Top 10 airline stocks to watch in 2026

Airlines make money by selling seats on scheduled flights and filling their holds with cargo, layering loyalty programs and ancillary fees on top. This list ranks ten carriers by market cap. The geography stretches well beyond U.S. borders – Ireland-based Ryanair Holdings PLC ($RYAAY) and UK-based International Consolidated Airlines Group ($ICAGY), which holds British Airways, Iberia and Aer Lingus, both appear alongside American majors and Latin American operators.

How we built this list: We selected these companies based on their industry and ordered them by market capitalisation. Prices are updated daily, and the list and supporting content are reviewed roughly every quarter. All data is sourced from Stake. This list isn't a recommendation and isn't ordered by suitability.

Past performance is not a reliable indicator of future performance.

Source: Stake market data. Figures in US$. Data updated as of 21 September 2026.

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1. Delta Air ($DAL)

Delta Air (DAL) share price over the last year: started at US$58.89, ended at US$82.50, a change of +40.1%. Range over the period: high US$93.66, low US$55.65. Source: Stake market data. Past performance is not a reliable indicator of future performance.

Price: US$82.50 · Daily: 3.6% · Market cap: US$54.25B · Sector: Industrials · Industry: Passenger Transport

Delta Air Lines ($DAL) runs scheduled passenger and cargo flights across the U.S. and internationally, with hubs spread across Atlanta, New York, Los Angeles, London-Heathrow, Amsterdam, Paris, Tokyo, Seoul and several Latin American cities. CEO Ed Bastian leads a workforce of 103,000 people.

What sets $DAL apart from most carriers is its refinery segment. The company operates a jet fuel refinery that supplies its own airline operations, producing jet fuel directly alongside other petroleum products. Fuel is one of the biggest cost lines for any airline, and this setup is designed to give $DAL more control over its supply.

2. United Arlns ($UAL)

United Arlns (UAL) share price over the last year: started at US$104.18, ended at US$114.39, a change of +9.8%. Range over the period: high US$136.11, low US$85.21. Source: Stake market data. Past performance is not a reliable indicator of future performance.

Price: US$114.39 · Daily: 5.2% · Market cap: US$37.13B · Sector: Industrials · Industry: Passenger Transport

United Airlines Holdings ($UAL) runs one of the more geographically stretched networks in commercial aviation. Through United Airlines and its regional partners, $UAL moves passengers and cargo to destinations across North America, Asia, Europe, Africa, the Pacific, the Middle East and Latin America.

The business is built around a hub-and-spoke model, with eight major hubs anchoring the network. Those hubs include Chicago O'Hare, Newark Liberty, Denver, Los Angeles, San Francisco, Washington Dulles, Houston's George Bush Intercontinental and A.B. Won Pat International in Guam. Regional flying is branded as United Express, operated by contracted carriers feeding traffic into that hub system.

Cargo is a separate revenue line. $UAL carries freight and mail alongside passenger baggage, and the air cargo operation runs on the same international routes. CEO J. Scott Kirby oversees a workforce of 113,200 people to keep that scale running.

3. Ryanair Holdings PLC ($RYAAY)

Ryanair Holdings PLC (RYAAY) share price over the last year: started at US$55.19, ended at US$54.30, a change of −1.6%. Range over the period: high US$73.82, low US$51.95. Source: Stake market data. Past performance is not a reliable indicator of future performance.

Price: US$54.30 · Daily: 1.5% · Market cap: US$27.03B · Sector: Industrials · Industry: Passenger Transport

Ryanair Holdings PLC ($RYAAY) is the Ireland-based holding company behind five separate airlines: Buzz, Lauda Europe, Malta Air, Ryanair DAC and Ryanair UK. The combined fleet runs to roughly 636 aircraft, mixing Boeing 737 variants with a small number of Airbus A320s. Beyond seat sales, $RYAAY generates ancillary revenue through in-flight food, beverages and duty-free, and markets car hire, travel insurance and accommodation via its website and app. CEO Mike O'Leary oversees a workforce of 25,711 people across the group.

4. International Consolidated Airlines Group, S.A. ($ICAGY)

International Consolidated Airlines Group, S.A. (ICAGY) share price over the last year: started at US$10.17, ended at US$11.65, a change of +14.6%. Range over the period: high US$12.97, low US$9.14. Source: Stake market data. Past performance is not a reliable indicator of future performance.

Price: US$11.65 · Daily: 3.6% · Market cap: US$25.21B · Sector: Industrials · Industry: Passenger Transport

International Consolidated Airlines Group, S.A. ($ICAGY) is a holding company that brings together four carriers under one roof: British Airways, Iberia, Vueling and Aer Lingus. Between them, the group covers short-haul European routes through Vueling and long-haul intercontinental flying through British Airways and Iberia, with Aer Lingus adding transatlantic capacity out of Dublin.

