Major U.S. airlines reported a decline in third-quarter passenger volumes, but executives stated they prioritize revenue over load factor and remain confident in their profit outlook, as fuel costs drove significant fare increases.

Nat Pieper, Chief Commercial Officer at American Airlines, stated that the company is actively prioritizing revenue over load factor and is pleased with this approach. American Airlines' third-quarter load factor dropped to 83.4%, while Southwest Airlines' passenger volume decreased by 3.2% year-over-year. However, Southwest's average fare increased by nearly $50 to $231.69, with both fares and passenger volume exceeding expectations.

Despite fuel prices doubling year-over-year, leading American Airlines, United Airlines, Delta Air Lines, and Southwest Airlines to all lower their 2026 profit forecasts (with American Airlines expecting a loss), executives noted that overall travel demand remains strong, especially for high-margin cabins like business class. United Airlines CEO Scott Kirby stated that the industry's ability to increase revenue and pass on fuel costs this year has been surprising, and he expects double-digit profit margins next year.