The airline industry was already in a pickle, but after trade war tussles and tariff troubles roiled Americans’ views of the economy, they’re painting a picture investors hate even more. On Thursday, SouthwestLUV

, AmericanAAL

, and AlaskaALK

rounded out airline earnings by withdrawing their 2025 guidance, underscoring the precarious state of the global economy — and the US traveler.

• American reported a $473M net loss, Alaska softened its $166M loss thanks to its Hawaiian acquisition, and Southwest posted a $149M loss.
• All three also warned of weaker demand in the second half of the year, with Southwest cutting flights while Alaska is eliminating entire routes.

Welcome to the party: The trio’s consistency follows in the footsteps of industry titan DeltaDAL

, which kickstarted the earnings season on an extremely uncertain note. UnitedUAL

followed in tow by issuing two different outlooks during its earnings call, while FrontierULCC

threw out its forecast altogether. And it’s not just airlines — hoteliers, car rental companies, and other travel firms are expected to shed more light on the global travel outlook as earnings season continues.