TOP 100 AIRLINE GROUPS BY REVENUE (US$): 2019 Rank Revenue Change (%) Operating result $m Net result $m 2019 Airline/Group Country 2019 ($m) Local US$ 2019 2018 2019 2018 Notes 1 Delta Air Lines USA 47,007 5.8 6,618 5,264 4,767 3,935 Endeavor Air USA 653 9.6 - 64 - 52 - 66 - 55 2 American Airlines Group USA 45,768 2.8 3,065 2,656 1,686 1,412 Envoy Air USA 1,385 12.9 12 - 42 - - 36 PSA Airlines USA 814 21.3 - 8 - 23 - 12 - 21 3 United Airlines Holdings USA 43,259 4.7 4,301 3,292 3,009 2,122 4 Lufthansa Group Germany 40,982 2.3 -2.8 2,265 3,337 1,356 2,545 Lufthansa (network) Germany 25,828 2.5 -2.7 1,964 3,000 Inc Austrian and Swiss Swiss Switzerland 5,381 0.6 -0.8 583 651 Lufthansa Cargo Germany 2,770 -8.7 -13.2 - 37 310 - 114 164 Eurowings Germany 4,609 0.6 -4.4 - 194 - 272 - 463 - 344 Inc Brussels Airlines Austrian Austria 2,356 -1.9 -6.8 17 106 5 FedEx USA 35,513 -4.9 996 2,176 May 6 Air France-KLM Group France 30,392 3.7 -1.5 1,275 1,653 328 497 Air France France 18,542 4.6 -0.6 313 558 KLM Netherlands 12,380 1.7 -3.4 953 1,284 502 666 Transavia Group Netherlands 1,949 8.3 2.8 146 164 7 International Airlines Group ( IAGUK ) 28,511 5.2 -0.1 2,921 4,328 1,917 3,409 Profits after exceptionals British Airways UK 16,960 2.5 -1.5 2,451 2,689 Iberia Spain 6,310 9.2 3.7 556 627 Vueling Airlines Spain 2,744 5 -0.3 268 311 Aer Lingus Ireland 2,375 5.8 0.5 309 366 8 Emirates Group UAE 28,315 -4.8 -4.8 1,883 1,069 456 631 Mar Emirates Airline UAE 25,040 -6.1 -6.1 1,745 721 323 280 Mar 9 Southwest Airlines USA 22,428 2.1 2,957 3,206 2,300 2,465 10 China Southern Air Holding China 22,306 7.4 3.1 1,567 1,329 446 507 Xiamen Airlines China 4,714 7.9 3.5 113 138 Includes Hebei and Jiangxi 11 Air China China 20,271 -0.5 -4.5 2,116 2,161 1,050 1,238 Shenzhen Airlines China 4,608 2.4 -1.7 167 138 Rank Revenue Change (%) Operating result $m Net result $m 2019 Airline/Group Country 2019 ($m) Local US$ 2019 2018 2019 2018 Notes 12 China Eastern Airlines China 18,529 5.2 0.9 1,457 1,402 503 441 Shanghai Airlines China 1,921 -5.3 -9.1 - 12 90 China Eastern Yunnan China 1,682 10.6 6.1 76 51 China Eastern Airlines Jiangsu China 1,413 5 0.7 45 46 China Eastern Airlines Wuhan China 686 4 -0.1 46 33 13 ANA Holdings Japan 18,252 -4.1 -1.6 562 1,486 256 998 Mar All Nippon Airways Japan 16,066 -4.2 -1.7 458 1,446 Mar 14 Air Canada Canada 14,473 6.3 4.6 1,248 1,150 1,117 28 Mar 15 Qatar Airways Group Qatar 14,053 6.3 16 Cathay Pacific Group Hong Kong 13,657 -3.7 -3.6 425 459 216 354 17 Turkish Airlines Turkey 13,637 21.2 4.3 1,064 1,506 802 831 18 Japan Airlines Group Japan 13,047 -5.1 -2.6 930 1,587 494 1,358 19 Qantas Group Australia 12,846 4.9 -2.6 1,063 1,350 637 737 Jun Jetstar Australia 2,832 4.4 -3.5 286 353 Jun 20 Singapore Airlines Group Singapore 11,618 -2.1 -3.3 43 786 - 123 531 Mar Singapore Airlines Singapore 9,463 -1 -2.2 214 729 - 16 468 Mar Scoot Singapore 1,222 -5.6 -6.7 - 144 - 11 - 183 - 44 Mar SilkAir