American Airlines announced Q1 results early Thursday, following earnings from Alaska Air, Southwest and Boeing on Wednesday.
All of the companies declined to provide outlooks with their results — a clear signal of uncertainty ahead. But they did provide some updates on the impacts of tariffs to their operations.
American Airlines
American Airlines on Thursday reported a loss of 59 cents per share adjusted, while FactSet expected a loss of 70 cents. Revenue came in at $12.55 billion, also topping estimates for $12.53 billion.
Capacity eased 0.8% for the quarter compared to last year.
For Q2, American expects capacity to increase 2% to 4%. The airline forecasts total revenue growth to range from a 2% decline to a 1% increase. American Airlines expects earnings to range from 50 cents to $1 per share adjusted. FactSet expects Q2 earnings of 96 cents.
However, American Airlines withdrew its full-year guidance. The company "intends to provide a full-year update as the economic outlook becomes clearer," according to the news release.
Still, CEO Robert Isom said he has "extreme confidence in our ability to navigate the current environment and deliver strong results for the long term."
AAL stock rose 3.1% Thursday. Shares have tumbled nearly 45% in 2025.
Southwest
Southwest managed to top earnings and revenue expectations.
The airline pulled its forecast for earnings before interest and taxes for 2025 and 2026 due to macro uncertainty, but noted that initiatives to improve finances and operational performance are still on track.
"We are committed to executing on these plans while controlling what we can control," CEO Bob Jordan said in the release.
Southwest said it is reducing capacity for the second half of the year, and now expects 2025 capacity to be up about 1% from last year.
For the second quarter, Southwest expects revenue per available seat mile to be flat or decline 4%. The airline expects Q2 available seat miles to increase 1% to 2%.
LUV stock climbed 3.7% Thursday. Shares are down 21.3% this year.
Alaska Air
Alaska Air matched earnings views, but missed revenue estimates. Capacity grew 3.9% during the quarter, which topped the company's prior forecast for 2.5% to 3.5% growth.
Alaska Air noted there has been some recent demand softness, which could cause a 6-point hit to revenue in Q2. The second quarter also faces the most cost pressure, Alaska said. Unit costs are expected to improve sequentially throughout the second half of the year.
For Q2, Alaska expects capacity to be up 2% to 3%. Revenue per available seat mile is expected to be flat to down in the low single digits.
Alaska Air expects earnings to range from $1.15 to $1.65 per share adjusted, which was below FactSet estimates for $2.28 per share.
The company declined to provide an update to its full-year guidance. "We are assessing a variety of scenarios, and expect to be solidly profitable in 2025 even if revenue remains pressured throughout the second half of the year," Alaska Air wrote in the release. "Absent the softer macroeconomic outlook, areas of our business within our control are performing well and in line with our prior expectations."
Alaska said it will provide updates to its 2025 guidance later this year.
ALK stock tumbled 10% Thursday. Shares are down nearly 36% in 2025.
Boeing
Meanwhile, Boeing is looking to resell dozens of jets or shift orders between customers to cut down on tariff-related costs.
"Due to the tariffs, many of our customers in China have indicated that they will not take delivery," CEO Kelly Ortberg said in the earnings call. He noted that Boeing had planned for about 50 deliveries to China this year. "We are in close communication with our China customers and we're actively assessing options for remarketing already built or in-process airplanes."
There are nine jets not yet in production. Boeing is in talks with those buyers to determine whether they are going to take deliveries, or if the airplanes should be assigned to other customers.
"We have many customers who want near-term deliveries, so we plan to redirect the supply to the stable demand. And we are not going to continue to build aircraft (and ship it) to customers who will not take them," Ortberg said.
BA stock rose 2.3% Thursday. Shares jumped 6% Wednesday on results.
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