Quarterly Report — Q2 2024
Filed July 11, 2024
Revenue climbed to $16.7 billion for the first half of 2024, up from $15.6 billion in the same period last year, driven by strong passenger demand across all regions — with Atlantic routes showing particular strength. The airline is actively deleveraging, paying down debt while maintaining over $5 billion in liquidity, and has resumed shareholder returns through dividends and buybacks. Premium revenue streams like the SkyMiles loyalty program and travel-related services continue to be a growing profit engine alongside the core ticket business.
Filing details
Performance by segment
Airline
Airline segment operating revenue grew to $15.4 billion in Q2 2024 from $14.6 billion in Q2 2023, driven by an 8% increase in capacity and strong demand for premium products. Premium products ticket revenue rose 10% YoY to $5.6 billion in Q2, while total cash sales to American Express reached $1.9 billion in the quarter, up approximately 9% YoY. The segment generated operating income of $2.2 billion in Q2 2024 versus $2.4 billion in Q2 2023, as higher employee costs from wage increases and capacity-driven expenses outpaced revenue growth.
“Revenues from our relationship with American Express increased compared to the June 2023 quarter due to increased co-brand card spend and more premium card account acquisitions.”
Refinery
The refinery segment generated $4.1 billion in operating revenue for the first half of 2024, down from $4.4 billion in the prior year period, while operating income fell sharply to $108 million from $266 million — a $158 million decline — primarily due to lower pricing. The refinery provided a benefit of five cents per gallon in H1 2024 versus 14 cents per gallon in H1 2023. Third-party refinery sales increased 29% to $2.4 billion for the six months ended June 30, 2024, but exchanged products and sales to the airline segment both declined meaningfully.
“The refinery generated lower operating income in the six months ended June 30, 2024 compared to the six months ended June 30, 2023, primarily as a result of lower pricing in the first half of 2024.”