# Airlines — company-by-company sector analysis

> Airlines: LATAM Airlines Group S.A. owns the largest revenue base AND the fastest current growth.

Sector Alpha — machine-written from the numbers. Data as of 2026-07-28. Not investment advice.

## Bottom line

Airlines has outperformed S&P 500 by 10% over 52 weeks and 12.2% over 13 weeks. 9 of 14 covered companies beat the S&P 500 on Mansfield relative strength, while 9 of 14 beat the sector itself. LATAM Airlines Group S.A. leads with revenue of $15,072 million, based on 6 of 16 comparable companies through Mar 2026.

### Is the Airlines sector outperforming S&P 500?

Airlines has outperformed S&P 500 by 10% over 52 weeks and 12.2% over 13 weeks. 9 of 14 covered companies beat the S&P 500 on Mansfield relative strength, while 9 of 14 beat the sector itself.

### Which Airlines company is largest by revenue?

LATAM Airlines Group S.A. leads with revenue of $15,072 million, based on 6 of 16 comparable companies through Mar 2026.

### Which Airlines company is growing fastest?

LATAM Airlines Group S.A. has the fastest current revenue growth at 16.7%, across 6 of 16 comparable companies.

### Which Airlines company has the strongest 4-Factor Sector Score?

Copa Holdings, S.A. ranks first at 64.6/100 with 82% evidence confidence. The score prioritizes research; it is not a buy recommendation.

### Which Airlines company reports the most CAPEX?

Controladora Vuela Compañía de Aviación, S.A.B. de C.V. reports the largest latest CAPEX at $60,632,000 million, with 16 of 16 companies comparable.

### Which Airlines company has the least gross debt?

Ryanair Holdings plc has the lowest comparable gross debt at $182 million. American Airlines Group Inc. has the highest at $35,729 million.

### Which Airlines company has the lowest comparable PEG?

LATAM Airlines Group S.A. has the lowest comparable Guarded PEG at 0.2, among 2 of 16 companies that pass the metric’s comparability rules.

### How much history does this Airlines comparison include?

The page compares up to 20 reported quarters per company for fundamentals, CAPEX, debt and valuation, ending Jun 2026. Missing observations remain blank rather than being estimated.

### How is the 4-Factor Sector Score calculated?

The four visible contributions add directly: growth and earnings up to 35 points, capital efficiency up to 25, valuation up to 20, and relative strength up to 20. Missing or stale evidence moves only the affected contribution toward neutral.

## Sector relative strength

Airlines has outperformed S&P 500 by 10% over the last 52 weeks. Over 13 weeks the gap is a lead of 12.2%. 9 of 14 covered companies currently beat the S&P 500 on Mansfield relative strength, so leadership inside the sector is broad. Delta Air Lines, Inc. is the strongest against the sector itself at +22.3%.

13-week sector return versus NIFTY 500: 12%
52-week sector return versus NIFTY 500: 10%
Stocks leading NIFTY: 9/14
Stocks leading sector: 9/14

Central tension: The central tension: current leadership is concentrated, so durability matters more than rank.

Companies: 16
Combined market value: ₹2.1 L Cr

## 4-Factor Sector Score

An additive sector-relative research score. The four displayed point contributions always equal the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or stale evidence is absorbed inside the affected factor, never applied as a hidden adjustment.

1. Copa Holdings, S.A. (CPA): 65/100 — Mixed-positive evidence; evidence 82%
   - Growth & earnings 20.5/35 | Capital efficiency 17.3/25 | Valuation 16.5/20 | Relative strength 10.3/20
   - Exact sum: 20.5 + 17.3 + 16.5 + 10.3 = 64.6
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
2. LATAM Airlines Group S.A. (LTM): 65/100 — Mixed-positive evidence; evidence 82%
   - Growth & earnings 29.5/35 | Capital efficiency 13.8/25 | Valuation 16.3/20 | Relative strength 4.9/20
   - Exact sum: 29.5 + 13.8 + 16.3 + 4.9 = 64.5
   - Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -1.6% and the one-year return is 25.2%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth.
3. SkyWest, Inc. (SKYW): 58/100 — Thin evidence · provisional; evidence 59%
   - Growth & earnings 16.6/35 | Capital efficiency 15.4/25 | Valuation 10.9/20 | Relative strength 15.4/20
   - Exact sum: 16.6 + 15.4 + 10.9 + 15.4 = 58.3
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
4. Delta Air Lines, Inc. (DAL): 58/100 — Thin evidence · provisional; evidence 59%
   - Growth & earnings 16.8/35 | Capital efficiency 13.2/25 | Valuation 10.0/20 | Relative strength 17.5/20
   - Exact sum: 16.8 + 13.2 + 10 + 17.5 = 57.5
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
5. United Airlines Holdings, Inc. (UAL): 57/100 — Thin evidence · provisional; evidence 59%
   - Growth & earnings 19.6/35 | Capital efficiency 10.6/25 | Valuation 10.6/20 | Relative strength 16.1/20
   - Exact sum: 19.6 + 10.6 + 10.6 + 16.1 = 56.9
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
6. Allegiant Travel Company (ALGT): 56/100 — Mixed-positive evidence; evidence 65%
   - Growth & earnings 18.9/35 | Capital efficiency 10.7/25 | Valuation 9.6/20 | Relative strength 16.5/20
   - Exact sum: 18.9 + 10.7 + 9.6 + 16.5 = 55.7
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
7. Southwest Airlines Co. (LUV): 55/100 — Thin evidence · provisional; evidence 59%
   - Growth & earnings 21.9/35 | Capital efficiency 10.5/25 | Valuation 9.4/20 | Relative strength 12.9/20
   - Exact sum: 21.9 + 10.5 + 9.4 + 12.9 = 54.7
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
8. American Airlines Group Inc. (AAL): 49/100 — Thin evidence · provisional; evidence 53%
   - Growth & earnings 17.2/35 | Capital efficiency 8.9/25 | Valuation 9.1/20 | Relative strength 13.7/20
   - Exact sum: 17.2 + 8.9 + 9.1 + 13.7 = 48.9
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
9. Ryanair Holdings plc (RYAAY): 42/100 — Thin evidence · provisional; evidence 59%
   - Growth & earnings 15.5/35 | Capital efficiency 14.7/25 | Valuation 9.8/20 | Relative strength 2.2/20
   - Exact sum: 15.5 + 14.7 + 9.8 + 2.2 = 42.2
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
10. Frontier Group Holdings, Inc. (ULCC): 41/100 — Mixed-negative evidence; evidence 65%
   - Growth & earnings 8.4/35 | Capital efficiency 3.5/25 | Valuation 10.2/20 | Relative strength 19.3/20
   - Exact sum: 8.4 + 3.5 + 10.2 + 19.3 = 41.4
   - Decision use: Price leads the evidence: RS versus the benchmark is 18.4%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
11. JetBlue Airways Corporation (JBLU): 41/100 — Mixed-negative evidence; evidence 65%
   - Growth & earnings 11.8/35 | Capital efficiency 4.7/25 | Valuation 8.5/20 | Relative strength 16.1/20
   - Exact sum: 11.8 + 4.7 + 8.5 + 16.1 = 41.1
   - Decision use: Price leads the evidence: RS versus the benchmark is 11.4%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
12. flyExclusive, Inc. (FLYX): 40/100 — Thin evidence · provisional; evidence 56%
   - Growth & earnings 22.5/35 | Capital efficiency 4.4/25 | Valuation 10.0/20 | Relative strength 3.0/20
   - Exact sum: 22.5 + 4.4 + 10 + 3 = 39.9
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
13. Alaska Air Group, Inc. (ALK): 35/100 — Thin evidence · provisional; evidence 59%
   - Growth & earnings 12.6/35 | Capital efficiency 7.4/25 | Valuation 8.7/20 | Relative strength 6.7/20
   - Exact sum: 12.6 + 7.4 + 8.7 + 6.7 = 35.4
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
14. Controladora Vuela Compañía de Aviación, S.A.B. de C.V. (VLRS): 34/100 — Thin evidence · provisional; evidence 53%
   - Growth & earnings 13.9/35 | Capital efficiency 3.8/25 | Valuation 10.4/20 | Relative strength 6.2/20
   - Exact sum: 13.9 + 3.8 + 10.4 + 6.2 = 34.3
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
15. Republic Airways Holdings Inc. (RJET): 45/100 — Thin evidence · provisional; evidence 37%
   - Growth & earnings 11.1/35 | Capital efficiency 12.8/25 | Valuation 11.1/20 | Relative strength 10.0/20
   - Exact sum: 11.1 + 12.8 + 11.1 + 10 = 45
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
16. Grupo Aeroméxico, S.A.B. de C.V. (AERO): 43/100 — Thin evidence · provisional; evidence 33%
   - Growth & earnings 12.7/35 | Capital efficiency 11.2/25 | Valuation 8.9/20 | Relative strength 10.0/20
   - Exact sum: 12.7 + 11.2 + 8.9 + 10 = 42.8
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

## Revenue Scale & Growth Durability

What the numbers say: LATAM Airlines Group S.A. is the scale leader at $15,072 million, 64.5% ahead of JetBlue Airways Corporation. LATAM Airlines Group S.A.'s growth is 16.7% from a $15,072 million base, with 19 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

Investor read: LATAM Airlines Group S.A. is the scale benchmark; LATAM Airlines Group S.A. is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: LATAM Airlines Group S.A.'s growth falls below LATAM Airlines Group S.A.'s for two consecutive comparable reports while operating margin also compresses.

Evidence: LATAM Airlines Group S.A. · $15,072 million | 64.5% versus #2 · JetBlue Airways Corporation | 8/8 recent comparable periods | 6/16 companies · 290 observations

Definition: Revenue is compared on a common reported-currency basis. Growth is year-on-year, so seasonality does not masquerade as progress.

### Revenue — largest
1. LATAM Airlines Group S.A. (LTM): ₹15.1K Cr
2. JetBlue Airways Corporation (JBLU): ₹9.2K Cr
3. Frontier Group Holdings, Inc. (ULCC): ₹3.8K Cr
4. Copa Holdings, S.A. (CPA): ₹3.8K Cr
5. Allegiant Travel Company (ALGT): ₹2.6K Cr

### Revenue growth — fastest growers
1. LATAM Airlines Group S.A. (LTM): 17%
2. flyExclusive, Inc. (FLYX): 14%
3. Copa Holdings, S.A. (CPA): 9.2%
4. Allegiant Travel Company (ALGT): 3.3%
5. Frontier Group Holdings, Inc. (ULCC): -0.5%

### 20-quarter Revenue history
- DAL: Sep 2021 ₹9.2K Cr | Dec 2021 ₹9.5K Cr | Mar 2022 ₹9.3K Cr | Jun 2022 ₹13.8K Cr | Sep 2022 ₹14.0K Cr | Dec 2022 ₹13.4K Cr | Mar 2023 ₹12.8K Cr | Jun 2023 ₹15.6K Cr | Sep 2023 ₹15.5K Cr | Dec 2023 ₹14.2K Cr | Mar 2024 ₹13.7K Cr | Jun 2024 ₹16.7K Cr | Sep 2024 ₹15.7K Cr | Dec 2024 ₹15.6K Cr | Mar 2025 ₹14.0K Cr | Jun 2025 ₹16.6K Cr | Sep 2025 ₹16.7K Cr | Dec 2025 ₹16.0K Cr | Mar 2026 ₹15.9K Cr | Jun 2026 —
- UAL: Sep 2021 ₹7.8K Cr | Dec 2021 ₹8.2K Cr | Mar 2022 ₹7.6K Cr | Jun 2022 ₹12.1K Cr | Sep 2022 ₹12.9K Cr | Dec 2022 ₹12.4K Cr | Mar 2023 ₹11.4K Cr | Jun 2023 ₹14.2K Cr | Sep 2023 ₹14.5K Cr | Dec 2023 ₹13.6K Cr | Mar 2024 ₹12.5K Cr | Jun 2024 ₹15.0K Cr | Sep 2024 ₹14.8K Cr | Dec 2024 ₹14.7K Cr | Mar 2025 ₹13.2K Cr | Jun 2025 ₹15.2K Cr | Sep 2025 ₹15.2K Cr | Dec 2025 ₹15.4K Cr | Mar 2026 ₹14.6K Cr | Jun 2026 —
- RYAAY: Sep 2021 ₹1.8K Cr | Dec 2021 ₹1.5K Cr | Mar 2022 ₹1.2K Cr | Jun 2022 ₹3.3K Cr | Sep 2022 ₹3.3K Cr | Dec 2022 ₹2.3K Cr | Mar 2023 ₹1.8K Cr | Jun 2023 ₹4.3K Cr | Sep 2023 ₹4.3K Cr | Dec 2023 ₹2.7K Cr | Mar 2024 ₹2.2K Cr | Jun 2024 ₹3.6K Cr | Sep 2024 ₹5.1K Cr | Dec 2024 ₹3.0K Cr | Mar 2025 ₹2.3K Cr | Jun 2025 ₹4.3K Cr | Sep 2025 ₹5.5K Cr | Dec 2025 ₹3.2K Cr | Mar 2026 ₹2.5K Cr | Jun 2026 —
- LUV: Sep 2021 ₹4.7K Cr | Dec 2021 ₹5.1K Cr | Mar 2022 ₹4.7K Cr | Jun 2022 ₹6.7K Cr | Sep 2022 ₹6.2K Cr | Dec 2022 ₹6.2K Cr | Mar 2023 ₹5.7K Cr | Jun 2023 ₹7.0K Cr | Sep 2023 ₹6.5K Cr | Dec 2023 ₹6.8K Cr | Mar 2024 ₹6.3K Cr | Jun 2024 ₹7.4K Cr | Sep 2024 ₹6.9K Cr | Dec 2024 ₹6.9K Cr | Mar 2025 ₹6.4K Cr | Jun 2025 ₹7.2K Cr | Sep 2025 ₹6.9K Cr | Dec 2025 ₹7.4K Cr | Mar 2026 ₹7.2K Cr | Jun 2026 —
- LTM: Sep 2021 ₹1.3K Cr | Dec 2021 ₹2.0K Cr | Mar 2022 ₹1.9K Cr | Jun 2022 ₹2.2K Cr | Sep 2022 ₹2.6K Cr | Dec 2022 ₹2.7K Cr | Mar 2023 ₹2.8K Cr | Jun 2023 ₹2.6K Cr | Sep 2023 ₹3.1K Cr | Dec 2023 ₹3.3K Cr | Mar 2024 ₹3.3K Cr | Jun 2024 ₹3.0K Cr | Sep 2024 ₹3.2K Cr | Dec 2024 ₹3.3K Cr | Mar 2025 ₹3.3K Cr | Jun 2025 ₹3.2K Cr | Sep 2025 ₹3.8K Cr | Dec 2025 ₹3.9K Cr | Mar 2026 ₹4.1K Cr | Jun 2026 —
- AAL: Sep 2021 ₹9.0K Cr | Dec 2021 ₹9.4K Cr | Mar 2022 ₹8.9K Cr | Jun 2022 ₹13.4K Cr | Sep 2022 ₹13.5K Cr | Dec 2022 ₹13.2K Cr | Mar 2023 ₹12.2K Cr | Jun 2023 ₹14.1K Cr | Sep 2023 ₹13.5K Cr | Dec 2023 ₹13.1K Cr | Mar 2024 ₹12.6K Cr | Jun 2024 ₹14.3K Cr | Sep 2024 ₹13.6K Cr | Dec 2024 ₹13.7K Cr | Mar 2025 ₹12.6K Cr | Jun 2025 ₹14.4K Cr | Sep 2025 ₹13.7K Cr | Dec 2025 ₹14.0K Cr | Mar 2026 ₹13.9K Cr | Jun 2026 —
- CPA: Sep 2021 ₹445 Cr | Dec 2021 ₹575 Cr | Mar 2022 ₹572 Cr | Jun 2022 ₹693 Cr | Sep 2022 ₹809 Cr | Dec 2022 ₹891 Cr | Mar 2023 ₹867 Cr | Jun 2023 ₹809 Cr | Sep 2023 ₹868 Cr | Dec 2023 ₹913 Cr | Mar 2024 ₹893 Cr | Jun 2024 ₹819 Cr | Sep 2024 ₹855 Cr | Dec 2024 ₹879 Cr | Mar 2025 ₹899 Cr | Jun 2025 ₹843 Cr | Sep 2025 ₹913 Cr | Dec 2025 ₹963 Cr | Mar 2026 ₹1.1K Cr | Jun 2026 —
- ALK: Sep 2021 ₹2.0K Cr | Dec 2021 ₹1.9K Cr | Mar 2022 ₹1.7K Cr | Jun 2022 ₹2.7K Cr | Sep 2022 ₹2.8K Cr | Dec 2022 ₹2.5K Cr | Mar 2023 ₹2.2K Cr | Jun 2023 ₹2.8K Cr | Sep 2023 ₹2.8K Cr | Dec 2023 ₹2.6K Cr | Mar 2024 ₹2.2K Cr | Jun 2024 ₹2.9K Cr | Sep 2024 ₹3.1K Cr | Dec 2024 ₹3.5K Cr | Mar 2025 ₹3.1K Cr | Jun 2025 ₹3.7K Cr | Sep 2025 ₹3.8K Cr | Dec 2025 ₹3.6K Cr | Mar 2026 ₹3.3K Cr | Jun 2026 —
- SKYW: Sep 2021 ₹745 Cr | Dec 2021 ₹777 Cr | Mar 2022 ₹735 Cr | Jun 2022 ₹799 Cr | Sep 2022 ₹789 Cr | Dec 2022 ₹681 Cr | Mar 2023 ₹692 Cr | Jun 2023 ₹726 Cr | Sep 2023 ₹766 Cr | Dec 2023 ₹752 Cr | Mar 2024 ₹804 Cr | Jun 2024 ₹867 Cr | Sep 2024 ₹913 Cr | Dec 2024 ₹944 Cr | Mar 2025 ₹948 Cr | Jun 2025 ₹1.0K Cr | Sep 2025 ₹1.1K Cr | Dec 2025 ₹1.0K Cr | Mar 2026 ₹1.0K Cr | Jun 2026 —
- ALGT: Sep 2021 ₹459 Cr | Dec 2021 ₹497 Cr | Mar 2022 ₹500 Cr | Jun 2022 ₹630 Cr | Sep 2022 ₹560 Cr | Dec 2022 ₹612 Cr | Mar 2023 ₹650 Cr | Jun 2023 ₹684 Cr | Sep 2023 ₹565 Cr | Dec 2023 ₹611 Cr | Mar 2024 ₹656 Cr | Jun 2024 ₹666 Cr | Sep 2024 ₹562 Cr | Dec 2024 ₹628 Cr | Mar 2025 ₹699 Cr | Jun 2025 ₹689 Cr | Sep 2025 ₹562 Cr | Dec 2025 ₹656 Cr | Mar 2026 ₹732 Cr | Jun 2026 —
- AERO: Sep 2021 ₹641 Cr | Dec 2021 ₹779 Cr | Mar 2022 ₹629 Cr | Jun 2022 ₹957 Cr | Sep 2022 ₹1.1K Cr | Dec 2022 ₹1.2K Cr | Mar 2023 ₹1.0K Cr | Jun 2023 ₹1.2K Cr | Sep 2023 ₹1.4K Cr | Dec 2023 ₹1.4K Cr | Mar 2024 ₹1.3K Cr | Jun 2024 ₹1.4K Cr | Sep 2024 ₹1.5K Cr | Dec 2024 ₹1.4K Cr | Mar 2025 ₹1.2K Cr | Jun 2025 ₹1.3K Cr | Sep 2025 ₹1.4K Cr | Dec 2025 ₹1.4K Cr | Mar 2026 ₹1.3K Cr | Jun 2026 —
- JBLU: Sep 2021 ₹2.0K Cr | Dec 2021 ₹1.8K Cr | Mar 2022 ₹1.7K Cr | Jun 2022 ₹2.4K Cr | Sep 2022 ₹2.6K Cr | Dec 2022 ₹2.4K Cr | Mar 2023 ₹2.3K Cr | Jun 2023 ₹2.6K Cr | Sep 2023 ₹2.4K Cr | Dec 2023 ₹2.3K Cr | Mar 2024 ₹2.2K Cr | Jun 2024 ₹2.4K Cr | Sep 2024 ₹2.4K Cr | Dec 2024 ₹2.3K Cr | Mar 2025 ₹2.1K Cr | Jun 2025 ₹2.4K Cr | Sep 2025 ₹2.3K Cr | Dec 2025 ₹2.2K Cr | Mar 2026 ₹2.2K Cr | Jun 2026 —
- ULCC: Sep 2021 ₹630 Cr | Dec 2021 ₹609 Cr | Mar 2022 ₹605 Cr | Jun 2022 ₹909 Cr | Sep 2022 ₹906 Cr | Dec 2022 ₹906 Cr | Mar 2023 ₹848 Cr | Jun 2023 ₹967 Cr | Sep 2023 ₹883 Cr | Dec 2023 ₹891 Cr | Mar 2024 ₹865 Cr | Jun 2024 ₹973 Cr | Sep 2024 ₹935 Cr | Dec 2024 ₹1.0K Cr | Mar 2025 ₹912 Cr | Jun 2025 ₹929 Cr | Sep 2025 ₹886 Cr | Dec 2025 ₹997 Cr | Mar 2026 ₹992 Cr | Jun 2026 —
- VLRS: Sep 2021 ₹640 Cr | Dec 2021 ₹671 Cr | Mar 2022 ₹567 Cr | Jun 2022 ₹691 Cr | Sep 2022 ₹769 Cr | Dec 2022 ₹820 Cr | Mar 2023 ₹731 Cr | Jun 2023 ₹782 Cr | Sep 2023 ₹848 Cr | Dec 2023 ₹899 Cr | Mar 2024 ₹768 Cr | Jun 2024 ₹726 Cr | Sep 2024 ₹813 Cr | Dec 2024 ₹835 Cr | Mar 2025 ₹678 Cr | Jun 2025 ₹693 Cr | Sep 2025 ₹784 Cr | Dec 2025 ₹882 Cr | Mar 2026 ₹770 Cr | Jun 2026 —
- RJET: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 ₹134 Cr | Sep 2022 ₹126 Cr | Dec 2022 ₹147 Cr | Mar 2023 — | Jun 2023 — | Sep 2023 ₹114 Cr | Dec 2023 ₹119 Cr | Mar 2024 — | Jun 2024 — | Sep 2024 ₹115 Cr | Dec 2024 ₹103 Cr | Mar 2025 ₹395 Cr | Jun 2025 — | Sep 2025 ₹91 Cr | Dec 2025 ₹464 Cr | Mar 2026 ₹527 Cr | Jun 2026 —
- FLYX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹77 Cr | Jun 2023 ₹100 Cr | Sep 2023 ₹62 Cr | Dec 2023 ₹76 Cr | Mar 2024 ₹80 Cr | Jun 2024 ₹79 Cr | Sep 2024 ₹77 Cr | Dec 2024 ₹91 Cr | Mar 2025 ₹88 Cr | Jun 2025 ₹91 Cr | Sep 2025 ₹92 Cr | Dec 2025 ₹104 Cr | Mar 2026 ₹96 Cr | Jun 2026 —

