In total, the balance of the last almost 8 weeks for the 69 airlines of the world listed on stock exchanges is such that a total of less than USD 60 billion has evaporated from their capitalization. In Business Insider, we also took a closer look at the only Polish representative in this ranking.
The outbreak of the conflict in the Middle East caused a sharp increase in oil and fuel prices around the world. This has a significant impact on many industries. Recently, there has been a lot of talk about airlines openly talking about their concerns about possible shortages of aviation fuel.
In a recent conversation with Business Insider, Adam Sikorski, president of Unimot (a Polish fuel company), pointed out that aviation fuel may be the first segment in which Europe will feel the real consequences of congestion in global supplies. Airports operate in an almost continuous system, and fuel is an element that cannot be “put aside” without immediate consequences for schedules, connection networks and cargo flows.
Airlines in a new reality. Winners and losers of the war in Iran
These market turmoil in recent weeks have led to a recalculation of how much the businesses of the world's largest airlines are worth in the new reality. It might seem that the current capitalization values will be much lower compared to the end of February 2026, i.e. before the US and Israeli attacks on Iran. In most cases this is the case, but there are also a few winners. At the same time, there was a reshuffle in the ranking of the largest players on the market, including the top ones.
The American airline Delta Air Lines has strengthened its position in first placewhich at the end of February was valued at less than USD 43 billion, and almost eight weeks later its capitalization increased to less than USD 45 billion.
See also: The big merger won't happen? “Negative impact on consumers”
With a big loss to the leader, in second place is the Irish Rayanair, which, as a result of recent market turmoil, overtook the second largest airline in the world – the American United Airlines. The difference in capitalization between them is not large, it does not exceed USD 1 billion. In both cases, market valuations fell by less than $5 billion during the conflict in the Middle East.
The 10 largest airlines in the world according to stock exchange valuations (capitalization value in billions of dollars), as of April 23, 2026.
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https://companiesmarketcap.com/
Among the 10 largest (most valuable by capitalization) airlines in the world, all but the leader saw a decline in valuation. Nominally, LATAM Airlines suffered the smallest blow (the largest airline group in South America, created from the merger of Chilean LAN and Brazilian TAM). We are talking about a loss of USD 1 billion.
On the other hand American Southwest Airlines recorded a drop in capitalization of as much as PLN 6 billion. As a result, the next Indian carrier in the ranking, InterGlobe Aviation (IndiGo), loses less than USD 1 billion to its rival.
See also: Airlines limit flights in Europe. What's next for fuel?
There were several reshuffles outside the top ten. The German Lufthansa dropped one place in the ranking and ranks 13th in terms of capitalization. Loss exceeding $2.6 billion. caused it to give way to the Chinese Hainan Airlines, whose value shrank “only” by USD 1.12 billion.
Among the second ten largest airlines, the largest losses in capitalization were recorded by China Eastern Airlines. We are talking about over $4 billion. in the red. Only in this group Turkish Turkish Airlines protected itself from a decline in valuation.
The second ten largest airlines in the world by market value, as of April 23, 2026.
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https://companiesmarketcap.com/
Only at the end of the third ten of the ranking we can find the popular British airline easyJet, which was overtaken by its American competitor SkyWest.
The third tenth ranking of the world's largest airlines by capitalization, as of April 23, 2026.
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https://companiesmarketcap.com/
The Hungarian Wizz Air, popular in Poland, is only in 45th place in the ranking, with a valuation of approximately USD 1.26 billion.. He lost approximately $430 million during the conflict. capitalization.
In total, the balance of the last almost 8 weeks for the 69 airlines of the world listed on stock exchanges is such that a total of less than USD 60 billion has evaporated from their capitalization. Only six of them are valued higher than before the outbreak of the war in Iran.
Enter Air lost value during the conflict in the Middle East
The list also includes the only Polish representative. It is not PLL LOT, our national carrier, which is not listed on the stock exchange, so it is difficult to determine its capitalization in real time. However, we can find shares on the Warsaw Stock Exchange Enter Air.
This is a company that ranks among the world's listed companies 60th place. Its valuation is approximately USD 0.27 billion. This is the equivalent of approximately PLN 1 billion. At the peak at the beginning of this year, the company's capitalization exceeded PLN 1.15 billion, and during the greatest turmoil of recent weeks it dropped below PLN 0.9 billion.
Enter Air is the largest private airline in Poland specializing in charter transport for travel agencies. The company was founded in 2009 and quickly expanded its operations to serve popular holiday destinations in Europe, Africa and Asia. The carrier's main operational base is Warsaw Chopin Airport, but Enter Air planes also take off from many other Polish cities.
See also: Enter Air is preparing for a strong 2026. Here's what we can expect
The company's fleet consists mainly of Boeing 737 aircraft, which are adapted to transport tourists over medium distances. Enter Air cooperates with the largest tour operators in Poland and abroad, playing an important role in the charter tourism market.
Aviation fuel – what does it mean for airlines?
Fuel costs constitute one of the largest items in the cost structure of airlines and usually account for approximately 20-40 percent. total operating costsalthough this share may vary significantly depending on oil prices, fleet efficiency and the carrier's business model. During periods of high oil prices, fuel can even become the largest single cost, exceeding salaries or airport fees. At the same time, modern, more fuel-efficient aircraft and route optimization can reduce this share, so it is not a constant value.
The importance of fuel costs depends on many factors, including the size of the airline and its business model. Large, global carriers often have greater negotiating power when purchasing fuel and more advanced risk management strategies, which can stabilize their costs. In turn, smaller or low-cost airlines are more sensitive to price fluctuations, although they often compensate for this with a simplified operating model and higher efficiency of aircraft utilization. The region of operation is also important, as jet fuel prices vary depending on local taxes, logistics costs and availability of fuel infrastructure, as well as currency relations if fuel is purchased in US dollars.
An increase in fuel prices does not automatically mean a deterioration in the financial results of airlines, although it often puts strong pressure on them. Much depends on the ability to pass on costs to passengers through higher ticket prices, which is easier to do during periods of high travel demand. Airlines can also respond by reducing operating costs, optimizing the route network or accelerating the replacement of the fleet with a more fuel-efficient one. However, if fuel prices increase in conditions of weak demand, carriers' margins may significantly deteriorate.
Author: Damian Słomski, journalist of Business Insider Polska