Revenue doesn't stop at the seat. $ICAGY runs IAG Cargo for air freight, IAG Loyalty as a standalone loyalty business, an inflight eCommerce platform through IAG Connect, and aircraft maintenance through British Airways Avionic Engineering. With around 75,786 employees across those operations, the group is one of the more structurally complex airline businesses in this list. Luis Gallego Martin serves as chief executive.

5. Southwest ($LUV)

Southwest (LUV) share price over the last year: started at US$32.30, ended at US$41.77, a change of +29.3%. Range over the period: high US$54.80, low US$29.67. Source: Stake market data. Past performance is not a reliable indicator of future performance.

Price: US$41.77 · Daily: 1.9% · Market cap: US$20.43B · Sector: Industrials · Industry: Passenger Transport

Southwest Airlines ($LUV) runs a point-to-point domestic network across 42 U.S. states, the District of Columbia, Puerto Rico and ten near-international countries, serving 117 destinations with a fleet of over 803 Boeing 737 aircraft. The carrier keeps its fare structure straightforward: four tiers – Wanna Get Away, Wanna Get Away Plus, Anytime and Business Select – each offering different flexibility and inclusions.

Ancillary revenue comes from add-ons like EarlyBird Check-In, Upgraded Boarding and pet transportation. The Rapid Rewards loyalty program ties spending back to the airline, with members earning points on every dollar of base fares paid. CEO Bob Jordan leads a workforce of 72,790 employees.

6. LATAM Airlines Group S.A. ($LTM)

LATAM Airlines Group S.A. (LTM) share price over the last year: started at US$47.62, ended at US$53.31, a change of +11.9%. Range over the period: high US$68.46, low US$41.58. Source: Stake market data. Past performance is not a reliable indicator of future performance.

Price: US$53.31 · Daily: 4.2% · Market cap: US$15.27B · Sector: Industrials · Industry: Passenger Transport

LATAM Airlines Group S.A. ($LTM) runs passenger and cargo flights across six South American domestic markets – Chile, Peru, Argentina, Colombia, Ecuador and Brazil – plus international routes reaching the Americas, Europe and Oceania. The fleet covers over 329 aircraft, including Airbus A350-900s and Boeing 787 variants. $LTM also operates Multiplus, a coalition loyalty program that sits as a separate business segment alongside the core air transport operation. Chief executive Roberto Alvo Milosawlewitsch leads a workforce of 41,125 people.

7. Deutsche Lufthansa AG ($DLAKY)

Deutsche Lufthansa AG (DLAKY) share price over the last year: started at US$8.58, ended at US$8.85, a change of +3.1%. Range over the period: high US$11.46, low US$7.95. Source: Stake market data. Past performance is not a reliable indicator of future performance.

Price: US$8.85 · Daily: 1.0% · Market cap: US$10.55B · Sector: Industrials · Industry: Passenger Transport

Deutsche Lufthansa AG ($DLAKY) runs a lot more than passenger flights. Through brands like SWISS, Austrian Airlines, Brussels Airlines and Eurowings, the group covers a wide range of European and international routes under its Passenger Airlines segment. Its logistics arm handles airfreight, urgent shipments and e-commerce fulfilment, while Lufthansa Technik provides maintenance, repair and overhaul services for civil and commercial aircraft globally.

The catering segment rounds out the business, covering both in-flight meal services and onboard retail. Under chief executive Carsten Spohr, the group employs over 103,000 people across all four divisions.

8. American Airline ($AAL)

American Airline (AAL) share price over the last year: started at US$12.33, ended at US$13.57, a change of +10.1%. Range over the period: high US$18.15, low US$10.18. Source: Stake market data. Past performance is not a reliable indicator of future performance.

Price: US$13.57 · Daily: 4.7% · Market cap: US$8.98B · Sector: Industrials · Industry: Passenger Transport

American Airlines Group ($AAL) runs one of the U.S.'s largest passenger and cargo networks, with nine domestic hubs stretching from Charlotte to Los Angeles and partner gateways in cities including London, Doha, Sydney and Tokyo. Its mainline fleet of roughly 1,013 aircraft is backed by an additional 567 regional planes operated through subsidiaries like Piedmont Airlines and PSA Airlines, all flying under the American Eagle banner.

The cargo side of the business moves freight and mail across a global network of facilities and interline connections. Across all its operations, $AAL employs around 139,100 people, with Robert Isom serving as chief executive.

