The commercial aviation industry has shown a strong recovery since the Covid-19 pandemic, with all of the world’s top ten airlines reporting annual revenues of over $10 billion in 2023. According to Fitch Ratings, the global airline sector outlook for 2024 is neutral, with the agency projecting steady demand for air travel. Although global traffic has returned to pre-pandemic levels, it remains below historical trends seen before 2020.
The International Air Transport Association (IATA) expects the airline industry to generate net profits of $25.7 billion in 2024. Similarly, the International Civil Aviation Organization (ICAO) forecasts that global air traffic will exceed pre-pandemic levels in the first quarter of 2024. These projections highlight the continued recovery of the industry, which has adapted well to the post-pandemic world.
Here’s a look at the ten largest airlines in the world, ranked by their annual revenue in 2023.
10. China Southern Airlines: $12.92 Billion
China Southern Airlines recorded $12.92 billion in revenue for 2023 but faced a loss of $4.81 billion. Headquartered in Guangzhou, it is one of China’s three major airlines, alongside China Eastern Airlines and Air China. The airline operates over 2,000 flights per day, serving more than 200 destinations globally. Despite its loss, China Southern remains a significant player in the industry, employing over 100,000 staff and holding a market cap of $12.54 billion.
9. Turkish Airlines: $19.68 Billion
Turkey’s flag carrier, Turkish Airlines, generated $19.68 billion in revenue in 2023 and posted a profit of $2.79 billion. It is the world’s largest airline by the number of destinations served, flying to 340 locations across four continents. With a market cap of $8.88 billion, Turkish Airlines employs over 40,000 people and has been part of the Star Alliance since 2008. It is headquartered at Istanbul Atatürk Airport.
8. Southwest Airlines: $26.09 Billion
Southwest Airlines, a major U.S. low-cost carrier, saw $26.09 billion in revenue in 2023 and profits of $267 million. Based in Dallas, it operates flights to 121 destinations and carries more domestic passengers than any other U.S. airline. With a market cap of $17.65 billion, Southwest employs over 66,000 staff. It has been providing affordable travel options since 1967.
7. International Airlines Group (IAG): $31.94 Billion
The International Airlines Group (IAG) is an Anglo-Spanish airline holding company formed after the merger of British Airways and Iberia in 2011. IAG’s portfolio includes several well-known brands, such as Aer Lingus and Vueling, alongside its cargo division, IAG Cargo. In 2023, IAG achieved $31.94 billion in revenue and $3.79 billion in profits. With a market cap of $9.41 billion, IAG employs over 66,000 people.
6. Air France–KLM Group: $32.52 Billion
The Air France–KLM Group, formed in 2004 through the merger of French flag carrier Air France and Dutch airline KLM, posted $32.52 billion in revenue in 2023. The group, which also operates the Transavia low-cost brand, reported profits of $1.85 billion. Based in Paris, the Air France–KLM Group has a market cap of $4.12 billion and employs nearly 79,000 people globally.
5. The Emirates Group: $32.62 Billion
The Emirates Group, which operates the UAE’s flagship airline, Emirates, recorded $32.62 billion in revenue in 2023. The group, which also owns the airport services provider dnata, is the largest airline in the Middle East. Emirates, based in Dubai, operates 3,600 flights weekly, serving over 150 cities in 80 countries. The group employs more than 102,000 people and posted profits of $3 billion last year.
4. Lufthansa Group: $35.8 Billion
Germany’s Lufthansa Group, which includes subsidiaries like Austrian, Swiss, and Belgian flag carriers, achieved $35.8 billion in revenue in 2023. The airline group, a founding member of the Star Alliance, operates the world’s largest fleet. Lufthansa itself recorded a profit of $940 million last year. The group, based in Germany, employs over 109,000 staff and has a market cap of $12.1 billion.
3. United Airlines Holdings: $48.82 Billion
United Airlines, based in Chicago, operates the largest U.S. network and serves more destinations worldwide than any other airline. The airline’s parent company, United Airlines Holdings, reported $48.82 billion in revenue for 2023, along with $940 million in profits. United is a founding member of the Star Alliance and employs 92,800 people. It is a global leader, flying to all six inhabited continents.
2. American Airlines Group: $52.79 Billion
American Airlines Group, formed in 2013 through the merger of AMR Corporation and US Airways Group, posted $52.79 billion in revenue in 2023. It is the largest airline in the world by passenger numbers, operating 6,800 flights daily to nearly 350 destinations in 48 countries. With a market cap of $9.05 billion, American Airlines employs 129,700 people and posted profits of $822 million last year.
1. Delta Air Lines: $54.67 Billion
Delta Air Lines, the oldest operating airline in the U.S. and the seventh oldest globally, is the world’s largest airline by revenue. In 2023, Delta recorded $54.67 billion in revenue and profits of $4.6 billion. The airline operates more than 5,400 flights daily and serves 325 destinations across 52 countries. Headquartered in Atlanta, Delta has the highest market cap among airlines, valued at $21.81 billion, and employs 95,000 staff.
Conclusion
The global aviation industry has firmly rebounded from the disruptions caused by the Covid-19 pandemic. As we look toward 2024, the industry continues to show strong signs of growth, with several of the largest airlines posting impressive revenues and profits. The top ten airlines on this list represent a mix of legacy carriers and low-cost giants, all benefiting from recovering demand for air travel and a renewed focus on global connectivity.
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