### 20-quarter Revenue growth history
- DAL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 94% | Sep 2022 53% | Dec 2022 42% | Mar 2023 36% | Jun 2023 13% | Sep 2023 11% | Dec 2023 5.9% | Mar 2024 7.8% | Jun 2024 6.9% | Sep 2024 1.2% | Dec 2024 9.4% | Mar 2025 2.1% | Jun 2025 -0.1% | Sep 2025 6.4% | Dec 2025 2.9% | Mar 2026 13% | Jun 2026 —
- UAL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 121% | Sep 2022 66% | Dec 2022 51% | Mar 2023 51% | Jun 2023 17% | Sep 2023 12% | Dec 2023 9.9% | Mar 2024 9.7% | Jun 2024 5.7% | Sep 2024 2.5% | Dec 2024 7.9% | Mar 2025 5.4% | Jun 2025 1.7% | Sep 2025 2.6% | Dec 2025 4.8% | Mar 2026 11% | Jun 2026 —
- RYAAY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 792% | Sep 2022 85% | Dec 2022 57% | Mar 2023 57% | Jun 2023 30% | Sep 2023 30% | Dec 2023 17% | Mar 2024 17% | Jun 2024 -15% | Sep 2024 18% | Dec 2024 9.6% | Mar 2025 5.9% | Jun 2025 20% | Sep 2025 8.2% | Dec 2025 8.6% | Mar 2026 9.4% | Jun 2026 —
- LUV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 68% | Sep 2022 33% | Dec 2022 22% | Mar 2023 22% | Jun 2023 4.6% | Sep 2023 4.9% | Dec 2023 11% | Mar 2024 11% | Jun 2024 4.5% | Sep 2024 5.3% | Dec 2024 1.6% | Mar 2025 1.6% | Jun 2025 -1.5% | Sep 2025 1.2% | Dec 2025 7.4% | Mar 2026 13% | Jun 2026 —
- LTM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 163% | Sep 2022 100% | Dec 2022 37% | Mar 2023 45% | Jun 2023 21% | Sep 2023 19% | Dec 2023 18% | Mar 2024 18% | Jun 2024 13% | Sep 2024 6.2% | Dec 2024 2.7% | Mar 2025 2.5% | Jun 2025 8.7% | Sep 2025 17% | Dec 2025 18% | Mar 2026 22% | Jun 2026 —
- AAL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 79% | Sep 2022 50% | Dec 2022 40% | Mar 2023 37% | Jun 2023 4.7% | Sep 2023 0.2% | Dec 2023 -1.0% | Mar 2024 3.1% | Jun 2024 2.0% | Sep 2024 1.2% | Dec 2024 4.6% | Mar 2025 -0.2% | Jun 2025 0.4% | Sep 2025 0.3% | Dec 2025 2.5% | Mar 2026 11% | Jun 2026 —
- CPA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 128% | Sep 2022 82% | Dec 2022 55% | Mar 2023 52% | Jun 2023 17% | Sep 2023 7.3% | Dec 2023 2.5% | Mar 2024 3.0% | Jun 2024 1.2% | Sep 2024 -1.5% | Dec 2024 -3.7% | Mar 2025 0.7% | Jun 2025 2.9% | Sep 2025 6.8% | Dec 2025 9.6% | Mar 2026 17% | Jun 2026 —
- ALK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 74% | Sep 2022 45% | Dec 2022 31% | Mar 2023 31% | Jun 2023 6.8% | Sep 2023 0.4% | Dec 2023 3.0% | Mar 2024 1.6% | Jun 2024 2.1% | Sep 2024 8.2% | Dec 2024 38% | Mar 2025 41% | Jun 2025 28% | Sep 2025 23% | Dec 2025 2.8% | Mar 2026 5.2% | Jun 2026 —
- SKYW: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 22% | Sep 2022 5.9% | Dec 2022 -12% | Mar 2023 -5.9% | Jun 2023 -9.1% | Sep 2023 -2.9% | Dec 2023 10% | Mar 2024 16% | Jun 2024 19% | Sep 2024 19% | Dec 2024 26% | Mar 2025 18% | Jun 2025 19% | Sep 2025 15% | Dec 2025 8.5% | Mar 2026 6.9% | Jun 2026 —
- ALGT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 33% | Sep 2022 22% | Dec 2022 23% | Mar 2023 30% | Jun 2023 8.6% | Sep 2023 0.9% | Dec 2023 -0.2% | Mar 2024 0.9% | Jun 2024 -2.6% | Sep 2024 -0.5% | Dec 2024 2.8% | Mar 2025 6.6% | Jun 2025 3.5% | Sep 2025 0.0% | Dec 2025 4.5% | Mar 2026 4.7% | Jun 2026 —
- AERO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 91% | Sep 2022 65% | Dec 2022 50% | Mar 2023 63% | Jun 2023 20% | Sep 2023 29% | Dec 2023 18% | Mar 2024 27% | Jun 2024 21% | Sep 2024 9.3% | Dec 2024 4.2% | Mar 2025 -9.1% | Jun 2025 -5.6% | Sep 2025 -4.4% | Dec 2025 0.1% | Mar 2026 13% | Jun 2026 —
- JBLU: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 63% | Sep 2022 30% | Dec 2022 32% | Mar 2023 34% | Jun 2023 6.8% | Sep 2023 -8.2% | Dec 2023 -3.7% | Mar 2024 -5.1% | Jun 2024 -7.0% | Sep 2024 0.5% | Dec 2024 -2.1% | Mar 2025 -3.1% | Jun 2025 -3.0% | Sep 2025 -1.8% | Dec 2025 -1.5% | Mar 2026 4.7% | Jun 2026 —
- ULCC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 65% | Sep 2022 44% | Dec 2022 49% | Mar 2023 40% | Jun 2023 6.4% | Sep 2023 -2.5% | Dec 2023 -1.7% | Mar 2024 2.0% | Jun 2024 0.6% | Sep 2024 5.9% | Dec 2024 12% | Mar 2025 5.4% | Jun 2025 -4.5% | Sep 2025 -5.2% | Dec 2025 -0.5% | Mar 2026 8.8% | Jun 2026 —
- VLRS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 20% | Sep 2022 20% | Dec 2022 22% | Mar 2023 29% | Jun 2023 13% | Sep 2023 10% | Dec 2023 9.6% | Mar 2024 5.1% | Jun 2024 -7.2% | Sep 2024 -4.1% | Dec 2024 -7.1% | Mar 2025 -12% | Jun 2025 -4.6% | Sep 2025 -3.6% | Dec 2025 5.6% | Mar 2026 14% | Jun 2026 —
- RJET: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 -9.5% | Dec 2023 -19% | Mar 2024 — | Jun 2024 — | Sep 2024 0.9% | Dec 2024 -13% | Mar 2025 — | Jun 2025 — | Sep 2025 -21% | Dec 2025 350% | Mar 2026 33% | Jun 2026 —
- FLYX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 3.9% | Jun 2024 -21% | Sep 2024 24% | Dec 2024 20% | Mar 2025 10% | Jun 2025 15% | Sep 2025 19% | Dec 2025 14% | Mar 2026 9.1% | Jun 2026 —

## Operating Economics & Margin Trend

What the numbers say: Copa Holdings, S.A. leads opm at 24.6%; Southwest Airlines Co. leads margin change at +8.1 percentage points.

Investor read: Copa Holdings, S.A. sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current margin change signal.

Evidence: Copa Holdings, S.A. · 24.6% | 23.6% versus #2 · LATAM Airlines Group S.A. | 3/8 recent comparable periods | 16/16 companies · 290 observations

Definition: Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth.

### OPM — highest
1. Copa Holdings, S.A. (CPA): 25%
2. LATAM Airlines Group S.A. (LTM): 20%
3. SkyWest, Inc. (SKYW): 12%
4. Allegiant Travel Company (ALGT): 11%
5. Grupo Aeroméxico, S.A.B. de C.V. (AERO): 11%

### Margin change — fastest expanders
1. Southwest Airlines Co. (LUV): +8.1 pp
2. flyExclusive, Inc. (FLYX): +6.7 pp
3. LATAM Airlines Group S.A. (LTM): +3.2 pp
4. United Airlines Holdings, Inc. (UAL): +2.2 pp
5. American Airlines Group Inc. (AAL): +1.9 pp

### 20-quarter OPM history
- DAL: Sep 2021 24% | Dec 2021 2.8% | Mar 2022 -8.4% | Jun 2022 11% | Sep 2022 10% | Dec 2022 11% | Mar 2023 -2.2% | Jun 2023 16% | Sep 2023 13% | Dec 2023 9.3% | Mar 2024 4.5% | Jun 2024 14% | Sep 2024 8.9% | Dec 2024 11% | Mar 2025 4.1% | Jun 2025 13% | Sep 2025 10% | Dec 2025 9.2% | Mar 2026 3.2% | Jun 2026 —
- UAL: Sep 2021 13% | Dec 2021 -5.0% | Mar 2022 -18% | Jun 2022 7.2% | Sep 2022 11% | Dec 2022 11% | Mar 2023 -0.4% | Jun 2023 11% | Sep 2023 12% | Dec 2023 7.3% | Mar 2024 0.8% | Jun 2024 13% | Sep 2024 11% | Dec 2024 10% | Mar 2025 4.6% | Jun 2025 8.7% | Sep 2025 9.2% | Dec 2025 9.0% | Mar 2026 6.8% | Jun 2026 —
- RYAAY: Sep 2021 14% | Dec 2021 -7.9% | Mar 2022 -15% | Jun 2022 48% | Sep 2022 48% | Dec 2022 1.2% | Mar 2023 -12% | Jun 2023 28% | Sep 2023 28% | Dec 2023 -0.7% | Mar 2024 -16% | Jun 2024 10% | Sep 2024 33% | Dec 2024 1.1% | Mar 2025 -21% | Jun 2025 21% | Sep 2025 36% | Dec 2025 0.6% | Mar 2026 -20% | Jun 2026 —
- LUV: Sep 2021 16% | Dec 2021 3.9% | Mar 2022 -3.2% | Jun 2022 17% | Sep 2022 6.4% | Dec 2022 -6.2% | Mar 2023 -5.0% | Jun 2023 11% | Sep 2023 1.8% | Dec 2023 -5.9% | Mar 2024 -6.2% | Jun 2024 5.4% | Sep 2024 0.6% | Dec 2024 4.0% | Mar 2025 -3.5% | Jun 2025 3.1% | Sep 2025 0.5% | Dec 2025 5.3% | Mar 2026 4.6% | Jun 2026 —
- LTM: Sep 2021 -52% | Dec 2021 8.5% | Mar 2022 -9.6% | Jun 2022 -17% | Sep 2022 -4.8% | Dec 2022 8.0% | Mar 2023 8.8% | Jun 2023 8.6% | Sep 2023 13% | Dec 2023 9.3% | Mar 2024 12% | Jun 2024 8.7% | Sep 2024 13% | Dec 2024 14% | Mar 2025 17% | Jun 2025 13% | Sep 2025 18% | Dec 2025 33% | Mar 2026 20% | Jun 2026 —
- AAL: Sep 2021 6.6% | Dec 2021 -8.3% | Mar 2022 -19% | Jun 2022 7.6% | Sep 2022 6.9% | Dec 2022 11% | Mar 2023 3.6% | Jun 2023 15% | Sep 2023 -1.7% | Dec 2023 5.0% | Mar 2024 0.1% | Jun 2024 9.7% | Sep 2024 0.7% | Dec 2024 8.3% | Mar 2025 -2.2% | Jun 2025 7.9% | Sep 2025 1.1% | Dec 2025 3.2% | Mar 2026 -0.3% | Jun 2026 —
- CPA: Sep 2021 13% | Dec 2021 28% | Mar 2022 7.8% | Jun 2022 6.1% | Sep 2022 18% | Dec 2022 25% | Mar 2023 22% | Jun 2023 24% | Sep 2023 24% | Dec 2023 24% | Mar 2024 24% | Jun 2024 20% | Sep 2024 20% | Dec 2024 23% | Mar 2025 24% | Jun 2025 22% | Sep 2025 23% | Dec 2025 22% | Mar 2026 25% | Jun 2026 —
- ALK: Sep 2021 13% | Dec 2021 2.1% | Mar 2022 -12% | Jun 2022 7.0% | Sep 2022 2.2% | Dec 2022 0.9% | Mar 2023 -8.5% | Jun 2023 12% | Sep 2023 7.4% | Dec 2023 1.3% | Mar 2024 -7.4% | Jun 2024 11% | Sep 2024 11% | Dec 2024 2.1% | Mar 2025 -6.3% | Jun 2025 7.5% | Sep 2025 3.9% | Dec 2025 2.1% | Mar 2026 -8.5% | Jun 2026 —
- SKYW: Sep 2021 6.3% | Dec 2021 4.2% | Mar 2022 7.1% | Jun 2022 11% | Sep 2022 9.6% | Dec 2022 -5.1% | Mar 2023 -0.7% | Jun 2023 4.4% | Sep 2023 6.4% | Dec 2023 3.7% | Mar 2024 12% | Jun 2024 14% | Sep 2024 14% | Dec 2024 15% | Mar 2025 15% | Jun 2025 16% | Sep 2025 17% | Dec 2025 13% | Mar 2026 12% | Jun 2026 —
- ALGT: Sep 2021 14% | Dec 2021 6.7% | Mar 2022 1.4% | Jun 2022 4.1% | Sep 2022 -5.5% | Dec 2022 15% | Mar 2023 15% | Jun 2023 20% | Sep 2023 -3.2% | Dec 2023 1.7% | Mar 2024 2.4% | Jun 2024 5.2% | Sep 2024 -4.7% | Dec 2024 -42% | Mar 2025 9.3% | Jun 2025 -9.8% | Sep 2025 -4.8% | Dec 2025 10% | Mar 2026 11% | Jun 2026 —
- AERO: Sep 2021 2.5% | Dec 2021 -55% | Mar 2022 -9.4% | Jun 2022 5.4% | Sep 2022 9.3% | Dec 2022 36% | Mar 2023 6.7% | Jun 2023 17% | Sep 2023 19% | Dec 2023 15% | Mar 2024 16% | Jun 2024 20% | Sep 2024 22% | Dec 2024 18% | Mar 2025 12% | Jun 2025 18% | Sep 2025 18% | Dec 2025 21% | Mar 2026 11% | Jun 2026 —
- JBLU: Sep 2021 9.4% | Dec 2021 -6.5% | Mar 2022 -21% | Jun 2022 -4.6% | Sep 2022 5.4% | Dec 2022 1.8% | Mar 2023 -10% | Jun 2023 9.0% | Sep 2023 -6.6% | Dec 2023 -2.9% | Mar 2024 -33% | Jun 2024 2.3% | Sep 2024 -1.6% | Dec 2024 0.7% | Mar 2025 -8.1% | Jun 2025 0.3% | Sep 2025 -4.3% | Dec 2025 -4.5% | Mar 2026 -10% | Jun 2026 —
- ULCC: Sep 2021 6.8% | Dec 2021 -14% | Mar 2022 -25% | Jun 2022 0.8% | Sep 2022 6.2% | Dec 2022 5.0% | Mar 2023 -2.9% | Jun 2023 8.2% | Sep 2023 -6.1% | Dec 2023 -0.3% | Mar 2024 -3.6% | Jun 2024 2.6% | Sep 2024 2.0% | Dec 2024 4.5% | Mar 2025 -5.0% | Jun 2025 -8.1% | Sep 2025 -8.7% | Dec 2025 4.9% | Mar 2026 -29% | Jun 2026 —
- VLRS: Sep 2021 24% | Dec 2021 22% | Mar 2022 -5.5% | Jun 2022 -2.9% | Sep 2022 4.6% | Dec 2022 7.3% | Mar 2023 -4.2% | Jun 2023 6.5% | Sep 2023 4.6% | Dec 2023 18% | Mar 2024 14% | Jun 2024 9.1% | Sep 2024 16% | Dec 2024 14% | Mar 2025 -1.5% | Jun 2025 -3.2% | Sep 2025 8.7% | Dec 2025 11% | Mar 2026 -2.7% | Jun 2026 —
- RJET: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 0.2% | Sep 2022 -108% | Dec 2022 1.7% | Mar 2023 — | Jun 2023 — | Sep 2023 -18% | Dec 2023 -43% | Mar 2024 — | Jun 2024 — | Sep 2024 -15% | Dec 2024 -107% | Mar 2025 13% | Jun 2025 — | Sep 2025 -10% | Dec 2025 7.3% | Mar 2026 10% | Jun 2026 —
- FLYX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 -11% | Jun 2023 10% | Sep 2023 -26% | Dec 2023 -31% | Mar 2024 -34% | Jun 2024 -28% | Sep 2024 -27% | Dec 2024 -14% | Mar 2025 -17% | Jun 2025 -14% | Sep 2025 -12% | Dec 2025 -8.5% | Mar 2026 -10% | Jun 2026 —

