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This study proposes a novel approach to gauge the effects of COVID-19 on a large number of airline companies worldwide based on the employment of fifteen metrics at the cash flow, balance sheet, income statement and sustainability levels.

The study makes use of Chernoff faces where each facial feature, such as eyes or mouth, corresponds to a variable, with variations in their characteristics being captured in data values. Through this approach, complex data sets can be intuitively interpreted.

Robust quantitative evidence, derived from a comprehensive analysis of financial metrics, clearly demonstrates that US and Chinese airlines dominate the global airline industry. Findings also show that most airlines faced significant financial setbacks during the pandemic, as reflected in the marked decline in total operating expenses, passenger load factor, cash flow from operations, free cash flow and operating income. However, Cathay Pacific Airways Ltd. was an exception, maintaining resilience, largely due to its high-performing subsidiary, Air Hong Kong. Moreover, state-owned carriers fared better in maintaining liquidity and operational performance compared to their private counterparts.

This study introduces an innovative technique for assessing the impact of COVID-19 on airline companies globally, using Chernoff faces to visually represent key quantitative metrics. Sustainability metrics in the form of EQS and CO2 emissions have also been given due consideration.