The ratio of legacy carriers' average yield to low-cost carriers', by quarter and as a rolling average. Both lines end at their highest: legacy carriers now earn about half as much again per mile.
What this shows: The chart covers 1995 Q1 to 2025 Q3. It plots Quarterly ratio and 8-quarter rolling average on a vertical axis of Legacy / low-cost carrier (LCC) yield ratio. Latest values: Quarterly ratio 1.599; 8-quarter rolling average 1.49. Data run through 2025 Q3.
Conditions and method
The yields this ratio averages leave out 17 carrier-quarters whose cost or revenue per seat-mile is outside the band applied to the unit-economics data: American (2020 Q2); Delta (2020 Q2); United (2020 Q2); JetBlue (2020 Q2); Hawaiian (2020 Q2 and 2020 Q3); TEM Enterprises (Avelo) (2013 Q3, 2013 Q4 and 2021 Q2); Allegiant (8 quarters, 2000 Q2 to 2002 Q3).