2014 Airline Financial Data
U.S.Scheduled Serive Passenger Airlines Net Income 2010-2014
As a group, the 27 U.S. airlines that operated scheduled passenger service in 2014 reported an after-tax net profit for the fifth consecutive year.
In addition to the after-tax net profit based on net income reports, the scheduled service passenger airlines reported a $14.6 billion pre-tax operating profit in 2014, up from $11.3 billion in 2013. As a group, the airlines reported a pre-tax operating profit for the sixth consecutive year (Tables 1, 4).
Net income or loss, and operating profit or loss, are two different measures of airline financial performance. Net income or loss may include non-operating income and expenses, nonrecurring items or income taxes. Operating profit or loss is calculated from operating revenues and expenses before taxes and other nonrecurring items.
Total operating revenue for all U.S. passenger airlines in 2014 was $169.3 billion. Airlines collected $127.5 billion from fares, 75.3 percent of total 2014 operating revenue (Table 7).
Total operating expenses for all passenger airlines in 2014 were $154.7 billion, of which fuel costs accounted for $43.4 billion, or 28.1 percent, and labor costs accounted for $40.8 billion, or 26.4 percent (Table 7).
In 2014, passenger airlines collected a total of $3.5 billion in baggage fees, 2.1 percent of total operating revenue, and $3.0 billion from reservation change fees, 1.8 percent of total operating revenue. Fees are included for calculations of net income, operating revenue and operating profit or loss (Table 7).
Baggage fees and reservation change fees are the only ancillary fees paid by passengers that are reported to BTS as separate items. Other fees, such as revenue from seating assignments and on-board sales of food, beverages, pillows, blankets, and entertainment are combined in different categories and cannot be identified separately.
See airline financial data press releases and the airline financial databases for historic data.
Annual Totals for Top 10 Scheduled Passenger Airlines
As a group, the top 10 U.S. scheduled passenger airlines, based on operating revenue, reported an after-tax net profit of $7.1 billion in 2014, down from a profit of $11.9 billion in 2013 (Table 2). These airlines carried 79.4 percent of U.S. airlines’ scheduled service passengers in 2014 and accounted for 95.1 percent of the scheduled passenger airline after-tax net profit.
In addition to the after-tax net income reports, the 10 top airlines reported a $14.0 billion pre-tax operating profit in 2014, up from a $10.7 billion pre-tax operating profit in 2013 (Table 2).
Annual Margins for All Scheduled Passenger Airlines
All U.S. scheduled passenger airlines reported a combined net income margin of 4.4 percent in 2014, down from a net margin of 7.5 percent in 2013. Net margin measures net income or loss as a percentage of operating revenue. These airlines reported an operating profit margin of 8.6 percent in 2014, up from 7.0 percent in 2013. Operating margin measures operating profit or loss as a percentage of operating revenue (Table 7).
4th Quarter Results for All Scheduled Passenger Airlines
U.S. scheduled passenger airlines reported a net profit of $241 million in the fourth quarter of 2014, down from $3.1 billion in the third quarter and down from $7.2 billion in the fourth quarter of 2013 (Table 4).
As a group, the 27 U.S. scheduled service airlines reported an after-tax net profit for the seventh consecutive quarter.
In addition to the after-tax net profit based on net income reports, the scheduled service passenger airlines reported a $2.0 billion pre-tax operating profit in the fourth quarter of 2014, down from $5.5 billion in the third quarter and down from $2.3 billion in the fourth quarter of 2013. As a group, the airlines reported a pre-tax operating profit for the 16th consecutive quarter (Tables 4, 6).
Total operating revenue for all U.S. passenger airlines in the October-December fourth-quarter of 2014 was $40.9 billion. Airlines collected $30.6 billion from fares, 74.8 percent of total fourth-quarter operating revenue (Table 8).
Total operating expenses for all passenger airlines in the fourth-quarter of 2014 were $38.9 billion, of which fuel costs accounted for $11.0 billion, or 28.1 percent, and labor costs accounted for $10.3 billion, or 26.4 percent (Table 8).
In the fourth quarter, passenger airlines collected a total of $879 million in baggage fees, 2.2 percent of total operating revenue, and $744 million from reservation change fees, 1.8 percent of total operating revenue. Fees are included for calculations of net income, operating revenue and operating profit or loss (Table 8).
