Airlines: Monthly Scorecard: pricing power intact as capacity tightens

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Airlines: Monthly Scorecard: pricing power intact as capacity tightens

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Airlines

Monthly Scorecard: pricing power intact as

capacity tightens

Industry Overview

A look at Airline supply, demand, valuations, and returns 20 May 2026

We came away from our BofA Industrials, Transportation & Airlines Key Leaders Equity

conference last week (see takeaways report) with a consistent message from the United States

airlines: demand and pricing remain strong while capacity plans are skewed to the Airlines

downside. Our indicators support this view, with healthy pricing and spend in April Andrew G. Didora, CFA

accelerating into May. Flat summer capacity should continue to support pricing, with Research Analyst

further reductions likely post-summer as oil prices have remained above $100/barrel and BofAS+1 646 855 2924

September-October domestic growth is still tracking up mid-single digits. andrew.didora@bofa.com

John Gellene, CFA

Inside we present a monthly scorecard, charts, and tables of Airline industry key supply and Research Analyst

demand metrics, valuations, and recent market returns. See Page 3 for real-time indicators. BofAS+1 646 855 5193

john.gellene@bofa.com

Pricing strong in April, signals are healthy in May thus far

Pricing has remained resilient through 2Q26. Our indicators inside tell this story, with

both year-over-year and sequential growth notable given easier comps following last Links to recent research reports:

year’s post-Liberation Day softness. Airline Fare CPI rose +20.7% year-over-year in April, Latest BofA Seat Tracker

accelerating from March’s +14.9%, and increased +6.3% month-over-month, while Air

Passenger Services PPI was +11.1% in April, above March’s +8.1%, with +2.4% month- Airlines: BofA Industrials,

over-month growth.