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.
Filed available seat miles
How much capacity did Delta and United put in the market? This is the carrier 10-K print, not Boeing or Airbus deliveries.
Filed passenger load factor
Did Delta and United fill the seats they added, or did capacity run ahead of traffic?
Airline operating income
Who actually made money flying? Southwest's 2025 operating income is still a rounding error next to the network carriers.
Total revenue per available seat mile
Did each carrier get paid more per seat it flew? Delta's TRASM includes refinery sales. United's does not.
Cost per available seat mile
What did it cost to fly a seat? Fuel is inside these 10-K prints. The Gulf Coast spot is on the card above.