4th Quarter Totals for Top 10 Scheduled Passenger Airlines
As a group, the top 10 U.S. scheduled passenger airlines, based on operating revenue, reported an after-tax net profit of $0.2 billion in the fourth quarter of 2014, down from a profit of $3.0 billion in the third quarter and down from a profit of $7.2 billion in the fourth quarter of 2013 (Table 5). These airlines carried 79.3 percent of U.S. airlines’ scheduled service passengers in the fourth quarter and accounted for 88.8 percent of the scheduled passenger airline after-tax net profit.
In addition to the after-tax net income reports, the 10 top airlines reported a $1.9 billion pre-tax operating profit in the fourth quarter of 2014, down from a profit of $5.2 billion in the third quarter and down from a $2.2 billion pre-tax operating profit in the fourth quarter of 2013 (Table 6).
4th Quarter Margins for All Scheduled Passenger Airlines
All U.S. scheduled passenger airlines reported a combined net income margin of 0.6 percent in the fourth quarter of 2014, down from a net margin of 18.2 percent in the fourth quarter of 2013. Net margin measures the net income or loss as a percentage of operating revenue. These airlines reported an operating profit margin of 4.8 percent in the fourth quarter of 2014, down from 5.8 percent in the fourth quarter of 2013. Operating margin measures the operating profit or loss as a percentage of operating revenue (Table 8).
Reporting notes
Additional airline financial data can be found on the BTS website, including industry statistics for other individual low-cost and regional airlines. See tables for operating profit/loss, operating revenue and fuel cost and consumption. See the BTS financial databases for more detailed data.
Data are compiled from quarterly financial and monthly traffic reports filed with BTS by commercial air carriers. U.S. scheduled passenger airlines are the U.S. airlines that provide scheduled passenger service within the U.S. and between the U.S. and foreign points. Cargo carriers and foreign airlines operating to and from the U.S. are not included.
Financial and traffic data include data received by BTS as of April 20. Revised carrier data and late data filings will be made available monthly on TranStats on the Monday following the second Tuesday of the month. All data are subject to revision. BTS will release first-quarter 2015 data on July 21.
Table 1. Annual U.S. Scheduled Service Passenger Airlines Financial Reports
Reports from 27 airlines in 2014
(Millions of dollars)
| 2010 | 2011 | 2012 | 2013 | 2014 | Dollar Change ($ in Millions) 2013-2014 | |
|---|---|---|---|---|---|---|
| Net Income | 2,263.5 | 489.6 | 98.3 | 12,168.5 | 7,459.2 | -4,709 |
| Operating Profit/Loss | 8,309.3 | 5,246.0 | 6,003.3 | 11,311.0 | 14,605.1 | 3,294 |
| Operating Revenue* | 138,827.0 | 153,293.9 | 156,470.3 | 161,596.7 | 169,275.1 | 7,678 |
| Fares | 103,978.4 | 114,299.4 | 115,974.8 | 121,332.9 | 127,454.0 | 6,121 |
| Baggage Fees | 3,401.1 | 3,392.7 | 3,449.7 | 3,350.1 | 3,529.3 | 179 |
| Reservation Change Fees | 2,297.6 | 2,389.5 | 2,538.2 | 2,814.1 | 2,980.7 | 167 |
| Operating Expenses | 130,517.7 | 148,048.0 | 150,467.0 | 150,285.7 | 154,670.1 | 4,384 |
| Fuel | 33,158.6 | 43,754.8 | 44,901.9 | 42,628.9 | 43,431.5 | 803 |
| Labor | 34,120.9 | 35,377.0 | 37,195.3 | 38,042.7 | 40,769.8 | 2,727 |
Source: Bureau of Transportation Statistics, Form 41; Schedules P1.2 and P6
* Passenger airline operating revenue includes two other categories. 1) Transport-related is revenue from services which grow from and are incidental to the air transportation services performed by the air carrier. Examples are in-flight onboard sales (food, liquor, pillows, etc), code share revenues, revenues from associated businesses (aircraft maintenance, fuel sales, restaurants, vending machines, etc). 2) Miscellaneous operating revenue includes pet transportation, sale of frequent flyer award miles to airline business partners and standby passenger fees. See the P1.2 database http://www.transtats.bts.gov/Fields.asp?Table_ID=295.
