Airline revenues per seat-mile have generally stayed just above costs, so the industry's operating margin has been persistently thin.
What this shows: The chart covers 1995 Q1 to 2025 Q3. It plots Cost per available seat-mile, CASM (¢) and Revenue per available seat-mile, RASM (¢) on a vertical axis of Cents per available seat-mile (¢). Latest values: Cost per available seat-mile, CASM (¢) 17.16; Revenue per available seat-mile, RASM (¢) 17.92. Data run through 2025 Q3.