### 20-quarter Margin change history
- DAL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −0.5 pp | Sep 2022 −13.7 pp | Dec 2022 +8.1 pp | Mar 2023 +6.2 pp | Jun 2023 +5.0 pp | Sep 2023 +2.4 pp | Dec 2023 −1.6 pp | Mar 2024 +6.7 pp | Jun 2024 −2.4 pp | Sep 2024 −3.9 pp | Dec 2024 +1.7 pp | Mar 2025 −0.4 pp | Jun 2025 −1.0 pp | Sep 2025 +1.2 pp | Dec 2025 −1.8 pp | Mar 2026 −0.9 pp | Jun 2026 —
- UAL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +12.1 pp | Sep 2022 −2.1 pp | Dec 2022 +16.1 pp | Mar 2023 +17.8 pp | Jun 2023 +3.5 pp | Sep 2023 +0.7 pp | Dec 2023 −3.8 pp | Mar 2024 +1.2 pp | Jun 2024 +2.2 pp | Sep 2024 −1.5 pp | Dec 2024 +2.9 pp | Mar 2025 +3.8 pp | Jun 2025 −4.2 pp | Sep 2025 −1.3 pp | Dec 2025 −1.2 pp | Mar 2026 +2.2 pp | Jun 2026 —
- RYAAY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +129.9 pp | Sep 2022 +33.5 pp | Dec 2022 +9.1 pp | Mar 2023 +2.6 pp | Jun 2023 −19.5 pp | Sep 2023 −19.5 pp | Dec 2023 −1.9 pp | Mar 2024 −3.4 pp | Jun 2024 −18.1 pp | Sep 2024 +4.3 pp | Dec 2024 +1.8 pp | Mar 2025 −5.8 pp | Jun 2025 +11.0 pp | Sep 2025 +3.0 pp | Dec 2025 −0.5 pp | Mar 2026 +1.2 pp | Jun 2026 —
- LUV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +2.4 pp | Sep 2022 −9.3 pp | Dec 2022 −10.1 pp | Mar 2023 −1.8 pp | Jun 2023 −5.9 pp | Sep 2023 −4.6 pp | Dec 2023 +0.3 pp | Mar 2024 −1.2 pp | Jun 2024 −5.9 pp | Sep 2024 −1.2 pp | Dec 2024 +9.9 pp | Mar 2025 +2.7 pp | Jun 2025 −2.3 pp | Sep 2025 −0.1 pp | Dec 2025 +1.3 pp | Mar 2026 +8.1 pp | Jun 2026 —
- LTM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +104.6 pp | Sep 2022 +46.7 pp | Dec 2022 −0.5 pp | Mar 2023 +18.4 pp | Jun 2023 +25.1 pp | Sep 2023 +18.2 pp | Dec 2023 +1.3 pp | Mar 2024 +3.3 pp | Jun 2024 +0.1 pp | Sep 2024 0.0 pp | Dec 2024 +4.2 pp | Mar 2025 +4.6 pp | Jun 2025 +4.6 pp | Sep 2025 +4.7 pp | Dec 2025 +19.7 pp | Mar 2026 +3.2 pp | Jun 2026 —
- AAL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +1.7 pp | Sep 2022 +0.3 pp | Dec 2022 +18.8 pp | Mar 2023 +23.0 pp | Jun 2023 +7.8 pp | Sep 2023 −8.6 pp | Dec 2023 −5.5 pp | Mar 2024 −3.5 pp | Jun 2024 −5.7 pp | Sep 2024 +2.4 pp | Dec 2024 +3.3 pp | Mar 2025 −2.3 pp | Jun 2025 −1.8 pp | Sep 2025 +0.4 pp | Dec 2025 −5.1 pp | Mar 2026 +1.9 pp | Jun 2026 —
- CPA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +3.2 pp | Sep 2022 +4.5 pp | Dec 2022 −3.4 pp | Mar 2023 +14.5 pp | Jun 2023 +18.0 pp | Sep 2023 +5.8 pp | Dec 2023 −1.2 pp | Mar 2024 +1.9 pp | Jun 2024 −4.6 pp | Sep 2024 −3.3 pp | Dec 2024 −0.3 pp | Mar 2025 −0.4 pp | Jun 2025 +2.2 pp | Sep 2025 +2.9 pp | Dec 2025 −1.4 pp | Mar 2026 +0.8 pp | Jun 2026 —
- ALK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −29.0 pp | Sep 2022 −11.0 pp | Dec 2022 −1.2 pp | Mar 2023 +3.5 pp | Jun 2023 +4.9 pp | Sep 2023 +5.2 pp | Dec 2023 +0.4 pp | Mar 2024 +1.1 pp | Jun 2024 −0.8 pp | Sep 2024 +3.7 pp | Dec 2024 +0.8 pp | Mar 2025 +1.1 pp | Jun 2025 −3.6 pp | Sep 2025 −7.2 pp | Dec 2025 0.0 pp | Mar 2026 −2.2 pp | Jun 2026 —
- SKYW: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −6.4 pp | Sep 2022 +3.3 pp | Dec 2022 −9.3 pp | Mar 2023 −7.8 pp | Jun 2023 −6.7 pp | Sep 2023 −3.2 pp | Dec 2023 +8.8 pp | Mar 2024 +13.1 pp | Jun 2024 +9.4 pp | Sep 2024 +8.0 pp | Dec 2024 +11.6 pp | Mar 2025 +2.3 pp | Jun 2025 +2.6 pp | Sep 2025 +2.2 pp | Dec 2025 −2.2 pp | Mar 2026 −2.5 pp | Jun 2026 —
- ALGT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −25.3 pp | Sep 2022 −19.9 pp | Dec 2022 +7.9 pp | Mar 2023 +13.2 pp | Jun 2023 +15.4 pp | Sep 2023 +2.3 pp | Dec 2023 −12.9 pp | Mar 2024 −12.2 pp | Jun 2024 −14.3 pp | Sep 2024 −1.5 pp | Dec 2024 −43.8 pp | Mar 2025 +6.9 pp | Jun 2025 −15.0 pp | Sep 2025 −0.1 pp | Dec 2025 +52.3 pp | Mar 2026 +1.8 pp | Jun 2026 —
- AERO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +17.5 pp | Sep 2022 +6.8 pp | Dec 2022 +90.6 pp | Mar 2023 +16.1 pp | Jun 2023 +11.1 pp | Sep 2023 +9.2 pp | Dec 2023 −21.2 pp | Mar 2024 +8.8 pp | Jun 2024 +3.3 pp | Sep 2024 +3.8 pp | Dec 2024 +3.1 pp | Mar 2025 −3.5 pp | Jun 2025 −2.3 pp | Sep 2025 −4.6 pp | Dec 2025 +3.2 pp | Mar 2026 −1.4 pp | Jun 2026 —
- JBLU: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −14.4 pp | Sep 2022 −4.0 pp | Dec 2022 +8.3 pp | Mar 2023 +10.7 pp | Jun 2023 +13.6 pp | Sep 2023 −12.0 pp | Dec 2023 −4.7 pp | Mar 2024 −22.1 pp | Jun 2024 −6.7 pp | Sep 2024 +5.0 pp | Dec 2024 +3.6 pp | Mar 2025 +24.4 pp | Jun 2025 −2.0 pp | Sep 2025 −2.7 pp | Dec 2025 −5.2 pp | Mar 2026 −1.9 pp | Jun 2026 —
- ULCC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −2.5 pp | Sep 2022 −0.6 pp | Dec 2022 +19.1 pp | Mar 2023 +22.4 pp | Jun 2023 +7.4 pp | Sep 2023 −12.3 pp | Dec 2023 −5.3 pp | Mar 2024 −0.7 pp | Jun 2024 −5.6 pp | Sep 2024 +8.1 pp | Dec 2024 +4.8 pp | Mar 2025 −1.4 pp | Jun 2025 −10.7 pp | Sep 2025 −10.7 pp | Dec 2025 +0.4 pp | Mar 2026 −23.5 pp | Jun 2026 —
- VLRS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −25.9 pp | Sep 2022 −19.8 pp | Dec 2022 −14.3 pp | Mar 2023 +1.3 pp | Jun 2023 +9.4 pp | Sep 2023 0.0 pp | Dec 2023 +10.9 pp | Mar 2024 +17.7 pp | Jun 2024 +2.6 pp | Sep 2024 +10.9 pp | Dec 2024 −4.2 pp | Mar 2025 −15.0 pp | Jun 2025 −12.3 pp | Sep 2025 −6.8 pp | Dec 2025 −2.7 pp | Mar 2026 −1.2 pp | Jun 2026 —
- RJET: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 +90.7 pp | Dec 2023 −45.0 pp | Mar 2024 — | Jun 2024 — | Sep 2024 +2.9 pp | Dec 2024 −64.0 pp | Mar 2025 — | Jun 2025 — | Sep 2025 +4.7 pp | Dec 2025 +114.6 pp | Mar 2026 −3.1 pp | Jun 2026 —
- FLYX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 −23.4 pp | Jun 2024 −38.0 pp | Sep 2024 −1.6 pp | Dec 2024 +17.1 pp | Mar 2025 +17.6 pp | Jun 2025 +14.1 pp | Sep 2025 +14.9 pp | Dec 2025 +5.3 pp | Mar 2026 +6.7 pp | Jun 2026 —

## Profit Scale & Acceleration

What the numbers say: LATAM Airlines Group S.A. leads with $1,685 million of TTM profit, 138.3% above Copa Holdings, S.A.. LATAM Airlines Group S.A. shows 51.5% growth from a $1,685 million profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

Investor read: LATAM Airlines Group S.A. sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current profit growth signal.

Evidence: LATAM Airlines Group S.A. · $1,685 million | 138.3% versus #2 · Copa Holdings, S.A. | 8/8 recent comparable periods | 6/16 companies · 295 observations

Definition: Net profit is the residual after operating costs, interest and tax. Growth off a loss or near-zero base is excluded from the fastest-grower rank.

### Net profit — largest
1. LATAM Airlines Group S.A. (LTM): ₹1.7K Cr
2. Copa Holdings, S.A. (CPA): ₹707 Cr
3. Allegiant Travel Company (ALGT): ₹-35 Cr
4. flyExclusive, Inc. (FLYX): ₹-57 Cr
5. Frontier Group Holdings, Inc. (ULCC): ₹-366 Cr

### Profit growth — fastest growers
1. LATAM Airlines Group S.A. (LTM): 52%
2. Copa Holdings, S.A. (CPA): 16%

### 20-quarter Net profit history
- DAL: Sep 2021 ₹1.2K Cr | Dec 2021 ₹-408 Cr | Mar 2022 ₹-940 Cr | Jun 2022 ₹735 Cr | Sep 2022 ₹695 Cr | Dec 2022 ₹829 Cr | Mar 2023 ₹-363 Cr | Jun 2023 ₹1.8K Cr | Sep 2023 ₹1.1K Cr | Dec 2023 ₹2.0K Cr | Mar 2024 ₹37 Cr | Jun 2024 ₹1.3K Cr | Sep 2024 ₹1.3K Cr | Dec 2024 ₹843 Cr | Mar 2025 ₹240 Cr | Jun 2025 ₹2.1K Cr | Sep 2025 ₹1.4K Cr | Dec 2025 ₹1.2K Cr | Mar 2026 ₹-289 Cr | Jun 2026 —
- UAL: Sep 2021 ₹473 Cr | Dec 2021 ₹-646 Cr | Mar 2022 ₹-1.4K Cr | Jun 2022 ₹329 Cr | Sep 2022 ₹942 Cr | Dec 2022 ₹843 Cr | Mar 2023 ₹-194 Cr | Jun 2023 ₹1.1K Cr | Sep 2023 ₹1.1K Cr | Dec 2023 ₹600 Cr | Mar 2024 ₹-124 Cr | Jun 2024 ₹1.3K Cr | Sep 2024 ₹965 Cr | Dec 2024 ₹985 Cr | Mar 2025 ₹387 Cr | Jun 2025 ₹973 Cr | Sep 2025 ₹949 Cr | Dec 2025 ₹1.0K Cr | Mar 2026 ₹698 Cr | Jun 2026 —
- RYAAY: Sep 2021 ₹224 Cr | Dec 2021 ₹-170 Cr | Mar 2022 ₹-297 Cr | Jun 2022 ₹685 Cr | Sep 2022 ₹685 Cr | Dec 2022 ₹95 Cr | Mar 2023 ₹-152 Cr | Jun 2023 ₹1.1K Cr | Sep 2023 ₹1.1K Cr | Dec 2023 ₹-9 Cr | Mar 2024 ₹-333 Cr | Jun 2024 ₹263 Cr | Sep 2024 ₹1.7K Cr | Dec 2024 ₹139 Cr | Mar 2025 ₹-426 Cr | Jun 2025 ₹754 Cr | Sep 2025 ₹2.0K Cr | Dec 2025 ₹18 Cr | Mar 2026 ₹-493 Cr | Jun 2026 —
- LUV: Sep 2021 ₹446 Cr | Dec 2021 ₹68 Cr | Mar 2022 ₹-278 Cr | Jun 2022 ₹760 Cr | Sep 2022 ₹277 Cr | Dec 2022 ₹-220 Cr | Mar 2023 ₹-159 Cr | Jun 2023 ₹683 Cr | Sep 2023 ₹193 Cr | Dec 2023 ₹-252 Cr | Mar 2024 ₹-231 Cr | Jun 2024 ₹367 Cr | Sep 2024 ₹67 Cr | Dec 2024 ₹261 Cr | Mar 2025 ₹-149 Cr | Jun 2025 ₹213 Cr | Sep 2025 ₹54 Cr | Dec 2025 ₹323 Cr | Mar 2026 ₹227 Cr | Jun 2026 —
- LTM: Sep 2021 ₹-694 Cr | Dec 2021 ₹-2.7K Cr | Mar 2022 ₹-381 Cr | Jun 2022 ₹-524 Cr | Sep 2022 ₹-296 Cr | Dec 2022 ₹2.6K Cr | Mar 2023 ₹121 Cr | Jun 2023 ₹144 Cr | Sep 2023 ₹271 Cr | Dec 2023 ₹84 Cr | Mar 2024 ₹260 Cr | Jun 2024 ₹145 Cr | Sep 2024 ₹303 Cr | Dec 2024 ₹307 Cr | Mar 2025 ₹357 Cr | Jun 2025 ₹242 Cr | Sep 2025 ₹381 Cr | Dec 2025 ₹484 Cr | Mar 2026 ₹578 Cr | Jun 2026 —
- AAL: Sep 2021 ₹169 Cr | Dec 2021 ₹-932 Cr | Mar 2022 ₹-1.6K Cr | Jun 2022 ₹476 Cr | Sep 2022 ₹483 Cr | Dec 2022 ₹803 Cr | Mar 2023 ₹10 Cr | Jun 2023 ₹1.3K Cr | Sep 2023 ₹-545 Cr | Dec 2023 ₹19 Cr | Mar 2024 ₹-312 Cr | Jun 2024 ₹717 Cr | Sep 2024 ₹-149 Cr | Dec 2024 ₹590 Cr | Mar 2025 ₹-473 Cr | Jun 2025 ₹599 Cr | Sep 2025 ₹-114 Cr | Dec 2025 ₹99 Cr | Mar 2026 ₹-382 Cr | Jun 2026 —
- CPA: Sep 2021 ₹8 Cr | Dec 2021 ₹118 Cr | Mar 2022 ₹20 Cr | Jun 2022 ₹124 Cr | Sep 2022 ₹116 Cr | Dec 2022 ₹88 Cr | Mar 2023 ₹122 Cr | Jun 2023 ₹18 Cr | Sep 2023 ₹187 Cr | Dec 2023 ₹188 Cr | Mar 2024 ₹176 Cr | Jun 2024 ₹120 Cr | Sep 2024 ₹146 Cr | Dec 2024 ₹166 Cr | Mar 2025 ₹177 Cr | Jun 2025 ₹149 Cr | Sep 2025 ₹173 Cr | Dec 2025 ₹173 Cr | Mar 2026 ₹212 Cr | Jun 2026 —
- ALK: Sep 2021 ₹194 Cr | Dec 2021 ₹18 Cr | Mar 2022 ₹-143 Cr | Jun 2022 ₹139 Cr | Sep 2022 ₹40 Cr | Dec 2022 ₹22 Cr | Mar 2023 ₹-142 Cr | Jun 2023 ₹240 Cr | Sep 2023 ₹139 Cr | Dec 2023 ₹-2 Cr | Mar 2024 ₹-132 Cr | Jun 2024 ₹220 Cr | Sep 2024 ₹236 Cr | Dec 2024 ₹71 Cr | Mar 2025 ₹-166 Cr | Jun 2025 ₹172 Cr | Sep 2025 ₹73 Cr | Dec 2025 ₹21 Cr | Mar 2026 ₹-193 Cr | Jun 2026 —
- SKYW: Sep 2021 ₹10 Cr | Dec 2021 ₹4 Cr | Mar 2022 ₹18 Cr | Jun 2022 ₹54 Cr | Sep 2022 ₹48 Cr | Dec 2022 ₹-47 Cr | Mar 2023 ₹-22 Cr | Jun 2023 ₹15 Cr | Sep 2023 ₹23 Cr | Dec 2023 ₹18 Cr | Mar 2024 ₹60 Cr | Jun 2024 ₹76 Cr | Sep 2024 ₹90 Cr | Dec 2024 ₹97 Cr | Mar 2025 ₹101 Cr | Jun 2025 ₹120 Cr | Sep 2025 ₹116 Cr | Dec 2025 ₹91 Cr | Mar 2026 ₹102 Cr | Jun 2026 —
- ALGT: Sep 2021 ₹39 Cr | Dec 2021 ₹11 Cr | Mar 2022 ₹-8 Cr | Jun 2022 ₹4 Cr | Sep 2022 ₹-46 Cr | Dec 2022 ₹52 Cr | Mar 2023 ₹56 Cr | Jun 2023 ₹88 Cr | Sep 2023 ₹-25 Cr | Dec 2023 ₹-2 Cr | Mar 2024 ₹-1 Cr | Jun 2024 ₹14 Cr | Sep 2024 ₹-37 Cr | Dec 2024 ₹-216 Cr | Mar 2025 ₹32 Cr | Jun 2025 ₹-65 Cr | Sep 2025 ₹-44 Cr | Dec 2025 ₹32 Cr | Mar 2026 ₹42 Cr | Jun 2026 —
- AERO: Sep 2021 ₹-109 Cr | Dec 2021 ₹-469 Cr | Mar 2022 ₹-158 Cr | Jun 2022 ₹-59 Cr | Sep 2022 ₹-17 Cr | Dec 2022 ₹170 Cr | Mar 2023 ₹-28 Cr | Jun 2023 ₹28 Cr | Sep 2023 ₹179 Cr | Dec 2023 ₹94 Cr | Mar 2024 ₹104 Cr | Jun 2024 ₹242 Cr | Sep 2024 ₹195 Cr | Dec 2024 ₹75 Cr | Mar 2025 ₹22 Cr | Jun 2025 ₹68 Cr | Sep 2025 ₹97 Cr | Dec 2025 ₹165 Cr | Mar 2026 ₹11 Cr | Jun 2026 —
- JBLU: Sep 2021 ₹130 Cr | Dec 2021 ₹-129 Cr | Mar 2022 ₹-255 Cr | Jun 2022 ₹-188 Cr | Sep 2022 ₹57 Cr | Dec 2022 ₹24 Cr | Mar 2023 ₹-192 Cr | Jun 2023 ₹138 Cr | Sep 2023 ₹-153 Cr | Dec 2023 ₹-103 Cr | Mar 2024 ₹-716 Cr | Jun 2024 ₹25 Cr | Sep 2024 ₹-60 Cr | Dec 2024 ₹-44 Cr | Mar 2025 ₹-208 Cr | Jun 2025 ₹-74 Cr | Sep 2025 ₹-143 Cr | Dec 2025 ₹-177 Cr | Mar 2026 ₹-319 Cr | Jun 2026 —
- ULCC: Sep 2021 ₹23 Cr | Dec 2021 ₹-53 Cr | Mar 2022 ₹-121 Cr | Jun 2022 ₹13 Cr | Sep 2022 ₹31 Cr | Dec 2022 ₹40 Cr | Mar 2023 ₹-13 Cr | Jun 2023 ₹71 Cr | Sep 2023 ₹-32 Cr | Dec 2023 ₹-37 Cr | Mar 2024 ₹-26 Cr | Jun 2024 ₹31 Cr | Sep 2024 ₹26 Cr | Dec 2024 ₹54 Cr | Mar 2025 ₹-43 Cr | Jun 2025 ₹-70 Cr | Sep 2025 ₹-77 Cr | Dec 2025 ₹53 Cr | Mar 2026 ₹-272 Cr | Jun 2026 —
- VLRS: Sep 2021 ₹76 Cr | Dec 2021 ₹-48 Cr | Mar 2022 ₹-80 Cr | Jun 2022 ₹-49 Cr | Sep 2022 ₹40 Cr | Dec 2022 ₹-22 Cr | Mar 2023 ₹-71 Cr | Jun 2023 ₹6 Cr | Sep 2023 ₹-39 Cr | Dec 2023 ₹112 Cr | Mar 2024 ₹33 Cr | Jun 2024 ₹10 Cr | Sep 2024 ₹37 Cr | Dec 2024 ₹46 Cr | Mar 2025 ₹-51 Cr | Jun 2025 ₹-63 Cr | Sep 2025 ₹6 Cr | Dec 2025 ₹4 Cr | Mar 2026 ₹-107 Cr | Jun 2026 —
- RJET: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 ₹-10 Cr | Sep 2022 ₹-102 Cr | Dec 2022 ₹-7 Cr | Mar 2023 — | Jun 2023 — | Sep 2023 ₹-30 Cr | Dec 2023 ₹-66 Cr | Mar 2024 — | Jun 2024 — | Sep 2024 ₹-25 Cr | Dec 2024 ₹-115 Cr | Mar 2025 ₹27 Cr | Jun 2025 — | Sep 2025 ₹-14 Cr | Dec 2025 ₹5 Cr | Mar 2026 ₹27 Cr | Jun 2026 —
- FLYX: Sep 2021 ₹3 Cr | Dec 2021 — | Mar 2022 ₹4 Cr | Jun 2022 ₹1 Cr | Sep 2022 ₹0 Cr | Dec 2022 ₹-5 Cr | Mar 2023 ₹-12 Cr | Jun 2023 ₹6 Cr | Sep 2023 ₹-25 Cr | Dec 2023 ₹-24 Cr | Mar 2024 ₹-33 Cr | Jun 2024 ₹-28 Cr | Sep 2024 ₹-24 Cr | Dec 2024 ₹-17 Cr | Mar 2025 ₹-23 Cr | Jun 2025 ₹-16 Cr | Sep 2025 ₹-21 Cr | Dec 2025 ₹-7 Cr | Mar 2026 ₹-13 Cr | Jun 2026 —