Table 2. Annual Large Airline Systemwide (Domestic + International) Net Income
Ranked by 2014 Operating Revenue
(millions of dollars)
| Rank | Airline | Net Income | Operating Profit or Loss | Operating Revenue | Revenue from Fares | Percent of Revenue from Fares (%) |
|---|---|---|---|---|---|---|
| 1 | Delta | 649 | 2,925 | 40,427 | 28,225 | 0.70 |
| 2 | United | 1114 | 2,376 | 38,901 | 26,785 | 0.69 |
| 3 | American | 1,310 | 2,338 | 27,140 | 20,345 | 0.75 |
| 4 | Southwest* | 1137 | 2,225 | 18,605 | 17,704 | 0.95 |
| 5 | US Airways | 1482 | 1,928 | 15,750 | 9,970 | 0.63 |
| 6 | JetBlue | 396 | 508 | 5,817 | 5,354 | 0.92 |
| 7 | Alaska | 599 | 958 | 5,363 | 3,792 | 0.71 |
| 8 | Hawaiian | 80 | 249 | 2,311 | 2,038 | 0.88 |
| 9 | Spirit | 281 | 355 | 1,932 | 1,221 | 0.63 |
| 10 | SkyWest | 47 | 122 | 1,889 | 1,822 | 0.96 |
| 10-Carrier Total | 7,092 | 13,984 | 158,134 | 117,256 | 0.74 | |
| All Passenger Airlines | 7,459 | 14,605 | 169,275 | 127,454 | 0.75 | |
Source: Bureau of Transportation Statistics, Form 41; Schedule P1.2 http://www.transtats.bts.gov/Fields.asp?Table_ID=295
* In 2014, Southwest Airlines and AirTran Airways reported financial data jointly but reported passenger data separately.
Table 3. Annual Large Airline Systemwide (Domestic + International) Expense
Ranked by 2014 Operating Revenue
(millions of dollars)
| Rank | Airline | Operating Expenses | Fuel Costs | Percent for Fuel (%) | Labor Costs | Percent for Labor (%) |
|---|---|---|---|---|---|---|
| 1 | Delta | 37,502 | 11,653 | 31.1 | 9,361 | 25.0 |
| 2 | United | 36,525 | 9,497 | 26.0 | 9,150 | 25.1 |
| 3 | American | 24,803 | 7,196 | 29.0 | 5,990 | 24.2 |
| 4 | Southwest* | 16,380 | 5,293 | 32.3 | 5,707 | 34.8 |
| 5 | US Airways | 13,822 | 3,372 | 24.4 | 2,999 | 21.7 |
| 6 | JetBlue | 5,309 | 1,913 | 36.0 | 1,372 | 25.8 |
| 7 | Alaska | 4,505 | 1,217 | 27.0 | 1,118 | 24.8 |
| 8 | Hawaiian | 2,062 | 677 | 32.8 | 473 | 22.9 |
| 9 | Spirit | 1,576 | 613 | 38.9 | 314 | 19.9 |
| 10 | SkyWest | 1,767 | 175 | 9.9 | 688 | 38.9 |
| 10-Carrier Total | 144,251 | 41,604 | 28.8 | 37,171 | 25.8 | |
| All Passenger Airlines | 154,670 | 43,432 | 28.1 | 40,770 | 26.4 | |
Source: Bureau of Transportation Statistics, Form 41; Schedule P1.2 http://www.transtats.bts.gov/Fields.asp?Table_ID=295
* In 2014, Southwest Airlines and AirTran Airways reported financial data jointly but reported passenger data separately.
