Which Airlines Generate the Most Revenue?
Key Takeaways
- U.S. carriers occupy the top three spots globally, led by Delta Air Lines at $68.3 billion in annual revenue.
- German flag carrier Lufthansa ($47.1 billion) is Europe’s highest-revenue airline.
- China Southern, Air China, and China Eastern are Asia’s three highest-revenue airlines.
This visualization ranks the world’s 25 largest publicly traded airlines by annual revenue, using 2026 data from CompaniesMarketCap. Annual revenue covers the four quarters from Q3 2025 through Q2 2026.
Delta Air Lines leads the ranking with $68.3 billion in annual revenue, followed by United Airlines and American Airlines.
How the U.S. Big Three Stack Up
Delta, United, and American Airlines occupy the top three positions globally, with combined annual revenue of more than $187 billion.
Delta Air Lines leads with $68.3 billion in annual revenue. The Atlanta-based airline, founded in 1925, is also the most valuable airline worldwide.
The table below ranks the world’s 25 largest airlines by annual revenue.
| Rank | Airline | Annual Revenue (billions $) |
|---|---|---|
| 1 |  Delta |
68.3 |
| 2 | United |
62.9 |
| 3 | American Airlines |
56.0 |
| 4 |  Lufthansa |
47.1 |
| 5 |   International Consolidated Airlines |
39.1 |
| 6 |   Air France-KLM |
36.0 |
| 7 | Southwest Airlines |
28.9 |
| 8 |  China Southern Airlines |
25.3 |
| 9 | Air China |
23.6 |
| 10 | China Eastern Airlines |
19.4 |
| 11 |  Ryanair |
18.2 |
| 12 |  Korean Air Lines |
17.8 |
| 13 |  Air Canada |
16.1 |
| 14 |  Singapore Airlines |
16.0 |
| 15 |  Qantas Airways |
15.4 |
| 16 |  Cathay Pacific |
15.0 |
| 17 |  LATAM |
15.0 |
| 18 | Alaska Airlines |
14.4 |
| 19 |  ANA Holdings |
14.0 |
| 20 | easyJet |
13.6 |
| 21 | Japan Airlines |
11.7 |
| 22 |  InterGlobe Aviation (IndiGo) |
10.0 |
| 23 | Hainan Airlines |
9.4 |
| 24 | Jet2 |
9.3 |
| 25 | Jetblue |
9.2 |
Following Delta are United Airlines ($62.9 billion) and American Airlines ($56.0 billion). Chicago-based United was founded in 1931 and is a founding member of Star Alliance, the world’s largest airline alliance.
American Airlines, based in Texas, is one of the world’s largest carriers by passenger traffic and flight activity. Despite its scale, its annual revenue trails both Delta and United in this ranking.
The U.S. market remains highly active beyond the Big Three. Along with carriers such as Southwest ($28.9 billion), U.S. airlines operated more than 17 million flights in 2025, making it the busiest year for U.S. air travel in more than a decade.
How Europe’s Airline Giants Compare
Europe’s largest traditional airline groups include Lufthansa, International Airlines Group, and Air France-KLM. Two of the three were formed through major mergers of national flag carriers.
Air France-KLM ($36.0 billion) was created in 2004 through the combination of the French and Dutch flag carriers. International Airlines Group ($39.1 billion) followed in 2011 through the merger of Spain’s Iberia and the United Kingdom’s British Airways. IAG has since added airlines including Aer Lingus and Vueling.
Lufthansa ($47.1 billion), Germany’s flag carrier, generates more annual revenue than both IAG and Air France-KLM. Europe also has a significant low-cost airline market, led in this ranking by Ireland’s Ryanair at $18.2 billion.
China’s Airlines Lead Asia
China Southern ($25.3 billion), Air China ($23.6 billion), and China Eastern ($19.4 billion) are the three highest-revenue airlines in Asia.
The carriers serve somewhat different markets. Air China has a particularly strong international and long-haul network, while China Southern is one of the region’s largest airlines by fleet size and passenger volume. China Eastern also operates an extensive domestic and international network.
Air China is part of Star Alliance, while China Eastern is a member of SkyTeam.
Learn More on the Voronoi App
To see which routes generate the most revenue, check out The Top Airline Routes by Revenue on Voronoi.
