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North America

Smiles in the Aisles: A Q4 U.S. Review

North America

Smiles in the Aisles: A Q4 U.S. Review

February 2025
43 min read
Gordon Smith and Jay Shabat

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For an airline, the closest thing to happiness is cheap fuel. No wonder so many American carriers are smiling. During the final quarter of 2024, U.S. airlines enjoyed a roughly 20% drop in jet fuel prices.

Issue Overview

For an airline, the closest thing to happiness is cheap fuel. No wonder so many American carriers are smiling. During the final quarter of 2024, U.S. airlines enjoyed a roughly 20% drop in jet fuel prices.

Largely as a result, the industry collectively earned a 9% operating margin. That easily beat the 6% it managed in the same quarter of 2023. In this week's feature story, we find out which carriers are making the most of this enviable trading environment.