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The Best Airlines In 2022, Voted By Travelers
Asia-Pacific carriers fared very well in the recent Skytrax airline awards—Qatar Airways was voted ... [+] best airline in the world 2022 by travelers.
Universal Images Group via Getty ImagesWith the news that airports are hellish again, it makes sense to research the one thing that you can control when you travel. The airline.
Whether it's to do with how much legroom you have, the meals you're served, the cleanliness of the cabin or the friendliness of the crew, a good airline can make all the difference.
The Skytrax World Airline Awards 2022 took place in London on 23 September (the first time in two years that the awards have taken place, in-person). It is the self-styled 'Oscars of the aviation industry', voted for by airline travelers—who placed these airlines at the top of the list:
This deviates from the recent 2022 awards by AirlineRatings.Com for best airlines in that while Qatar Airways again took the top spot, in that list, Air New Zealand came second and Etihad Airways came third. However, both lists are similar in that the same names—Korean Air, Singapore Airlines and Qantas—scored highly on both lists.
Skytrax ran an online survey from September 2021 to August 2022 in English, French, Spanish, Russian, Japanese and Chinese and customers were asked to rate airlines based on cabin class, cleanliness and friendliness.
The final results included over 350 airlines and Singapore Airlines won best cabin staff and best long-haul, low-cost airline (for its budget company, Scoot). All Nippon Airways (ANA) won best cabin cleanliness.
Four different airlines won for each cabin class:
What's clear from the awards is just how much travelers love Asia-Pacific airlines at the moment, particularly the winner Qatar. While Qatar has won this award now for the past seven years, Skytrax's CEO Edward Plaisted attributed Qatar's win to its dedication during the pandemic.
In a press release, Plaisted said that "Qatar Airways was the largest airline to have flown consistently throughout the Covid-19 pandemic, with their network never falling below 30 destinations, and that determination has clearly been well recognised by customers."
20 Largest Airlines In The World In 2024
In this piece, we are going to look at the 20 Largest Airlines in the World in 2024. If you wish to skip our analysis of the airlines industry, you can go directly to 5 Largest Airlines in the World in 2024.
The airline industry has been on the rise lately, showing some serious growth potential. The market size is expected to jump from $523.04 billion in 2023 to a whopping $794.61 billion by 2028, with a solid compound annual growth rate (CAGR) of 8.8%.
The International Air Transport Association (IATA) is looking at a net profit of $25.7 billion for the global airline industry in 2024, and operating profits are aiming for a record high of $49.3 billion. North American carriers are leading the charge, set to rake in a nice $14.4 billion in profits, according to the IATA. This positive outlook, combined with a surge in passenger traffic, signals a major comeback for the industry. Even though the pandemic posed challenges, airlines bounced back quickly and showed their resilience and adaptability. With the Alaska-Hawaiian and JetBlue-Spirit acquisition deals shaking things up, it's clear the industry is not just recovering; it's gearing up for a fresh chapter of growth and competition.
Furthermore, the air transportation sector plays a vital role in global trade, particularly in the components industry, which is a key player in cross-border trade. The value of goods shipped by air reached $7.5 trillion in 2021, showing a 15% increase from 2019.
In addition, the tourism sector's spending on air travel amounted to $354 billion in 2021, further boosting market growth. Forecasts predicts an increase in job opportunities within the airline industry fueled by government support initiatives like capital injections and tax reliefs. Moreover, private sector involvement and investments, growing business interactions leading to more non-scheduled flights, increased airport construction activities, rising trade volumes, and higher freight traffic further boosted market expansion. Over the past three decades, aviation fuel accessibility and costs had greatly impacted the airline industry's economy. Addressing emission concerns through climate regulations posed a challenge for the industry at national and regional levels.
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With this, let's now shift our focus to our list of 20 Largest Airlines in the World in 2024.
20 Largest Airlines in the World in 2024
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To curate our list of 20 Largest Airlines in the World in 2024, we utilized Finviz to list down the biggest airline companies in the world. The companies are ranked based on the metric of market capitalization, as of the writing of this article. With this, let's now jump to our list of 20 Largest Airlines in the World in 2024.
By the way, Insider Monkey is an investing website that tracks the movements of corporate insiders and hedge funds. By using a similar consensus approach, we identify the best stock picks of more than 900 hedge funds investing in US stocks. The top 10 consensus stock picks of hedge funds outperformed the S&P 500 Index by more than 140 percentage points over the last 10 years (see the details here). Whether you are a beginner investor or professional one looking for the best stocks to buy, you can benefit from the wisdom of hedge funds and corporate insiders.
