Assessing the airline financial recovery around the globe

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By Vincent Valery


May 23, 2022, © Leeham News: A significant number of airlines started reporting their fiscal 2021 earnings. Most saw an improved financial performance, but still a far cry from the pre-Covid days.

The differences in financial performance depend on geography and airline business model. Some carriers saw a meaningful recovery, while others had a financial performance not very different from 2020. A few airlines also saw better profitability than before the Covid-19 pandemic.

LNA analyzes airlines' earnings globally and compares them with their pre-Covid results.


  • The Americas leading the revenue recovery, with a notable exception;
  • Europe lagging behind the Americas;
  • Asian carriers stuck in low gear;
  • The peculiarity of cargo airlines.

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