BTS 56-15 Advisory Tuesday, December 15, 2015 Contact: Dave Smallen Tel: 202-366-5568 BTS Statistical Release: 3rd Quarter 2015 Airline Financial Data
U.S. scheduled passenger airlines reported an after-tax net profit of $9.3 billion in the third quarter of 2015, up from $5.5 billion in the second quarter of 2015 and up from $3.1 billion in the third quarter of 2014, the U.S. Department of Transportation’s Bureau of Transportation Statistics (BTS) reported today.
The third quarter of 2015 is the 10th consecutive quarter the 25 U.S. scheduled service passenger airlines reported an after-tax net profit as a group. It was also the highest quarterly after-tax net profit since the first quarter of 2006.
In addition to the after-tax net profit of $9.3 billion based on net income reports, the scheduled service passenger airlines reported $8.8 billion in pre-tax operating profit in the third quarter of 2015, up from $8.2 billion in the second quarter of 2015 and up from $5.5 billion in the third quarter of 2014. The airlines reported a pre-tax operating profit - as a group - for the 18th consecutive quarter.
Net income (after tax) and operating profit (pre-tax) are two different measures of airline financial performance. Net profit or loss may include non-operating income and expenses, nonrecurring items or income taxes. Operating profit or loss is calculated from operating revenues and expenses before taxes and other nonrecurring items.
Total operating revenue for all U.S. passenger airlines in the July-September third-quarter of 2015 was $45.2 billion. Airlines collected $34.1 billion from fares, 75.4 percent of total third-quarter operating revenue.
Total operating expenses for all passenger airlines in the third-quarter of 2015 were $36.4 billion, of which fuel costs accounted for $7.1 billion, or 19.4 percent, and labor costs accounted for $11.9 billion, or 32.6 percent.
In the third quarter, passenger airlines collected a total of $1.0 billion in baggage fees, 2.3 percent of total operating revenue, and $755 million from reservation change fees, 1.7 percent of total operating revenue. Fees are included for calculations of net income, operating revenue and operating profit or loss.
Baggage fees and reservation change fees are the only ancillary fees paid by passengers that are reported to BTS as separate items. Other fees, such as revenue from seating assignments and on-board sales of food, beverages, pillows, blankets, and entertainment are combined in different categories and cannot be identified separately.
See BTS Airline Financials Release for summary tables and additional data. See airline financial data press releases and the airline financial databases for historic data.
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BTS Statistical Release: 3rd Quarter 2015 Airline Financial Data
