Emirates Tops List of Most Profitable Airlines 2024

Making money in the airline industry often requires starting with a windfall investment, a joke that underscores the razor-thin profit margins that characterize commercial aviation. According to the International Air Transport Association, the average operating profit margin across global airlines was just 6.4 percent in 2024. Even as industry revenues are forecast to exceed one trillion dollars for the first time this year, margins are expected to climb only modestly to 6.7 percent.

Yet some carriers are outperforming their peers. An analysis of calendar-year 2024 results shows that the world’s ten most profitable airlines generated more than $335 billion in combined revenue while earning over $25 billion in net profit. Emirates Airlines leads the rankings, posting $4.7 billion in profit on $33 billion of revenue, for an operating margin of 14.24 percent. Singapore Airlines follows closely with $2.05 billion in profit on revenue of $14.58 billion, achieving a 14.06 percent margin.

Low-cost specialist Ryanair secured the third spot by converting $15.17 billion in sales into $2.07 billion of profit, a 13.65 percent margin that demonstrates its lean operating model. Turkish Airlines, which flies to more international destinations than any other carrier, recorded $2.4 billion in profit on $22.7 billion of revenue, producing a 10.57 percent margin. International Airlines Group, parent of British Airways, Aer Lingus and Iberia, claimed fifth place with $3 billion in profit on $34.62 billion of revenue, translating to an 8.67 percent margin.

State-owned Qatar Airways reported $1.7 billion in net earnings on $22.08 billion of revenue for a 7.70 percent margin, while U.S. legacy carriers Delta Air Lines and United Airlines achieved margins of 5.61 percent and 5.52 percent, respectively. Delta generated $3.46 billion in profit from $61.64 billion of sales, and United posted $3.15 billion on revenue of $57.06 billion. Air France-KLM earned $1.73 billion on sales of $33.93 billion, a 5.10 percent margin, and Lufthansa closed out the top ten with $1.51 billion in profit on $40.53 billion of revenue, or 3.73 percent.

High revenues alone do not guarantee strong profitability. American Airlines tallied a hefty $54 billion in sales but managed just $850 million in profit, for an operating margin of only 1.57 percent. Chinese carriers also lagged behind, with China Southern posting a slim 1.10 percent margin and Air China at 0.82 percent. Budget rival Southwest Airlines generated $460 million of profit from $27.5 billion of revenue, yielding a 1.67 percent margin, which kept it off the most profitable list despite higher sales volumes.

Beyond the top ten, niche carriers such as Bangkok Airways, Air Arabia and Copa Airlines achieved even stronger margins, each surpassing 20 percent on smaller revenue bases. Copa led the cohort with $720 million in profit on $3.43 billion of sales, illustrating how focused route networks and low overhead can drive exceptional returns.

These figures highlight how operational efficiency, fuel-efficient fleets and ancillary revenue streams can enable certain airlines to buck industry trends. While average profit margins remain tight, leading carriers continue to demonstrate that strategic fleet modernization, targeted network growth and disciplined cost control can deliver outsized profitability even in a sector known for its financial volatility.

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