World's most profitable airlines: Record profits meet Iran war headwinds
Top nine carriers earned $25.11 billion collectively, but the Iran war has closed airspace and spiked jet fuel prices, threatening to halve industry profits.
Record earnings for top airlines
According to an analysis by Dubai-based investment firm One Investments, the world's nine largest airlines posted a combined net profit of $25.11 billion (€22 billion) in their most recent financial results. Emirates led for the second consecutive year, reporting a record $5.4 billion (€4.7 billion) net profit for the first quarter. Delta followed with $5 billion (€4.3 billion), cementing its lead among US carriers ahead of United at $3.4 billion (€3 billion).
European champions Ryanair earned €2.26 billion in its financial year ending March, up 40% on surging fares. Turkish Airlines made roughly $2.4 billion (€2.1 billion) on record revenue, though profit slipped. Singapore Airlines reported $2.1 billion (€1.8 billion), but that includes a one-time, non-cash accounting gain of $800 million from the Air India-Vistara merger; its underlying profit was about $1.3 billion (€1.1 billion). Qatar Airways posted $1.94 billion (€1.7 billion), Cathay Pacific around $1.27 billion (€1.1 billion), and Japan's ANA about $1.1 billion (€963 million).
The list covers individual carriers only, excluding multi-brand parents such as IAG and Lufthansa Group, which is why British Airways and Lufthansa are absent. Qatar Airways and Emirates Group are single-carrier groups spanning only their airline, cargo, and duty-free businesses, and they report at group level.
Iran war impact
The ranking captures an industry at its peak just as the ground shifted. Qatar Airways' profit actually declined nearly 10% despite a record operating profit, after the conflict closed Qatari airspace in its final quarter. Emirates carried 1% fewer passengers for the same reason. The pain is only starting to register, and the Iran war now appears to have reignited for the second half of the year.
Jet fuel, which One Investments notes already consumed about 25.8% of airline operating costs in 2025, spiked above $150 a barrel after the war disrupted the Strait of Hormuz. The International Air Transport Association (IATA) has warned that global airline profits are on course to halve this year, even though oil is currently trading at around $85 a barrel. Ryanair, which hedged 80% of its fuel needs at around $67 a barrel, declined to give guidance for the year ahead, citing poor visibility. The next edition of this ranking could look very different.
