The 10 airlines most at risk over the next 12 months

Jet fuel has roughly doubled since the conflict with Iran began early this year, and weaker airlines are running out of room. Spirit Airlines stopped flying in May. Mexico's Magnicharters also shut down. Ryanair's Michael O'Leary has warned that two or three European airlines could fail this winter if fuel stays high.

We looked at public filings, results and court records to find the 10 airlines under the most financial strain heading into 2027. They are ranked from most to least at risk. This is not a forecast that any of them will fail. Several have new money or a rescue plan, and all but one are still flying. But if you are booking travel far ahead on any of them, it pays to know where things stand.

1. Flybondi

Flybondi, Argentina's main low-cost airline, has not flown since Aug. 6. It filed for court-supervised reorganization in Buenos Aires in early October. It has returned 10 of its 13 jets to lessors, and tax and aviation authorities have seized its bank accounts over unpaid debts. Its owner has talked about folding the business into OCA, a sister company, but nothing is final.

2. airBaltic

airBaltic filed for Chapter 11 in New York on Sept. 14. It owes about $583 million, plus €106 million in unpaid taxes and fees. It plans to shrink from 54 Airbus A220s to about 36 and cut up to 700 jobs. It has €350 million in new financing and is still flying normally. Read how airBaltic got here.

3. Norse Atlantic Airways

Norse had less than $5 million in cash at the end of March. A June share sale raised about $100 million, but the airline lost $70.5 million before tax in the second quarter, and capacity fell 64%. It has hired JPMorgan to look for a buyer or partner, with offers expected later this year.

4. SpiceJet

India's SpiceJet flies about 35 planes, down from more than 50. Its auditors have repeatedly questioned whether it can keep going, and staff have reported pay arriving months late. It is adding 20 leased jets this fall, but its shares hit a new low in September.

5. Flair Airlines

Canada approved $76 million in emergency aid for Flair in September. Fuel now makes up nearly a third of its costs, and it has cut flights between Canada and the US by more than half. Flair is private, and its CEO would not say if it makes money.

6. Kenya Airways

Kenya Airways lost Sh16 billion, about $124 million, in the first half of 2026, up 32% on a year earlier. Costs hit a record. The government, its largest owner, has approved more financing, as it has many times before.

7. JetBlue

JetBlue is far bigger than the others on this list, and it had $2.2 billion in cash in June. But it lost $247 million in the second quarter, and its debt is close to $8.5 billion. Founder David Neeleman, who now runs Breeze, said in April that a fuel price near $4.50 a gallon "would probably put them" into bankruptcy. JetBlue did not comment at the time.

8. Frontier Airlines

Frontier lost $283 million on operations in the first quarter as fuel costs climbed. It is ending leases on 24 jets early and has pushed back 69 Airbus deliveries. It had $974 million in cash in March, and it expects Spirit's exit to lift its fares.

9. Wizz Air

Wizz Air lost €198 million in the April–June quarter, and 27 of its jets were grounded at the end of June by Pratt & Whitney engine problems. O'Leary named Wizz as one of Europe's most vulnerable airlines. Wizz called that "categorically untrue." It is much bigger than most airlines here, but it is shrinking long routes and growing short ones to cut costs.

10. Avelo Airlines

Avelo finished a recapitalization around the start of the year and has been shrinking since. It is closing three crew bases, dropping six older Boeing jets and cutting many routes from Raleigh-Durham and Wilmington, North Carolina. It has a big Embraer order, but the first jet is not due until mid-2027.

What to do if you're booked

Pay with a credit card, which gives you a way to claim your money back if an airline stops flying. Avoid booking too far out on the weakest airlines, and keep an eye on your email for schedule changes. If you hold miles with a struggling airline, use them sooner rather than later. And remember that a lounge pass bought through an airline is only as good as the airline.