Issue Summary

The airline earnings reports are flying in fast and furious. Europe’s Big Three all reported last week, revealing robust profits all around. Some things seem to never change, like IAG’s superior performance relative to Air France-KLM and Lufthansa. It's Air France, though, that’s improving margins most, aided by a 16 percent reduction in staffing since 2019. KLM, on the other hand, while still the more profitable airline, is headed in a downward direction, challenged by discomforting developments in Amsterdam.