### 20-quarter Profit growth history
- DAL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 13% | Sep 2022 -43% | Dec 2022 — | Mar 2023 — | Jun 2023 149% | Sep 2023 59% | Dec 2023 146% | Mar 2024 — | Jun 2024 -29% | Sep 2024 15% | Dec 2024 -59% | Mar 2025 549% | Jun 2025 63% | Sep 2025 11% | Dec 2025 45% | Mar 2026 -220% | Jun 2026 —
- UAL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 99% | Dec 2022 — | Mar 2023 — | Jun 2023 227% | Sep 2023 21% | Dec 2023 -29% | Mar 2024 — | Jun 2024 23% | Sep 2024 -15% | Dec 2024 64% | Mar 2025 — | Jun 2025 -26% | Sep 2025 -1.7% | Dec 2025 6.0% | Mar 2026 80% | Jun 2026 —
- RYAAY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 206% | Dec 2022 — | Mar 2023 — | Jun 2023 59% | Sep 2023 59% | Dec 2023 -109% | Mar 2024 — | Jun 2024 -76% | Sep 2024 53% | Dec 2024 — | Mar 2025 — | Jun 2025 187% | Sep 2025 18% | Dec 2025 -87% | Mar 2026 — | Jun 2026 —
- LUV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 118% | Sep 2022 -38% | Dec 2022 -424% | Mar 2023 — | Jun 2023 -10% | Sep 2023 -30% | Dec 2023 — | Mar 2024 — | Jun 2024 -46% | Sep 2024 -65% | Dec 2024 — | Mar 2025 — | Jun 2025 -42% | Sep 2025 -19% | Dec 2025 24% | Mar 2026 — | Jun 2026 —
- LTM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -97% | Mar 2024 115% | Jun 2024 0.7% | Sep 2024 12% | Dec 2024 265% | Mar 2025 37% | Jun 2025 67% | Sep 2025 26% | Dec 2025 58% | Mar 2026 62% | Jun 2026 —
- AAL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 2,405% | Sep 2022 186% | Dec 2022 — | Mar 2023 — | Jun 2023 181% | Sep 2023 -213% | Dec 2023 -98% | Mar 2024 -3,220% | Jun 2024 -46% | Sep 2024 — | Dec 2024 3,005% | Mar 2025 — | Jun 2025 -16% | Sep 2025 — | Dec 2025 -83% | Mar 2026 — | Jun 2026 —
- CPA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 343% | Sep 2022 1,350% | Dec 2022 -25% | Mar 2023 510% | Jun 2023 -85% | Sep 2023 61% | Dec 2023 114% | Mar 2024 44% | Jun 2024 567% | Sep 2024 -22% | Dec 2024 -12% | Mar 2025 0.6% | Jun 2025 24% | Sep 2025 18% | Dec 2025 4.2% | Mar 2026 20% | Jun 2026 —
- ALK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -65% | Sep 2022 -79% | Dec 2022 22% | Mar 2023 — | Jun 2023 73% | Sep 2023 248% | Dec 2023 -109% | Mar 2024 — | Jun 2024 -8.3% | Sep 2024 70% | Dec 2024 — | Mar 2025 — | Jun 2025 -22% | Sep 2025 -69% | Dec 2025 -70% | Mar 2026 — | Jun 2026 —
- SKYW: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -13% | Sep 2022 380% | Dec 2022 -1,275% | Mar 2023 -222% | Jun 2023 -72% | Sep 2023 -52% | Dec 2023 — | Mar 2024 — | Jun 2024 407% | Sep 2024 291% | Dec 2024 439% | Mar 2025 68% | Jun 2025 58% | Sep 2025 29% | Dec 2025 -6.2% | Mar 2026 1.0% | Jun 2026 —
- ALGT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -96% | Sep 2022 -218% | Dec 2022 373% | Mar 2023 — | Jun 2023 2,100% | Sep 2023 — | Dec 2023 -104% | Mar 2024 -102% | Jun 2024 -84% | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 -564% | Sep 2025 — | Dec 2025 — | Mar 2026 31% | Jun 2026 —
- AERO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -45% | Mar 2024 — | Jun 2024 764% | Sep 2024 8.9% | Dec 2024 -20% | Mar 2025 -79% | Jun 2025 -72% | Sep 2025 -50% | Dec 2025 120% | Mar 2026 -50% | Jun 2026 —
- JBLU: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -394% | Sep 2022 -56% | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 -368% | Dec 2023 -529% | Mar 2024 — | Jun 2024 -82% | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 -396% | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- ULCC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -32% | Sep 2022 35% | Dec 2022 — | Mar 2023 — | Jun 2023 446% | Sep 2023 -203% | Dec 2023 -193% | Mar 2024 — | Jun 2024 -56% | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 -326% | Sep 2025 -396% | Dec 2025 -1.9% | Mar 2026 — | Jun 2026 —
- VLRS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -164% | Sep 2022 -47% | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 -198% | Dec 2023 — | Mar 2024 — | Jun 2024 67% | Sep 2024 — | Dec 2024 -59% | Mar 2025 -255% | Jun 2025 -730% | Sep 2025 -84% | Dec 2025 -91% | Mar 2026 — | Jun 2026 —
- RJET: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 0.0% | Jun 2026 —
- FLYX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -100% | Dec 2022 — | Mar 2023 -400% | Jun 2023 500% | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 -567% | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —

## Capacity Spending & Returns On It

What the numbers say: Controladora Vuela Compañía de Aviación, S.A.B. de C.V. reports $60,632,000 million of CAPEX; Controladora Vuela Compañía de Aviación, S.A.B. de C.V. has the highest covered intensity at 7874285.7%. Coverage is only 16 of 16 companies and 263 reported observations, so this is partial evidence—not a complete sector rank.

Investor read: Use the CAPEX rank as a diligence queue. Verify commissioning, utilization, cash conversion and post-investment ROCE before treating spend as value creation.

This conclusion weakens if: CAPEX rises without higher utilization, operating cash flow or incremental returns.

Evidence: Controladora Vuela Compañía de Aviación, S.A.B. de C.V. · $60,632,000 million | 41,586× versus #2 · Delta Air Lines, Inc. | 5/5 recent comparable periods | 16/16 companies · 263 observations

Definition: CAPEX is cash spent on property, plant, equipment and other reported capital assets. CAPEX intensity divides that spend by revenue; high intensity is a reinvestment signal, not proof that the reinvestment will earn attractive returns.

### CAPEX — largest spenders
1. Controladora Vuela Compañía de Aviación, S.A.B. de C.V. (VLRS): ₹606.3 L Cr
2. Delta Air Lines, Inc. (DAL): ₹1.5K Cr
3. United Airlines Holdings, Inc. (UAL): ₹1.3K Cr
4. American Airlines Group Inc. (AAL): ₹822 Cr
5. Southwest Airlines Co. (LUV): ₹818 Cr

### CAPEX intensity — highest reinvestment intensity
1. Controladora Vuela Compañía de Aviación, S.A.B. de C.V. (VLRS): 78,74,286%
2. Allegiant Travel Company (ALGT): 24%
3. flyExclusive, Inc. (FLYX): 23%
4. Ryanair Holdings plc (RYAAY): 18%
5. Republic Airways Holdings Inc. (RJET): 18%

### 20-quarter CAPEX history
- DAL: Sep 2021 ₹830 Cr | Dec 2021 ₹1.2K Cr | Mar 2022 ₹1.8K Cr | Jun 2022 ₹958 Cr | Sep 2022 ₹1.4K Cr | Dec 2022 ₹2.2K Cr | Mar 2023 ₹1.0K Cr | Jun 2023 ₹1.5K Cr | Sep 2023 ₹1.3K Cr | Dec 2023 ₹1.6K Cr | Mar 2024 ₹1.2K Cr | Jun 2024 ₹1.3K Cr | Sep 2024 ₹1.3K Cr | Dec 2024 ₹1.3K Cr | Mar 2025 ₹1.2K Cr | Jun 2025 ₹1.2K Cr | Sep 2025 ₹1.2K Cr | Dec 2025 ₹907 Cr | Mar 2026 ₹1.2K Cr | Jun 2026 ₹1.5K Cr
- UAL: Sep 2021 ₹266 Cr | Dec 2021 ₹536 Cr | Mar 2022 ₹402 Cr | Jun 2022 ₹550 Cr | Sep 2022 ₹1.3K Cr | Dec 2022 ₹2.5K Cr | Mar 2023 ₹1.8K Cr | Jun 2023 ₹1.4K Cr | Sep 2023 ₹1.8K Cr | Dec 2023 ₹2.1K Cr | Mar 2024 ₹1.4K Cr | Jun 2024 ₹1.2K Cr | Sep 2024 ₹1.4K Cr | Dec 2024 ₹1.7K Cr | Mar 2025 ₹1.2K Cr | Jun 2025 ₹1.3K Cr | Sep 2025 ₹1.5K Cr | Dec 2025 ₹1.9K Cr | Mar 2026 ₹1.7K Cr | Jun 2026 ₹1.3K Cr
- RYAAY: Sep 2021 ₹229 Cr | Dec 2021 ₹472 Cr | Mar 2022 ₹398 Cr | Jun 2022 ₹375 Cr | Sep 2022 ₹397 Cr | Dec 2022 ₹371 Cr | Mar 2023 ₹644 Cr | Jun 2023 ₹1.1K Cr | Sep 2023 ₹522 Cr | Dec 2023 ₹349 Cr | Mar 2024 ₹458 Cr | Jun 2024 ₹502 Cr | Sep 2024 ₹388 Cr | Dec 2024 ₹203 Cr | Mar 2025 ₹460 Cr | Jun 2025 ₹623 Cr | Sep 2025 ₹491 Cr | Dec 2025 ₹324 Cr | Mar 2026 ₹455 Cr | Jun 2026 ₹475 Cr
- LUV: Sep 2021 ₹135 Cr | Dec 2021 ₹180 Cr | Mar 2022 ₹510 Cr | Jun 2022 ₹987 Cr | Sep 2022 ₹1.1K Cr | Dec 2022 ₹1.4K Cr | Mar 2023 ₹1.0K Cr | Jun 2023 ₹925 Cr | Sep 2023 ₹842 Cr | Dec 2023 ₹708 Cr | Mar 2024 ₹583 Cr | Jun 2024 ₹494 Cr | Sep 2024 ₹517 Cr | Dec 2024 ₹460 Cr | Mar 2025 ₹527 Cr | Jun 2025 ₹660 Cr | Sep 2025 ₹678 Cr | Dec 2025 ₹859 Cr | Mar 2026 ₹630 Cr | Jun 2026 ₹818 Cr
- LTM: Sep 2021 ₹272 Cr | Dec 2021 ₹241 Cr | Mar 2022 ₹89 Cr | Jun 2022 ₹124 Cr | Sep 2022 ₹250 Cr | Dec 2022 ₹89 Cr | Mar 2023 ₹98 Cr | Jun 2023 ₹166 Cr | Sep 2023 ₹166 Cr | Dec 2023 ₹367 Cr | Mar 2024 ₹102 Cr | Jun 2024 ₹325 Cr | Sep 2024 ₹352 Cr | Dec 2024 ₹545 Cr | Mar 2025 ₹370 Cr | Jun 2025 ₹564 Cr | Sep 2025 ₹344 Cr | Dec 2025 ₹498 Cr | Mar 2026 ₹320 Cr | Jun 2026 —
- AAL: Sep 2021 ₹176 Cr | Dec 2021 ₹183 Cr | Mar 2022 ₹807 Cr | Jun 2022 ₹598 Cr | Sep 2022 — | Dec 2022 ₹686 Cr | Mar 2023 ₹505 Cr | Jun 2023 ₹739 Cr | Sep 2023 ₹509 Cr | Dec 2023 ₹843 Cr | Mar 2024 ₹824 Cr | Jun 2024 ₹651 Cr | Sep 2024 ₹468 Cr | Dec 2024 ₹740 Cr | Mar 2025 ₹824 Cr | Jun 2025 ₹499 Cr | Sep 2025 ₹826 Cr | Dec 2025 ₹1.6K Cr | Mar 2026 ₹811 Cr | Jun 2026 ₹822 Cr
- CPA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 ₹126 Cr | Dec 2024 ₹221 Cr | Mar 2025 ₹56 Cr | Jun 2025 ₹334 Cr | Sep 2025 ₹231 Cr | Dec 2025 ₹194 Cr | Mar 2026 ₹163 Cr | Jun 2026 —
- ALK: Sep 2021 ₹176 Cr | Dec 2021 ₹204 Cr | Mar 2022 ₹576 Cr | Jun 2022 ₹688 Cr | Sep 2022 ₹630 Cr | Dec 2022 ₹724 Cr | Mar 2023 ₹248 Cr | Jun 2023 ₹510 Cr | Sep 2023 ₹357 Cr | Dec 2023 ₹503 Cr | Mar 2024 ₹57 Cr | Jun 2024 ₹530 Cr | Sep 2024 ₹265 Cr | Dec 2024 ₹429 Cr | Mar 2025 ₹238 Cr | Jun 2025 ₹86 Cr | Sep 2025 ₹222 Cr | Dec 2025 ₹625 Cr | Mar 2026 ₹338 Cr | Jun 2026 ₹185 Cr
- SKYW: Sep 2021 ₹162 Cr | Dec 2021 ₹322 Cr | Mar 2022 ₹114 Cr | Jun 2022 ₹197 Cr | Sep 2022 ₹224 Cr | Dec 2022 ₹111 Cr | Mar 2023 ₹103 Cr | Jun 2023 ₹31 Cr | Sep 2023 ₹32 Cr | Dec 2023 ₹86 Cr | Mar 2024 ₹38 Cr | Jun 2024 ₹19 Cr | Sep 2024 ₹97 Cr | Dec 2024 ₹163 Cr | Mar 2025 ₹73 Cr | Jun 2025 ₹169 Cr | Sep 2025 ₹122 Cr | Dec 2025 ₹214 Cr | Mar 2026 ₹102 Cr | Jun 2026 —
- ALGT: Sep 2021 ₹32 Cr | Dec 2021 ₹98 Cr | Mar 2022 ₹118 Cr | Jun 2022 ₹138 Cr | Sep 2022 ₹137 Cr | Dec 2022 ₹138 Cr | Mar 2023 ₹163 Cr | Jun 2023 ₹277 Cr | Sep 2023 ₹222 Cr | Dec 2023 ₹208 Cr | Mar 2024 ₹167 Cr | Jun 2024 ₹62 Cr | Sep 2024 ₹46 Cr | Dec 2024 ₹60 Cr | Mar 2025 ₹74 Cr | Jun 2025 ₹112 Cr | Sep 2025 ₹147 Cr | Dec 2025 ₹53 Cr | Mar 2026 ₹178 Cr | Jun 2026 —
- AERO: Sep 2021 — | Dec 2021 — | Mar 2022 ₹13 Cr | Jun 2022 ₹39 Cr | Sep 2022 ₹113 Cr | Dec 2022 ₹86 Cr | Mar 2023 ₹82 Cr | Jun 2023 ₹89 Cr | Sep 2023 ₹96 Cr | Dec 2023 ₹120 Cr | Mar 2024 ₹108 Cr | Jun 2024 ₹139 Cr | Sep 2024 ₹122 Cr | Dec 2024 ₹96 Cr | Mar 2025 ₹71 Cr | Jun 2025 ₹49 Cr | Sep 2025 ₹104 Cr | Dec 2025 ₹121 Cr | Mar 2026 ₹66 Cr | Jun 2026 ₹66 Cr
- JBLU: Sep 2021 ₹263 Cr | Dec 2021 ₹192 Cr | Mar 2022 ₹134 Cr | Jun 2022 ₹205 Cr | Sep 2022 ₹260 Cr | Dec 2022 ₹324 Cr | Mar 2023 ₹176 Cr | Jun 2023 ₹281 Cr | Sep 2023 ₹316 Cr | Dec 2023 ₹433 Cr | Mar 2024 ₹466 Cr | Jun 2024 ₹451 Cr | Sep 2024 ₹285 Cr | Dec 2024 ₹417 Cr | Mar 2025 ₹187 Cr | Jun 2025 ₹309 Cr | Sep 2025 ₹281 Cr | Dec 2025 ₹345 Cr | Mar 2026 ₹141 Cr | Jun 2026 —
- ULCC: Sep 2021 ₹8 Cr | Dec 2021 ₹7 Cr | Mar 2022 ₹7 Cr | Jun 2022 ₹7 Cr | Sep 2022 ₹17 Cr | Dec 2022 ₹10 Cr | Mar 2023 ₹11 Cr | Jun 2023 ₹12 Cr | Sep 2023 ₹14 Cr | Dec 2023 ₹14 Cr | Mar 2024 ₹17 Cr | Jun 2024 ₹31 Cr | Sep 2024 ₹14 Cr | Dec 2024 ₹14 Cr | Mar 2025 ₹18 Cr | Jun 2025 ₹33 Cr | Sep 2025 ₹2 Cr | Dec 2025 ₹22 Cr | Mar 2026 ₹12 Cr | Jun 2026 —
- VLRS: Sep 2021 — | Dec 2021 — | Mar 2022 ₹340.0 L Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹109 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹1,381.4 L Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹778.7 L Cr | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 ₹606.3 L Cr | Jun 2026 —
- RJET: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 ₹8 Cr | Dec 2022 ₹17 Cr | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 ₹7 Cr | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 ₹2 Cr | Mar 2025 ₹39 Cr | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 ₹93 Cr | Jun 2026 —
- FLYX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹24 Cr | Jun 2023 ₹22 Cr | Sep 2023 ₹36 Cr | Dec 2023 ₹23 Cr | Mar 2024 ₹41 Cr | Jun 2024 ₹3 Cr | Sep 2024 ₹5 Cr | Dec 2024 ₹48 Cr | Mar 2025 ₹10 Cr | Jun 2025 ₹4 Cr | Sep 2025 ₹19 Cr | Dec 2025 ₹24 Cr | Mar 2026 ₹22 Cr | Jun 2026 —

### 20-quarter CAPEX intensity history
- DAL: Sep 2021 9.1% | Dec 2021 13% | Mar 2022 19% | Jun 2022 6.9% | Sep 2022 10% | Dec 2022 16% | Mar 2023 7.8% | Jun 2023 9.3% | Sep 2023 8.2% | Dec 2023 11% | Mar 2024 8.7% | Jun 2024 7.9% | Sep 2024 8.5% | Dec 2024 8.4% | Mar 2025 8.7% | Jun 2025 7.3% | Sep 2025 7.0% | Dec 2025 5.7% | Mar 2026 7.6% | Jun 2026 —
- UAL: Sep 2021 3.4% | Dec 2021 6.5% | Mar 2022 5.3% | Jun 2022 4.5% | Sep 2022 10% | Dec 2022 21% | Mar 2023 16% | Jun 2023 10% | Sep 2023 13% | Dec 2023 15% | Mar 2024 11% | Jun 2024 7.8% | Sep 2024 9.5% | Dec 2024 11% | Mar 2025 9.3% | Jun 2025 8.4% | Sep 2025 9.6% | Dec 2025 12% | Mar 2026 11% | Jun 2026 —
- RYAAY: Sep 2021 13% | Dec 2021 32% | Mar 2022 34% | Jun 2022 11% | Sep 2022 12% | Dec 2022 16% | Mar 2023 35% | Jun 2023 25% | Sep 2023 12% | Dec 2023 13% | Mar 2024 21% | Jun 2024 14% | Sep 2024 7.7% | Dec 2024 6.9% | Mar 2025 20% | Jun 2025 14% | Sep 2025 9.0% | Dec 2025 10% | Mar 2026 18% | Jun 2026 —
- LUV: Sep 2021 2.9% | Dec 2021 3.6% | Mar 2022 11% | Jun 2022 15% | Sep 2022 17% | Dec 2022 22% | Mar 2023 18% | Jun 2023 13% | Sep 2023 13% | Dec 2023 10% | Mar 2024 9.2% | Jun 2024 6.7% | Sep 2024 7.5% | Dec 2024 6.6% | Mar 2025 8.2% | Jun 2025 9.1% | Sep 2025 9.8% | Dec 2025 12% | Mar 2026 8.7% | Jun 2026 —
- LTM: Sep 2021 21% | Dec 2021 12% | Mar 2022 4.6% | Jun 2022 5.7% | Sep 2022 9.8% | Dec 2022 3.2% | Mar 2023 3.5% | Jun 2023 6.3% | Sep 2023 5.4% | Dec 2023 11% | Mar 2024 3.1% | Jun 2024 11% | Sep 2024 11% | Dec 2024 16% | Mar 2025 11% | Jun 2025 17% | Sep 2025 9.1% | Dec 2025 13% | Mar 2026 7.8% | Jun 2026 —
- AAL: Sep 2021 2.0% | Dec 2021 1.9% | Mar 2022 9.1% | Jun 2022 4.5% | Sep 2022 — | Dec 2022 5.2% | Mar 2023 4.1% | Jun 2023 5.3% | Sep 2023 3.8% | Dec 2023 6.5% | Mar 2024 6.6% | Jun 2024 4.5% | Sep 2024 3.4% | Dec 2024 5.4% | Mar 2025 6.6% | Jun 2025 3.5% | Sep 2025 6.0% | Dec 2025 12% | Mar 2026 5.8% | Jun 2026 —
- CPA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 15% | Dec 2024 25% | Mar 2025 6.2% | Jun 2025 40% | Sep 2025 25% | Dec 2025 20% | Mar 2026 16% | Jun 2026 —
- ALK: Sep 2021 9.0% | Dec 2021 11% | Mar 2022 34% | Jun 2022 26% | Sep 2022 22% | Dec 2022 29% | Mar 2023 11% | Jun 2023 18% | Sep 2023 13% | Dec 2023 20% | Mar 2024 2.6% | Jun 2024 18% | Sep 2024 8.6% | Dec 2024 12% | Mar 2025 7.6% | Jun 2025 2.3% | Sep 2025 5.9% | Dec 2025 17% | Mar 2026 10% | Jun 2026 —
- SKYW: Sep 2021 22% | Dec 2021 41% | Mar 2022 16% | Jun 2022 25% | Sep 2022 28% | Dec 2022 16% | Mar 2023 15% | Jun 2023 4.3% | Sep 2023 4.2% | Dec 2023 11% | Mar 2024 4.7% | Jun 2024 2.2% | Sep 2024 11% | Dec 2024 17% | Mar 2025 7.7% | Jun 2025 16% | Sep 2025 12% | Dec 2025 21% | Mar 2026 10% | Jun 2026 —
- ALGT: Sep 2021 7.0% | Dec 2021 20% | Mar 2022 24% | Jun 2022 22% | Sep 2022 25% | Dec 2022 23% | Mar 2023 25% | Jun 2023 41% | Sep 2023 39% | Dec 2023 34% | Mar 2024 26% | Jun 2024 9.3% | Sep 2024 8.2% | Dec 2024 9.6% | Mar 2025 11% | Jun 2025 16% | Sep 2025 26% | Dec 2025 8.1% | Mar 2026 24% | Jun 2026 —
- AERO: Sep 2021 — | Dec 2021 — | Mar 2022 2.1% | Jun 2022 4.1% | Sep 2022 11% | Dec 2022 7.4% | Mar 2023 8.0% | Jun 2023 7.7% | Sep 2023 7.0% | Dec 2023 8.7% | Mar 2024 8.3% | Jun 2024 10% | Sep 2024 8.2% | Dec 2024 6.7% | Mar 2025 6.0% | Jun 2025 3.7% | Sep 2025 7.3% | Dec 2025 8.4% | Mar 2026 4.9% | Jun 2026 —
- JBLU: Sep 2021 13% | Dec 2021 11% | Mar 2022 7.7% | Jun 2022 8.4% | Sep 2022 10% | Dec 2022 13% | Mar 2023 7.6% | Jun 2023 11% | Sep 2023 13% | Dec 2023 19% | Mar 2024 21% | Jun 2024 19% | Sep 2024 12% | Dec 2024 18% | Mar 2025 8.7% | Jun 2025 13% | Sep 2025 12% | Dec 2025 15% | Mar 2026 6.3% | Jun 2026 —
- ULCC: Sep 2021 1.3% | Dec 2021 1.1% | Mar 2022 1.2% | Jun 2022 0.8% | Sep 2022 1.9% | Dec 2022 1.1% | Mar 2023 1.3% | Jun 2023 1.2% | Sep 2023 1.6% | Dec 2023 1.6% | Mar 2024 2.0% | Jun 2024 3.2% | Sep 2024 1.5% | Dec 2024 1.4% | Mar 2025 2.0% | Jun 2025 3.6% | Sep 2025 0.2% | Dec 2025 2.2% | Mar 2026 1.2% | Jun 2026 —
- VLRS: Sep 2021 — | Dec 2021 — | Mar 2022 59,95,767% | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 15% | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 1,79,86,458% | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 1,14,85,398% | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 78,74,286% | Jun 2026 —
- RJET: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 6.3% | Dec 2022 12% | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 5.9% | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 1.9% | Mar 2025 9.9% | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 18% | Jun 2026 —
- FLYX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 31% | Jun 2023 22% | Sep 2023 58% | Dec 2023 30% | Mar 2024 51% | Jun 2024 3.8% | Sep 2024 6.5% | Dec 2024 53% | Mar 2025 11% | Jun 2025 4.4% | Sep 2025 21% | Dec 2025 23% | Mar 2026 23% | Jun 2026 —

