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.