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The 10 largest airline groups by 2024 operational revenue
Aviation Week’s 2025 commercial aviation KPI analysis ranks these groups by their reported 2024 operational revenue. The figures are shown in U.S. dollars as published; they have not been independently normalized for differences in fiscal periods, accounting definitions, or currency conversion.
| Rank | Airline group | 2024 operational revenue |
|---|---|---|
| 1 | Delta Air Lines | $61.643 billion |
| 2 | United Airlines | $57.063 billion |
| 3 | American Airlines Group | $54.211 billion |
| 4 | Lufthansa Group | $38.896 billion |
| 5 | Emirates | $34.863 billion |
| 6 | International Airlines Group (IAG) | $33.224 billion |
| 7 | Air France-KLM | $32.560 billion |
| 8 | Southwest Airlines | $27.483 billion |
| 9 | China Southern Airlines | $23.873 billion |
| 10 | Qatar Airways | $23.588 billion |
Source: Aviation Week’s commercial aviation KPI analysis.
What this revenue ranking does—and does not—compare
Groups, not necessarily individual carriers
The ranking compares airline groups as reported in Aviation Week’s table. A group may include multiple airlines and related businesses, so its total should not be read as the revenue of one operating brand. Lufthansa Group, for example, reports a Passenger Airlines segment that includes Lufthansa Airlines, SWISS, Austrian Airlines, Brussels Airlines, and Eurowings, alongside separate group-level reporting. Lufthansa Group’s 2024 annual report gives total group revenue of €37,581 million; that euro figure is not interchangeable with Aviation Week’s dollar value without aligning methodology and conversion.
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Revenue is not profit
Revenue measures money generated from operations before expenses are deducted. It does not show how much a group kept as profit, its margins, debt burden, or overall financial health. The order here answers a scale-by-revenue question only; a profitability comparison would require separate, consistently defined financial measures.
Reporting periods and currency matter
The table presents the figures as reported for 2024, but global airlines may have different fiscal year-ends and reporting conventions. Currency conversion can also affect relative totals. Avoid combining these values casually with another publisher’s fiscal-year figures: first check the period, currency treatment, operational measure, and corporate scope.
How to interpret the top three
Delta leads this table at $61.643 billion, with United at $57.063 billion and American at $54.211 billion. Delta’s 2024 Form 10-K separately reports a 6% year-over-year increase in operating revenue and discusses the components of that change; that company-specific result provides context but does not make the ranking a standardized comparison of growth or profitability. Delta’s 2024 Form 10-K.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Why this is a 2024 ranking, not a claim about the latest year
The cited table supports a 2024 operational-revenue ranking published in Aviation Week’s 2025 analysis. It does not establish a fully standardized global top ten for 2025 or 2026. Treat the list as a comparison of the 2024 figures in that table rather than as a ranking for the latest financial year.
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