> There are like 2 airlines in the world that are profitable. Your premise is outdated. The US airlines are very profitable now and have been for many years. C

> There are like 2 airlines in the world that are profitable. Your premise is outdated. The US airlines are very profitable now and have been for many years. Consolidation has brought the market to a state of profitability as the normal condition. Their margins are solid and the corporate income tax cut took their formerly high tax rates down to more reasonable levels that are globally competitive (eg Delta went from a typical 33% effective rate down to 24-25%). Operating income the last four years combined: Delta $24 billion, American $21b, United $18b, Southwest $14.5b, Alaska Air $4.7b, JetBlue $4b, Spirit $1.8b All of those airlines have been profitable every year for the last five fiscal years (both in terms of net and operating income). So that's seven consistently profitable airlines just in the US market. Air Canada has also been profitable every year for the last five years. This change to their business condition is also why Warren Buffett has gone through and purchased the max position he can in all the majors (Berkshire owns just under 10% of Delta, Southwest, United, American). He regards them as having gone through a consolidation transformation akin to the railroads, which took the US railroad industry from being a frequent basket case to consistently profitable (leading Berkshire to acquire Burlington Northern).