TMGM

Delta Air Lines

With a market cap of $37.6 billion, Delta Air Lines is the first-place company. Known as one of the “big four” airlines in the United States, Delta is the oldest operating airline in the nation.

Though its rank was dethroned by Ryanair in 2023, Delta Air Lines’ market grew 10.5 billion since the end of 2023. They also expect total revenue during the fourth quarter to grow 2% to 4% compared to 2023. This makes Delta Air Lines the country’s most profitable airline.

United Airlines Holdings

Another one of the “big four” airlines in the US, United, started operations in 1931. As of November 2024, it has a market cap of $26.31 billion.

The Chicago-based carrier’s net income for 2023 was $2.6 billion. These statistics rank them at a solid two on this list.

Ryanair

This low-cost Irish airline, founded in 1984, is one of the most popular airlines in Europe.

As of November 2024, Ryanair's market cap is 24.7 billion USD. Though it was the largest airline company in the world by market capitalization at the end of 2023, it has fallen to third place this year.

However, the company’s price trend reveals that Ryanair shares have risen 18.1% over the past year, making it a great investing option.

Southwest Airlines

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

As of November 2024, it has a market capitalization of $18.36 billion. Reports show that Southwest Airlines’ current revenue is $27.03 billion, surpassing 2023’s revenue of $26.09 billion.

InterGlobe Aviation

Coming in on our list at number five with a market cap of $18.17 billion, India’s largest airline carrier has risen since its founding in 2006.

From 2020 to 2023, the airline's shares increased 122%, and as of November 2024, it held a market share of 62% in India. The company has also delivered good profit growth of 102% CAGR over the last five years. In 2023, InterGlobe Aviation made revenue of $7.6 billion, a 35% increase from the previous year.

Air China

Established in 1988, Air China is one of the big three Chinese Airlines. With a market cap of $15.18 billion, it is number 6 on the list.

In 2023, the company's revenue was $19.85 billion, a 166.7% increase from the previous year. However, the airline ended the year with a net loss of $139.7 million.

Singapore Airlines

Singapore Airlines is considered one of the top airlines in the world. Its market cap is $14.51 billion.

Not only is the airline reputable, but it has also been awarded the title of world’s best airline on multiple occasions. In 2023, the airline's revenue was $14 billion, a 19% increase from the previous year.

China Southern Airlines

Another one of China’s “big three” airlines, China Southern Airlines has a market cap of $13.73 billion.

Though it’s Asia’s largest airline by fleet size, the company suffered losses in 2023.

However, in 2024, China Southern posted an operating profit of $633 million over the year's first half. Even if the carrier still suffered net losses, this was a significant reduction from last year.

International Consolidated Airlines (IAG)

As a British-Spanish multinational airline, it started operations in 2011 and is now recognized as one of the biggest global airlines.

With multiple airlines in its portfolio, such as Aer Lingus and Vueling, IAG has a market cap of $13.56 billion.

Though the airline suffered major losses during the pandemic, its net profit levels returned to pre-pandemic levels in 2023.

Hainan Airlines

Founded in 1989, Hainan Airlines is the largest civilian-run and majority state-owned air transport company in China. Its fleet size makes it the fourth-largest Chinese airline and the tenth-largest overall in Asia.

Its market cap of $11.25 billion has landed the airline in the final spot on our list.

Largest Airlines Based on Revenue

The list of largest airlines based on revenue looks slightly different as some companies suffered bigger losses. Here are the top 10 publicly traded airlines by revenue: