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Operator Watch Beta

Official filings only · numbers, not opinions

Quarterly metrics for the companies that buy and operate aircraft — taken directly from their regulatory filings. Eight-quarter trend per metric; hover the bars for exact figures. We show the numbers; you draw the conclusions. Coverage grows in waves — European and Asian operators join as their reporting is wired in.

This section is in beta. Data is sourced from public filings and third-party providers and may contain errors or delays. White Contrails accepts no financial responsibility for any decisions made based on the information shown here. Always verify figures against official company filings before acting on them.

Face-Off — Lessors & Engine Makers
VS
Latest reported period per companyUSD reporters only
Latest available period per company (periods may differ). USD reporters only — Rolls-Royce, Safran and MTU Aero Engines report in GBP/EUR and are excluded here to avoid an unconverted comparison.

Equity Indices 4

IndexLevel1W1MYTD1YAs of
FTSE 350 A&D
UK-listed aerospace & defence stocks		$181.08+5.5%+4.8%+15.7%+29.7%2026-07-02
Tracked via Invesco Aerospace & Defense ETF (PPA) — FTSE 350 A&D not available on Yahoo Finance
MSCI World A&D
Large and mid-cap A&D stocks across 23 developed markets		$248.19+4.6%+8.8%+15.8%+35.0%2026-07-02
Tracked via iShares U.S. Aerospace & Defense ETF (ITA) — closest available proxy
S&P Aerospace & Defense
US total market A&D sub-industry (S&P Select Industry)		$287.56+5.4%+3.0%+19.3%+39.8%2026-07-02
Tracked via SPDR S&P Aerospace & Defense ETF (XAR)
STOXX Europe A&D
European companies in civil aviation, defence, and space		€26.44+0.8%+8.2%+6.4%+13.6%2026-07-06
Tracked via iShares STOXX Europe 600 Aerospace & Defence ETF (EXV9.DE)

Performance figures are price returns, not total returns. Sources: Yahoo Finance and Deutsche Börse. Some indices tracked via representative ETFs — see footnote per row.

Manufacturers & Suppliers 12

Engine Manufacturers

GE Aerospace North America · full disclosure
as of Q1 2026
Revenue$12.4B +25% YoY
Operating income—
Net income$1.9B -4% YoY
Cash & equivalents$11.0B -11% YoY
Long-term debt—
SEC filings →
MTU Aero Engines Europe · semi-annual disclosure
as of FY2025 · annual reporting · Operating margin 14.5%
Revenue€8.8B +18% YoY
Operating income€1.3B +44% YoY
Net income€1.0B +61% YoY
Cash & equivalents€1.3B -28% YoY
Long-term debt€1.6B +0% YoY
Yahoo Finance →
RTX Corporation North America · full disclosure
as of Q1 2026 · Operating margin 11.6%
Revenue$22.1B +9% YoY
Operating income$2.6B +26% YoY
Net income$2.1B +34% YoY
Cash & equivalents$6.8B +32% YoY
Long-term debt$37.3B -9% YoY
SEC filings →
Rolls-Royce Europe · semi-annual disclosure
as of FY2025 · annual reporting · Operating margin 20.8%
Revenue£21.2B +12% YoY
Operating income£4.4B +61% YoY
Net income£5.8B +132% YoY
Cash & equivalents£6.0B +13% YoY
Long-term debt£1.8B -36% YoY
Yahoo Finance →
Safran Europe · semi-annual disclosure
as of FY2025 · annual reporting · Operating margin 14.7%
Revenue€31.2B +13% YoY
Operating income€4.6B +15% YoY
Net income€7.2B +1176% YoY
Cash & equivalents€6.8B +4% YoY
Long-term debt€2.1B -42% YoY
Yahoo Finance →