20. Mesa Air Group, Inc. (NASDAQG:MESA)Market Capitalization: $35.95 million
20th on our list of Largest Airlines in the World in 2024 is Mesa Air Group, Inc. (NASDAQG:MESA).
Mesa Air Group, Inc. (NASDAQG:MESA), a commercial aviation holding company headquartered in Suite 700 at 410 North 44th Street in Phoenix, Arizona, has disclosed its financial performance for the Fiscal Fourth Quarter ending on December 31, 2023. During this period, the company reported total operating revenues of $114.4 million. Despite this revenue, Mesa Air Group, Inc. (NASDAQG:MESA) experienced a pre-tax loss of $31.3 million and a net loss of $28.3 million, which translates to $(0.69) per diluted share. In addition, the company recorded an adjusted net loss of $26.4 million or $(0.64) per diluted share.
19. Surf Air Mobility Inc. (NYSE:SRFM)Market Capitalization: $78.63 million
Surf Air Mobility Inc. (NYSE:SRFM), a Los Angeles-based electric aviation and air travel enterprise, is leading innovation in regional air travel by harnessing the potential of electrification. The company is dedicated to expanding the realm of flying and establishing a sustainable regional air mobility ecosystem to connect communities worldwide. Surf Air Mobility recently disclosed that Palantir (PLTR) has acquired a 7.1% stake in the company. This strategic investment was made on February 15, 2024, with Palantir receiving 1.8 million shares of SRFM stock from Surf Air, resulting in a notable surge in Surf Air Mobility Inc. (NYSE:SRFM) stock following the announcement of Palantir's involvement.
18. FlyExclusive, Inc. (NYSE:FLYX)Market Capitalization: $318.75 million
flyExclusive, Inc. (NYSE:FLYX), a premier provider of luxury private jet charter services, released an update in March regarding a financial transaction. The company announced its involvement in a securities purchase agreement with an investment entity managed by EnTrust Global.
In this agreement, the Investor acquired 25,000 shares of Series A Non-Convertible Redeemable Preferred Stock, each with a par value of $0.0001 per share, known as the "Series A Preferred Stock," at a rate of $1,000 per share. Following this transaction, flyExclusive, Inc. (NYSE:FLYX) secured approximately $25 million in cash proceeds. The deal closed on March 4, 2024, with flyExclusive expressing enthusiasm about broadening its collaboration with EnTrust Global, highlighting the potential for flyExclusive to evolve into the nation's inaugural vertically integrated private aviation enterprise.
flyExclusive, Inc. (NYSE:FLYX) is 18th on our list of Largest Airlines in the World in 2024.
17. Spirit Airlines, Inc. (NYSE:SAVE)Market Capitalization: $530.98 million
Spirit Airlines, Inc., a prominent ultra-low-cost airline based in Miramar, Florida, within the Miami metropolitan area, faced financial challenges in the fourth quarter of 2023, ending on December 31, 2023.
During this period, Spirit reported a significant net loss amounting to $183.7 million, resulting in a net loss of $1.68 per diluted share. Adjusted for special items, the adjusted net loss for the fourth quarter of 2023 stood at $148.7 million, equivalent to an adjusted net loss of $1.36 per diluted share. Furthermore, on a per passenger flight segment basis, the total revenue per segment decreased by 15.3 percent to $114.84 in the fourth quarter of 2023 compared to the corresponding period in 2022.
16. Hawaiian Holdings, Inc. (NASDAQGS:HA)Market Capitalization: $717.71 million
Hawaiian Holdings Inc (HHI) and its subsidiaries specialize in providing cargo and passenger air transportation services, serving both domestic and international routes, including ad hoc charters.
In the financial performance overview for the Fourth Quarter and Full Year 2023, Hawaiian Holdings Inc observed a gradual recovery in travel following the Maui wildfires, particularly from North America to Maui. Despite the challenges, routes outside of Maui and the international markets, excluding Japan, maintained robust performance with sustained demand. However, the Company's overall operating revenue for the fourth quarter of 2023 declined by 8.5% compared to the same period in 2022, with a 3.3% increase in capacity. Hawaiian Holdings, Inc. (NASDAQGS:HA) is 16th on our list of Largest Airlines in the World in 2024.
