FINANCIAL FLIGHT

Last year, American, Delta, United, and Southwest posted a combined $12 billion passenger operating loss but still recorded $13.5 billion in net profits. While freight helped, loyalty programs that bind customers to airlines and airline credit cards were primarily why. In 2Q25, Delta received $2.1 billion, American $1.4 billion, and United $800 million from AmEx, Citigroup, and JPMorgan Chase for miles awarded to bank/airline credit card holders.