Airframe Manufacturers

Airbus Europe · full disclosure
as of Q1 2026 · Operating margin 1.5%
Revenue€12.7B -7% YoY
Operating income€187M -65% YoY
Net income€586M -26% YoY
Cash & equivalents€11.9B -13% YoY
Long-term debt€7.0B -18% YoY
Yahoo Finance →
Boeing North America · full disclosure
as of Q1 2026 · Operating margin 2.0%
Revenue$22.2B +14% YoY
Operating income$448M -3% YoY
Net income−$4M +89% YoY
Cash & equivalents$9.4B -7% YoY
Long-term debt$47.0B -12% YoY
SEC filings →
Embraer Latin America · annual-only disclosure
as of FY2025 (2025-01 → 2025-12) · annual reporting · Operating margin 8.0%
Revenue$7.6B +18% YoY
Operating income$608M -9% YoY
Net income$359M +1% YoY
Cash & equivalents$1.9B +25% YoY
Long-term debt—
SEC filings →

Systems, Avionics & Structural

Honeywell North America · full disclosure
as of Q1 2026 · Operating margin 23.3%
Revenue$9.1B +2% YoY
Operating income$2.1B +6% YoY
Net income$821M -43% YoY
Cash & equivalents$12.0B +24% YoY
Long-term debt$32.1B +19% YoY
SEC filings →
Howmet Aerospace North America · full disclosure
as of Q1 2026 · Operating margin 32.6%
Revenue$2.3B +19% YoY
Operating income$753M +52% YoY
Net income$580M +69% YoY
Cash & equivalents$2.4B +353% YoY
Long-term debt$4.0B +22% YoY
SEC filings →
Leonardo Europe · full disclosure
as of Q1 2026 · Operating margin 5.6%
Revenue€4.4B +7% YoY
Operating income€251M +30% YoY
Net income€162M -57% YoY
Cash & equivalents€1.5B -20% YoY
Long-term debt—
Yahoo Finance →
Thales Europe · semi-annual disclosure
as of FY2025 · annual reporting · Operating margin 10.0%
Revenue€22.1B +8% YoY
Operating income€2.2B +22% YoY
Net income€1.7B +18% YoY
Cash & equivalents€4.4B -7% YoY
Long-term debt€4.0B -12% YoY
Yahoo Finance →

