Playing Catch-Up: Can American Close the Gap With Delta and United?

Delta makes the most money. United has the swagger. And American? By size, it’s actually No. 1: American flies more passengers and operates more flights than any other U.S. airline. But by almost every other measure, it’s behind, and it has spent the past year trying to make up ground. Profits? Last year, Delta Air Lines made $5.1 billion, and United Airlines $3.3 billion. American earned just $111 million. This year, American is on track to lose money. Its shares are still down more than 50% from their 2019 high. Since November 2023, Delta and United shares have more than tripled, while American’s are up less than 30%. A series of big and small missteps ranging from scrapping seatback screens on domestic narrowbodies to a weaker international network explain some of American’s lagging profitability. The gap shows up in employees’ paychecks. Delta set aside $1.3 billion in profit sharing for 2025, worth slightly more than a mo