## Debt Load & Balance-Sheet Headroom

What the numbers say: Ryanair Holdings plc has the clearest covered balance-sheet capacity with $2,622 million net cash and gross debt of $182 million. Absolute debt alone does not identify the strongest balance sheet because company scale differs; net debt and debt-to-equity carry more information.

Investor read: Prioritize net-cash capacity and leverage relative to operating scale, not the smallest absolute rupee debt.

This conclusion weakens if: Net debt rises faster than revenue and profit for two consecutive reported periods.

Evidence: Ryanair Holdings plc · $182 million | 23.2% versus #2 · flyExclusive, Inc. | 8/8 recent comparable periods | 16/16 companies · 305 observations

Definition: Gross debt shows contractual borrowings. Net debt subtracts reported cash; a negative value means net cash. Lower debt can create capacity, but should be read against the scale and capital intensity of the business.

### Gross debt — lowest gross debt
1. Ryanair Holdings plc (RYAAY): ₹182 Cr
2. flyExclusive, Inc. (FLYX): ₹237 Cr
3. Republic Airways Holdings Inc. (RJET): ₹1.2K Cr
4. Allegiant Travel Company (ALGT): ₹1.9K Cr
5. SkyWest, Inc. (SKYW): ₹2.3K Cr

### Net debt — lowest net debt
1. Ryanair Holdings plc (RYAAY): ₹-2.6K Cr
2. flyExclusive, Inc. (FLYX): ₹217 Cr
3. Allegiant Travel Company (ALGT): ₹952 Cr
4. Republic Airways Holdings Inc. (RJET): ₹966 Cr
5. Copa Holdings, S.A. (CPA): ₹1.1K Cr

### 20-quarter Gross debt history
- DAL: Sep 2021 ₹35.3K Cr | Dec 2021 ₹35.8K Cr | Mar 2022 ₹34.6K Cr | Jun 2022 ₹33.7K Cr | Sep 2022 ₹31.9K Cr | Dec 2022 ₹31.7K Cr | Mar 2023 ₹30.7K Cr | Jun 2023 ₹28.7K Cr | Sep 2023 ₹27.9K Cr | Dec 2023 ₹28.4K Cr | Mar 2024 ₹27.4K Cr | Jun 2024 ₹25.9K Cr | Sep 2024 ₹25.5K Cr | Dec 2024 ₹23.9K Cr | Mar 2025 ₹23.4K Cr | Jun 2025 ₹22.4K Cr | Sep 2025 ₹22.1K Cr | Dec 2025 ₹21.4K Cr | Mar 2026 ₹21.4K Cr | Jun 2026 ₹21.1K Cr
- UAL: Sep 2021 ₹39.9K Cr | Dec 2021 ₹39.4K Cr | Mar 2022 ₹38.6K Cr | Jun 2022 ₹38.0K Cr | Sep 2022 ₹37.0K Cr | Dec 2022 ₹36.4K Cr | Mar 2023 ₹36.0K Cr | Jun 2023 ₹35.8K Cr | Sep 2023 ₹35.0K Cr | Dec 2023 ₹36.7K Cr | Mar 2024 ₹32.3K Cr | Jun 2024 ₹31.6K Cr | Sep 2024 ₹30.6K Cr | Dec 2024 ₹33.6K Cr | Mar 2025 ₹32.9K Cr | Jun 2025 ₹32.8K Cr | Sep 2025 ₹31.3K Cr | Dec 2025 ₹31.0K Cr | Mar 2026 ₹31.0K Cr | Jun 2026 ₹33.7K Cr
- RYAAY: Sep 2021 ₹5.7K Cr | Dec 2021 ₹5.1K Cr | Mar 2022 ₹5.1K Cr | Jun 2022 ₹5.0K Cr | Sep 2022 ₹5.1K Cr | Dec 2022 ₹5.0K Cr | Mar 2023 ₹4.1K Cr | Jun 2023 ₹2.8K Cr | Sep 2023 ₹2.8K Cr | Dec 2023 ₹2.8K Cr | Mar 2024 ₹2.7K Cr | Jun 2024 ₹2.8K Cr | Sep 2024 ₹2.7K Cr | Dec 2024 ₹2.7K Cr | Mar 2025 ₹2.7K Cr | Jun 2025 ₹2.3K Cr | Sep 2025 ₹1.5K Cr | Dec 2025 ₹1.5K Cr | Mar 2026 ₹1.5K Cr | Jun 2026 ₹182 Cr
- LUV: Sep 2021 ₹12.8K Cr | Dec 2021 ₹12.3K Cr | Mar 2022 ₹12.2K Cr | Jun 2022 ₹12.0K Cr | Sep 2022 ₹10.1K Cr | Dec 2022 ₹9.4K Cr | Mar 2023 ₹9.4K Cr | Jun 2023 ₹9.3K Cr | Sep 2023 ₹9.3K Cr | Dec 2023 ₹9.2K Cr | Mar 2024 ₹9.2K Cr | Jun 2024 ₹9.1K Cr | Sep 2024 ₹9.1K Cr | Dec 2024 ₹8.1K Cr | Mar 2025 ₹8.0K Cr | Jun 2025 ₹5.3K Cr | Sep 2025 ₹5.3K Cr | Dec 2025 ₹6.0K Cr | Mar 2026 ₹6.4K Cr | Jun 2026 ₹6.9K Cr
- LTM: Sep 2021 ₹5.8K Cr | Dec 2021 ₹5.9K Cr | Mar 2022 ₹6.1K Cr | Jun 2022 ₹6.2K Cr | Sep 2022 ₹6.1K Cr | Dec 2022 ₹6.0K Cr | Mar 2023 ₹5.9K Cr | Jun 2023 ₹5.9K Cr | Sep 2023 ₹6.1K Cr | Dec 2023 ₹6.3K Cr | Mar 2024 ₹6.4K Cr | Jun 2024 ₹6.5K Cr | Sep 2024 ₹6.4K Cr | Dec 2024 ₹6.5K Cr | Mar 2025 ₹6.4K Cr | Jun 2025 ₹6.8K Cr | Sep 2025 ₹6.8K Cr | Dec 2025 ₹7.3K Cr | Mar 2026 ₹7.5K Cr | Jun 2026 —
- AAL: Sep 2021 ₹46.7K Cr | Dec 2021 ₹46.2K Cr | Mar 2022 ₹45.9K Cr | Jun 2022 ₹44.9K Cr | Sep 2022 ₹44.7K Cr | Dec 2022 ₹43.7K Cr | Mar 2023 ₹42.9K Cr | Jun 2023 ₹42.6K Cr | Sep 2023 ₹41.2K Cr | Dec 2023 ₹40.7K Cr | Mar 2024 ₹40.1K Cr | Jun 2024 ₹39.4K Cr | Sep 2024 ₹39.2K Cr | Dec 2024 ₹37.6K Cr | Mar 2025 ₹36.6K Cr | Jun 2025 ₹37.2K Cr | Sep 2025 ₹36.1K Cr | Dec 2025 ₹36.9K Cr | Mar 2026 ₹34.9K Cr | Jun 2026 ₹35.7K Cr
- CPA: Sep 2021 ₹1.6K Cr | Dec 2021 ₹1.6K Cr | Mar 2022 ₹1.6K Cr | Jun 2022 ₹1.6K Cr | Sep 2022 ₹1.7K Cr | Dec 2022 ₹1.7K Cr | Mar 2023 ₹1.7K Cr | Jun 2023 ₹1.8K Cr | Sep 2023 ₹1.7K Cr | Dec 2023 ₹1.7K Cr | Mar 2024 ₹1.7K Cr | Jun 2024 ₹1.8K Cr | Sep 2024 ₹1.9K Cr | Dec 2024 ₹2.0K Cr | Mar 2025 ₹1.9K Cr | Jun 2025 ₹2.1K Cr | Sep 2025 ₹2.2K Cr | Dec 2025 ₹2.3K Cr | Mar 2026 ₹2.4K Cr | Jun 2026 —
- ALK: Sep 2021 ₹4.1K Cr | Dec 2021 ₹4.1K Cr | Mar 2022 ₹4.0K Cr | Jun 2022 ₹4.1K Cr | Sep 2022 ₹4.0K Cr | Dec 2022 ₹3.8K Cr | Mar 2023 ₹3.7K Cr | Jun 2023 ₹3.9K Cr | Sep 2023 ₹4.1K Cr | Dec 2023 ₹3.8K Cr | Mar 2024 ₹3.8K Cr | Jun 2024 ₹3.9K Cr | Sep 2024 ₹6.1K Cr | Dec 2024 ₹6.4K Cr | Mar 2025 ₹6.3K Cr | Jun 2025 ₹6.4K Cr | Sep 2025 ₹6.5K Cr | Dec 2025 ₹6.9K Cr | Mar 2026 ₹6.7K Cr | Jun 2026 ₹7.6K Cr
- SKYW: Sep 2021 ₹3.2K Cr | Dec 2021 ₹3.3K Cr | Mar 2022 ₹3.4K Cr | Jun 2022 ₹3.5K Cr | Sep 2022 ₹3.6K Cr | Dec 2022 ₹3.5K Cr | Mar 2023 ₹3.4K Cr | Jun 2023 ₹3.3K Cr | Sep 2023 ₹3.2K Cr | Dec 2023 ₹3.1K Cr | Mar 2024 ₹3.0K Cr | Jun 2024 ₹2.9K Cr | Sep 2024 ₹2.8K Cr | Dec 2024 ₹2.8K Cr | Mar 2025 ₹2.6K Cr | Jun 2025 ₹2.6K Cr | Sep 2025 ₹2.5K Cr | Dec 2025 ₹2.5K Cr | Mar 2026 ₹2.5K Cr | Jun 2026 ₹2.3K Cr
- ALGT: Sep 2021 ₹1.7K Cr | Dec 2021 ₹1.9K Cr | Mar 2022 ₹1.9K Cr | Jun 2022 ₹2.1K Cr | Sep 2022 ₹2.1K Cr | Dec 2022 ₹2.2K Cr | Mar 2023 ₹2.2K Cr | Jun 2023 ₹2.3K Cr | Sep 2023 ₹2.4K Cr | Dec 2023 ₹2.4K Cr | Mar 2024 ₹2.3K Cr | Jun 2024 ₹2.3K Cr | Sep 2024 ₹2.3K Cr | Dec 2024 ₹2.2K Cr | Mar 2025 ₹2.1K Cr | Jun 2025 ₹2.0K Cr | Sep 2025 ₹2.1K Cr | Dec 2025 ₹1.9K Cr | Mar 2026 ₹1.9K Cr | Jun 2026 —
- AERO: Sep 2021 ₹0 Cr | Dec 2021 ₹3.7K Cr | Mar 2022 ₹0 Cr | Jun 2022 ₹0 Cr | Sep 2022 ₹0 Cr | Dec 2022 ₹3.5K Cr | Mar 2023 ₹3.5K Cr | Jun 2023 ₹3.5K Cr | Sep 2023 ₹3.3K Cr | Dec 2023 ₹3.2K Cr | Mar 2024 ₹3.1K Cr | Jun 2024 ₹3.2K Cr | Sep 2024 ₹3.3K Cr | Dec 2024 ₹3.7K Cr | Mar 2025 ₹3.9K Cr | Jun 2025 ₹4.0K Cr | Sep 2025 ₹4.0K Cr | Dec 2025 ₹4.1K Cr | Mar 2026 ₹4.0K Cr | Jun 2026 ₹4.1K Cr
- JBLU: Sep 2021 ₹5.0K Cr | Dec 2021 ₹4.8K Cr | Mar 2022 ₹4.8K Cr | Jun 2022 ₹4.6K Cr | Sep 2022 ₹4.5K Cr | Dec 2022 ₹4.4K Cr | Mar 2023 ₹4.3K Cr | Jun 2023 ₹4.4K Cr | Sep 2023 ₹4.7K Cr | Dec 2023 ₹5.4K Cr | Mar 2024 ₹5.7K Cr | Jun 2024 ₹6.0K Cr | Sep 2024 ₹8.8K Cr | Dec 2024 ₹9.1K Cr | Mar 2025 ₹9.4K Cr | Jun 2025 ₹9.4K Cr | Sep 2025 ₹9.4K Cr | Dec 2025 ₹9.4K Cr | Mar 2026 ₹9.3K Cr | Jun 2026 —
- ULCC: Sep 2021 ₹2.9K Cr | Dec 2021 ₹2.8K Cr | Mar 2022 ₹2.8K Cr | Jun 2022 ₹2.8K Cr | Sep 2022 ₹2.8K Cr | Dec 2022 ₹2.9K Cr | Mar 2023 ₹3.1K Cr | Jun 2023 ₹3.1K Cr | Sep 2023 ₹3.3K Cr | Dec 2023 ₹3.5K Cr | Mar 2024 ₹3.6K Cr | Jun 2024 ₹4.1K Cr | Sep 2024 ₹4.2K Cr | Dec 2024 ₹4.5K Cr | Mar 2025 ₹4.8K Cr | Jun 2025 ₹4.9K Cr | Sep 2025 ₹5.0K Cr | Dec 2025 ₹5.5K Cr | Mar 2026 ₹5.2K Cr | Jun 2026 —
- VLRS: Sep 2021 ₹2.3K Cr | Dec 2021 ₹2.5K Cr | Mar 2022 ₹2.4K Cr | Jun 2022 ₹2.6K Cr | Sep 2022 ₹2.7K Cr | Dec 2022 ₹2.9K Cr | Mar 2023 ₹3,450.6 L Cr | Jun 2023 ₹2.8K Cr | Sep 2023 ₹3.4K Cr | Dec 2023 ₹3.3K Cr | Mar 2024 ₹3.7K Cr | Jun 2024 ₹3.6K Cr | Sep 2024 ₹3.7K Cr | Dec 2024 ₹3.9K Cr | Mar 2025 ₹3,947.6 L Cr | Jun 2025 ₹4,185.3 L Cr | Sep 2025 ₹4,058.1 L Cr | Dec 2025 ₹3.9K Cr | Mar 2026 ₹3.8K Cr | Jun 2026 ₹3.9K Cr
- RJET: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 ₹673 Cr | Sep 2022 ₹634 Cr | Dec 2022 ₹702 Cr | Mar 2023 — | Jun 2023 — | Sep 2023 ₹540 Cr | Dec 2023 ₹483 Cr | Mar 2024 — | Jun 2024 — | Sep 2024 ₹235 Cr | Dec 2024 ₹1.1K Cr | Mar 2025 ₹139 Cr | Jun 2025 — | Sep 2025 ₹103 Cr | Dec 2025 ₹1.2K Cr | Mar 2026 ₹1.2K Cr | Jun 2026 —
- FLYX: Sep 2021 ₹0 Cr | Dec 2021 ₹0 Cr | Mar 2022 ₹0 Cr | Jun 2022 ₹0 Cr | Sep 2022 ₹0 Cr | Dec 2022 ₹300 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹313 Cr | Mar 2024 ₹330 Cr | Jun 2024 ₹326 Cr | Sep 2024 ₹315 Cr | Dec 2024 ₹316 Cr | Mar 2025 ₹259 Cr | Jun 2025 ₹249 Cr | Sep 2025 ₹265 Cr | Dec 2025 ₹243 Cr | Mar 2026 ₹237 Cr | Jun 2026 —

### 20-quarter Net debt history
- DAL: Sep 2021 ₹22.1K Cr | Dec 2021 ₹24.5K Cr | Mar 2022 ₹24.6K Cr | Jun 2022 ₹22.9K Cr | Sep 2022 ₹23.6K Cr | Dec 2022 ₹25.2K Cr | Mar 2023 ₹24.0K Cr | Jun 2023 ₹22.6K Cr | Sep 2023 ₹22.9K Cr | Dec 2023 ₹24.5K Cr | Mar 2024 ₹22.9K Cr | Jun 2024 ₹21.7K Cr | Sep 2024 ₹21.5K Cr | Dec 2024 ₹20.8K Cr | Mar 2025 ₹19.7K Cr | Jun 2025 ₹19.0K Cr | Sep 2025 ₹18.3K Cr | Dec 2025 ₹17.1K Cr | Mar 2026 ₹16.3K Cr | Jun 2026 ₹16.4K Cr
- UAL: Sep 2021 ₹20.5K Cr | Dec 2021 ₹21.0K Cr | Mar 2022 ₹19.9K Cr | Jun 2022 ₹17.9K Cr | Sep 2022 ₹18.3K Cr | Dec 2022 ₹20.0K Cr | Mar 2023 ₹18.9K Cr | Jun 2023 ₹16.7K Cr | Sep 2023 ₹17.9K Cr | Dec 2023 ₹22.4K Cr | Mar 2024 ₹18.3K Cr | Jun 2024 ₹16.4K Cr | Sep 2024 ₹16.4K Cr | Dec 2024 ₹19.2K Cr | Mar 2025 ₹17.6K Cr | Jun 2025 ₹17.2K Cr | Sep 2025 ₹18.0K Cr | Dec 2025 ₹18.8K Cr | Mar 2026 ₹16.8K Cr | Jun 2026 ₹17.0K Cr
- RYAAY: Sep 2021 ₹1.5K Cr | Dec 2021 ₹2.2K Cr | Mar 2022 ₹1.5K Cr | Jun 2022 ₹425 Cr | Sep 2022 ₹569 Cr | Dec 2022 ₹980 Cr | Mar 2023 ₹-540 Cr | Jun 2023 ₹-824 Cr | Sep 2023 ₹-824 Cr | Dec 2023 ₹-125 Cr | Mar 2024 ₹-1.4K Cr | Jun 2024 ₹-1.7K Cr | Sep 2024 ₹-585 Cr | Dec 2024 ₹-51 Cr | Mar 2025 ₹-1.3K Cr | Jun 2025 ₹-2.0K Cr | Sep 2025 ₹-1.5K Cr | Dec 2025 ₹-934 Cr | Mar 2026 ₹-2.1K Cr | Jun 2026 ₹-2.6K Cr
- LUV: Sep 2021 ₹-3.2K Cr | Dec 2021 ₹-3.2K Cr | Mar 2022 ₹-3.5K Cr | Jun 2022 ₹-4.4K Cr | Sep 2022 ₹-3.6K Cr | Dec 2022 ₹-2.9K Cr | Mar 2023 ₹-2.3K Cr | Jun 2023 ₹-2.9K Cr | Sep 2023 ₹-2.5K Cr | Dec 2023 ₹-2.3K Cr | Mar 2024 ₹-1.4K Cr | Jun 2024 ₹-893 Cr | Sep 2024 ₹-287 Cr | Dec 2024 ₹-667 Cr | Mar 2025 ₹-257 Cr | Jun 2025 ₹1.5K Cr | Sep 2025 ₹2.2K Cr | Dec 2025 ₹2.8K Cr | Mar 2026 ₹3.1K Cr | Jun 2026 ₹3.1K Cr
- LTM: Sep 2021 ₹4.8K Cr | Dec 2021 ₹4.8K Cr | Mar 2022 ₹4.9K Cr | Jun 2022 ₹4.9K Cr | Sep 2022 ₹5.1K Cr | Dec 2022 ₹4.3K Cr | Mar 2023 ₹3.9K Cr | Jun 2023 ₹4.1K Cr | Sep 2023 ₹4.2K Cr | Dec 2023 ₹4.5K Cr | Mar 2024 ₹4.4K Cr | Jun 2024 ₹4.5K Cr | Sep 2024 ₹4.4K Cr | Dec 2024 ₹4.5K Cr | Mar 2025 ₹4.2K Cr | Jun 2025 ₹4.6K Cr | Sep 2025 ₹4.7K Cr | Dec 2025 ₹5.1K Cr | Mar 2026 ₹4.9K Cr | Jun 2026 —
- AAL: Sep 2021 ₹31.2K Cr | Dec 2021 ₹32.8K Cr | Mar 2022 ₹32.4K Cr | Jun 2022 ₹31.3K Cr | Sep 2022 ₹32.5K Cr | Dec 2022 ₹33.7K Cr | Mar 2023 ₹30.5K Cr | Jun 2023 ₹29.5K Cr | Sep 2023 ₹29.7K Cr | Dec 2023 ₹32.2K Cr | Mar 2024 ₹30.9K Cr | Jun 2024 ₹30.1K Cr | Sep 2024 ₹29.9K Cr | Dec 2024 ₹29.9K Cr | Mar 2025 ₹28.5K Cr | Jun 2025 ₹27.8K Cr | Sep 2025 ₹28.4K Cr | Dec 2025 ₹30.3K Cr | Mar 2026 ₹26.9K Cr | Jun 2026 ₹27.3K Cr
- CPA: Sep 2021 ₹413 Cr | Dec 2021 ₹587 Cr | Mar 2022 ₹622 Cr | Jun 2022 ₹712 Cr | Sep 2022 ₹765 Cr | Dec 2022 ₹748 Cr | Mar 2023 ₹695 Cr | Jun 2023 ₹696 Cr | Sep 2023 ₹672 Cr | Dec 2023 ₹831 Cr | Mar 2024 ₹893 Cr | Jun 2024 ₹875 Cr | Sep 2024 ₹825 Cr | Dec 2024 ₹802 Cr | Mar 2025 ₹1.0K Cr | Jun 2025 ₹1.1K Cr | Sep 2025 ₹1.2K Cr | Dec 2025 ₹967 Cr | Mar 2026 ₹1.1K Cr | Jun 2026 —
- ALK: Sep 2021 ₹921 Cr | Dec 2021 ₹970 Cr | Mar 2022 ₹1.1K Cr | Jun 2022 ₹657 Cr | Sep 2022 ₹805 Cr | Dec 2022 ₹1.4K Cr | Mar 2023 ₹1.3K Cr | Jun 2023 ₹1.4K Cr | Sep 2023 ₹1.7K Cr | Dec 2023 ₹2.0K Cr | Mar 2024 ₹1.5K Cr | Jun 2024 ₹1.4K Cr | Sep 2024 ₹3.6K Cr | Dec 2024 ₹3.9K Cr | Mar 2025 ₹3.8K Cr | Jun 2025 ₹4.2K Cr | Sep 2025 ₹4.2K Cr | Dec 2025 ₹4.7K Cr | Mar 2026 ₹4.9K Cr | Jun 2026 ₹4.9K Cr
- SKYW: Sep 2021 ₹2.3K Cr | Dec 2021 ₹2.5K Cr | Mar 2022 ₹2.6K Cr | Jun 2022 ₹2.5K Cr | Sep 2022 ₹2.6K Cr | Dec 2022 ₹2.5K Cr | Mar 2023 ₹2.5K Cr | Jun 2023 ₹2.4K Cr | Sep 2023 ₹2.3K Cr | Dec 2023 ₹2.3K Cr | Mar 2024 ₹2.2K Cr | Jun 2024 ₹2.0K Cr | Sep 2024 ₹1.9K Cr | Dec 2024 ₹2.0K Cr | Mar 2025 ₹1.9K Cr | Jun 2025 ₹1.8K Cr | Sep 2025 ₹1.7K Cr | Dec 2025 ₹1.8K Cr | Mar 2026 ₹1.9K Cr | Jun 2026 ₹1.7K Cr
- ALGT: Sep 2021 ₹631 Cr | Dec 2021 ₹694 Cr | Mar 2022 ₹693 Cr | Jun 2022 ₹877 Cr | Sep 2022 ₹1.1K Cr | Dec 2022 ₹1.3K Cr | Mar 2023 ₹1.2K Cr | Jun 2023 ₹1.3K Cr | Sep 2023 ₹1.5K Cr | Dec 2023 ₹1.5K Cr | Mar 2024 ₹1.5K Cr | Jun 2024 ₹1.5K Cr | Sep 2024 ₹1.5K Cr | Dec 2024 ₹1.4K Cr | Mar 2025 ₹1.2K Cr | Jun 2025 ₹1.2K Cr | Sep 2025 ₹1.2K Cr | Dec 2025 ₹1.1K Cr | Mar 2026 ₹952 Cr | Jun 2026 —
- AERO: Sep 2021 ₹-870 Cr | Dec 2021 ₹2.7K Cr | Mar 2022 ₹-1.4K Cr | Jun 2022 ₹-846 Cr | Sep 2022 ₹-729 Cr | Dec 2022 ₹2.6K Cr | Mar 2023 ₹2.7K Cr | Jun 2023 ₹2.5K Cr | Sep 2023 ₹2.3K Cr | Dec 2023 ₹2.3K Cr | Mar 2024 ₹2.2K Cr | Jun 2024 ₹2.0K Cr | Sep 2024 ₹2.6K Cr | Dec 2024 ₹2.9K Cr | Mar 2025 ₹3.1K Cr | Jun 2025 ₹3.0K Cr | Sep 2025 ₹3.1K Cr | Dec 2025 ₹3.0K Cr | Mar 2026 ₹2.9K Cr | Jun 2026 ₹3.0K Cr
- JBLU: Sep 2021 ₹1.7K Cr | Dec 2021 ₹2.0K Cr | Mar 2022 ₹2.0K Cr | Jun 2022 ₹2.2K Cr | Sep 2022 ₹2.5K Cr | Dec 2022 ₹3.0K Cr | Mar 2023 ₹2.8K Cr | Jun 2023 ₹2.8K Cr | Sep 2023 ₹3.3K Cr | Dec 2023 ₹3.8K Cr | Mar 2024 ₹4.1K Cr | Jun 2024 ₹4.5K Cr | Sep 2024 ₹4.8K Cr | Dec 2024 ₹5.5K Cr | Mar 2025 ₹5.9K Cr | Jun 2025 ₹6.4K Cr | Sep 2025 ₹6.8K Cr | Dec 2025 ₹7.3K Cr | Mar 2026 ₹7.2K Cr | Jun 2026 —
- ULCC: Sep 2021 ₹2.1K Cr | Dec 2021 ₹1.9K Cr | Mar 2022 ₹2.0K Cr | Jun 2022 ₹2.0K Cr | Sep 2022 ₹2.2K Cr | Dec 2022 ₹2.2K Cr | Mar 2023 ₹2.3K Cr | Jun 2023 ₹2.3K Cr | Sep 2023 ₹2.7K Cr | Dec 2023 ₹2.9K Cr | Mar 2024 ₹3.0K Cr | Jun 2024 ₹3.4K Cr | Sep 2024 ₹3.7K Cr | Dec 2024 ₹3.7K Cr | Mar 2025 ₹4.1K Cr | Jun 2025 ₹4.3K Cr | Sep 2025 ₹4.5K Cr | Dec 2025 ₹4.8K Cr | Mar 2026 ₹4.5K Cr | Jun 2026 —
- VLRS: Sep 2021 ₹1.7K Cr | Dec 2021 ₹1.8K Cr | Mar 2022 ₹1.7K Cr | Jun 2022 ₹1.9K Cr | Sep 2022 ₹1.9K Cr | Dec 2022 ₹2.2K Cr | Mar 2023 ₹-3,593.3 L Cr | Jun 2023 ₹2.1K Cr | Sep 2023 ₹2.6K Cr | Dec 2023 ₹2.5K Cr | Mar 2024 ₹2.9K Cr | Jun 2024 ₹2.9K Cr | Sep 2024 ₹2.9K Cr | Dec 2024 ₹2.9K Cr | Mar 2025 ₹-4,522.4 L Cr | Jun 2025 ₹-3,535.9 L Cr | Sep 2025 ₹-3,728.0 L Cr | Dec 2025 ₹3.1K Cr | Mar 2026 ₹3.1K Cr | Jun 2026 ₹3.0K Cr
- RJET: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 ₹619 Cr | Sep 2022 ₹576 Cr | Dec 2022 ₹646 Cr | Mar 2023 — | Jun 2023 — | Sep 2023 ₹507 Cr | Dec 2023 ₹467 Cr | Mar 2024 — | Jun 2024 — | Sep 2024 ₹196 Cr | Dec 2024 ₹841 Cr | Mar 2025 ₹85 Cr | Jun 2025 — | Sep 2025 ₹64 Cr | Dec 2025 ₹928 Cr | Mar 2026 ₹966 Cr | Jun 2026 —
- FLYX: Sep 2021 ₹0 Cr | Dec 2021 ₹0 Cr | Mar 2022 ₹0 Cr | Jun 2022 ₹0 Cr | Sep 2022 ₹0 Cr | Dec 2022 ₹207 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹-1 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹230 Cr | Mar 2024 ₹253 Cr | Jun 2024 ₹247 Cr | Sep 2024 ₹235 Cr | Dec 2024 ₹219 Cr | Mar 2025 ₹236 Cr | Jun 2025 ₹233 Cr | Sep 2025 ₹246 Cr | Dec 2025 ₹214 Cr | Mar 2026 ₹217 Cr | Jun 2026 —

## Return On Capital Employed

What the numbers say: LATAM Airlines Group S.A. leads ROCE at 8%, 1.8 percentage points above Ryanair Holdings plc. LATAM Airlines Group S.A. has the strongest latest improvement at +1.9 percentage points. Read the leader beside the density of its reported history: a sparse high return is a candidate; a repeated high return is evidence of durability.

Investor read: LATAM Airlines Group S.A. sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current roce change signal.

Evidence: LATAM Airlines Group S.A. · 8% | 29% versus #2 · Ryanair Holdings plc | 6/8 recent comparable periods | 16/16 companies · 305 observations

Definition: ROCE asks how much operating return the business earns on the capital employed. Direction matters, but a single exceptional year should not be mistaken for durability.

### ROCE — highest
1. LATAM Airlines Group S.A. (LTM): 8.0%
2. Ryanair Holdings plc (RYAAY): 6.2%
3. Copa Holdings, S.A. (CPA): 5.3%
4. Republic Airways Holdings Inc. (RJET): 3.9%
5. Delta Air Lines, Inc. (DAL): 3.6%

### ROCE change — fastest improvers
1. LATAM Airlines Group S.A. (LTM): +1.9 pp
2. Allegiant Travel Company (ALGT): +0.6 pp
3. flyExclusive, Inc. (FLYX): +0.6 pp
4. Southwest Airlines Co. (LUV): +0.5 pp
5. Copa Holdings, S.A. (CPA): +0.1 pp

### 20-quarter ROCE history
- DAL: Sep 2021 4.0% | Dec 2021 0.5% | Mar 2022 -1.5% | Jun 2022 3.0% | Sep 2022 3.0% | Dec 2022 3.0% | Mar 2023 -0.6% | Jun 2023 5.3% | Sep 2023 4.3% | Dec 2023 2.8% | Mar 2024 1.3% | Jun 2024 5.0% | Sep 2024 3.0% | Dec 2024 3.6% | Mar 2025 1.2% | Jun 2025 4.4% | Sep 2025 3.4% | Dec 2025 2.9% | Mar 2026 1.0% | Jun 2026 3.6%
- UAL: Sep 2021 2.1% | Dec 2021 -0.8% | Mar 2022 -2.9% | Jun 2022 1.8% | Sep 2022 2.9% | Dec 2022 2.8% | Mar 2023 -0.1% | Jun 2023 3.2% | Sep 2023 3.6% | Dec 2023 2.1% | Mar 2024 0.2% | Jun 2024 4.1% | Sep 2024 3.2% | Dec 2024 3.0% | Mar 2025 1.2% | Jun 2025 2.8% | Sep 2025 2.8% | Dec 2025 2.7% | Mar 2026 1.9% | Jun 2026 2.1%
- RYAAY: Sep 2021 2.6% | Dec 2021 -1.2% | Mar 2022 -1.9% | Jun 2022 16% | Sep 2022 15% | Dec 2022 0.3% | Mar 2023 -2.4% | Jun 2023 11% | Sep 2023 11% | Dec 2023 -0.2% | Mar 2024 -3.4% | Jun 2024 3.2% | Sep 2024 15% | Dec 2024 0.3% | Mar 2025 -4.9% | Jun 2025 9.5% | Sep 2025 19% | Dec 2025 0.2% | Mar 2026 -4.9% | Jun 2026 6.2%
- LUV: Sep 2021 2.6% | Dec 2021 0.7% | Mar 2022 -0.6% | Jun 2022 4.4% | Sep 2022 1.5% | Dec 2022 -1.5% | Mar 2023 -1.1% | Jun 2023 3.1% | Sep 2023 0.5% | Dec 2023 -1.6% | Mar 2024 -1.6% | Jun 2024 1.7% | Sep 2024 0.2% | Dec 2024 1.2% | Mar 2025 -1.0% | Jun 2025 1.1% | Sep 2025 0.2% | Dec 2025 2.0% | Mar 2026 1.8% | Jun 2026 1.6%
- LTM: Sep 2021 -11% | Dec 2021 3.7% | Mar 2022 -4.9% | Jun 2022 -18% | Sep 2022 -6.8% | Dec 2022 4.8% | Mar 2023 5.5% | Jun 2023 5.2% | Sep 2023 9.6% | Dec 2023 3.6% | Mar 2024 4.5% | Jun 2024 3.0% | Sep 2024 4.9% | Dec 2024 5.0% | Mar 2025 6.1% | Jun 2025 4.7% | Sep 2025 7.4% | Dec 2025 14% | Mar 2026 8.0% | Jun 2026 —
- AAL: Sep 2021 1.2% | Dec 2021 -1.7% | Mar 2022 -3.6% | Jun 2022 2.1% | Sep 2022 2.0% | Dec 2022 3.0% | Mar 2023 1.0% | Jun 2023 4.9% | Sep 2023 -0.5% | Dec 2023 1.6% | Mar 2024 0.0% | Jun 2024 3.4% | Sep 2024 0.2% | Dec 2024 2.9% | Mar 2025 -0.7% | Jun 2025 2.9% | Sep 2025 0.4% | Dec 2025 1.2% | Mar 2026 -0.1% | Jun 2026 1.2%
- CPA: Sep 2021 1.9% | Dec 2021 5.2% | Mar 2022 1.4% | Jun 2022 1.4% | Sep 2022 4.5% | Dec 2022 6.6% | Mar 2023 5.6% | Jun 2023 6.2% | Sep 2023 6.0% | Dec 2023 5.8% | Mar 2024 5.8% | Jun 2024 4.5% | Sep 2024 4.4% | Dec 2024 4.9% | Mar 2025 5.2% | Jun 2025 4.2% | Sep 2025 4.7% | Dec 2025 4.4% | Mar 2026 5.3% | Jun 2026 —
- ALK: Sep 2021 2.5% | Dec 2021 0.4% | Mar 2022 -2.1% | Jun 2022 1.9% | Sep 2022 0.6% | Dec 2022 0.2% | Mar 2023 -1.9% | Jun 2023 3.4% | Sep 2023 2.1% | Dec 2023 0.3% | Mar 2024 -1.7% | Jun 2024 3.2% | Sep 2024 2.9% | Dec 2024 0.6% | Mar 2025 -1.7% | Jun 2025 2.4% | Sep 2025 1.1% | Dec 2025 0.5% | Mar 2026 -2.1% | Jun 2026 -1.2%
- SKYW: Sep 2021 0.8% | Dec 2021 0.6% | Mar 2022 0.9% | Jun 2022 1.5% | Sep 2022 1.2% | Dec 2022 -0.6% | Mar 2023 -0.1% | Jun 2023 0.5% | Sep 2023 0.8% | Dec 2023 0.5% | Mar 2024 1.7% | Jun 2024 2.1% | Sep 2024 2.3% | Dec 2024 2.5% | Mar 2025 2.5% | Jun 2025 3.0% | Sep 2025 3.1% | Dec 2025 2.3% | Mar 2026 2.2% | Jun 2026 2.8%
- ALGT: Sep 2021 2.4% | Dec 2021 1.1% | Mar 2022 0.2% | Jun 2022 0.8% | Sep 2022 -0.9% | Dec 2022 2.6% | Mar 2023 2.7% | Jun 2023 3.7% | Sep 2023 -0.5% | Dec 2023 0.3% | Mar 2024 0.4% | Jun 2024 1.0% | Sep 2024 -0.7% | Dec 2024 -7.8% | Mar 2025 1.9% | Jun 2025 -2.0% | Sep 2025 -0.8% | Dec 2025 2.1% | Mar 2026 2.5% | Jun 2026 —
- AERO: Sep 2021 -1.7% | Dec 2021 58% | Mar 2022 -19% | Jun 2022 7.2% | Sep 2022 14% | Dec 2022 36% | Mar 2023 3.0% | Jun 2023 7.0% | Sep 2023 9.2% | Dec 2023 7.1% | Mar 2024 6.9% | Jun 2024 8.9% | Sep 2024 11% | Dec 2024 8.5% | Mar 2025 4.4% | Jun 2025 6.8% | Sep 2025 7.4% | Dec 2025 8.3% | Mar 2026 3.8% | Jun 2026 1.8%
- JBLU: Sep 2021 1.8% | Dec 2021 -1.1% | Mar 2022 -3.6% | Jun 2022 -1.1% | Sep 2022 1.4% | Dec 2022 0.4% | Mar 2023 -2.5% | Jun 2023 2.5% | Sep 2023 -1.6% | Dec 2023 -0.7% | Mar 2024 -7.6% | Jun 2024 0.6% | Sep 2024 -0.3% | Dec 2024 0.1% | Mar 2025 -1.5% | Jun 2025 0.1% | Sep 2025 -0.8% | Dec 2025 -0.8% | Mar 2026 -1.8% | Jun 2026 —
- ULCC: Sep 2021 1.5% | Dec 2021 -3.2% | Mar 2022 -5.9% | Jun 2022 0.3% | Sep 2022 1.9% | Dec 2022 1.5% | Mar 2023 -0.9% | Jun 2023 2.7% | Sep 2023 -1.8% | Dec 2023 -0.1% | Mar 2024 -1.0% | Jun 2024 0.7% | Sep 2024 0.5% | Dec 2024 1.2% | Mar 2025 -1.2% | Jun 2025 -1.8% | Sep 2025 -1.8% | Dec 2025 1.0% | Mar 2026 -6.1% | Jun 2026 —
- VLRS: Sep 2021 6.6% | Dec 2021 4.9% | Mar 2022 -1.2% | Jun 2022 -0.7% | Sep 2022 1.2% | Dec 2022 2.0% | Mar 2023 0.0% | Jun 2023 1.6% | Sep 2023 1.2% | Dec 2023 4.7% | Mar 2024 0.0% | Jun 2024 1.9% | Sep 2024 3.6% | Dec 2024 3.0% | Mar 2025 0.0% | Jun 2025 -4.9% | Sep 2025 0.0% | Dec 2025 2.6% | Mar 2026 0.0% | Jun 2026 -7.1%
- RJET: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 0.0% | Sep 2022 -15% | Dec 2022 0.3% | Mar 2023 — | Jun 2023 — | Sep 2023 -2.6% | Dec 2023 -6.9% | Mar 2024 — | Jun 2024 — | Sep 2024 -4.5% | Dec 2024 -7.9% | Mar 2025 410% | Jun 2025 — | Sep 2025 -15% | Dec 2025 1.4% | Mar 2026 3.9% | Jun 2026 —
- FLYX: Sep 2021 -0.2% | Dec 2021 0.0% | Mar 2022 -0.2% | Jun 2022 -0.6% | Sep 2022 -0.6% | Dec 2022 -3.4% | Mar 2023 -3.7% | Jun 2023 7.9% | Sep 2023 -12% | Dec 2023 -7.2% | Mar 2024 -10% | Jun 2024 -13% | Sep 2024 -16% | Dec 2024 -4.6% | Mar 2025 -5.6% | Jun 2025 -5.2% | Sep 2025 -5.7% | Dec 2025 -4.3% | Mar 2026 -5.0% | Jun 2026 —

