The five largest U.S. airlines spent more than $45 billion on fuel in the first three quarters of 2026, up 52% year over year, even as revenue hit records. Jet fuel prices spiked after February’s U.S.-Israeli strikes on Iran.
Delta and United remain profitable; American, facing a $7 billion fuel spike, expects a 2026 loss. United CEO Scott Kirby warns many U.S. airlines will lose money in 2026: “The stress is building.” Executives expect more industry capacity cuts in 2027.