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Sector coverage

Aviation

How carriers grow margin in a structurally constrained industry: distribution, ancillaries, fleet economics, joint ventures, and the slow rewiring of GDS power.

Photograph: Pascal Meier / Unsplash
$1.0T
Global airline revenue (2025)
Source: IATA
4.6B
Passenger journeys, 2025
Source: IATA WATS
42%
Targeted NDC share at major European carriers by 2027
Source: Group disclosures
On our watchlist

Companies we track in Aviation.

The names we follow most closely in this sector. Not investment advice — just where we are spending the most analytic time.

Lufthansa Group
Air France-KLM
United Airlines
Delta
IAG
Singapore Airlines
Emirates
Sabre
Amadeus
Travelport
In the field

Aviation, illustrated.

Aircraft in flight
Network economics: where the math actually lives.
Boarding gate
The boarding gate is the customer touchpoint that pays for everything else.
Airport terminal
Distribution decisions show up first at the gate, last in the P&L.