Singapore 659 12.1 -13.2 - 82 11 - 75 - 39 Mar 21 Korean Air South Korea 10,551 -2.8 -8.3 250 607 - 490 - 98 22 Aeroflot Group Russia 10,487 10.8 8.0 938 965 209 - 884 IFRS, 2018 profit restated Rossiya Russia 1,957 10 7.2 32 23 32 25 Pobeda Russia 823 54.7 50.7 154 78 62 22 23 HNA Group China 10,463 6.8 2.5 120 - 770 109 - 550 Hainan Airlines China 6,008 8.4 4.0 - 72 - 364 - 47 - 254 Lucky Air China 1,101 7 2.7 - 18 24 24 LATAM Airlines Group Chile 10,431 0.6 742 887 190 310 25 Ryanair Ireland 9,419 10.4 6.1 1,250 1,173` 719 1,021 Mar, includes Lauda 26 Alaska Air Group USA 8,781 6.3 1,063 643 769 437 Horizon Air USA 451 -11.6 66 45 26 15 27 EasyJet UK 8,099 8.3 2.0 591 623 443 482 28 JetBlue Airways USA 8,094 5.7 800 266 569 189 Rank Revenue Change (%) Operating result $m Net result $m 2019 Airline/Group Country 2019 ($m) Local US$ 2019 2018 2019 2018 Notes 29 Saudia (est) Saudi Arabia 7,000 1.4 AB estimate 30 UPS Airlines USA 6,349 3.1 223 231 141 1,170 31 Asiana Airlines South Korea 5,975 -3 -8.6 - 381 26 - 702 - 178 IFRS 32 Thai Airways International Thailand 5,973 -7.7 -3.3 - 403 - 281 - 393 - 358 33 Etihad Airways UAE 5,600 -4.4 - 870 - 1,280 34 IndiGo India 5,239 25.1 22.8 - 39 - 21 - 35 22 Mar 35 SAS Group Sweden 4,979 4.5 -3.9 124 292 66 184 Oct 36 Norwegian Norway 4,931 8.1 0.2 97 - 471 - 182 - 178 37 China Airlines Taiwan 4,745 -2.6 -4.8 3 61 - 39 59 38 Avianca Holdings Panama 4,621 5 -5.5 - 554 232 - 894 1 39 Garuda Indonesia Group Indonesia 4,573 4.5 5.6 147 - 199 6 - 229 2018 results restated Citilink Indonesia Indonesia 844 17.2 68 - 55 43 - 42 40 Jet2 UK 4,522 20.9 16.6 234 267 141 179 41 EVA Air Taiwan 4,396 0 -2.3 198 199 189 201 42 Vietnam Airlines Group Vietnam 4,229 1.5 0.7 105 102 109 113 Vietnam Airlines Vietnam 3,105 1.9 1.1 91 72 104 92 43 Virgin Australia Australia 4,166 7.5 -0.6 - 96 - 38 - 226 - 505 Jun Tigerair Australia Australia 403 -1.3 -8.7 - 32 - 31 Jun 44 Ethiopian Airlines Ethiopia 3,925 26.1 15.5 260 274 189 248 Jun 45 Air New Zealand Group New Zealand 3,887 5.3 -0.4 256 390 185 277 Jun 46 Spirit Airlines USA 3,831 15.3 501 351 335 156 47 WestJet Canada 3,808 6.8 4.6 255 119 180 70 Calcuated for year to Sep 2019 48 Virgin Atlantic (est ) UK 3,800 1.2 - 60 - 51 AB estimate 49 Sichuan Airlines (est ) China 3,750 13.6 AB estimate 50 TAP Air Portugal Portugal 3,687 3.8 -1.4 53 - 32 - 107 - 68 51 Alitalia (est ) Italy 3,650 1.0 - 404 AB estimate 52 Air India India 3,648 10.9 2.3 - 1,212 - 257 - 1,212 - 829 Jun 53 Grupo Aeromexico Mexico 3,551 -2.1 -2.7 143 - - 122 - 98 54 Finnair Finland 3,526 8.4 3.0 179 302 83 120 55 Gol Brazil 3,515 21.5 13.3 541 524 164 - 212 Rank Revenue Change (%) Operating result $m Net result $m 2019 Airline/Group Country 2019 ($m) Local US$ 2019 2018 2019 2018 Notes 56 AirAsia Group Malaysia 3,145 10.1 7.3 179 302 - 69 420 AirAsia Malaysia 2,041 8.7 6.0 248 255 147 265 Indonesia AirAsia Indonesia 487 50.9 52.5 10 23 - 13 - 33 