Airline margins are highly cyclic. Making "billions" in one month, might be countered by huge losses in the next. Evey yearly numbers don't tell the full stor

Airline margins are highly cyclic. Making "billions" in one month, might be countered by huge losses in the next. Evey yearly numbers don't tell the full story - you have to look at multi-year trends in profitability. ...and, indeed, they aren't great for the industry as a whole. Most nations operate a national carrier at a loss.