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Airline operating metrics

Airline operating metrics: cross-company comparison


Oxford Ledge compares 7 carriers on 7 operating metrics extracted from their own SEC earnings exhibits. Reporting periods represented: Q1 2026, Q2 2026, Q3 2026. Among 3 carriers reporting it for Q2 2026, United Airlines Holdings, Inc. leads on Unit revenue (RASM) (20.25¢), while Allegiant Travel Co. leads on Unit cost (CASM) (13.89¢).

7
Carriers
7
Operating Metrics

Airline operating metrics

How we read this →

Reporting periods represented: Q1 2026, Q2 2026, Q3 2026.

CompanyALGTAllegiant Travel Co.ALKAlaska Air Group, Inc.DALDelta Air Lines, Inc.JBLUJetblue Airways Corp.LUVSouthwest Airlines Co.SKYWSkywest Inc.UALUnited Airlines Holdings, Inc.
LTM revenue$2.9B$14.8B$71.8B$9.5B$31.5B$4.2B$62.9B
LTM net income$26.0M-$175.0M$3.3B-$886.0M$1.1B$409.9M$3.5B
Reported periodQ2 2026Q2 2026Q3 2026Q1 2026Q2 2026Q2 2026Q2 2026
Load factor1st85.7%82.3%86.0%82.2%79.3%80.6%
Unit revenue (RASM)16.72¢22.18¢ non-GAAP, ex-refinery17.91¢1st20.25¢
Unit cost (CASM)1st13.89¢ total23.63¢ total / incl. refinery costs17.30¢ total18.99¢ total
Unit cost, ex-fuel only ex-fuel / non-GAAP, no reconciliation12.60¢
Passenger yield18.21¢22.80¢16.24¢20.74¢1st22.13¢
Capacity (ASMs)6,406M24,306M79,288M15,341M47,093M87,279M
Average stage length1,303 mi784 mi1,460 mi

Context columns: LTM figures sum the issuer's last four quarterly filings and render blank unless all four quarters are on file. Share price, enterprise value and market cap are not shown here. Market prices are shown to signed-in users.

Metric coverage

  • Load factor: 6 of 7 carriers report this on the canonical basis.
  • Unit revenue (RASM): 4 of 7 carriers report this on the canonical basis.
  • Unit cost (CASM): 4 of 7 carriers report this on the canonical basis.
  • Unit cost, ex-fuel only: 1 of 7 carriers report this on the canonical basis.
  • Passenger yield: 5 of 7 carriers report this on the canonical basis.
  • Capacity (ASMs): 6 of 7 carriers report this on the canonical basis.
  • Average stage length: 3 of 7 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). Stage length moves these unit figures mechanically: longer average flights lower cost and revenue per seat-mile, so a short-haul carrier reads higher on CASM, RASM and yield. Read a rank against each carrier's average flight distance. Source: each issuer’s own SEC EDGAR earnings exhibit.

Compare these figures in Oxford Ledge

Open the interactive comparison in Oxford Ledge to switch reporting periods and read each figure in context.

Frequently asked

What is Unit revenue (RASM)?

Revenue per available seat-mile; pricing and fullness in one number.

Which airline company leads on Unit revenue (RASM)?

Among 3 carriers reporting it for Q2 2026, United Airlines Holdings, Inc. leads on Unit revenue (RASM) (20.25¢).

Where does this data come from?

Each figure is extracted from the company's own SEC earnings exhibit and stamped with its reporting period. A figure is ranked only against companies reporting the same quarter on the same basis; figures are as reported by each issuer and not re-audited by Oxford Ledge. Informational, not investment advice.