In the flurry of airlines earnings season, we got results from Alaska, Southwest, and American and one takeaway was clear: The jet fuel problem isn’t going away.
Earlier this summer, there was hope that fuel prices would trend down, but they have become increasingly volatile. So much so that American lowered its 2026 guidance again: It now expects a range between a loss of 65 cents and a profit of 65 cents in adjusted diluted earnings per share.
Alaska has suspended guidance and isn’t sure whether it can see any pricing gains later this year. The Seattle-based carrier has been hit particularly hard by the fuel crisis, given its West Coast presence. Alaska paid $4.43 a gallon for fuel in the second quarter — American, Delta, and United each paid closer to $4.
Of the three, it seems like Southwest had the best second quarter. It reported an adjusted operating margin of 6.7%, making it the second-most profitable U.S. airline during the three month period so far, just behind Delta.
Skift Aviation Forum
Profitability, capacity, AI, loyalty: the questions that set aviation's agenda for the year get argued out in one room, in one day.
The CEOs of International Airlines Group, Breeze Airways, and Los Angeles World Airports are among the first confirmed for the 6th annual Skift Aviation Forum, November 12 at TWA Hotel, JFK.
CLARITYPAY + SKIFT
On Airline Weekly Lounge, ClarityPay CEO Houman Motaharian explains how its JetBlue partnership could turn financing into a loyalty engine.
EDITOR’S PICKS
Most Airlines Are Holding Back on Capacity — American Is Flying More
by Meghna Maharishi
July 23, 2026
IndiGo Co-Founder: Airport-Airline Ownership Is a ‘Massive Conflict of Interest’
by Peden Doma Bhutia
July 23, 2026
Fuel Costs Wipe Out Alaska Airlines’ Profit — Nearly $500 Million in Losses
by Meghna Maharishi
July 22, 2026
SKIFT PODCAST NETWORK
The airline industry is navigating its most unpredictable period since the pandemic, with fuel prices, geopolitical tensions, premium travel demand, and aircraft shortages reshaping the competitive landscape. Gordon Smith and Jay Shabat break down the data behind the headlines, explaining why airlines remain profitable despite rising costs and unprecedented volatility.
SKIFT TRAVEL 200
How are airlines performing around the world? The Skift Travel 200 pulls the data you need to know to understand the market. Paid subscribers get full access here.