Mar, 2018 restated Philippines AirAsia Philippines 535 26.9 29.6 33 - 32 37 - 67 57 Wizz Air Hungary 3,062 19.1 14.4 375 413 312 142 58 Philippine Airlines Philippines 2,997 2.7 4.9 56 - 114 - 188 - 70 59 SkyWest, Inc USA 2,972 -7.8 512 474 340 280 ExpressJet Airlines USA 369 -34.5 - 81 - 14 - 78 - 17 60 Azul Brazil 2,901 26.3 17.9 515 386 209 - 111 61 TUI UK (est ) UK 2,900 0.0 463 373 AB estimate 62 Hawaiian Airlines USA 2,832 -0.2 327 314 224 233 63 S7 Group (est ) Russia 2,800 6.9 AB estimate 64 Shandong Airlines China 2,745 1.4 -2.9 55 64 52 52 65 Atlas Air Worldwide USA 2,739 2.3 - 461 284 - 293 271 66 Copa Airlines Panama 2,707 1.1 346 159 247 88 67 Air Europa (est ) Spain 2,600 3.3 74 57 AB estimate 68 Frontier Airlines USA 2,508 16.4 308 120 251 83 69 EgyptAir Holdings Egypt 2,433 16.2 17.1 53 - 33 Jun 70 Juneyao Airlines China 2,421 16.6 11.9 186 232 144 187 71 Cargolux Luxembourg 2,259 -14.3 114 321 20 211 72 VietJet Air Vietnam 2,241 -2.8 -3.6 214 253 182 232 73 Air Transat Canada 2,212 0.0 - 37 - 18 - 23 3 74 Malaysia Airlines (est ) Malaysia 2,200 1.1 AB estimate 75 El Al Israel 2,178 1.7 3 - 37 60 - 52 76 Spring Airlines China 2,140 12.9 8.3 334 289 266 226 77 Pegasus Turkey 1,949 32.6 14.1 364 163 236 103 78 Condor UK 1,911 0.06 0.2 64 51 Sep 79 SpiceJet India 1,855 42.5 40.0 - 132 - 34 - 132 - 43 Mar 80 Allegiant Air USA 1,841 10.4 364 244 232 162 81 Volaris Mexico 1,811 25.6 24.9 225 28 136 - 49 2018 restated under IFRS 82 South African Airways (est ) South Africa 1,800 -8.0 Jun, AB estimate Rank Revenue Change (%) Operating result $m Net result $m 2019 Airline/Group Country 2019 ($m) Local US$ 2019 2018 2019 2018 Notes 83 Royal Air Maroc (est ) Morocco 1,800 1.3 AB estimate 84 Volga-Dnepr Group Russia 1,709 -16.0 AirBridgeCargo Russia 1,403 -10.7 85 Aerolineas Argentinas (est ) Argentina 1,700 -2.9 86 Cebu Pacific Air Philippines 1,644 14.4 16.9 245 134 177 75 87 Flydubai UAE 1,634 -3.2 -3.2 88 Lion Air (est ) Indonesia 1,600 -11.1 AB estimate 89 Oman Air (est ) Oman 1,600 1.7 - 647 AB estimate 90 SunExpress Turkey 1,567 5.9 62 67 Includes SunExpress Germany 91 Icelandair Group Iceland 1,504 12.9 -0.4 - 39 - 57 - 58 - 56 92 Aegean Airlines Group Greece 1,463 10.4 4.9 138 109 88 80 Aegean Airlines Greece 1,173 9.4 3.9 76 87 55 60 93 Air Transport Services Mexico 1,452 62.7 177 111 61 69 94 Interjet (est ) Mexico 1,400 13.5 - 115 - 103 AB estimate 95 UTair Group Russia 1,335 0.2 136 77 91 - 350 96 Republic Airline USA 1,349 5.0 160 158 79 49 97 Ural Airlines Russia 1,369 8.8 6.0 41 7 32 6 98 Thai AirAsia Thailand 1,336 3.2 8.1 - 16 11 - 28 4 99 Polar Air Cargo USA 1,296 -12.0 1 1 100 Air Arabia UAE 1,296 15.4 254 134 274 -158 Differences in accounting standards mean comparisons should be handled with caution. Results year ending 2019 unless stated Results taken from reports published by airline groups, regulators and press statements. Estimates used for indicative purposes