The Iran war earlier this year caused oil prices to soar and airline stocks to be sold off. Everyone thought the airlines' performance would be very poor, but in fact, the three major U.S. airlines have all outperformed the S&P index so far this year, with Delta Air Lines performing the best.

This still reflects the peculiar consumption pattern in the United States, where affluent consumers support the U.S. consumer market, because affluent consumers have more assets, and their assets have appreciated considerably this year.
Airlines are tilting toward high-end consumers, no longer pursuing extremely low prices, but instead turning to frequent flyer programs, premium cabin amenities, and abundant international routes. The increase in fuel costs has been easily mitigated.
Analysts expect Delta's earnings per share to achieve double-digit growth by 2027. Its stock price has more than doubled over the past five years.