Table 4. Quarterly U.S. Scheduled Service Passenger Airlines Financial Reports
Reports from 27 airlines in 4Q 2014
(Millions of dollars)
| 4Q 2013 | 1Q 2014 | 2Q 2014 | 3Q 2014 | 4Q 2014 | Dollar Change 4Q2013-4Q2014 | |
|---|---|---|---|---|---|---|
| Net Income | 7,184 | 507 | 3,578 | 3,133 | 241 | -6,944 |
| Operating Profit/Loss | 2,285 | 1,658 | 5,499 | 5,477 | 1,971 | -314 |
| Operating Revenue* | 39,549 | 38,459 | 44,620 | 45,287 | 40,910 | 1,360 |
| Fares | 29,507 | 28,731 | 33,670 | 34,316 | 30,579 | 1,072 |
| Baggage Fees | 797 | 791 | 900 | 960 | 879 | 82 |
| Reservation Change Fees | 675 | 726 | 753 | 759 | 744 | 69 |
| Operating Expenses | 37,264 | 36,801 | 39,122 | 39,809 | 38,938 | 1,674 |
| Fuel | 10,220 | 10,190 | 10,880 | 11,411 | 10,950 | 730 |
| Labor | 9,484 | 9,729 | 10,294 | 10,482 | 10,265 | 781 |
Source: Bureau of Transportation Statistics, Form 41; Schedules P1.2 and P6
* Passenger airline operating revenue includes two other categories. 1) Transport-related is revenue from services which grow from and are incidental to the air transportation services performed by the air carrier. Examples are in-flight onboard sales (food, liquor, pillows, etc), code share revenues, revenues from associated businesses (aircraft maintenance, fuel sales, restaurants, vending machines, etc). 2) Miscellaneous operating revenue includes pet transportation, sale of frequent flyer award miles to airline business partners and standby passenger fees. See the P1.2 database http://www.transtats.bts.gov/Fields.asp?Table_ID=295.
Table 5. Quarterly Large Airline Systemwide (Domestic + International) Net Income
Ranked by 4Q 2014 Operating Revenue
(millions of dollars)
| Rank | Airline | 4Q 2013 | 1Q 2014 | 2Q 2014 | 3Q 2014 | 4Q 2014 | Dollar Change 4Q2013-4Q2014 |
|---|---|---|---|---|---|---|---|
| 1 | Delta | 8,482 | 218 | 807 | 362 | -703 | -9,185 |
| 2 | United | 154 | -580 | 769 | 933 | -9 | -163 |
| 3 | American | -1,791 | 401 | 265 | 466 | 178 | 1,969 |
| 4 | Southwest | 213 | 152 | 465 | 329 | 190 | -22 |
| 5 | US Airways | -130 | 126 | 605 | 490 | 261 | 391 |
| 6 | JetBlue | 47 | -1 | 231 | 79 | 87 | 40 |
| 7 | Alaska | 76 | 93 | 166 | 192 | 147 | 71 |
| 8 | Hawaiian | 19 | -3 | 30 | 38 | 15 | -4 |
| 9 | Spirit | 43 | 60 | 106 | 67 | 58 | 15 |
| 10 | SkyWest | 18 | 7 | 19 | 32 | -11 | -29 |
| 10-Carrier Total | 7,131 | 474 | 3,463 | 2,986 | 214 | -6,917 | |
| All Passenger Airlines | 7,346 | 507 | 3,578 | 3,133 | 241 | -7,106 | |
Source: Bureau of Transportation Statistics, Form 41; Schedule P1.2 http://www.transtats.bts.gov/Fields.asp?Table_ID=295
* In 2014, Southwest Airlines and AirTran Airways reported financial data jointly but reported passenger data separately.
Table 6. Quarterly Large Airline Systemwide (Domestic + International) Operating Profit/Loss
Ranked by 4Q 2014 Operating Revenue
(millions of dollars)
| Rank | Airline | 4Q 2013 | 1Q 2014 | 2Q 2014 | 3Q 2014 | 4Q 2014 | Dollar Change 4Q2013-4Q2014 |
|---|---|---|---|---|---|---|---|
| 1 | Delta | 870 | 672 | 1,616 | 1,409 | -772 | -1,642 |
| 2 | United | 238 | -341 | 906 | 1,185 | 626 | 388 |
| 3 | American | 281 | 577 | 718 | 698 | 345 | 64 |
| 4 | Southwest | 386 | 215 | 775 | 614 | 620 | 235 |
| 5 | US Airways | 3 | 189 | 678 | 566 | 495 | 493 |
| 6 | JetBlue | 111 | 43 | 141 | 163 | 161 | 50 |
| 7 | Alaska | 131 | 147 | 257 | 314 | 240 | 108 |
| 8 | Hawaiian | 34 | 12 | 54 | 106 | 77 | 43 |
| 9 | Spirit | 68 | 60 | 105 | 100 | 90 | 22 |
| 10 | SkyWest | 39 | 21 | 42 | 64 | -5 | -44 |
| 10-Carrier Total | 2,159 | 1,596 | 5,292 | 5,219 | 1,877 | -282 | |
| All Passenger Airlines | 2,285 | 1,658 | 5,499 | 5,477 | 1,971 | -314 | |
Source: Bureau of Transportation Statistics, Form 41; Schedule P1.2 http://www.transtats.bts.gov/Fields.asp?Table_ID=295
* In 2014, Southwest Airlines and AirTran Airways reported financial data jointly but reported passenger data separately.
