The aviation industry has always been a turbulent one, with airlines constantly on their toes to try and turn a profit. The pandemic made things dramatically worse, but the jump in demand since and aggressive cost-cutting measures have allowed some carriers to return to the black. Here are the top five passenger airlines globally by revenue.

This list was dominated by US carriers in 2019, with the big four and IAG being the only members. However, COVID has shaken up the order, and there are some new entrants as well, but the top remains unchanged in 2022 as well.

6 Southwest Airlines

Dallas-based Southwest Airlines may not be well-known outside North America, but the low-cost pioneer has a history of delivering profitable results. While it broke its decades-long profitability run in 2020, it quietly bounced back in early 2022. Last year, the carrier recorded a net income of $723 million, well below its pre-pandemic numbers, but trending in the right direction. It did face some notable challenges in Q4, which pushed it below the $1 billion mark, but shows the airline is likely to do well this year.

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5 International Airlines Group (IAG)

If you don't know this Spanish group, you might be forgiven. IAG is the parent company behind British Airways, Iberia, Vueling, and several other European airline companies. The group announced a profit of €1.22 billion ($1.32 billion) for 2022 and has a target to double this number in 2023. The massive profits put IAG ahead of its main European rivals, but the pandemic has taken a toll on the group, and its recovery is looking long-winded with high debts.

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3 Lufthansa Group

Europe's second giant, the Lufthansa Group, brought in a profit of €1.5 billion ($1.63 billion) in 2022, reversing two years of multi-billion dollar losses. Home to its namesake carrier, Austrian Airlines, SWISS, Eurowings, and more airlines, the group spans the entirety of the continent, and its network to every habitable one. The carrier noted that it beat airspace restrictions, high fuel costs, and continued closure of key Asian markets in 2022, meaning this year could bring even bigger returns to the German group.

2 Turkish Airlines

Turkey's flag carrier closed out 2022 with some impressive statistics, with profitability right at the front. Turkish Airlines recorded a profit of $2.7 billion, with passenger levels just 3% below pre-COVID levels and the entire network almost restored. Buoyed by passenger traffic at Istanbul Airport, the airline has firmly planted itself as a major player in the connecting market once more.

1 Delta Air Lines

The prize for the most profitable airline in the world goes to none other than Delta Air Lines. The Atlanta-based megacarrier recorded a net income of $3.6 billion in 2022, marking a margin of 7.8%, down only slightly from 2019. Despite other US airlines struggling with a number of issues, Delta managed to return to its pre-pandemic ways and claim the top spot in profitability once more, even while profit-makers like business travelers remain far from earlier levels. The question remains if any carrier can beat in terms of margins and total profits anytime soon.

Did you know which airlines were the most profitable in the world? Have you flown with any of them? Let us know in the comment section.