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Airline operating metrics

Airline operating metrics: cross-company comparison


Oxford Ledge compares 6 carriers on 7 operating metrics extracted from their own SEC earnings exhibits. Reporting periods represented: Q1 2026, Q2 2026.

6
Carriers
7
Operating Metrics

Airline operating metrics

How we read this →

Reporting periods represented: Q1 2026, Q2 2026.

CompanyALGTAllegiant Travel Co.ALKAlaska Air Group, Inc.DALDelta Air Lines, Inc.JBLUJetblue Airways Corp.LUVSouthwest Airlines Co.SKYWSkywest Inc.
Price$76.83$39.66$86.67$45.38
Enterprise value$63.0B$23.4B
Market cap$57.0B$22.2B
LTM revenue$2.6B$14.4B$65.2B$9.2B$28.9B$4.1B
LTM net income-$34.3M$73.0M$4.5B-$713.0M$817.0M$429.5M
Reported periodQ1 2026Q2 2026Q2 2026Q1 2026Q2 2026Q2 2026
Load factor84.4%82.3%84.8%82.2%79.3%80.6%
Unit revenue (RASM)17.91¢
Unit cost (CASM) total12.70¢22.74¢17.30¢
Unit cost, ex-fuel ex-fuel / non-GAAP, no reconciliation11.40¢14.09¢12.60¢
Passenger yield8.53¢23.38¢16.24¢20.74¢
Capacity (ASMs)5,130M24,306M78,694M15,341M47,093M
Average stage length1,303 mi784 mi

Context columns: share price and market value are from the latest recorded exchange data; LTM figures sum the issuer's last four quarterly filings and render blank unless all four quarters are on file; enterprise value = market value + total debt − cash from the latest quarterly balance sheet. These columns are sized context, not part of the SEC-exhibit extraction the table below is built from.

Metric coverage

  • Load factor: 6 of 6 carriers report this on the canonical basis.
  • Unit revenue (RASM): 1 of 6 carriers report this on the canonical basis.
  • Unit cost (CASM): 3 of 6 carriers report this on the canonical basis.
  • Unit cost, ex-fuel: 3 of 6 carriers report this on the canonical basis.
  • Passenger yield: 4 of 6 carriers report this on the canonical basis.
  • Capacity (ASMs): 5 of 6 carriers report this on the canonical basis.
  • Average stage length: 2 of 6 carriers report this on the canonical basis.

Oxford Ledge Signal -- extracted from the issuer's own SEC earnings exhibit and normalized by Oxford Ledge. As reported by the issuer per regulatory convention, not re-audited by us; a figure our extractor could not verify is withheld, never shown. A metric is compared only across carriers reporting it on the SAME basis and scope; a blank cell is an honest coverage gap, never a zero, and carriers may report different quarters (see the period range). Source: each issuer’s own SEC EDGAR earnings exhibit.

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