AIR TRANSPORT AND AIRPORTS
Record industry profit masks how unevenly it was earned
Global net profit reached USD 39.5 billion on a 3.9% margin, helped by cheaper fuel — with every region profitable except a flat North America.
Aerospace Garage desk
The industry recorded net profits of USD 39.5 billion in 2025 on a 3.9% margin, up from 2.9%, assisted by a 16% fall in jet fuel prices. Demand was strongest in Asia and on transatlantic routes, and every region except North America improved.
A 3.9% margin remains thin for a capital-intensive industry, and the aggregate hides wide dispersion. Emirates posted a record USD 6.6 billion profit across a network of 152 destinations in 80 countries; Kenya Airways carried a USD 138 million pre-tax loss the same year.
Supply chain, labour and structural constraints continued to cap manufacturing output, which is why record backlogs have not translated into record deliveries.
Our read: read regional and carrier-level results rather than the industry aggregate. The gap between the strongest and weakest operators widened even in a good year.
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