Strong post-COVID recovery - Airlines' ratios revert to a more normal range.

The last twelve months have seen a continued strong post-COVID recovery, with revenues, load factors, and EBITDAR margin, improving for most airlines. The period has also seen fixed charge cover, liquidity, and leverage ratios reverting to a more normal range.


The Airline Top 100 report reviews the top 100 airlines (including private airlines) with an in-depth look into their financial and operational performance, allowing you to gain valuable insights into your chosen leading carriers.


Pinpoint high-performing and underperforming airlines while you access vital airline financial data to enhance your credit evaluation process. This year’s edition comes also in Excel.



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What’s new about this year’s report:


  • For the first time, the 2023 edition allows you to download the airline rankings into Excel as well as in PDF to support your own analysis. 
  • We provide the last 3 years of the Airline Financial Ratings – from the peak impact of COVID in 2020/2021 to the present time - to highlight the trend in the financial strength of the airlines.


Key Findings:

  • The best performers were those airlines in countries that relaxed travel restrictions more recently, such as Japan (Skymark Airlines and Japan Airlines) and New Zealand (Air New Zealand).
  • A robust performance by leisure airlines such as Jet2, Pegasus Airlines, and easyJet, which all scored well in terms of liquidity, reflecting strong forward bookings.
  • The stronger performers in terms of revenue included airlines with a strong presence in long-haul markets. Delta Air Lines once again leads the industry with revenue of US$55.7bn for the latest twelve months, an increase of 33% compared to the previous period.
  • The highest-ranked airlines by passenger load factor were dominated by Low Cost Carriers (LCCs), across all regions. Ryanair topped the list with an impressive 93.5%.
  • Some high-ranked Asian airlines showed a notable reduction in terms of average revenue per passenger, as a result of these airlines' rapidly growing capacity by an extraordinary 340% to 470%, as travel restrictions relaxed, and international demand returned during this period.

Source: Airfinance Journal's The Airline Analyst and Airline Financial Ratings.

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Airline Top 100 2023 report

About Airfinance Journal

With a portfolio of advanced aviation data analytics tools and an experienced global reporting team, we provide solutions that enable market participants to underpin investment decisions, find new investment opportunities, improve their competitive edge, save time and grow business.

As a market-leading intelligence resource for the global aviation finance industry for more than 40 years, we provide the latest news, insightful analysis, league tables, and proprietary aviation data covering fleets, deals, airlines’ financial,  and relative ratings of the airline financial strength. 


Our product suite includes:


Airfinance Journal News & Analysis, The Airline Analyst, The Lessor Analyst,  Airline Financial Ratings, Deal Tracker, Fleet Tracker.