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Delta Air Lines and United Airlines have accounted for most of the industry’s profits since 2022. Their appeal to wealthy travelers could become a liability if the economy weakens.
Oct. 16, 2025, 10:34 a.m. ET
Airlines in the United States seem to be separating into two groups. Delta Air Lines and United Airlines make lots of money. And then there’s everybody else.
Those two airlines have pulled ahead of the pack in recent years after making a few big bets. They expanded loyalty programs and leaned into selling more first- and business-class seats. And they operate lots of international flights.
That has paid off handsomely. Delta and United have generated most of the industry’s profits since 2022. And some experts believe their lead is only expanding.
“This is kind of the industry paradigm now,” said Tom Fitzgerald, an airline industry analyst for the investment bank TD Cowen. “I think the divergence is set to become more and more stark every year.”
Last week, Delta said it had earned more than $1.4 billion from July to September, up 11 percent from the same period a year earlier. United said on Wednesday that it had earned $949 million in the third quarter.
Both airlines have benefited substantially from increased revenue from loyalty programs and the sale of premium seats.