9. Copa Holdings ($CPA)

Copa Holdings (CPA) share price over the last year: started at US$119.96, ended at US$137.11, a change of +14.3%. Range over the period: high US$157.19, low US$107.81. Source: Stake market data. Past performance is not a reliable indicator of future performance.

Price: US$137.11 · Daily: 4.1% · Market cap: US$5.60B · Sector: Industrials · Industry: Passenger Transport

Copa Holdings ($CPA) runs two airline operations under one roof: Copa Airlines, which uses Panama City as its hub, and Copa Colombia, which connects Colombian cities to international destinations including Venezuela, Ecuador, Mexico, Cuba, Guatemala and Costa Rica.

Copa Airlines focuses on international passenger and cargo routes out of Panama. Copa Colombia adds both domestic Colombian flights and its own international network, running a point-to-point model rather than a hub-and-spoke one.

The company employs 8,565 people and is led by CEO Pedro Heilbron. A subsidiary, Oval Financial Leasing, holds the special purpose entities that carry beneficial interest in most of the fleet – a structure that keeps aircraft financing largely contained within the group.

10. Alaska Air Group ($ALK)

Alaska Air Group (ALK) share price over the last year: started at US$54.78, ended at US$41.90, a change of −23.5%. Range over the period: high US$60.21, low US$34.19. Source: Stake market data. Past performance is not a reliable indicator of future performance.

Price: US$41.90 · Daily: 3.4% · Market cap: US$4.68B · Sector: Industrials · Industry: Passenger Transport

Alaska Air Group ($ALK) runs three airline operations under one roof: Alaska Airlines, Hawaiian Airlines and a regional arm served by Horizon Air Industries. Together they connect more than 140 destinations across North America, Central America, Asia and the Pacific.

Alaska Airlines is the core of the business, flying a mixed fleet that includes Boeing 737s, Boeing 787s and Airbus A321neos. The regional segment operates Embraer E175 jets under capacity purchase agreements, where partner carriers fly on Alaska's behalf for a fixed fee rather than sharing in ticket revenue. Cargo rounds out the revenue mix, carried in freighter aircraft as well as the belly space of passenger jets.

CEO Ben Minicucci leads a workforce of just under 32,000 people. The Hawaiian Holdings acquisition brought a Pacific and interisland network into the group, broadening $ALK's reach well beyond its Pacific Northwest roots.

Common questions

How do I invest in airline stocks in New Zealand?

Every stock in this list trades on U.S. exchanges, so you need a share trading platform with access to U.S. markets. You buy and sell in USD, which means the NZD/USD exchange rate affects what each purchase costs and what proceeds are worth in New Zealand dollars. Several carriers here – including $RYAAY, $ICAGY, $DLAKY, $LTM and $CPA – are headquartered outside the U.S. but listed in New York, so their businesses operate in currencies and regulatory environments separate from those of the U.S.-based carriers on this list.

What are the key risks of airline stocks?

Some of the key risks include fuel price swings – jet fuel is one of the largest costs an airline carries, and prices can move sharply. High fixed costs in the form of aircraft, crew and maintenance mean revenue shortfalls translate quickly into losses when demand softens. Geopolitical disruptions, health events and severe weather can ground routes or suppress demand with little warning. For NZ investors buying U.S.-listed shares, NZD/USD exchange rate movements add a currency dimension on top of those business risks.

How do the carriers in this list differ from one another?

The list covers a range of geographic footprints and business models. $LUV focuses on the U.S. and nearby international markets, while $DAL, $UAL and $AAL run hub networks connecting domestic flying to intercontinental routes across multiple continents. $RYAAY operates primarily in Europe through five airlines under one holding structure, and $LTM and $CPA are based in Latin America, with networks extending across the region and beyond. That spread means each stock's revenue is shaped by a different mix of route competition, local economic conditions and currency dynamics.

Disclaimer

Past performance is not a reliable indicator of future performance. When you invest, your capital is at risk. You should consider your own investment objectives, financial situation, and particular needs before making an investment decision. The value of your investments can go down as well as up and you may receive back less than your original investment. As always, do your own research and consider seeking appropriate financial advice before investing.

This is not personal financial advice nor a recommendation to invest in the securities listed. Any advice provided by Stake is of general nature only and does not take into account your specific circumstances. Trading and volume data from the Stake investing platform is for reference purposes only, the investment choices of others may not be appropriate for your needs and is not a reliable indicator of performance.

Please refer to hellostake.com/pricing for the fees that apply. When you trade securities priced in another currency, currency conversion fees may apply and movements in the exchange rate may affect your returns.

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