Rank: 1st, large airlines
2014 sales: $12.4 billion
Japan Airlines (JAL) has the highest score across all size categories in the TPA rankings this year and also wins the large-airlines category for the second consecutive year. The airline has achieved one of the industry’s most dramatic turnarounds in recent years, posting large profits after emerging from bankruptcy protection in 2011. While it obviously benefited greatly from government assistance during its reorganization, it has also made good business decisions as it streamlined its operations. JAL has underlined its newfound balance sheet strength by posting the highest Financial Health score of any of the TPA airlines this year. Its overall score has gradually eased down over the past few years, and only time will tell where it will settle after its post-restructuring boost.
Credit: Ken Peterson/AirlinersGallery.com

Rank: 1st, small airlines
2014 sales: $1.9 billion​
Spirit Airlines is the leader in the small-airline category, as well as being the strongest of the North American carriers. Spirit is one of many examples of narrowbody operators outscoring their widebody rivals, and it also highlights the strength of the ultra-low-cost carrier model in the U.S. Both Spirit and Allegiant fall into this category, and it is no coincidence that they are in the top three for North America and top 10 overall. The pair have slightly different approaches—Spirit has a younger fleet that it uses more intensively, while Allegiant buys older aircraft that it can afford to use selectively. However, they have both proven to be extremely profitable, with some of the highest profit margins in the industry.
Credit: joepriesaviation.net

Ryanair Holdings
Rank: 2nd, large airlines
2014 sales: $7.1 billion
Ryanair has overtaken EasyJet as the highest-ranking European airline this year, as well as being second in the large-airlines category. The carrier managed to increase its Total Score by 7.5 points, also making it the mostimproved in Europe airlines. Ryanair was particularly strong in the Financial Health, Earnings Performance and Business Model scoring categories. The airline  has reported robust profits in recent years even as it has consistently grown capacity. However, Ryanair’s expansion also presents new challenges as it celebrates its 30th anniversary. The carrier has so far based its strategy on secondary airports but is now attempting to penetrate more primary airports. These efforts could play a major role in its next phase of growth.
Credit: Keith Gaskell

Alaska Air Group
Rank: 1st, midsize airlines
2014 sales: $5.4 billion
In addition to being the best midsized carrier, Alaska Airlines is ranked third overall and is second only to Spirit Airlines among North American carriers. The airline rated particularly well in the Business Model Performance category, with the highest score of any carrier. This signals an airline at the top of its game and successfully exploiting its niche. While the other U.S. network carriers have undertaken a wave of consolidation, Alaska has so far remained out of this game. The relative simplicity of its model has served it well. Alaska is in many ways the poster airline for the TPA trend of successful narrowbody operators, even though it is not a low-cost carrier. It has been the most consistently profitable of any of the U.S. network airlines.
Credit: Erik Simonsen

Allegiant Travel Co. 
Rank: 3rd, small airlines
2014 sales: $1.1 billion 
Allegiant has become an annual fixture at the top end of the TPA rankings, evidenced by the fact that it has the highest five-year average score across all size categories. This year the carrier’s score slipped a little, although it still managed to place in the top 10 overall and third in the small airlines category. Part of the reason for the drop was Allegiant’s push into the Hawaiian market in 2014, which was not as successful as the airline hoped. This was a rare setback for what has proven to be a smart management team. Allegiant has always followed a markedly different approach than its U.S. peers, yet its effectiveness is demonstrated by one of the TPA study’s highest Business Model Performance scores.
Credit: joepriesaviation.net

Copa Holdings
Rank: 2nd, midsize airlines
2014 Sales: $2.8 billion 
Copa is once again the highest-ranked Latin American airline, as well as being second in the midsize category and in the top five overall. Its long-term strength is highlighted by its ranking of second on the five-year average score list. This is perhaps Copa’s most impressive TPA achievement, showing it to be a model of consistency in a region more noted for its volatility. Copa typically rates among the best in the industry when it comes to profit margins, benefiting from an excellent market niche and the right business plan to take advantage of it. Exposure to the problematic Venezuelan market has been a temporary setback for Copa, but its fundamentals remain extremely sound.