CASM ex-Fuel

Cost per Available Seat Mile with jet-fuel expense stripped out. Because fuel prices swing with the oil market and are largely outside management's control, ex-fuel unit cost is the cleaner read on the costs management actually runs -- labor, maintenance, airport fees, aircraft rent. It is a non-GAAP measure and airlines build it differently: many also remove special items, profit sharing or non-airline costs and still call the result "CASM-ex". Compare it only with another airline's figure built the same way (Oxford Ledge's peer table admits only figures whose single exclusion is fuel), and never with a total CASM, which includes fuel.

Related terms

Accounts Payable · Adjusted EBITDA · Adjusted EBITDA Ex-SBC · Administered-Only Members · ADR · ARPU

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