Europe’s Walmart in the Sky

Three of the world’s most exciting, ambitious, and successful airlines reported earnings last week. Ireland’s Ryanair, Turkish Airlines, and India’s IndiGo are all playing at the top of their game, becoming larger and larger with each passing quarter. Wizz Air deserves mention as a success story too, especially now that operating metrics are getting back to where they were pre-Covid. All four carriers are buying planes in enormous quantities. IndiGo, for its part, is transforming itself into a premium global airline, with A350s just ordered, a new business class product just announced, and a new loyalty plan coming.