• Alaska, American, Delta, and United all announced records in their latest earnings.
  • American Airlines highlighted the performance of its loyalty program.
  • Delta and United are benefiting from premium cabins and flights to Europe.

It looks like airlines aren’t just recovering from the pandemic, they’re bouncing back with vigor.

American Airlines, Delta Air Lines, United Airlines, and Alaska Airlines have all recently announced bumper results.

Legacy airlines have benefited from higher ticket prices for domestic flights after budget operators came under pressure and cut unprofitable routes over the summer.

Delta and United have also homed in on profitable flights to Europe — operating more such routes than ever before.

Here’s how the four legacy airlines performed financially last year, and their outlooks for 2025.

Alaska Airlines


The fuselage plug area of Alaska Airlines Flight 1282.

Associated Press



Alaska Airlines had a testing start to 2024 after a door plug came off one of its Boeing 737 Max 9 planes.

Despite the subsequent grounding of its 60 such aircraft, the carrier posted record annual revenue of $11.7 billion.

“We reported a full-year adjusted pre-tax margin of 7.1%, and had it not been for the four-week 9 Max grounding, Alaska Air Group would have posted the best margin in the industry,” CEO Ben Minicucci said on an earnings call.

That achievement came despite its acquisition of Hawaiian Airlines — opening up new routes to Asia using wide-body planes.

Its adjusted earnings per share for the fourth quarter was $0.97, smashing forecasts of $0.50.

“Just a year ago, following Flight 1282, a third of our Alaska fleet was grounded, operations were severely disrupted and uncertainty loomed,” Minicucci added. “Yet our teams rose to the challenge with an unwavering commitment to safety and restored Alaska Air Group to the safe, reliable operation we’re known and trusted for.”

He also said employees will share a record bonus payout of $325 million — equivalent to six weeks’ pay for many.

However, for the first quarter of this year, it expects to make a loss per share of between $0.50 and $0.70, still better than the consensus expectation of $0.75.

American Airlines


American’s share price dropped as it expects to start the year with a loss.

J. David Ake/Getty Images



American Airlines said fourth-quarter and annual revenues of $13.7 billion and $54.2 billion were both records.

On Thursday’s earnings call, CEO Robert Isom praised how the carrier achieved its debt-reduction goal a year ahead of schedule, down by $15 billion from its peak in mid-2021.

Isom also said its loyalty program broke records in 2024. Loyalty revenues were up 14% in the fourth quarter year-over-year, while AAdvantage members were responsible for three-quarters of premium-cabin revenue. The airline also expects to earn a further $1.5 billion in pre-tax income due to its co-branded credit cards.

However, its outlook for the first quarter was less bullish than its competitors.

American said it expects an adjusted loss per share between $0.20 and $0.40, based on demand trends and the fuel price forecast.

Shares fell more than 8% on Thursday.

Delta Air Lines


Delta Air Lines planes at John F. Kennedy International Airport.

Andrew Kelly/ Reuters



Delta also had record fourth-quarter and full-year revenues, at $15.6 billion and $61.6 billion respectively.

This came despite the disruption from July’s CrowdStrike outage that cost it $380 million.

However, Delta was buoyed by retaining its title as the most on-time airline in 2024.

It also prides itself on its premium offerings, named No. 1 for business travelers for the 14th consecutive year by Business Travel News. Premium cabin revenue was up 8% compared to 2023 while main-cabin revenue stayed flat.

It’s bullish on the outlook for 2025 too.

CEO Ed Bastian highlighted a continuing strong demand for travel and “consumers increasingly seeking the premium products and experiences that Delta provides.”

He added that it’s positioned “to deliver the best financial year in Delta’s 100-year history” — with expected earnings per share above $7.35.

United Airlines


United Airlines stock more than doubled last year.

Gary Hershorn/Getty Images



United has perhaps the biggest post-pandemic rebound story, with its stock up 136% last year.

It posted a record profit for the fourth quarter, with adjusted net income of $1.1 billion — up 64% from the same period a year earlier.

Across the same timeframe, premium cabin revenue was up by 10%, while revenue from basic economy rose by a fifth.

United operated the most flights and carried the most passengers in its history in 2024, as well as being first in on-time performance at its seven US hubs.

“United had a unique strategy coming out of COVID and our people have delivered for customers leading to a structurally and permanently changed industry,” said CEO Scott Kirby.

It forecast adjusted earnings per share for the first quarter of $0.75 to $1.25.

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