Largest Airlines in the World by Market Capitalization
Around 71 publicly traded airlines compete globally, but market cap leadership has consistently alternated between a handful of carriers — Delta Air Lines (NYSE: DAL) and Ryanair (NASDAQ: RYAAY) have each held the top spot at various points. U.S. carriers dominate the upper ranks, a result of deep industry consolidation: United merged with Continental, Delta absorbed Northwest, and American combined with US Airways.
The sector spans several distinct business models:
- Full-service legacy carriers: Delta Air Lines, United Airlines Holdings, and IAG (parent of British Airways, Iberia, and Aer Lingus) operate hub-and-spoke networks serving hundreds of destinations worldwide.
- Low-cost carriers: Southwest Airlines, the world’s largest low-cost carrier based in Dallas, is known for its free-baggage policy and point-to-point routes.
- Ultra-low-cost carriers: Ryanair flies point-to-point into smaller airports across Europe, selling discounted base fares while charging for extras.
- Fast-growing Asian carriers: IndiGo (InterGlobe Aviation) dominates India’s domestic market and is expanding into the Middle East and Southeast Asia. Air China and China Southern Airlines are among the largest carriers in Asia by fleet size.
- Premium long-haul operators: Singapore Airlines is consistently ranked among the world’s best airlines, connecting Asia with Europe, North America, and Australia.
Three global alliances link most major carriers: Star Alliance (founded 1997, roughly 26 members including United and Lufthansa), SkyTeam (founded 2000, around 20 members including Delta and Air France-KLM), and Oneworld (formed 1999, about 13 members including American Airlines and British Airways). Notable privately held airlines such as Emirates and Qatar Airways do not appear in market cap rankings.
Airline valuations reflect factors like fleet modernization, loyalty program strength, fuel efficiency, and geographic market exposure. For related sectors, see largest airport operators, aircraft manufacturers, and freight transportation companies.
Regulated brokerThe table below ranks the largest airlines in the world by market capitalization, updated with live stock prices across all major exchanges.
| Stock | Price | Change % | Marketcap | Country |
|---|---|---|---|---|
 Air China 601111.SS | $0.923 | 0.32% | 18.91B | China |
 Delta Air Lines DAL | $91.59 | 4.75% | 60.23B | United States |
 Ryanair RYAAY | $59.96 | 2.48% | 31.13B | Ireland |
China Southern Airlines 600029.SS | $0.779 | 0.19% | 14.12B | China |
 Southwest Airlines LUV | $47.07 | 4.67% | 23.03B | United States |
China Eastern Airlines 600115.SS | $0.557 | 0.53% | 12.30B | China |
 United Airlines Holdings UAL | $128.39 | 5.82% | 41.67B | United States |
 Singapore Airlines C6L.SI | $6.01 | 0.00% | 18.94B | Singapore |
Lufthansa LHA.DE | $10.66 | 2.24% | 12.82B | Germany |
 ANA Holdings 9202.T | $19.85 | 0.42% | 0.00864T | Japan |
Hainan Airlines 900945.SS | $0.201 | 0.50% | 8.69B | China |
 InterGlobe Aviation INDIGO.NS | $56.60 | 4.43% | 0.022T | India |
 International Consolidated Airlines BABWF | $6.15 | 13.47% | 27.08B | United Kingdom |
 Turkish Airlines THYAO.IS | $6.67 | 0.96% | 9.15B | Turkey |
 American Airlines AAL | $16.04 | 5.04% | 10.62B | United States |
Spring Airlines 601021.SS | $6.90 | 0.24% | 6.75B | China |
Japan Airlines 9201.T | $18.90 | 1.24% | 0.00813T | Japan |
 Qantas Airways QAN.AX | $7.27 | 3.72% | 11.00B | Australia |
 Korean Air Lines 003495.KS | $14.69 | 0.48% | 0.00542T | South Korea |
Cathay Pacific 0293.HK | $1.86 | 0.34% | 11.28B | Hong Kong |
Alaska Airlines ALK | $50.21 | 5.82% | 5.60B | United States |
Air Canada AC.TO | $18.10 | 3.32% | 5.20B | Canada |
 EVA Air 2618.TW | $1.35 | 0.92% | 7.30B | Taiwan |
 easyJet EZJ.L | $8.67 | 1.97% | 0.065B | United Kingdom |
Air France-KLM AF.PA | $14.37 | 3.62% | 3.77B | France |
LATAM AIRLINES GROUP SA LTM.SN | $0.027 | 2.02% | 0.016T | Chile |
 Wizz Air WIZZ.L | $15.02 | 4.80% | 0.016B | Hungary |
China Airlines 2610.TW | $0.695 | 0.22% | 4.23B | Taiwan |
Copa Holdings CPA | $146.06 | 3.43% | 5.96B | Panama |
 Jet2 JET2.L | $21.34 | 2.73% | 0.038B | United Kingdom |
 Pegasus Airlines PGSUS.IS | $3.29 | 2.35% | 1.65B | Turkey |
Jetblue Airways JBLU | $6.23 | 3.32% | 2.35B | United States |
Frontier Airlines ULCC | $7.69 | 13.93% | 1.77B | United States |
Allegiant Air ALGT | $103.48 | 5.51% | 2.78B | United States |
Exchange Income Corporation EIF.TO | $89.59 | 0.90% | 5.05B | Canada |
Air New Zealand Ltd. ANZFF | $0.24 | 5.88% | 776.05M | New Zealand |
 Volaris VLRS | $8.08 | 3.19% | 928.81M | Mexico |
Cargojet CJT.TO | $60.29 | 0.33% | 0.9B | Canada |
 SkyWest SKYW | $111.38 | 4.12% | 4.42B | United States |
 Norwegian Air Shuttle NAS.OL | $1.40 | 2.19% | 1.48B | Norway |
Jeju Air 089590.KS | $2.95 | 0.95% | 0.238B | South Korea |
Bangkok Airways BA.BK | $0.588 | 1.03% | 1.22B | Thailand |
 Finnair FIA1S.HE | $5.59 | 0.96% | 1,144.98M | Finland |
Asiana Airlines 020560.KS | $4.91 | 1.29% | 0.00101T | South Korea |
Jin Air 272450.KS | $3.67 | 1.35% | 0.189B | South Korea |
Icelandair ICEAIR.IC | $0.00584 | 1.13% | 0.24B | Iceland |
T’way Air 091810.KS | $0.397 | 2.15% | 0.164B | South Korea |
Air Busan 298690.KS | $1.06 | 1.87% | 0.124B | South Korea |
Air Asia Company Limited (AACL) 2630.TW | $1.48 | 0.83% | 0.311B | Taiwan |