### 20-quarter ROCE change history
- DAL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −1.0 pp | Dec 2022 +2.5 pp | Mar 2023 +0.9 pp | Jun 2023 +2.3 pp | Sep 2023 +1.3 pp | Dec 2023 −0.2 pp | Mar 2024 +1.9 pp | Jun 2024 −0.3 pp | Sep 2024 −1.3 pp | Dec 2024 +0.8 pp | Mar 2025 −0.1 pp | Jun 2025 −0.6 pp | Sep 2025 +0.4 pp | Dec 2025 −0.7 pp | Mar 2026 −0.2 pp | Jun 2026 −0.8 pp
- UAL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.8 pp | Dec 2022 +3.6 pp | Mar 2023 +2.8 pp | Jun 2023 +1.4 pp | Sep 2023 +0.7 pp | Dec 2023 −0.7 pp | Mar 2024 +0.3 pp | Jun 2024 +0.9 pp | Sep 2024 −0.4 pp | Dec 2024 +0.9 pp | Mar 2025 +1.0 pp | Jun 2025 −1.3 pp | Sep 2025 −0.4 pp | Dec 2025 −0.3 pp | Mar 2026 +0.7 pp | Jun 2026 −0.7 pp
- RYAAY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +12.5 pp | Dec 2022 +1.5 pp | Mar 2023 −0.5 pp | Jun 2023 −4.7 pp | Sep 2023 −4.3 pp | Dec 2023 −0.5 pp | Mar 2024 −1.0 pp | Jun 2024 −7.7 pp | Sep 2024 +4.1 pp | Dec 2024 +0.5 pp | Mar 2025 −1.5 pp | Jun 2025 +6.3 pp | Sep 2025 +4.5 pp | Dec 2025 −0.1 pp | Mar 2026 0.0 pp | Jun 2026 −3.3 pp
- LUV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −1.1 pp | Dec 2022 −2.2 pp | Mar 2023 −0.5 pp | Jun 2023 −1.3 pp | Sep 2023 −1.0 pp | Dec 2023 −0.1 pp | Mar 2024 −0.5 pp | Jun 2024 −1.4 pp | Sep 2024 −0.3 pp | Dec 2024 +2.8 pp | Mar 2025 +0.6 pp | Jun 2025 −0.6 pp | Sep 2025 0.0 pp | Dec 2025 +0.8 pp | Mar 2026 +2.8 pp | Jun 2026 +0.5 pp
- LTM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +4.1 pp | Dec 2022 +1.1 pp | Mar 2023 +10.4 pp | Jun 2023 +22.8 pp | Sep 2023 +16.4 pp | Dec 2023 −1.2 pp | Mar 2024 −1.0 pp | Jun 2024 −2.2 pp | Sep 2024 −4.7 pp | Dec 2024 +1.4 pp | Mar 2025 +1.6 pp | Jun 2025 +1.7 pp | Sep 2025 +2.5 pp | Dec 2025 +8.6 pp | Mar 2026 +1.9 pp | Jun 2026 —
- AAL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.8 pp | Dec 2022 +4.7 pp | Mar 2023 +4.6 pp | Jun 2023 +2.8 pp | Sep 2023 −2.5 pp | Dec 2023 −1.4 pp | Mar 2024 −1.0 pp | Jun 2024 −1.5 pp | Sep 2024 +0.7 pp | Dec 2024 +1.3 pp | Mar 2025 −0.7 pp | Jun 2025 −0.5 pp | Sep 2025 +0.2 pp | Dec 2025 −1.7 pp | Mar 2026 +0.6 pp | Jun 2026 −1.7 pp
- CPA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +2.6 pp | Dec 2022 +1.4 pp | Mar 2023 +4.2 pp | Jun 2023 +4.8 pp | Sep 2023 +1.5 pp | Dec 2023 −0.8 pp | Mar 2024 +0.2 pp | Jun 2024 −1.7 pp | Sep 2024 −1.6 pp | Dec 2024 −0.9 pp | Mar 2025 −0.6 pp | Jun 2025 −0.3 pp | Sep 2025 +0.3 pp | Dec 2025 −0.5 pp | Mar 2026 +0.1 pp | Jun 2026 —
- ALK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −1.9 pp | Dec 2022 −0.2 pp | Mar 2023 +0.2 pp | Jun 2023 +1.5 pp | Sep 2023 +1.5 pp | Dec 2023 +0.1 pp | Mar 2024 +0.2 pp | Jun 2024 −0.2 pp | Sep 2024 +0.8 pp | Dec 2024 +0.3 pp | Mar 2025 0.0 pp | Jun 2025 −0.8 pp | Sep 2025 −1.8 pp | Dec 2025 −0.1 pp | Mar 2026 −0.4 pp | Jun 2026 −3.6 pp
- SKYW: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.4 pp | Dec 2022 −1.2 pp | Mar 2023 −1.0 pp | Jun 2023 −1.0 pp | Sep 2023 −0.4 pp | Dec 2023 +1.1 pp | Mar 2024 +1.8 pp | Jun 2024 +1.6 pp | Sep 2024 +1.5 pp | Dec 2024 +2.0 pp | Mar 2025 +0.8 pp | Jun 2025 +0.9 pp | Sep 2025 +0.8 pp | Dec 2025 −0.2 pp | Mar 2026 −0.3 pp | Jun 2026 −0.2 pp
- ALGT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −3.3 pp | Dec 2022 +1.5 pp | Mar 2023 +2.5 pp | Jun 2023 +2.9 pp | Sep 2023 +0.4 pp | Dec 2023 −2.3 pp | Mar 2024 −2.3 pp | Jun 2024 −2.7 pp | Sep 2024 −0.2 pp | Dec 2024 −8.1 pp | Mar 2025 +1.5 pp | Jun 2025 −3.0 pp | Sep 2025 −0.1 pp | Dec 2025 +9.9 pp | Mar 2026 +0.6 pp | Jun 2026 —
- AERO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +15.4 pp | Dec 2022 −22.5 pp | Mar 2023 +22.0 pp | Jun 2023 −0.2 pp | Sep 2023 −4.5 pp | Dec 2023 −28.8 pp | Mar 2024 +3.9 pp | Jun 2024 +1.9 pp | Sep 2024 +1.7 pp | Dec 2024 +1.4 pp | Mar 2025 −2.5 pp | Jun 2025 −2.1 pp | Sep 2025 −3.5 pp | Dec 2025 −0.2 pp | Mar 2026 −0.6 pp | Jun 2026 −5.0 pp
- JBLU: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.4 pp | Dec 2022 +1.5 pp | Mar 2023 +1.1 pp | Jun 2023 +3.6 pp | Sep 2023 −3.0 pp | Dec 2023 −1.1 pp | Mar 2024 −5.1 pp | Jun 2024 −1.9 pp | Sep 2024 +1.3 pp | Dec 2024 +0.8 pp | Mar 2025 +6.1 pp | Jun 2025 −0.5 pp | Sep 2025 −0.5 pp | Dec 2025 −0.9 pp | Mar 2026 −0.3 pp | Jun 2026 —
- ULCC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.4 pp | Dec 2022 +4.7 pp | Mar 2023 +5.0 pp | Jun 2023 +2.4 pp | Sep 2023 −3.7 pp | Dec 2023 −1.6 pp | Mar 2024 −0.1 pp | Jun 2024 −2.0 pp | Sep 2024 +2.3 pp | Dec 2024 +1.3 pp | Mar 2025 −0.2 pp | Jun 2025 −2.5 pp | Sep 2025 −2.3 pp | Dec 2025 −0.2 pp | Mar 2026 −4.9 pp | Jun 2026 —
- VLRS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −5.4 pp | Dec 2022 −2.9 pp | Mar 2023 +1.2 pp | Jun 2023 +2.3 pp | Sep 2023 0.0 pp | Dec 2023 +2.7 pp | Mar 2024 0.0 pp | Jun 2024 +0.3 pp | Sep 2024 +2.4 pp | Dec 2024 −1.7 pp | Mar 2025 0.0 pp | Jun 2025 −6.8 pp | Sep 2025 −3.6 pp | Dec 2025 −0.4 pp | Mar 2026 0.0 pp | Jun 2026 −2.2 pp
- RJET: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 +12.5 pp | Dec 2023 −7.2 pp | Mar 2024 — | Jun 2024 — | Sep 2024 −1.9 pp | Dec 2024 −1.0 pp | Mar 2025 — | Jun 2025 — | Sep 2025 −10.8 pp | Dec 2025 +9.3 pp | Mar 2026 −405.7 pp | Jun 2026 —
- FLYX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.4 pp | Dec 2022 −3.4 pp | Mar 2023 −3.5 pp | Jun 2023 +8.5 pp | Sep 2023 −11.5 pp | Dec 2023 −3.8 pp | Mar 2024 −6.4 pp | Jun 2024 −21.1 pp | Sep 2024 −4.1 pp | Dec 2024 +2.6 pp | Mar 2025 +4.5 pp | Jun 2025 +8.0 pp | Sep 2025 +10.5 pp | Dec 2025 +0.3 pp | Mar 2026 +0.6 pp | Jun 2026 —

## Valuation Against Growth & Quality

What the numbers say: LATAM Airlines Group S.A. has the lowest comparable Guarded PEG at 0.2×, 48.7% below Copa Holdings, S.A.. Only 2 of 16 companies pass the guard, so no broad “cheapest stock” conclusion is defensible unless the current multiple, own-history position and growth durability agree.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/e signal.

Evidence: LATAM Airlines Group S.A. · 0.2× | 48.7% versus #2 · Copa Holdings, S.A. | 0/7 recent comparable periods | 2/16 companies · 31 observations

Definition: PEG is shown only when earnings are positive and three-year EPS growth is between 5% and 60%. It is recomputed consistently as the trailing P/E divided by that growth rate — reported earnings, never an expected-earnings multiple. On Indian companies it is shown only where the two data sources reconciled. A missing PEG is more honest than a low-base fiction.

### Guarded PEG — lowest PEG
1. LATAM Airlines Group S.A. (LTM): 0.2
2. Copa Holdings, S.A. (CPA): 0.4

### P/E — lowest P/E
1. Copa Holdings, S.A. (CPA): 6.6
2. LATAM Airlines Group S.A. (LTM): 8.5
3. Republic Airways Holdings Inc. (RJET): 9.8
4. SkyWest, Inc. (SKYW): 9.9
5. United Airlines Holdings, Inc. (UAL): 12.7

### 20-quarter Guarded PEG history
- DAL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 0.5 | Sep 2024 1.0 | Dec 2024 — | Mar 2025 — | Jun 2025 0.3 | Sep 2025 0.3 | Dec 2025 0.2 | Mar 2026 — | Jun 2026 —
- UAL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 0.6 | Sep 2024 — | Dec 2024 0.5 | Mar 2025 0.2 | Jun 2025 0.6 | Sep 2025 0.5 | Dec 2025 1.3 | Mar 2026 — | Jun 2026 —
- RYAAY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 0.4 | Sep 2025 — | Dec 2025 0.4 | Mar 2026 — | Jun 2026 —
- LUV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 3.1 | Mar 2026 — | Jun 2026 —
- LTM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 0.2 | Jun 2025 — | Sep 2025 — | Dec 2025 0.2 | Mar 2026 — | Jun 2026 —
- CPA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 0.4 | Sep 2023 0.6 | Dec 2023 0.2 | Mar 2024 0.3 | Jun 2024 — | Sep 2024 0.1 | Dec 2024 0.4 | Mar 2025 1.0 | Jun 2025 — | Sep 2025 1.1 | Dec 2025 0.6 | Mar 2026 0.4 | Jun 2026 —
- ALK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 0.6 | Sep 2024 0.8 | Dec 2024 — | Mar 2025 — | Jun 2025 0.5 | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- SKYW: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 0.3 | Mar 2026 0.5 | Jun 2026 —

### 20-quarter P/E history
- DAL: Sep 2021 — | Dec 2021 88.8 | Mar 2022 50.1 | Jun 2022 31.5 | Sep 2022 255.1 | Dec 2022 16.0 | Mar 2023 11.8 | Jun 2023 10.3 | Sep 2023 7.0 | Dec 2023 5.6 | Mar 2024 7.6 | Jun 2024 8.6 | Sep 2024 8.9 | Dec 2024 11.4 | Mar 2025 7.7 | Jun 2025 7.1 | Sep 2025 8.0 | Dec 2025 9.1 | Mar 2026 9.7 | Jun 2026 15.5
- UAL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 16.9 | Mar 2023 7.6 | Jun 2023 6.8 | Sep 2023 4.9 | Dec 2023 5.2 | Mar 2024 5.9 | Jun 2024 5.5 | Sep 2024 6.9 | Dec 2024 10.3 | Mar 2025 6.3 | Jun 2025 8.0 | Sep 2025 9.7 | Dec 2025 11.0 | Mar 2026 8.2 | Jun 2026 12.7
- RYAAY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 167.7 | Sep 2022 31.7 | Dec 2022 29.0 | Mar 2023 37.6 | Jun 2023 32.3 | Sep 2023 23.6 | Dec 2023 33.9 | Mar 2024 40.3 | Jun 2024 38.5 | Sep 2024 14.8 | Dec 2024 14.0 | Mar 2025 13.5 | Jun 2025 12.8 | Sep 2025 11.5 | Dec 2025 14.5 | Mar 2026 12.2 | Jun 2026 15.9
- LUV: Sep 2021 — | Dec 2021 26.6 | Mar 2022 48.7 | Jun 2022 23.0 | Sep 2022 24.1 | Dec 2022 38.7 | Mar 2023 32.5 | Jun 2023 41.2 | Sep 2023 36.1 | Dec 2023 38.0 | Mar 2024 50.3 | Jun 2024 357.6 | Sep 2024 — | Dec 2024 44.2 | Mar 2025 39.5 | Jun 2025 49.2 | Sep 2025 49.1 | Dec 2025 52.3 | Mar 2026 24.2 | Jun 2026 31.6
- LTM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 10.1 | Dec 2024 8.5 | Mar 2025 8.8 | Jun 2025 10.5 | Sep 2025 10.8 | Dec 2025 10.9 | Mar 2026 8.5 | Jun 2026 —
- AAL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 67.0 | Mar 2023 5.8 | Jun 2023 4.8 | Sep 2023 5.8 | Dec 2023 11.4 | Mar 2024 25.6 | Jun 2024 — | Sep 2024 34.1 | Dec 2024 14.1 | Mar 2025 11.7 | Jun 2025 14.0 | Sep 2025 13.1 | Dec 2025 90.2 | Mar 2026 34.7 | Jun 2026 —
- CPA: Sep 2021 — | Dec 2021 80.3 | Mar 2022 20.9 | Jun 2022 10.0 | Sep 2022 7.4 | Dec 2022 10.6 | Mar 2023 8.2 | Jun 2023 12.8 | Sep 2023 8.5 | Dec 2023 8.3 | Mar 2024 7.6 | Jun 2024 5.9 | Sep 2024 6.3 | Dec 2024 6.0 | Mar 2025 6.3 | Jun 2025 7.2 | Sep 2025 7.4 | Dec 2025 7.4 | Mar 2026 6.6 | Jun 2026 —
- ALK: Sep 2021 5,860.0 | Dec 2021 13.8 | Mar 2022 15.9 | Jun 2022 24.7 | Sep 2022 97.9 | Dec 2022 95.4 | Mar 2023 91.2 | Jun 2023 43.2 | Sep 2023 18.5 | Dec 2023 21.4 | Mar 2024 23.0 | Jun 2024 23.5 | Sep 2024 18.2 | Dec 2024 21.0 | Mar 2025 17.9 | Jun 2025 20.1 | Sep 2025 40.2 | Dec 2025 60.6 | Mar 2026 69.4 | Jun 2026 —
- SKYW: Sep 2021 41.5 | Dec 2021 17.9 | Mar 2022 15.6 | Jun 2022 12.5 | Sep 2022 6.6 | Dec 2022 11.5 | Mar 2023 34.1 | Jun 2023 — | Sep 2023 — | Dec 2023 67.8 | Mar 2024 24.9 | Jun 2024 19.4 | Sep 2024 14.5 | Dec 2024 12.9 | Mar 2025 10.0 | Jun 2025 10.5 | Sep 2025 9.6 | Dec 2025 9.7 | Mar 2026 8.8 | Jun 2026 9.9
- ALGT: Sep 2021 31.0 | Dec 2021 21.6 | Mar 2022 20.8 | Jun 2022 44.0 | Sep 2022 — | Dec 2022 485.6 | Mar 2023 25.4 | Jun 2023 15.4 | Sep 2023 8.3 | Dec 2023 13.1 | Mar 2024 23.8 | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- AERO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 9.2 | Mar 2026 46.7 | Jun 2026 —
- JBLU: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 110.8 | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- ULCC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 31.7 | Jun 2023 17.3 | Sep 2023 16.7 | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 19.2 | Mar 2025 15.0 | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- VLRS: Sep 2021 14.8 | Dec 2021 19.8 | Mar 2022 21.9 | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 134.0 | Mar 2024 8.1 | Jun 2024 6.3 | Sep 2024 3.8 | Dec 2024 6.9 | Mar 2025 14.5 | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- RJET: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 9.8 | Mar 2026 — | Jun 2026 —

## Enterprise Value & Book Value

What the numbers say: Grupo Aeroméxico, S.A.B. de C.V. leads ev/ebitda at 3.71×; Republic Airways Holdings Inc. leads p/bv at 0.6×.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/bv signal.

Evidence: Grupo Aeroméxico, S.A.B. de C.V. · 3.71× | 36.8% versus #2 · LATAM Airlines Group S.A. | 2/2 recent comparable periods | 16/16 companies · 215 observations

Definition: EV/EBITDA includes debt in enterprise value and is useful across different capital structures. P/BV prices the company against its own book. Both are market multiples on reported figures, not intrinsic-value estimates and not forecasts.