15. Sun Country Airlines Holdings, Inc. (NASDAQGS:SNCY)Market Capitalization: $767.38 million
Sun Country Airlines, an American ultra-low-cost airline specializing in passenger and cargo services, operates out of Minneapolis–Saint Paul International Airport with its headquarters located on airport property. The airline serves approximately 100 destinations across the United States, Canada, Mexico, Central America, and the Caribbean.
In the fourth quarter of 2023 ending 31 December 2023, Sun Country Airlines achieved a milestone with total revenue reaching $245.5 million, marking the highest fourth-quarter revenue on record. The company reported a GAAP diluted EPS of $0.10 and an operating income margin of 7.0% for the same period. Adjusted figures for the fourth quarter of 2023 showed an improved performance with an adjusted diluted EPS of $0.12 and an adjusted operating income margin of 7.4%.
14. Azul S.A. (NYSE:AZUL)Market Capitalization: $828.07 million
Azul S.A. (NYSE:AZUL), a Brazilian airline headquartered in Barueri, a suburb of São Paulo, focuses on stimulating demand by offering frequent and affordable air services to underserved markets across Brazil, and is placed 14th on our list of Largest Airlines in the World in 2024.
On March 4, 2024, Azul S.A. (NYSE:AZUL)experienced a substantial surge in its share price, rising by over half its value. This surge followed the announcement of a new aircraft lease deal and an optimistic outlook, despite an increased quarterly loss. The market's positive response resulted in Azul's shares spiking by up to 58% during morning trading, marking a historic peak in the company's performance and positioning it as the top gainer on Brazil's Bovespa stock index.
13. Controladora Vuela Cia De Aviacion ADR (NYSE:VLRS)Market Capitalization: $853.89 million
Controladora Vuela Cia De Aviacion ADR (NYSE:VLRS), operating through its subsidiary, Concesionaria Vuela CompañÃa de Aviación, S.A.P.I. De C.V., provides air transportation services for passengers, cargo, and mail in Mexico and internationally.
In the Fourth Quarter of 2023, ending on December 31, 2023, Controladora Vuela Cia De Aviacion ADR (NYSE:VLRS) achieved impressive financial results. The net income amounted to $112 million, translating to an earnings per share of $0.10 and earnings per ADS of $0.97 cents. Total operating revenues showed notable growth, reaching $899 million, a 10% increase compared to the same period in 2022. The Total Revenue per Available Seat Mile (TRASM) increased by 11% to $9.56 cents.
12. Air Transport Services Group, Inc. (NASDAQGS:ATSG)Market Capitalization: $863.69 million
Air Transport Services Group, Inc. (NASDAQGS:ATSG) is a prominent American aviation holding company that specializes in providing air cargo transportation services to domestic and international air carriers, as well as other companies that require outsourced air cargo lift services; it is placed 12th on our list of Largest Airlines in the World in 2024.
Air Transport Services Group, Inc. (NASDAQGS:ATSG) recently released its financial results for the full year ending on December 31, 2023. During this period, Air Transport Services Group, Inc. Reported total sales of USD 2,070.61 million, reflecting a slight increase from USD 2,045.47 million in the previous year. However, net income showed a decrease, with USD 60.33 million reported for the full year compared to USD 198.58 million in the previous year.
11. Allegiant Travel Company (NASDAQGS:ALGT)Market Capitalization: $1.33 billion
Allegiant Travel Company (NASDAQGS:ALGT) is a well-known ultra low-cost carrier based in the U.S., offering both scheduled and charter flights.
Allegiant Travel Company (NASDAQGS:ALGT) recently disclosed its financial performance for the Fourth Quarter 2023, ending on December 31, 2023. The highlights of their results include total operating revenue of $611.0 million, showing minimal change from the previous year. Additionally, total fixed fee contracts revenue increased by 9.7% to reach $24.9 million year-over-year. Operating income, excluding specials, was reported at $19.5 million, resulting in an operating margin of 3.2%. Furthermore, airline-only operating income, excluding specials, amounted to $40.5 million, with an airline-only operating margin of 6.6%.
10. Frontier Group Holdings, Inc. (NASDAQGS:ULCC)Market Capitalization: $1.65 billion
Frontier Group Holdings, Inc. (NASDAQGS:ULCC), a significant ultra-low-cost American airline based in Denver, Colorado, unveiled financial highlights for the fourth quarter of 2023, ending 31 December 2023.
