Recomenzar el sector de las aerolíneas: ¿por qué American y Southwest están dando el impulso

The U.S. airline sector is experiencing a hard-earned resurgence, with American Airlines (AAL) and Southwest Airlines (LUV) emerging as pivotal players in this recovery. As of late 2025, both carriers have demonstrated resilience in revenue growth, strategic reinvention, and investor confidence, even amid macroeconomic headwinds. Their progress reflects broader industry trends, including falling fuel costs, a shift toward ancillary revenue, and cautious optimism about demand. However, the paths they've taken-and the challenges they face-highlight divergent strategies in navigating a competitive landscape.

Revenue Recovery and Strategic Reinvention

Southwest Airlines has set a benchmark for the sector, reporting record third-quarter 2025 operating revenues of $6.9 billion, a 1.1% year-over-year increase. This performance, coupled with a net income of $54 million, underscores the effectiveness of its transformational initiatives, such as introducing assigned seating and extra legroom options. These changes, which saw bookings align with expectations, have helped close the fare gap with competitors and diversify revenue streams. Southwest's reaffirmation of its full-year 2025 EBIT guidance range of $600 million to $800 million further signals operational stability.

American Airlines, meanwhile, reported Q3 2025 revenue of $13.7 billion but faced a GAAP net loss of $114 million, driven by persistent cost pressures. Despite this, the carrier highlighted improvements in unit revenues and operational resilience, particularly in expanding indirect revenue through new lounge openings and enhanced onboard offerings. Its focus on fleet renewal-resulting in the youngest fleet among U.S. legacy carriers-positions it for long-term efficiency gains. Analysts note that American's $1 billion in ex-fuel cost savings and a 20% increase in premium seats could drive revenue growth in 2026.

Investor Sentiment and Stock Performance

Investor confidence in Southwest has surged, with Barclays upgrading its stock rating from Equalweight to Overweight and raising its price target to $56.00 from $34.00. This move reflects strong endorsement of Southwest's commercial strategy, including diversified pricing models and customer-centric innovations. The stock's 31.04% return over the past six months further validates this optimism.

American Airlines, however, faces a more cautious outlook. While 12 analysts maintain a consensus "Hold" rating, the airline's highly leveraged balance sheet-reflected in an adjusted net debt to capital ratio of 119%-remains a concern. Persistent competition from ultra-low-cost carriers also weighs on its revenue potential. Yet, its fleet modernization and cost-saving initiatives offer a counterbalance, suggesting a path to margin expansion if executed effectively.

Broader Industry Trends and Macroeconomic Factors

The airline sector's recovery is underpinned by broader trends. According to IATA, industry net profits are projected to reach $36 billion in 2025, with a net profit margin of 3.7%. This growth is fueled by a 13% decline in jet fuel prices and a 1.3% increase in total industry revenues to $979 billion. Ancillary revenue, now accounting for 14% of total industry revenue, has become a critical driver, with airlines leveraging ancillary streams to offset passenger yield declines.

However, challenges persist. Passenger yields are expected to drop by 4.0% in 2025 due to intensified competition, while cargo revenues face a 4.7% decline amid trade tensions. Labor costs, now 28% of total operating expenses, remain a drag as airlines grapple with a tight labor market and aging fleets. These factors highlight the fragility of the sector's recovery, even as falling inflation and moderate global GDP growth (2.5% in 2025) provide some tailwinds.

Conclusion: Leading the Charge, But With Caution

American and Southwest are emblematic of the airline sector's dual-track recovery. Southwest's strategic agility and investor trust position it as a leader in commercial innovation, while American's focus on cost discipline and fleet efficiency offers a blueprint for long-term resilience. Yet, both face structural challenges-Southwest's reliance on ancillary revenue and American's debt burden-that demand careful management.

For investors, the sector's outlook remains cautiously optimistic. As IATA notes, airlines are navigating a "new normal" defined by tighter margins and evolving customer expectations. Those that, like American and Southwest, balance operational rigor with strategic reinvention will likely outperform in this environment.