The Air France-KLM Group had a current market capitalisation of $3.50 billion in 2025. The Group showed a TTM revenue of $35.90 billion, a considerable 5.86% increase over the previous period. In 2025, the group recorded pretax earnings of $2.76 billion, an outstanding 82.9% increase over last year when it earned $1.51 billion.
7. Emirates Group
Emirates is one of two flag carriers of the UAE, along with Etihad Airways. Based in Dubai, it is the world’s largest long-haul carrier. The airline is the largest operator of the Airbus A380 and the Boeing 777 family aircraft. With a fleet of over 250 aircraft, the airline offers scheduled flights to 150 destinations in 80 countries.
Emirates reported a 2024-2025 revenue of $34.9 billion, a significant 6.1% increase over the previous period. The pretax earnings were $5.8 billion, a massive 20% increase over last year. Driven by higher travel demand, particularly in premium cabins, the airline enjoys a solid market share.
8. Southwest Airlines
US-based low-cost giant, Southwest Airlines, is the fourth-largest airline in North America in terms of passengers. Known for its all-Boeing 737 fleet, the airline serves over 100 destinations in the Americas. The airline operates a fleet of 810 737 family aircraft, comprising 37-700s, 737-800s, and MAX 8s. The airline has an outstanding order of over 500 Boeing 737 MAX family aircraft.
In December 2025, Southwest had a market capitalisation of $21.91 billion. The airline’s recent financial report showed a TTM revenue of $27.55 billion, a slight 0.25% increase over the previous period. In the last 12 months, Southwest has seen a significant dip in its pretax earnings, largely due to operational challenges and business model revamp. The airline showed TTM earnings of $610 million, a significant 24% drop over last year’s earnings of $810 million.
9. China Southern Airlines
China Southern Airlines is one of the three major airlines in China, along with Air China and China Eastern Airlines. Headquartered in Guangzhou, the airline operates over 2,000 daily flights to over 200 destinations worldwide. The airline operates the largest fleet in China, comprising over 700 narrowbody and widebody aircraft.
China Southern Airlines has a market capitalisation of $19.44 billion, making it one of the most valuable companies in China. The airline showed a TTM revenue of $24.49 billion, a slight 1.07% increase over the previous period. Moreover, the 2025 financial reports showed TTM earnings of $670 million, a significant 11% increase over last year.
10. Air China
Chinese flag carrier, Air China, has the most extensive flight network, extending throughout Asia, the Middle East, Africa, Europe, and the Americas. Headquartered in Beijing, the airline operates scheduled flights to over 215 destinations worldwide, operating a fleet of over 530 aircraft. Air China has a market capitalisation of $19.44 billion.
According to the recent financial reports, the airline showed a TTM revenue of $23.41 billion, a slight 0.96% increase over the previous period. Unlike other airlines, Air China reported a loss of $140 million, which is nearly 35% less than the previous year when the airline’s earnings were -200 million.
Featured Image: YuDiao1118 / Wikimedia Commons