### EV/EBITDA — lowest EV/EBITDA
1. Grupo Aeroméxico, S.A.B. de C.V. (AERO): 3.7
2. LATAM Airlines Group S.A. (LTM): 5.9
3. Republic Airways Holdings Inc. (RJET): 6.0
4. Copa Holdings, S.A. (CPA): 6.6
5. Controladora Vuela Compañía de Aviación, S.A.B. de C.V. (VLRS): 6.9

### P/BV — lowest P/BV
1. Republic Airways Holdings Inc. (RJET): 0.6
2. JetBlue Airways Corporation (JBLU): 0.9
3. Allegiant Travel Company (ALGT): 1.4
4. SkyWest, Inc. (SKYW): 1.4
5. Alaska Air Group, Inc. (ALK): 1.6

### 20-quarter EV/EBITDA history
- DAL: Sep 2021 64.5 | Dec 2021 12.7 | Mar 2022 20.0 | Jun 2022 13.0 | Sep 2022 16.9 | Dec 2022 8.0 | Mar 2023 11.2 | Jun 2023 10.4 | Sep 2023 8.2 | Dec 2023 6.4 | Mar 2024 8.4 | Jun 2024 8.5 | Sep 2024 9.7 | Dec 2024 7.0 | Mar 2025 8.1 | Jun 2025 8.8 | Sep 2025 9.1 | Dec 2025 7.6 | Mar 2026 10.4 | Jun 2026 14.1
- UAL: Sep 2021 — | Dec 2021 24.0 | Mar 2022 — | Jun 2022 225.3 | Sep 2022 52.4 | Dec 2022 6.8 | Mar 2023 9.1 | Jun 2023 8.1 | Sep 2023 6.9 | Dec 2023 5.2 | Mar 2024 7.8 | Jun 2024 6.8 | Sep 2024 7.7 | Dec 2024 6.4 | Mar 2025 7.2 | Jun 2025 8.6 | Sep 2025 10.2 | Dec 2025 7.2 | Mar 2026 9.2 | Jun 2026 12.6
- RYAAY: Sep 2021 — | Dec 2021 323.3 | Mar 2022 121.4 | Jun 2022 15.7 | Sep 2022 9.3 | Dec 2022 10.5 | Mar 2023 20.7 | Jun 2023 16.0 | Sep 2023 15.8 | Dec 2023 21.1 | Mar 2024 24.2 | Jun 2024 25.9 | Sep 2024 7.9 | Dec 2024 8.1 | Mar 2025 7.1 | Jun 2025 7.2 | Sep 2025 7.0 | Dec 2025 8.5 | Mar 2026 6.4 | Jun 2026 7.7
- LUV: Sep 2021 16.8 | Dec 2021 7.4 | Mar 2022 8.9 | Jun 2022 5.3 | Sep 2022 5.1 | Dec 2022 7.2 | Mar 2023 7.5 | Jun 2023 9.6 | Sep 2023 8.0 | Dec 2023 8.6 | Mar 2024 9.6 | Jun 2024 12.3 | Sep 2024 13.4 | Dec 2024 9.8 | Mar 2025 9.2 | Jun 2025 10.2 | Sep 2025 9.9 | Dec 2025 12.1 | Mar 2026 8.5 | Jun 2026 10.8
- LTM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 40.6 | Dec 2024 8.3 | Mar 2025 8.0 | Jun 2025 8.9 | Sep 2025 8.3 | Dec 2025 6.9 | Mar 2026 5.9 | Jun 2026 —
- AAL: Sep 2021 — | Dec 2021 34.8 | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 10.8 | Mar 2023 10.7 | Jun 2023 8.4 | Sep 2023 10.1 | Dec 2023 7.8 | Mar 2024 15.7 | Jun 2024 20.6 | Sep 2024 17.5 | Dec 2024 8.5 | Mar 2025 15.2 | Jun 2025 16.9 | Sep 2025 16.7 | Dec 2025 11.0 | Mar 2026 20.0 | Jun 2026 38.9
- CPA: Sep 2021 — | Dec 2021 10.3 | Mar 2022 15.1 | Jun 2022 11.0 | Sep 2022 9.1 | Dec 2022 5.6 | Mar 2023 7.2 | Jun 2023 6.7 | Sep 2023 5.2 | Dec 2023 4.8 | Mar 2024 6.4 | Jun 2024 6.1 | Sep 2024 6.3 | Dec 2024 4.1 | Mar 2025 6.4 | Jun 2025 7.2 | Sep 2025 7.5 | Dec 2025 5.0 | Mar 2026 6.6 | Jun 2026 —
- ALK: Sep 2021 29.1 | Dec 2021 7.0 | Mar 2022 42.8 | Jun 2022 28.3 | Sep 2022 19.6 | Dec 2022 14.1 | Mar 2023 28.8 | Jun 2023 34.2 | Sep 2023 10.1 | Dec 2023 8.2 | Mar 2024 22.6 | Jun 2024 20.1 | Sep 2024 10.6 | Dec 2024 10.3 | Mar 2025 21.7 | Jun 2025 18.9 | Sep 2025 11.1 | Dec 2025 9.6 | Mar 2026 17.1 | Jun 2026 32.8
- SKYW: Sep 2021 22.2 | Dec 2021 6.2 | Mar 2022 16.3 | Jun 2022 16.3 | Sep 2022 13.7 | Dec 2022 5.8 | Mar 2023 27.9 | Jun 2023 61.2 | Sep 2023 98.4 | Dec 2023 8.9 | Mar 2024 23.7 | Jun 2024 18.0 | Sep 2024 14.2 | Dec 2024 6.8 | Mar 2025 10.2 | Jun 2025 10.3 | Sep 2025 9.2 | Dec 2025 5.9 | Mar 2026 9.1 | Jun 2026 9.6
- ALGT: Sep 2021 10.8 | Dec 2021 9.2 | Mar 2022 8.5 | Jun 2022 9.1 | Sep 2022 10.7 | Dec 2022 8.6 | Mar 2023 7.4 | Jun 2023 7.3 | Sep 2023 5.6 | Dec 2023 6.9 | Mar 2024 7.8 | Jun 2024 8.5 | Sep 2024 8.8 | Dec 2024 169.7 | Mar 2025 32.0 | Jun 2025 — | Sep 2025 — | Dec 2025 9.2 | Mar 2026 8.2 | Jun 2026 —
- AERO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 3.8 | Mar 2026 3.0 | Jun 2026 3.7
- JBLU: Sep 2021 — | Dec 2021 7.6 | Mar 2022 25.8 | Jun 2022 324.1 | Sep 2022 — | Dec 2022 7.1 | Mar 2023 43.2 | Jun 2023 17.8 | Sep 2023 — | Dec 2023 14.6 | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 14.5 | Jun 2025 16.4 | Sep 2025 20.1 | Dec 2025 27.9 | Mar 2026 31.4 | Jun 2026 —
- ULCC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 35.1 | Jun 2023 22.8 | Sep 2023 41.9 | Dec 2023 86.5 | Mar 2024 104.4 | Jun 2024 — | Sep 2024 63.0 | Dec 2024 41.0 | Mar 2025 42.8 | Jun 2025 233.4 | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- VLRS: Sep 2021 68.0 | Dec 2021 31.2 | Mar 2022 56.5 | Jun 2022 55.0 | Sep 2022 77.4 | Dec 2022 34.9 | Mar 2023 — | Jun 2023 117.7 | Sep 2023 88.6 | Dec 2023 21.7 | Mar 2024 28.7 | Jun 2024 27.3 | Sep 2024 22.1 | Dec 2024 4.3 | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 6.9 | Mar 2026 — | Jun 2026 —
- RJET: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 6.0 | Mar 2026 — | Jun 2026 —
- FLYX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 13.1 | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —

### 20-quarter P/BV history
- DAL: Sep 2021 10.5 | Dec 2021 6.4 | Mar 2022 8.5 | Jun 2022 4.9 | Sep 2022 3.9 | Dec 2022 3.2 | Mar 2023 3.6 | Jun 2023 3.8 | Sep 2023 2.6 | Dec 2023 2.3 | Mar 2024 2.8 | Jun 2024 2.5 | Sep 2024 2.4 | Dec 2024 2.6 | Mar 2025 1.8 | Jun 2025 1.8 | Sep 2025 2.0 | Dec 2025 2.2 | Mar 2026 2.1 | Jun 2026 2.8
- UAL: Sep 2021 2.8 | Dec 2021 2.8 | Mar 2022 4.2 | Jun 2022 2.9 | Sep 2022 2.2 | Dec 2022 1.8 | Mar 2023 2.2 | Jun 2023 2.3 | Sep 2023 1.6 | Dec 2023 1.5 | Mar 2024 1.7 | Jun 2024 1.5 | Sep 2024 1.6 | Dec 2024 2.5 | Mar 2025 1.8 | Jun 2025 1.9 | Sep 2025 2.2 | Dec 2025 2.4 | Mar 2026 1.9 | Jun 2026 2.6
- RYAAY: Sep 2021 10.9 | Dec 2021 10.3 | Mar 2022 8.1 | Jun 2022 5.9 | Sep 2022 5.1 | Dec 2022 6.3 | Mar 2023 8.8 | Jun 2023 6.8 | Sep 2023 6.2 | Dec 2023 8.7 | Mar 2024 10.1 | Jun 2024 7.9 | Sep 2024 2.9 | Dec 2024 2.9 | Mar 2025 3.0 | Jun 2025 3.5 | Sep 2025 3.0 | Dec 2025 3.7 | Mar 2026 2.6 | Jun 2026 3.1
- LUV: Sep 2021 3.0 | Dec 2021 2.4 | Mar 2022 2.6 | Jun 2022 1.9 | Sep 2022 1.7 | Dec 2022 1.9 | Mar 2023 1.9 | Jun 2023 2.0 | Sep 2023 1.5 | Dec 2023 1.6 | Mar 2024 1.7 | Jun 2024 1.6 | Sep 2024 1.7 | Dec 2024 1.9 | Mar 2025 2.1 | Jun 2025 2.3 | Sep 2025 2.2 | Dec 2025 2.7 | Mar 2026 2.7 | Jun 2026 3.6
- LTM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 11.0 | Dec 2024 11.5 | Mar 2025 10.0 | Jun 2025 13.2 | Sep 2025 11.8 | Dec 2025 11.5 | Mar 2026 7.3 | Jun 2026 —
- AAL: Sep 2021 -1.8 | Dec 2021 -1.6 | Mar 2022 -1.3 | Jun 2022 -1.0 | Sep 2022 -1.0 | Dec 2022 -1.4 | Mar 2023 -1.7 | Jun 2023 -2.7 | Sep 2023 -1.6 | Dec 2023 -1.7 | Mar 2024 -1.8 | Jun 2024 -1.6 | Sep 2024 -1.5 | Dec 2024 -2.9 | Mar 2025 -1.5 | Jun 2025 -1.9 | Sep 2025 -1.9 | Dec 2025 -2.7 | Mar 2026 -1.7 | Jun 2026 -3.0
- CPA: Sep 2021 2.8 | Dec 2021 2.7 | Mar 2022 2.7 | Jun 2022 2.1 | Sep 2022 2.0 | Dec 2022 2.2 | Mar 2023 2.3 | Jun 2023 2.8 | Sep 2023 1.8 | Dec 2023 2.1 | Mar 2024 2.0 | Jun 2024 1.8 | Sep 2024 1.7 | Dec 2024 1.5 | Mar 2025 1.5 | Jun 2025 1.8 | Sep 2025 1.8 | Dec 2025 1.8 | Mar 2026 1.6 | Jun 2026 —
- ALK: Sep 2021 2.1 | Dec 2021 1.7 | Mar 2022 2.0 | Jun 2022 1.3 | Sep 2022 1.3 | Dec 2022 1.4 | Mar 2023 1.5 | Jun 2023 1.7 | Sep 2023 1.2 | Dec 2023 1.2 | Mar 2024 1.4 | Jun 2024 1.2 | Sep 2024 1.3 | Dec 2024 1.8 | Mar 2025 1.5 | Jun 2025 1.5 | Sep 2025 1.4 | Dec 2025 1.4 | Mar 2026 1.1 | Jun 2026 1.6
- SKYW: Sep 2021 1.1 | Dec 2021 0.9 | Mar 2022 0.6 | Jun 2022 0.5 | Sep 2022 0.3 | Dec 2022 0.4 | Mar 2023 0.5 | Jun 2023 0.8 | Sep 2023 0.8 | Dec 2023 1.0 | Mar 2024 1.3 | Jun 2024 1.5 | Sep 2024 1.5 | Dec 2024 1.7 | Mar 2025 1.4 | Jun 2025 1.6 | Sep 2025 1.5 | Dec 2025 1.5 | Mar 2026 1.3 | Jun 2026 1.4
- ALGT: Sep 2021 3.0 | Dec 2021 2.8 | Mar 2022 2.4 | Jun 2022 1.7 | Sep 2022 1.1 | Dec 2022 1.0 | Mar 2023 1.3 | Jun 2023 1.7 | Sep 2023 1.1 | Dec 2023 1.1 | Mar 2024 1.0 | Jun 2024 0.7 | Sep 2024 0.8 | Dec 2024 1.6 | Mar 2025 0.9 | Jun 2025 1.0 | Sep 2025 1.1 | Dec 2025 1.5 | Mar 2026 1.4 | Jun 2026 —
- AERO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 -5.4 | Mar 2026 -3.5 | Jun 2026 —
- JBLU: Sep 2021 1.2 | Dec 2021 1.2 | Mar 2022 1.3 | Jun 2022 0.8 | Sep 2022 0.6 | Dec 2022 0.6 | Mar 2023 0.7 | Jun 2023 0.8 | Sep 2023 0.5 | Dec 2023 0.6 | Mar 2024 1.0 | Jun 2024 0.8 | Sep 2024 0.9 | Dec 2024 1.1 | Mar 2025 0.7 | Jun 2025 0.6 | Sep 2025 0.8 | Dec 2025 0.8 | Mar 2026 0.9 | Jun 2026 —
- ULCC: Sep 2021 5.9 | Dec 2021 5.6 | Mar 2022 6.0 | Jun 2022 4.8 | Sep 2022 4.5 | Dec 2022 4.4 | Mar 2023 4.4 | Jun 2023 3.8 | Sep 2023 2.0 | Dec 2023 2.4 | Mar 2024 3.8 | Jun 2024 2.1 | Sep 2024 2.2 | Dec 2024 2.7 | Mar 2025 1.7 | Jun 2025 1.6 | Sep 2025 2.3 | Dec 2025 2.2 | Mar 2026 3.7 | Jun 2026 —
- VLRS: Sep 2021 111.5 | Dec 2021 66.3 | Mar 2022 81.5 | Jun 2022 56.5 | Sep 2022 32.3 | Dec 2022 41.1 | Mar 2023 0.0 | Jun 2023 93.6 | Sep 2023 59.7 | Dec 2023 44.5 | Mar 2024 30.8 | Jun 2024 25.6 | Sep 2024 22.8 | Dec 2024 2.3 | Mar 2025 0.0 | Jun 2025 0.0 | Sep 2025 0.0 | Dec 2025 3.9 | Mar 2026 4.0 | Jun 2026 15.8
- RJET: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 0.6 | Mar 2026 0.6 | Jun 2026 —
- FLYX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 2.0 | Mar 2024 -0.5 | Jun 2024 -0.5 | Sep 2024 -0.3 | Dec 2024 -0.3 | Mar 2025 -0.2 | Jun 2025 -0.2 | Sep 2025 -0.2 | Dec 2025 -0.4 | Mar 2026 -0.5 | Jun 2026 —

## Market action

Allegiant Travel Company has the strongest one-year price move in Airlines at +111.1%. Delta Air Lines, Inc. leads on Mansfield relative strength against the S&P 500 at +21.4%. 9 of 14 covered companies are above zero on that measure. Every line covers 314 weekly closes through 2026-07-28.

### Strongest one-year price performers
1. Allegiant Travel Company (ALGT): 111%
2. Delta Air Lines, Inc. (DAL): 75%
3. Frontier Group Holdings, Inc. (ULCC): 57%
4. Southwest Airlines Co. (LUV): 55%
5. United Airlines Holdings, Inc. (UAL): 46%

### Strongest relative strength versus NIFTY 500
1. Delta Air Lines, Inc. (DAL): 21%
2. Frontier Group Holdings, Inc. (ULCC): 18%
3. Allegiant Travel Company (ALGT): 16%
4. JetBlue Airways Corporation (JBLU): 11%
5. United Airlines Holdings, Inc. (UAL): 10%

## What can make this comparison misleading?
- A high growth rate can be a low-base artefact. The page keeps level and change separate for that reason.
- A high ROCE can be temporary or flattered by a small capital base. Read it beside margin, cash conversion and reinvestment.
- The 4-Factor Sector Score ranks research priority, not portfolio action. Management quality, catalysts and risks need equally fresh evidence before capital is deployed.
- An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion.
- Thin comparisons: Valuation have fewer than three usable current readings.

## Every company
- Delta Air Lines, Inc. (DAL) — market value ₹58.5K Cr; latest fundamentals Jun 2026
- United Airlines Holdings, Inc. (UAL) — market value ₹40.2K Cr; latest fundamentals Jun 2026
- Ryanair Holdings plc (RYAAY) — market value ₹34.9K Cr; latest fundamentals Jun 2026
- Southwest Airlines Co. (LUV) — market value ₹22.7K Cr; latest fundamentals Jun 2026
- LATAM Airlines Group S.A. (LTM) — market value ₹15.3K Cr; latest fundamentals Mar 2026
- American Airlines Group Inc. (AAL) — market value ₹10.2K Cr; latest fundamentals Jun 2026
- Copa Holdings, S.A. (CPA) — market value ₹5.7K Cr; latest fundamentals Mar 2026
- Alaska Air Group, Inc. (ALK) — market value ₹5.4K Cr; latest fundamentals Jun 2026
- SkyWest, Inc. (SKYW) — market value ₹4.4K Cr; latest fundamentals Jun 2026
- Allegiant Travel Company (ALGT) — market value ₹2.7K Cr; latest fundamentals Mar 2026
- Grupo Aeroméxico, S.A.B. de C.V. (AERO) — market value ₹2.3K Cr; latest fundamentals Jun 2026
- JetBlue Airways Corporation (JBLU) — market value ₹2.3K Cr; latest fundamentals Mar 2026
- Frontier Group Holdings, Inc. (ULCC) — market value ₹1.4K Cr; latest fundamentals Mar 2026
- Controladora Vuela Compañía de Aviación, S.A.B. de C.V. (VLRS) — market value ₹906 Cr; latest fundamentals Jun 2026
- Republic Airways Holdings Inc. (RJET) — market value ₹863 Cr; latest fundamentals Mar 2026
- flyExclusive, Inc. (FLYX) — market value ₹108 Cr; latest fundamentals Mar 2026

## Methodology and freshness

Fundamentals through Jun 2026; prices through 2026-07-28.
Up to 20 quarters per company. Reported history is normalized to Indian rupees crore. Missing values are not interpolated. Derived metrics are calculated only when their inputs are comparable.

## Frequently asked questions

### Which Airlines company is the biggest?

LATAM Airlines Group S.A. is the largest, with trailing-twelve-month revenue of $15,072 million, ahead of JetBlue Airways Corporation at $9,162 million. That covers 6 of 16 companies with comparable reporting through Mar 2026.

### Which Airlines company is growing fastest?

LATAM Airlines Group S.A. has the fastest revenue growth at 16.7% year on year, across 6 of 16 comparable companies. Fast growth off a small base is not the same as proven scale — check whether the rate holds across several quarters on the chart above before treating it as a trend.

### Which Airlines company has the best profit margins?

Copa Holdings, S.A. has the highest operating margin at 24.6%, from 16 of 16 comparable companies. Southwest Airlines Co. shows the biggest recent improvement, at +8.1 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.

### Which Airlines company makes the most profit?

LATAM Airlines Group S.A. earns the most, at $1,685 million of trailing-twelve-month net profit, from 6 of 16 comparable companies. LATAM Airlines Group S.A. has the fastest profit growth at 51.5%, though growth off a small or recovering profit base overstates how much has actually changed.

### Which Airlines company earns the highest return on capital?

LATAM Airlines Group S.A. leads on return on capital employed at 8%, across 16 of 16 companies. Read it beside the length of its reported history: a high return that repeats for years is evidence of a durable business, while a single high reading can be a small capital base or one good year.

### Which Airlines stock is the cheapest?

On guarded PEG — where a LOWER number is cheaper — LATAM Airlines Group S.A. screens cheapest at 0.2×. Only 2 of 16 companies pass the comparability guard, so this is not a sector-wide "cheapest stock" verdict. Cheap on a multiple is a reason to investigate, never a reason to buy on its own.

### Which Airlines company has the strongest balance sheet?

Ryanair Holdings plc carries the lowest comparable gross debt at $182 million, from 16 of 16 companies. Absolute rupee debt alone does not settle it, because company scale differs — net debt and debt-to-equity in the chart above carry more information, and a very low-debt balance sheet can also mean under-investment.

### Which Airlines company is investing most in new capacity?

Controladora Vuela Compañía de Aviación, S.A.B. de C.V. reports the largest capital spending at $60,632,000 million, across 16 of 16 companies. Spending consumes cash before it earns anything, so treat the ranking as a diligence queue: check commissioning, utilisation and the return earned on the completed assets before reading spend as value creation.

### Is the Airlines sector beating the market?

Airlines has outperformed S&P 500 by 10% over the last 52 weeks and 12.2% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 9 of 14 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.

### Which Airlines stock has the strongest price momentum?

Delta Air Lines, Inc. has the strongest relative strength against S&P 500. Relative strength answers last, after growth, quality and valuation: price can move well before the fundamentals confirm it, and sometimes without them confirming at all.

### Which Airlines company scores highest for research priority?

Copa Holdings, S.A. scores 64.6 out of 100 with 82% evidence confidence, from 20.5 points on growth and earnings, 17.3 on capital efficiency, 16.5 on valuation and 10.3 on relative strength. This ranks what deserves work next. It is not a buy recommendation, and management quality, catalysts and risk still need separate research.

### How many Airlines companies does this comparison cover, and over what period?

It compares 16 listed companies over up to 20 reported quarters of fundamentals and 6 fiscal years of capital allocation, ending Jun 2026, plus weekly price and relative-strength history. Membership is the full sector list — nothing is dropped for having thin data.

### What is the total market cap of the Airlines sector?

The 16 Airlines companies on this page carry $207,790 million of combined market value. Delta Air Lines, Inc. is the largest at $58,454 million, about 28% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-28.

### What is the Airlines sector's P/E ratio?

The median price-to-earnings ratio across the 16 Airlines companies on this page is 15.5×, measured on the 15 that report a comparable figure. A sector-level history for this multiple is not held here, so this is a cross-section of today, not a comparison with the sector’s own past. Figures are as of 2026-07-28.

### How is the Airlines sector performing?

9 of the 14 covered Airlines companies are beating S&P 500 on Mansfield relative strength. The sector itself is 10% ahead of S&P 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-07-28.

### How many Airlines stocks are listed in the US?

This comparison covers 16 listed Airlines companies in the US, each above the size floor the site applies. The full ranked list is on this page, with reported fundamentals through Jun 2026. Membership is the full industry list — nothing is dropped for having thin data.

### Why are some values on this page blank?

A blank means that company did not report a comparable figure for that period, so nothing is shown. Missing observations are never interpolated, carried forward, or replaced with a similar-looking accounting line, and a company with missing evidence has its research score pulled toward neutral rather than being scored as bad.

### Is this investment advice?

No. Every figure here is a deterministic calculation from reported company filings and market data, published for research. It contains no recommendation to buy or sell any security, does not account for your circumstances, and is not a substitute for advice from a licensed adviser.

Narrative sector analysis: https://www.sectoralpha.in/sectors/airlines