The largest factor for Airline profitability, at least historically, is the cost of fuel. Airlines that sign a 1/2/5/10 year futures agreement at exactly the ri

The largest factor for Airline profitability, at least historically, is the cost of fuel. Airlines that sign a 1/2/5/10 year futures agreement at exactly the right moment can save an extraordinary amount of money compared to their competition. Jet Blue, for example, has been doing quite well in the last few years. The biggest reason for this isn't their (quite wonderful) service or (relatively new) air fleet; it's because their fuel contracts were signed at a damn near perfect moment. Airlines run razor thin margins. A few percent savings in fuel can easily double their margin, which can be then spent on marketing, fleet improvements, sniping experienced pilots by offering higher wages, or any other form of capital investment.