Table 7. Jan-Dec U.S. Scheduled Passenger Airlines Revenue, Expenses and Profits
Reports from 27 airlines in 2014
(millions of dollars)
| Jan-Dec 2013 | Jan-Dec 2014 | Change | 2013-2014 % Change | % of YTD 2014 Revenue or Expense Total | |
|---|---|---|---|---|---|
| Operating Revenue | |||||
| Passenger Fares (scheduled/charter) | 121,332.9 | 127,454.0 | 6,121.1 | 5.04 | 75.29 |
| Cargo | 2,961.4 | 3,078.1 | 116.7 | 3.94 | 1.82 |
| Baggage | 3,350.1 | 3,529.3 | 179.2 | 5.35 | 2.08 |
| Reservation Changes | 2,814.1 | 2,980.7 | 166.6 | 5.92 | 1.76 |
| Transport-Related* | 27,507.6 | 28,125.2 | 617.6 | 2.25 | 16.61 |
| Other** | 3,630.6 | 4,109.0 | 478.4 | 13.18 | 2.43 |
| Total Operating Revenue | 161,596.7 | 169,276.4 | 7,679.7 | 4.75 | 100.00 |
| Operating Expense | |||||
| Fuel | 42,628.9 | 43,431.5 | 802.6 | 1.88 | 28.08 |
| Labor | 38,042.7 | 40,769.8 | 2,727.1 | 7.17 | 26.36 |
| Rentals | 8,757.6 | 8,507.5 | -250.2 | -2.86 | 5.50 |
| Depreciation & Amortization | 6,607.3 | 7,080.5 | 473.2 | 7.16 | 4.58 |
| Landing Fees | 2,739.0 | 2,803.4 | 64.4 | 2.35 | 1.81 |
| Maintenance Materials | 2,710.9 | 2,881.1 | 170.2 | 6.28 | 1.86 |
| Transport-Related* | 20,960.6 | 20,711.0 | -249.6 | -1.19 | 13.39 |
| Other*** | 27,838.7 | 28,486.0 | 647.3 | 2.33 | 18.42 |
| Total Operating Expense | 150,285.7 | 154,670.7 | 4,385.0 | 2.92 | 100.00 |
| Profits or Losses | |||||
| Operating Profit | 11,311.0 | 14,605.1 | 3,294.1 | 29.12 | N/A |
| Operating Margin**** (%) | 7.0 | 8.6 | 1.6 | N/A | N/A |
| Nonoperating Income/(Expense)# | -6,129.2 | -4,752.7 | 1,376.5 | -22.46 | N/A |
| Pre-Tax Income | 5,181.8 | 9,852.4 | 4,670.6 | 90.13 | N/A |
| Income Tax Benefit/(Expense) | 6,997.2 | -2,393.2 | -9,390.4 | -134.20 | N/A |
| Other Income/(Expense) | -10.5 | 0.0 | 10.5 | -100.00 | N/A |
| Net Income | 12,168.5 | 7,459.2 | -4,709.3 | -38.70 | N/A |
| Net Margin## (%) | 7.5 | 4.4 | -3.1 | N/A | N/A |
Source: Bureau of Transportation Statistics, Form 41; Schedules P1.2 http://www.transtats.bts.gov/Fields.asp?Table_ID=295 and P6 http://www.transtats.bts.gov/Fields.asp?Table_ID=291
* Transport-Related is revenue/expenses from services which grow from and are incidental to the air transportation services performed by the air carrier. Examples are in-flight onboard sales (food, liquor, pillows, etc), code share revenues, revenues and expenses from associated businesses (aircraft maintenance, fuel sales, restaurants, vending machines, etc).
** Other revenue includes miscellaneous operating revenue (including pet transportation, sale of frequent flyer award miles to airline business partners and standby passenger fees) and public service revenues subsidy.
*** Other expense includes purchase of materials such as passenger food and other materials; and purchase of services such as advertising, communication, insurance, outside flight equipment maintenance, traffic commissions and other services.
**** Operating margin is the operating profit or loss as a percentage of operating revenue
# Nonoperating Income and Expense includes interest on long-term debt and capital leases, other interest expense, foreign exchange gains and losses, capital gains and losses and other income and expenses.
