North American Airline Industry Analysis: Q2 2025
How are passenger volumes trending for North American airlines?
As the post-pandemic air travel rebound starts to stabilize, the airline industry shows signs of returning to pre-pandemic conditions. However, lingering volatility—coupled with economic factors like consumer sentiment and GDP trends—continues to impact the airline industry.
Airline stock valuations have experienced fluctuations due to tariff shocks and fears of a potential recession in early 2025, with high valuations from 2024 and recent tariff news contributing to more normalized levels. Larger US airlines have maintained a stable share of passenger volume, though low-cost carriers are making incremental gains. Looking ahead, growth is expected to moderate, with the industry trending toward long-term stabilization as competition between legacy and low-cost carriers evolves.
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