Phoenix 24
Record earnings now confront fuel and security shocks.
Dubai | July 2026
The world’s nine most profitable airlines generated combined net earnings of approximately $25.1 billion in their latest financial periods. Emirates led the ranking for a second consecutive year with a record $5.4 billion, followed by Delta Air Lines with $5 billion and United Airlines with $3.4 billion.
Ryanair, Turkish Airlines, Singapore Airlines, Qatar Airways, Cathay Pacific and Japan’s ANA completed the list. Singapore Airlines’ result included an extraordinary accounting gain linked to the Air India-Vistara merger, while the ranking excluded multibrand parent companies such as IAG and Lufthansa Group.
The figures largely reflect conditions before the renewed conflict involving Iran disrupted Gulf airspace. Several carriers have since cancelled flights, diverted routes and absorbed higher operational costs, while Emirates and Qatar Airways have faced additional pressure from regional instability.
Fuel remains one of the industry’s largest expenses, and prices rose sharply after disruptions near the Strait of Hormuz. If airspace closures, security risks and elevated fuel costs persist, the next profitability ranking could look very different.
Los beneficios vuelan alto, pero la guerra cambia la ruta. / Profits may fly high, but war changes the route.