Wednesday, May 7, 2025

The six major U.S. airlines have all filed their first-quarter 2025 quarterly reports, so Calcbench figured now is a good time to compare their overall performance using our trusty airlines earnings template.

Regular readers of this blog know that Calcbench offers earnings templates for several industries, which capture earnings data automatically as companies file their reports with the Securities and Exchange Commission. You do need to be a Calcbench premium subscriber and have our Excel Add-in installed for the templates to run — and after that, the template runs on autopilot.


For the airlines, our template captures several useful non-GAAP metrics:


  • RASM, or revenue per available seat mile (sometimes with a “T” in front for “total” revenue;

  • CASM, or cost per available seat mile;

  • Load factor, which is the percentage of seats filled by passengers;

  • Fuel costs, and average cost per gallon.


Figure 1, below, shows what you can do with that analysis. It charts RASM in the top portion, measured in cents; and EPS in the lower portion, measured in dollars (or fractions thereof). 



As one can see, RASM among all six airlines has somewhat narrowed lately into a tighter band, although RASM also trended downward in first-quarter compared to late 2024. 


Anyway, you can download our airlines template from DropBox if you want. It won’t automatically update if you’re not a Calcbench premium subscriber, but you can still take a look and see what’s possible. We have other industry templates too, such as for blockbuster drug sales and even for Tesla deliveries!



If you do want to become a subscriber, drop us a line at us@calcbenc.com any time; we can get you set up straight away.
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