Airlines 16

ANA Holdings Asia-Pacific · full disclosure
as of FY2026 · annual reporting · Operating margin 8.6%
RevenueJPY 2,539.2B +12% YoY
Operating incomeJPY 217.4B +11% YoY
Net incomeJPY 169.1B +10% YoY
Cash & equivalentsJPY 552.8B +22% YoY
Long-term debtJPY 978.3B +1% YoY
Yahoo Finance →
Air France-KLM Europe · full disclosure
as of Q1 2026 · Operating margin 0.0%
Revenue€7.5B +4% YoY
Operating income€1M +100% YoY
Net income−€287M +2% YoY
Cash & equivalents€5.9B +29% YoY
Long-term debt€2.5B -2% YoY
Yahoo Finance →
Alaska Air Group North America · full disclosure
as of Q1 2026 · Operating margin -8.5%
Revenue$3.3B +5% YoY
Operating income−$279M -42% YoY
Net income−$193M -16% YoY
Cash & equivalents$451M -57% YoY
Long-term debt$4.8B +11% YoY
SEC filings →
American Airlines North America · full disclosure
as of Q1 2026 · Operating margin -0.3%
Revenue$13.9B +11% YoY
Operating income−$41M +85% YoY
Net income−$382M +19% YoY
Cash & equivalents$1.0B +8% YoY
Long-term debt$22.9B -5% YoY
SEC filings →
Copa Holdings Latin America · annual-only disclosure
as of FY2025 (2025-01 → 2025-12) · annual reporting · Operating margin 22.6%
Revenue$3.6B +5% YoY
Operating income$819M +9% YoY
Net income$672M +10% YoY
Cash & equivalents$383M -38% YoY
Long-term debt$2.0B +19% YoY
SEC filings →
Delta Air Lines North America · full disclosure
as of Q1 2026 · Operating margin 3.2%
Revenue$15.9B +13% YoY
Operating income$501M -12% YoY
Net income−$289M -220% YoY
Cash & equivalents$5.1B +36% YoY
Long-term debt$10.6B -15% YoY
SEC filings →
IAG Europe · full disclosure
as of Q1 2026 · Operating margin 5.0%
Revenue€7.2B +2% YoY
Operating income€358M +94% YoY
Net income€301M +71% YoY
Cash & equivalents—
Long-term debt—
Yahoo Finance →
JetBlue Airways North America · full disclosure
as of Q1 2026 · Operating margin -10.0%
Revenue$2.2B +5% YoY
Operating income−$224M -29% YoY
Net income−$319M -53% YoY
Cash & equivalents$1.9B -19% YoY
Long-term debt$8.4B -0% YoY
SEC filings →
LATAM Airlines Latin America · annual-only disclosure
as of FY2025 (2025-01 → 2025-12) · annual reporting · Operating margin 16.4%
Revenue$14.3B +11% YoY
Operating income$2.3B +52% YoY
Net income$1.5B +50% YoY
Cash & equivalents$2.2B +10% YoY
Long-term debt$8.1B +13% YoY
SEC filings →
Lufthansa Group Europe · full disclosure
as of Q1 2026 · Operating margin -4.8%
Revenue€8.7B +8% YoY
Operating income−€420M +41% YoY
Net income−€665M +25% YoY
Cash & equivalents€1.1B -37% YoY
Long-term debt—
Yahoo Finance →
Ryanair Europe · annual-only disclosure
as of FY2025 (2024-04 → 2025-03) · annual reporting · Operating margin 11.2%
Revenue€13.9B +4% YoY
Operating income€1.6B -24% YoY
Net income—
Cash & equivalents—
Long-term debt€2.7B -2% YoY
SEC filings →
Southwest Airlines North America · full disclosure
as of Q1 2026 · Operating margin 4.6%
Revenue$7.2B +13% YoY
Operating income$330M +248% YoY
Net income$227M +252% YoY
Cash & equivalents$3.3B -59% YoY
Long-term debt—
SEC filings →
Turkish Airlines Europe · full disclosure
as of Q1 2026 · Operating margin -2.1%
Revenue$5.9B +21% YoY
Operating income−$123M +13% YoY
Net income$227M +616% YoY
Cash & equivalents$1.6B -32% YoY
Long-term debt$1.5B +4575% YoY
Yahoo Finance →
United Airlines North America · full disclosure
as of Q1 2026 · Operating margin 6.8%
Revenue$14.6B +11% YoY
Operating income$997M +64% YoY
Net income$699M +81% YoY
Cash & equivalents$7.9B -16% YoY
Long-term debt—
SEC filings →
Wizz Air Europe · semi-annual disclosure
as of FY2026 · annual reporting · Operating margin 2.5%
Revenue€5.7B +8% YoY
Operating income€140M -17% YoY
Net income€2M -99% YoY
Cash & equivalents€1.1B +82% YoY
Long-term debt€333M +751% YoY
Yahoo Finance →
easyJet Europe · semi-annual disclosure
as of FY2025 · annual reporting · Operating margin 7.0%
Revenue£10.1B +9% YoY
Operating income£703M +18% YoY
Net income£494M +9% YoY
Cash & equivalents£1.5B +12% YoY
Long-term debt£1.9B +11% YoY
Yahoo Finance →

Lessors 2

AerCap Global · full disclosure
⚠️ data may not be current as of Q2 2025
Revenue$1.9B -4% YoY
Operating income—
Net income$1.3B +181% YoY
Cash & equivalents$2.7B +88% YoY
Long-term debt$46.1B +1% YoY
SEC filings →
Air Lease Corporation Global · full disclosure
as of Q1 2026
Revenue$739M +0% YoY
Operating income—
Net income$126M -67% YoY
Cash & equivalents$554M +20% YoY
Long-term debt$19.8B -0% YoY
SEC filings →

Freight & Logistics 2

FedEx Global · full disclosure
as of Q1 2026 · Operating margin 5.6%
Revenue$24.0B +8% YoY
Operating income$1.3B +4% YoY
Net income$1.1B +16% YoY
Cash & equivalents$8.0B +56% YoY
Long-term debt—
SEC filings →
UPS Global · full disclosure
as of Q1 2026 · Operating margin 6.0%
Revenue$21.2B -2% YoY
Operating income$1.3B -24% YoY
Net income$864M -27% YoY
Cash & equivalents$5.8B +21% YoY
Long-term debt—
SEC filings →