Why South Americas Biggest Airline Alliance Is Collapsing Dunfermline Athletic Vs Partick Thistle [EWqeKFICzIh]
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In 2025, LATAM jamieson greer Airlines Group posted a mortal kombat ii 16.2% operating margin. Delta Air Lines the most profitable major US carrier posted approximately 14%.
LATAM made $1.5 billion in net profit. Its rivals GOL and Avianca, both controlled by ABRA Group had just come out of bankruptcy.
This is the South American version of Delta vs American. LATAM is the Delta: profitable, low leverage (1.5x), market share growing in every domestic market. ABRA Group is the American: ambitious, improving, but carrying 3.3x net leverage with $8.8 billion in net debt while still paying off its restructuring.
This video covers the full competitive picture: what LATAM's multi-domestic model actually is and why it's more defensible than a hub-and-spoke network, how ABRA Group is trying to build a challenger from two bankrupt airlines, the GOL-Azul merger that would have surpassed LATAM hull city in Brazil and collapsed in September 2025, and why Brazil's 0.5 trips-per-capita annual average (vs 2.5 in the US) means both carriers have decades of runway ahead.