Delta Airlines gets a lot of play in this episode, but it’s not because we’re obsessed with Delta. Rather, there are two practical reasons: First, Delta is the the earliest of the big airlines to report. Secondly, with Delta’s global reach, you can learn a lot about the whole industry from this airline. What did we learn? Revenues continue dropping, but so did costs. Delta remains bullish on its West Coast and transatlantic markets.

And, its operational performance continues to dazzle. Less dazzling was Norwegian, which posted an 8% operating margin in Q2. But 8% doesn’t inspire much confidence that the low-cost longhaul carrier will have a great year. And Qatar Airways, for the first time, reported its full-year earnings. We try to unpack the Gulf carrier’s somewhat complicated report.