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Delta Air Lines

With a market capitalization of $37.6 billion, Delta Air Lines ranks first. Recognized as one of the “big four” U.S. airlines, Delta is the oldest continuously operating airline in the country.

Although it was surpassed by Ryanair in market capitalization in 2023, Delta Air Lines’ market value increased by $10.5 billion since the end of 2023. The company also anticipates total revenue growth of 2% to 4% in Q4 compared to 2023, solidifying Delta Air Lines as the most profitable airline in the United States.

United Airlines Holdings

Another member of the “big four” U.S. airlines, United commenced operations in 1931. As of November 2024, it holds a market capitalization of $26.31 billion.

The Chicago-based carrier reported a net income of $2.6 billion for 2023, securing its position as the second-largest airline on this list.

Ryanair

Founded in 1984, this low-cost Irish airline is among the most popular carriers in Europe.

As of November 2024, Ryanair' market capitalization stands at $24.7 billion. Although it was the largest airline globally by market cap at the end of 2023, it has since dropped to third place this year.

However, Ryanair’s share price has appreciated by 18.1% over the past year, making it an attractive investment opportunity.

Southwest Airlines

Southwest, one of the big four U.S. airlines, operates a low-cost carrier model and is the largest domestic airline in the United States.

As of November 2024, Southwest Airlines has a market capitalization of $18.36 billion. Reports indicate current revenue of $27.03 billion, exceeding the 2023 revenue of $26.09 billion.

InterGlobe Aviation

Ranking fifth with a market cap of $18.17 billion, India’s largest airline has experienced significant growth since its establishment in 2006.

Between 2020 and 2023, InterGlobe Aviation’s shares surged by 122%, and as of November 2024, it commands a 62% market share in India. The company has also achieved a robust profit growth with a 102% compound annual growth rate (CAGR) over the past five years. In 2023, InterGlobe Aviation generated $7.6 billion in revenue, marking a 35% increase year-over-year.

Air China

Founded in 1988, Air China is one of the “big three” Chinese airlines. With a market capitalization of $15.18 billion, it ranks sixth on the list.

In 2023, Air China reported revenue of $19.85 billion, representing a 166.7% increase from the prior year. However, the airline recorded a net loss of $139.7 million for the year.

Singapore Airlines

Singapore Airlines is recognized as one of the world’s leading airlines, with a market capitalization of $14.51 billion.

The airline has earned the title of “world’s best airline” multiple times. In 2023, Singapore Airlines reported revenue of $14 billion, a 19% increase compared to the previous year.

China Southern Airlines

Another member of China’s ’“big three”” airlines, China Southern Airlines holds a market capitalization of $13.73 billion.

Although it is Asia’s largest airline by fleet size, the company incurred losses in 2023.

Nevertheless, in the first half of 2024, China Southern posted an operating profit of $633 million. While the airline still reported net losses, this marked a significant improvement from the previous year.

International Consolidated Airlines Group (IAG)

Operating as a British-Spanish multinational airline group since 2011, IAG is now one of the largest global airline groups.

Its portfolio includes multiple carriers such as Aer Lingus and Vueling, with a combined market capitalization of $13.56 billion.

Although the group experienced significant losses during the pandemic, net profit levels returned to pre-pandemic figures in 2023.

Hainan Airlines

Established in 1989, Hainan Airlines is China’s largest civilian-run and majority state-owned airline. It ranks as the fourth-largest Chinese airline and the tenth-largest in Asia by fleet size.

With a market capitalization of $11.25 billion, Hainan Airlines occupies the final position on our list.

Largest Airlines by Revenue

The ranking of the largest airlines by revenue differs slightly, as some companies experienced greater financial setbacks. Below are the top 10 publicly traded airlines by revenue: