Transport and Diversified Industrials
Transport and Diversified Industrials Airlines
Passenger airline revenue
Delta, United, and Southwest are all above 2019 revenue in 2025. Southwest's operating profit remains thin versus the network carriers.
Gulf Coast jet fuel
The 2022 spike and the 2026 rebound are the two recent cost shocks on this tab. This is the fuel input that prices CASM.
System load factor
BTS load factor recovered to the low 80s after the 2020 collapse. 2025 averaged 81.8 percent, a bit below 2019.
