Airlines posted record profits in their most recent financial results, with the top nine carriers together clearing $25.11 billion (€22bn), according to an analysis by the Dubai-based investment firm One Investments of net earnings across the industry.
Emirates leads the pack for a second consecutive year, but the fine print, and the calendar, matter enormously.
Emirates reported a record $5.4 billion (€4.7bn) net profit for the first quarter of this year, the best result in its history and, by its own account, the industry's best, despite what chairman Sheikh Ahmed bin Saeed Al Maktoum described as significant challenges in the final month, after the start of the Iran war shut Gulf airspace at the end of February.
Delta follows at $5 billion (€4.3bn), cementing its lead among US carriers, ahead of United with $3.4 billion (€3bn).
Europe's champions come next.