Frontier Group Holdings, Inc. (NASDAQGS:ULCC) pre-tax margin stood at 0.7%, with the adjusted (non-GAAP) pre-tax margin slightly higher at 0.8%. Total operating revenues amounted to $891 million, showing a 2% decrease compared to the corresponding quarter in 2022. Furthermore, the cost per available seat mile was reported at 8.93 cents, representing a 10% reduction from the comparable 2022 quarter. The adjusted (non-GAAP) CASM, excluding fuel, was 5.90 cents, 8% lower than the corresponding 2022 quarter. The company is placed 10th on our list of Largest Airlines in the World in 2024.
9. JetBlue Airways Corporation (NASDAQGS:JBLU)Market Capitalization: $2.44 billion
JetBlue Airways, a significant low-cost airline in the United States, operating as JetBlue Airways Corporation, based in the Long Island City neighborhood of Queens, New York City, released its financial results for the quarter ending on December 31, 2023.
The company reported a GAAP net loss of $104 million, equivalent to $(0.31) per share, and an adjusted net loss of $63 million, or $(0.19) per share. Operating revenue decreased by 3.7% year-over-year to $2.3 billion in Q4 2023. Additionally, JetBlue achieved cost savings of $70 million through its structural cost program in 2023, with a target of $175-$200 million by the end of 2024. The company saw a 3.3% year-over-year increase in capacity during the fourth quarter of 2023.
8. SkyWest, Inc. (NASDAQGS:SKYW)Market Capitalization: $2.72 billion
SkyWest, Inc., the parent company of SkyWest Airlines, a regional airline in North America, and an aircraft leasing company, with its headquarters in St. George, Utah, United States, recently disclosed its fourth-quarter earnings, ending 31 December, 2023.
The company reported a net income of $18 million, equivalent to $0.42 per diluted share for the quarter, and a full-year net income of $34 million, translating to $0.77 per diluted share. SkyWest Airlines achieved a noteworthy operational milestone of 300 days with 100% adjusted completion in 2023. By investing in Contour Airlines and establishing a pilot pathway program with United, SkyWest is strategically positioning itself for future growth and enhanced operational efficiency. The company is placed 8th on our list of Largest Airlines in the World in 2024.
7. Copa Holdings, S.A. (NYSE:CPA)Market Capitalization: $4.20 billion
Copa Holdings, S.A., a publicly traded foreign private issuer listed on the New York Stock Exchange, serves as the parent company of Panamanian carrier Copa Airlines and its subsidiaries, including Colombian carriers Copa Airlines Colombia and Wingo.
For the period ending on December 31, 2023, Copa Holdings disclosed a net profit of US$191.8 million in the fourth quarter, equivalent to US$4.55 per share. Excluding special items, which included a net gain of US$3.4 million related to financial investments, the company's adjusted net profit would have been US$188.4 million or US$4.47 per share. Throughout the full year 2023, Copa Holdings reported a net profit of US$518.2 million, or US$12.89 per share.
6. Alaska Air Group, Inc. (NYSE:ALK)Market Capitalization: $4.61 billion
Alaska Air Group is an airline holding company from SeaTac, Washington, in the US. They're the owners of two airlines: Alaska Airlines, the big player, and Horizon Air, the regional sidekick, and are placed 6th on our list of Largest Airlines in the World in 2024.
In the fourth quarter ending on December 31, 2023, and for the entire year, they reported a net income of $38 million and $583 million, respectively. That breaks down to $0.30 and $4.53 per diluted share. Now, comparing these to the 2022 figures, net income was at $118 million and $556 million, or $0.92 and $4.35 per diluted share. On the bright side, their adjusted pretax margin was a solid 7.5% for the whole of 2023, ranking up there among the industry's best. So, while there have been rough patches, Alaska Air Group Inc. Is still flying forward.
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Disclosure: None. 20 Largest Airlines in the World in 2024 is originally published on Insider Monkey.
United Airlines Isn't The Best Airline In The History Of The World
United is a good airline — but are they the best airline is the history of aviation?
gettyUnited Airlines' CEO Scott Kirby recently claimed that United was the "best airline in the history of aviation." That's quite a claim, and a subjective one at that. It's not clear that all of United's customers would agree with this, or even all of their employees. Yet stating it begs one to ask on what basis this claim can be made. Successful Clemson football coach Dabo Swinney once said that "to be an over-achiever, you have to be an over-believer." That inspiring wisdom may be Kirby's rationale. Or easier said, if you say it enough, people might believe it.
