Summary of Key Findings
The 2026 Fortune Global 500 list highlights the “profit disparity” within the aviation industry chain: companies in the upstream manufacturing sector (engineers, aircraft, and parts manufacturers) are earning more than those in the downstream transportation sector (airlines). Among the manufacturers, GE Aerospace is the most profitable, while Airbus has seen profit growth, and Boeing has turned losses into profits, even exceeding its revenue. Middle Eastern airlines (such as Emirates) and European/American airlines have generally been profitable, but China’s three major airlines failed to make it onto the list and some are still incurring losses. Although Xiamen Jianfa ranked higher than many airlines, its profit shifted from a surplus to a deficit.
1. Upstream Manufacturers Profit Easily, While Downstream Airlines Struggle – Imbalanced Profit Distribution
Companies that produce aircraft, engines, and parts generate significantly higher profits than those that operate the flights. For example, GE Aerospace (an engine manufacturer) reported a net profit of $8.7 billion in 2025, which is $3 billion more than Emirates, the highest-profitning airline. The profits of Airbus and Honeywell (a parts supplier) also far exceed those of most airlines.
Why? After the pandemic, demand for air travel rebounded, but airlines struggled to obtain aircraft and engines due to delivery delays. Upstream manufacturers had full orders and took the opportunity to raise prices, resulting in increased costs for both engines and parts. As a result, airlines faced multiple challenges: they couldn’t increase flight schedules due to a lack of aircraft, higher part costs, and additional environmental regulations, all of which contributed to their declining profits.
2. Outstanding Performance from the “Top Three” Manufacturers
- GE Aerospace: After going public in 2024, it reported a net profit of $8.7 billion in 2025, making it the most profitable company on the list (referring to aviation-related businesses). Its engine business is highly profitable globally.
- Airbus: Its profit from aircraft production was $5.889 billion, a 28.7% increase from the previous year, indicating a growing demand for its products.
- Boeing: Despite previous losses due to grounded models and production issues, Boeing turned a profit in 2025, earning $2.235 billion. Although its profit was lower than Airbus’, it may have sold more aircraft or at higher prices.
- Honeywell: As a parts supplier, Honeywell also reported a profit of $4.7 billion, demonstrating that every link in the supply chain is benefiting from the industry’s growth.
3. Varying Performance Among Airlines
- Middle Eastern and European/American Airlines: These airlines have been relatively successful, with Emirates leading the way with a profit of $5.354 billion (the highest among all airlines). This is largely due to its global hub status, such as Dubai Airport, which connects passengers from around the world, resulting in high traffic and profits.
- American Airlines: Delta Air Lines had the highest revenue but second-highest profits. Many European/American airlines saw profit increases in 2025, indicating a recovering market.
- China’s Three Major Airlines: China National Aviation, China Eastern Airlines, and China Southern Airlines still failed to make it onto the Fortune Global 500 list. Two of them continued to incur losses in 2025, with combined losses approaching $10 billion for the first half of 2026. This may be due to fierce domestic competition, slow recovery of international routes, and high costs.
4. Xiamen Jianfa: A “Special Case”
Xiamen Jianfa, the second-largest shareholder of Xiamen Airlines, ranked 112th on the list with revenue of $97 billion, higher than any airline. However, its profit shifted from a surplus to a deficit in 2025. Although it has diversified businesses (such as supply chain management and real estate), its revenue decreased by 3.6%, and its profit plummeted from $375 million in 2024 to $509 million. This suggests that its non-airline activities have impacted its financial performance.
In summary, the aviation industry chain’s profits are heavily tilted towards the upstream manufacturing sector. Downstream airlines need to address the issue of obtaining aircraft to improve their profitability. For Chinese airlines to break through, they must focus on cost control and expanding their international routes.