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A free scan shows the junk files, broken settings and background clutter dragging Windows down - then fixes them in one click.Free scan · Windows 10 & 11Delta reported the most revenue in 2025, with $63.364 billion in consolidated operating revenue. United reported $59.070 billion and American reported $54.633 billion, putting them second and third. The comparison uses each company’s full-year 2025 filing; Delta’s total includes refinery-related revenue, so the ranking changes when that business is excluded.
2025 revenue ranking
Each company’s fiscal year ended December 31, 2025. The figures below are in U.S. dollars and converted from millions reported in the filings. American’s 10-K shows $54.633 billion in its management discussion and analysis (MD&A) operating-revenue table; its audited consolidated statements show $54.626 billion, a small presentation difference. [Delta 2025 Form 10-K] [United 2025 Form 10-K] [American 2025 Form 10-K]
| Airline group | FY2025 operating revenue | FY2024 operating revenue | Year-over-year change |
|---|---|---|---|
| Delta Air Lines | $63.364 billion | $61.643 billion | +3.0% |
| United Airlines Holdings | $59.070 billion | $57.063 billion | +3.5% |
| American Airlines Group | $54.633 billion | $54.211 billion | +0.8% |
Why Delta’s lead needs a scope caveat
Delta’s consolidated total includes revenue from its refinery business. The company reported $58.287 billion for its airline segment and the same amount as adjusted total revenue after deducting third-party refinery sales. The adjusted total is a non-GAAP measure, and it is not defined identically to the reported operating-revenue figures for United and American. On this narrower Delta measure, United’s reported $59.070 billion is higher.
So the direct answer depends on what “revenue” means: Delta ranks first by reported consolidated operating revenue, while United exceeds Delta’s refinery-excluded adjusted total. Avoid treating those differently defined figures as a perfectly like-for-like ranking. [Delta 2025 Form 10-K] [United 2025 Form 10-K]
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What the airlines earn revenue from
Passenger operations are the largest revenue category for all three groups. The filings break out passenger, cargo and other operating revenue as follows:
| Airline group | Passenger | Cargo | Other |
|---|---|---|---|
| Delta Air Lines | $51.768 billion | $0.900 billion | $10.696 billion |
| United Airlines Holdings | $53.438 billion | $1.779 billion | $3.853 billion |
| American Airlines Group | $49.643 billion | $0.839 billion | $4.151 billion |
United had the highest passenger revenue of the three. Delta’s much larger “other” category reflects a broader mix that includes refinery-related activity; its filing also identifies loyalty travel awards and third-party maintenance, repair and overhaul (MRO) as contributors to revenue growth. These category labels are based on each company’s own reporting, so they should not be assumed to capture identical activities across carriers. [Delta 2025 Form 10-K] [United 2025 Form 10-K] [American 2025 Form 10-K]
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Loyalty and partner activity
Loyalty programs and partner relationships contribute to the airlines’ non-ticket revenue. American said growth in other operating revenue was driven primarily by loyalty-program revenue and reported $6.2 billion in cash payments from co-branded card and other partners during 2025. United attributed some growth in other revenue to mileage revenue from non-airline partners, including co-branded card spending, and United Club memberships. Partner payments and loyalty revenue are components of business activity, not measures of incremental profit. [American 2025 Form 10-K] [United 2025 Form 10-K]
Which airline grew revenue fastest?
The ranking by size is not the ranking by growth. United’s operating revenue increased 3.5% from 2024 to 2025, ahead of Delta’s 3.0% and American’s 0.8%. These are year-over-year changes in the reported figures shown above; they do not by themselves indicate profitability or future growth. [Delta 2025 Form 10-K] [United 2025 Form 10-K] [American 2025 Form 10-K]
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Revenue does not show which airline made the most profit
Revenue measures income from operations before expenses; it does not tell you how much remains after costs. A profitability comparison requires a separate measure, such as operating income, net income or margin, calculated for the same fiscal period and accounting basis. The 2025 filings report those measures separately from revenue.
These figures answer which company reported the highest revenue for the completed 2025 fiscal year. They do not establish a 2026 interim ranking, and revenue alone does not measure passenger volume, company value, service quality or customer value.
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