On objective grounds, it's hard to find support for this claim. Airlines are run on data, not emotion. Lets look at some data to see how to justify this lofty statement.
Most ProfitableCompanies need to make money to grow, withstand exogenous shocks, pay their people fairly, invest in the future, and give investors reasons to invest. While earnings are not the only way to judge the health of a company, companies that don't earn their cost of capital tend to shrink and ultimately shut down. So, one way to consider yourself to be the best airline in the world would be to say to you are the most profitable.
On this basis, United comes in 20th among world airlines based on operating margin. Margin shows how profitable a company is, since it shows how much of each dollar collected is kept as profit. United's relatively paltry 1.69% operating margin shows that for each dollar of revenue they collect, they keep 1.69 cents as profit. Among U.S. Airlines, Southwest Airlines, Delta Air Lines, and Sun Country all do better. Around the world, many foreign airlines have higher operating margins. On a raw earnings basis (how much money is made), United comes in 9th place, still bested by Southwest and Delta. So, on this basis, United can't say they are the best airline in the world.
Most Loved By CustomersBeing a customer favorite would make one a strong contender for the best airline. Of course, combined with financial success this would be a tough combination to beat. But, customer views are fickle, and a great flight today could be on the airline that you'll "never fly again" next when your flight is cancelled. Still, looking at measures of customer favorites is worth it.
The J.D. Power awards directly try to address this by using multiple factors to rate companies on customer satisfaction. Their latest ranking of airlines breaks this down into first or business class, premium economy, and economy. In all three cases, United finished in the bottom half of all U.S. Airlines. In the higher-paying premium economy and first/business categories, United scored relatively worse and finished second from the bottom in each category. So based on J.D. Power, customers don't especially love United Airlines. Maybe J.D. Power is the wrong source to consider.
The Upgraded Points site has issued an airline customer service ranking that mimics many other similar approaches. They use U.S. Department of Transportation reported rates for on-time, baggage delivery, cancelled flights, and complaints and created a summary ranking. Based on this, United scores 49.7 out of 100, placing them in the bottom half of all airlines ranked, just below Spirit Airlines. There isn't an objective survey or collection of reported data that would bolster the argument that customers love United better than all other airlines. So far, o for 2.
Broadest Route NetworkUnited wins on this one in terms of destinations served — 329, just edging out American's 326. But in every other measurement of network strength, United doesn't come out on top. For example, city-pairs served: American serves over 1,000 while United serves under 900. A city-pair is a nonstop flight between two airports; Boston to N.Y.'s JFK would be considered a separate city-pair from Boston to N.Y.'s LaGuardia. Some might combine those and call them a single city-pair from Boston to New York City, but you get the point.
By seats offered, three airlines beat United's 141 million. Southwest offers more seats for sale at 169 million, Delta offers 186 million, and American offers 217 million. By flights offered, United is again third behind Delta and American. This same third-place goes to passengers served, which makes sense given the number of seats for sale. United has the second most planes, with only American having a larger fleet. But the average size of United's planes is smaller, driving the seat and flight number differences.
United has placed big fleet orders to replace some regional airline flying with full-size jets, and so over the next few years United's network may move up the size rankings. For now, though, this isn't a basis to claim to be the best airline in the world either.
Most Operationally ReliableAnother way to claim to be the best airline in the world would be to have the highest operational reliability. The U.S. Department of Transportation tracks all of these metrics, and according to them United operates on-time quite often but not as often as Delta. Delta cancels a smaller percentage of flights than United also, and United loses bags at a higher rate than multiple airlines, including several low-cost airlines.
So while United is an overall reliable operator, they don't stand apart from their competition and often are beaten by them. It's hard to see how a claim of best airline in the world can be made on this basis.
Other Ways To Think About ThisMaking a bold claim like "best airline" can be a rallying cry and maybe makes a good aspirational goal. In reality, no single airline can be the best for every person. If you live in Dallas, there is no way you will consider United to be the best airline since they can only take you to a few places nonstop. But if you move to San Francisco or Houston, maybe you would consider United the best.
Everyone wants to be part of a winning team. If this claim galvanizes the United team to go above and beyond, then it is a good effort. There is equal risk, though, that customers will use this statement against United when things go badly. If United loses your luggage, can't you see a tweet saying "here's the best airline in the world still looking for my bag?" Because of this, I expect that United won't be repeating this claim often and will try to distance themselves from it. Still, I applaud the boldness.
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