## Net margin is the net income or loss as a percentage of operating revenue.
Table 8. Quarterly U.S. Scheduled Passenger Airlines Revenue, Expenses and Profits
Reports from 27 airlines in 4Q 2014
(millions of dollars)
| 4Q 2013 | 4Q 2014 | Change | 2013-2014 % Change | % of 4Q 2014 Revenue or Expense Total | |
|---|---|---|---|---|---|
| Operating Revenue | |||||
| Passenger Fares (scheduled/charter) | 29,507.0 | 30,579.0 | 1,072.0 | 3.63 | 74.75 |
| Cargo | 762.6 | 821.6 | 59.0 | 7.74 | 2.01 |
| Baggage | 797.1 | 879.1 | 82.0 | 10.28 | 2.15 |
| Reservation Changes | 674.7 | 743.5 | 68.8 | 10.20 | 1.82 |
| Transport-Related* | 6,945.7 | 6,859.9 | -85.8 | -1.24 | 16.77 |
| Other** | 862.0 | 1,026.5 | 164.5 | 19.08 | 2.51 |
| Total Operating Revenue | 39,549.1 | 40,909.6 | 1,360.5 | 3.44 | 100.00 |
| Operating Expense | |||||
| Fuel | 10,219.8 | 10,950.1 | 730.3 | 7.15 | 28.12 |
| Labor | 9,483.9 | 10,264.6 | 780.7 | 8.23 | 26.36 |
| Rentals | 2,130.0 | 2,097.9 | -32.1 | -1.51 | 5.39 |
| Depreciation & Amortization | 1,691.7 | 1,819.0 | 127.3 | 7.52 | 4.67 |
| Landing Fees | 653.4 | 696.9 | 43.5 | 6.66 | 1.79 |
| Maintenance Materials | 618.2 | 736.6 | 118.4 | 19.16 | 1.89 |
| Transport-Related* | 5,243.1 | 4,954.5 | -288.6 | -5.50 | 12.72 |
| Other*** | 7,223.8 | 7,418.1 | 194.3 | 2.69 | 19.05 |
| Total Operating Expense | 37,263.9 | 38,937.8 | 1,673.9 | 4.49 | 100.00 |
| Profits or Losses | |||||
| Operating Profit | 2,285.2 | 1,971.2 | -314.0 | -13.74 | N/A |
| Operating Margin**** (%) | 5.78 | 4.8 | -1.0 | N/A | N/A |
| Nonoperating Income/(Expense)# | -3,127.3 | -1,739.4 | 1,387.9 | -44.38 | N/A |
| Pre-Tax Income | -842.1 | 231.8 | 1,073.9 | -127.53 | N/A |
| Income Tax Benefit/(Expense) | 8,026.4 | 8.9 | -8,017.5 | -99.89 | N/A |
| Other Income/(Expense) | -0.1 | 0.0 | 0.1 | -100.00 | N/A |
| Net Income | 7,184.2 | 240.7 | -6,943.5 | -96.65 | N/A |
| Net Margin## (%) | 18.17 | 0.6 | -17.6 | N/A | N/A |
Source: Bureau of Transportation Statistics, Form 41; Schedules P1.2 http://www.transtats.bts.gov/Fields.asp?Table_ID=295 and P6 http://www.transtats.bts.gov/Fields.asp?Table_ID=291
* Transport-Related is revenue/expenses from services which grow from and are incidental to the air transportation services performed by the air carrier. Examples are in-flight onboard sales (food, liquor, pillows, etc), code share revenues, revenues and expenses from associated businesses (aircraft maintenance, fuel sales, restaurants, vending machines, etc).
** Other revenue includes miscellaneous operating revenue (including pet transportation, sale of frequent flyer award miles to airline business partners and standby passenger fees) and public service revenues subsidy.
*** Other expense includes purchase of materials such as passenger food and other materials; and purchase of services such as advertising, communication, insurance, outside flight equipment maintenance, traffic commissions and other services.
**** Operating margin is the operating profit or loss as a percentage of operating revenue
# Nonoperating Income and Expense includes interest on long-term debt and capital leases, other interest expense, foreign exchange gains and losses, capital gains and losses and other income and expenses.
## Net margin is the net income or loss as a percentage of operating revenue.