Airline Weekly Lounge

In this week's show, Gordon and Jay discuss two industry giants that are due to speak at the Skift Global Forum 2026 in New York between September 22-24. The conversation kicks off with Air Canada before turning to Virgin Atlantic. For the latest agenda and to book your ticket, visit live.skift.com

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Jay Shabat – ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠LinkedIn⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠

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00:00 Welcome and Forum Preview

00:52 Skift Global Forum Lineup

02:25 Air Canada Earnings Snapshot

04:44 Aeroplan Stake Sale

12:16 Questions for Mark Galardo

17:38 Break and Return

18:33 Virgin Atlantic New CEO

24:38 Virgin Profitability Challenges

31:07 Routes and Leisure Focus

36:57 Events and Closing Notes

In part one, Gordon and Jay discuss a mixed set of Q2 results for Turkish Airlines. In part two, the conversation turns to Allegiant Air, with the U.S. carrier now taking Sun Country under its wing.

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Meghna Maharishi - ⁠⁠⁠LinkedIn⁠⁠⁠

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00:00 Welcome and agenda

00:54 Turkish earnings overview

02:47 Why margins fell

05:16 Middle East disruptions

07:12 Gulf competition returns

08:56 Cargo boosts revenue

11:18 Q3 outlook and seasonality

12:46 Air Europa stake update

16:23 Wrap Turkish and break

17:17 Allegiant merger context

18:10 Best US margins

19:41 Product and distribution shifts

22:01 Demand and Florida focus

24:12 Fuel flexibility model

25:21 Pilot retention challenge

26:52 Forum announcements and close

28:31 Final subscribe reminders

Swiss out-earned the entire Lufthansa Group network division it belongs to last quarter, while the core Lufthansa brand slid back into an operating loss. Gordon and Jay work through how a fuel bill undid a solid demand quarter, and why Swiss keeps outperforming its much larger sibling.

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Jay Shabat – ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠LinkedIn⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠

Meghna Maharishi - ⁠⁠⁠LinkedIn⁠⁠⁠

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00:00 Welcome and Setup

01:05 Q2 Headline Numbers

02:45 The 60 40 Airline

06:38 Ritter on Strikes and Costs

10:12 Turnaround Strategy Levers

15:22 Fleet Retirements and TAP Angle

18:44 Part Two Break

19:08 Group Airlines and TAP Debate

23:06 Austrian Brussels Eurowings Check

25:25 airBaltic Stake Watch

26:42 Europe Big Three Scorecard

29:30 Gulf Hub Traffic Shifts

31:30 Events and Closing Thanks

In part one, Gordon and Jay discuss the highlights from last week's Farnborough International Airshow, reviewing the big deals and longer term impact of the event. In part two, the conversation turns to earnings season, with a Q2 round-up from the main U.S. carriers.

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Meghna Maharishi - ⁠⁠⁠LinkedIn⁠⁠⁠

00:00 Welcome and Agenda

01:21 Farnborough Show Context

04:34 Biggest Orders and Lessors

07:45 Airline Deals Roundup

12:33 What Success Looks Like

14:38 Next Gen Aircraft Talk

18:16 Emirates and Airbus Plans

21:58 United A321XLR Cabin Tour

24:05 Q2 Earnings Pivot

24:42 US Margins Ranking

29:14 Industry Pricing Power

32:03 American Airlines Deep Dive

41:00 Wrap Up and Sign Off

The airline industry is navigating its most unpredictable period since the pandemic, with fuel prices, geopolitical tensions, premium travel demand, and aircraft shortages reshaping the competitive landscape. Gordon Smith and Jay Shabat break down the data behind the headlines, explaining why airlines remain profitable despite rising costs and unprecedented volatility.

They also explore the winners and losers across global aviation, from the Middle East's disrupted hub networks and Europe's consolidation wave to the changing competitive dynamics in the U.S. Plus, they preview what to watch as airlines report Q2 earnings and why premium cabins continue to drive the industry's strongest financial results.

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Gordon Smith – ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠LinkedIn⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠

Jay Shabat – ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠LinkedIn⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠

Meghna Maharishi - ⁠⁠⁠LinkedIn⁠⁠⁠

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00:00 Welcome to Skift Playbooks

02:35 Why Oil Sets the Tone

06:28 Airline Profits in Context

10:39 Gulf Disruption and Recovery

12:00 Demand Trends and Rerouting

17:03 Premium Boom Everywhere

19:31 Supply Crunch and Delays

25:37 Unit Costs Beyond Fuel

26:57 Skift Aviation Forum Plug

30:00 Back to Europe Volatility

30:57 Europe Consolidation Outlook

31:36 TAP Sale and EasyJet Bids

33:43 Why IAG Outperforms

34:09 Tourism Boom and Loyalty

37:27 US Market After Spirit

40:29 Premium Gap Delta vs Spirit

44:07 US Consolidation and American Chase

48:05 Q2 Earnings Season Themes

53:04 Global Airlines Scoreboard

57:22 Wrap Up and Subscribe