U.S. scheduled passenger airlines reported a 2021 after-tax net loss of $2.8 billion, declining for the second straight year after seven consecutive annual after-tax profits and a pre-tax operating loss of $17.3 billion, declining for the second straight year after 11 consecutive annual pre-tax profit.
U.S. airline financial reports are filed quarterly with the Bureau of Transportation Statistics (BTS). See the tables that accompany this release on the BTS website for additional 2020 annual (Tables 1-6) and fourth-quarter (Tables 7-12) financial results.
2021 Annual Results for All 25 Scheduled Passenger Airlines
After-tax net income
- $2.8 billion loss in 2021
- Compared to $35.0 billion loss in 2020
- $17.3 billion loss in 2021
- Compared to $46.5 billion loss in 2020
- Total 2021 operating revenue: $130.0 billion
- Share of total 2021 operating revenue:
- Fares: $86.7 billion, 66.7%, compared to 64.5% in 2020
- Baggage fees: $5.3 billion, 4.1%, compared to 3.7% in 2020
- Reservation change fees: $698 million, 0.5%, compared to 1.2% in 2020
- Share of total 2021 operating revenue:
- Total operating expenses: $147.3 billion
- Share of total 2021 operating expenses:
- Fuel: $23.0 billion 15.6%, compared to 9.8% in 2020
- Labor: $52.6 billion 35.7%, compared to 39.7% in 2020
- Share of total 2021 operating expenses:
After-tax domestic net income
- $383 million profit in 2021
- Compared to $28.2 billion loss in 2020
- $12.2 billion loss in 2021
- Compared to $39.7 billion loss in 2020
- 2021 domestic operating revenue: $107.3 billion
- Share of total 2021 domestic operating revenue:
- Fares: $71.4 billion, 66.5%, compared to 63.9% in 2020
- Baggage fees: $4.3 billion, 4.0%, compared to 3.7% in 2020
- Reservation change fees: $610 million, 0.6%, compared to 1.1% in 2020
- Share of total 2021 domestic operating revenue:
- 2021 domestic operating expenses: $119.5 billion
- Share of total 2021 domestic operating expenses:
- Fuel: $17.4 billion, 14.5%, compared to 8.8% in 2020
- Labor: $41.9 billion, 35.0%, compared to 38.9% in 2020
- Share of total 2021 domestic operating expenses:
After-tax international net income
- $3.2 billion loss in 2021
- Compared to $6.8 billion loss in 2020
- $5.2 billion loss in 2021
- Compared to $6.8 billion loss in 2020
- 2021 international operating revenue: $22.7 billion
- Share of total 2021 international operating revenue:
- Fares: $15.3 billion, 67.6%, compared to 67.2% in 2020
- Baggage fees: $998 million, 4.4%, compared to 3.4% in 2020
- Reservation change fees: $88 million, 0.4%, compared to 1.5% in 2020
- Share of total 2021 international operating revenue:
Fees are included for calculations of net income, operating revenue and operating profit or loss.
- 2021 international operating expenses: $27.8 billion
- Share of total 2021 international operating expenses:
- Fuel: $5.6 billion, 20.2%, compared to 14.7% in 2020
- Labor: $10.7 billion, 38.5%, compared to 43.1% in 2020
- Share of total 2021 international operating expenses:
Net margin is the net income or loss as a percentage of operating revenue. Operating margin is the operating profit or loss as a percentage of operating revenue.
Systemwide:
Net income margin:
- -2.1% in 2021
- Compared to -45.3% in 2020
- -13.3% in 2021
- Compared to -60.1% in 2020
Net income margin:
- 0.4% in 2021
- Compared to -45.2% in 2020
- -11.3% in 2021
- Compared to -63.5% in 2020
Net income margin:
- -13.9% in 2021
- Compared to -45.9% in 2020
- -22.8% in 2021
- Compared to -45.9% in 2020
4Q 2021 Results for All 25 Scheduled U.S. Passenger Airlines
U.S. scheduled passenger airlines reported a fourth-quarter 2021 after-tax net loss of $2.2 billion and a pre-tax operating loss of $894 million.
One year earlier, in the fourth quarter of 2020, the airlines reported an after-tax net loss of $7.0 billion and a pre-tax operating loss of $9.7 billion.
