By now it’s clear to all: The dominant theme for U.S. airlines during the springtime second quarter was profitability—immense profitability, driven by much cheaper fuel. In fact, the country’s 10 largest carriers produced more than $5b in net profits during just these three months from April through June, with their collective operating margin reaching a stratospheric 18%. But as airlines discussed their Q2 results, other sub-themes emerged, including—most importantly—significant revenue weakness.