After-tax net income
- $2.2 billion loss in 4Q 2021
- Compared to $2.7 billion profit in 3Q 2021
- Compared to $7.0 billion loss in 4Q 2020
- $894 million loss in 4Q 2021
- Compared to $187 million loss in 3Q 2021
- Compared to $9.7 billion loss in 4Q 2020
- Total 4Q 2021 operating revenue: $41.2 billion
- Share of total 4Q 2021 operating revenue:
- Fares: $28.4 billion, 69.0%, compared to 60.1% in 4Q 2020
- Baggage fees: $1.5 billion, 3.7%, compared to 4.4% in 4Q 2020
- Reservation change fees: $226 million, 0.6%, compared to 0.6% in 4Q 2020
- Share of total 4Q 2021 operating revenue:
- Total 4Q 2021 operating expenses: $42.1 billion:
- Share of total 4Q 2021 operating expenses:
- Fuel: $7.3 billion, 17.4%, compared to 9.2% in 4Q 2020
- Labor: $14.7 billion, 34.9%, compared to 39.2% in 4Q 2020
- Share of total 4Q 2021 operating expenses:
Domestic operations, includes 25 U.S. airlines:
After-tax domestic net profit (net income)
- $1.5 billion loss in 4Q 2021
- Compared to $2.6 billion profit in 3Q 2021
- Compared to $5.7 billion loss in 4Q 2020
- $484 million loss in 4Q 2021
- Compared to $81 million profit in 3Q 2021
- Compared to $8.0 billion loss in 4Q 2020
- 4Q 2021 domestic operating revenue: $33.8 billion
- Share of total 4Q 2021 domestic operating revenue:
- Fares: $23.2 billion, 68.6%, compared to 61.4% in 4Q 2020
- Baggage fees: $1.2 billion, 3.7%, compared to 4.3% in 4Q 2020
- Reservation change fees: $198 million, 0.6%, compared to 0.5% in 4Q 2020
- Share of total 4Q 2021 domestic operating revenue:
Fees are included for calculations of net income, operating revenue and operating profit or loss.
- 4Q 2021 domestic operating expenses: $34.3 billion, of which:
- Share of total 4Q 2021 domestic operating expenses:
- Fuel: $5.5 billion, 16.2%, compared to 8.2% in 4Q 2020
- Labor: $11.8 billion, 34.5%, compared to 38.1% in 4Q 2020
- Share of total 4Q 2021 domestic operating expenses:
International operations, includes 19 U.S. airlines:
After-tax international net profit (net income)
- $697 million loss in 4Q 2021
- Compared to $149 million profit in 3Q 2021
- Compared to $1.2 billion loss in 4Q 2020
- $409 million loss in 4Q 2021
- Compared to $268 million loss in 3Q 2021
- Compared to $1.7 billion loss in 4Q 2020
- 4Q 2021 international operating revenue: $7.4 billion, of which:
- Share of 4Q 2021 international operating revenue:
- Fares: $5.2 billion, 70.6%, compared to 54.5% in 4Q 2020
- Baggage fees: $290 million, 3.9%, compared to 5.0% in 4Q 2020
- Reservation change fees: $28 million, 0.5%, compared to 0.6% in 4Q 2020
- Share of 4Q 2021 international operating revenue:
- 4Q 2021 international operating expenses: $7.8 billion, of which:
- Share of 4Q 2021 international operating expenses:
- Fuel: $1.8 billion, 22.7%, compared to 13.8% in 4Q 2020
- Labor: $2.8 billion, 36.5%, compared to 44.5% in 4Q 2020
- Share of 4Q 2021 international operating expenses:
4th Quarter Margins
Net margin is the net income or loss as a percentage of operating revenue. Operating margin is the operating profit or loss as a percentage of operating revenue.
Systemwide:
Net income margin:
- -5.4% in 4Q2021
- Compared to -38.8% in 4Q2020
- -2.2% in 4Q2021
- Compared to -54.1% in 4Q2020
Net income margin:
- -4.5% in 4Q2021
- Compared to -38.9% in 4Q2020
- -1.4.2% in 4Q2021
- Compared to -54.2% in 4Q2020
Net income margin:
- -9.5% in 4Q2021
- Compared to -38.5% in 4Q2020
- -5.6% in 4Q2021
- Compared to -53.3% in 4Q2020
Additional data: BTS website, see tables for operating profit/loss, operating revenue and fuel cost and consumption. See the BTS financial databases for more detailed data including numbers for individual airlines.
Filing requirement: By regulation, for the quarter ending Dec. 31, airlines that operate at least one aircraft that is designed/certified for more than 60 seats or the capacity to carry a payload of passengers and cargo weighing more than 18,000 pounds must report financial data to BTS by March 31. The airline filings are subject to a process of quality assurance and data validations before release to the public.
Data updates: Revised carrier data and late data filings will be made available monthly on TranStats on the Monday following the second Tuesday of the month. All data are subject to revision. BTS will release first-quarter 2021 data on June 14.
Original source can be found here.
