Wall Street analysts believe lighter passengers will help carriers save on fuel costs.

By Zach Vasile

Commercial airlines could be in line to benefit from the recent boom in weight loss drugs.

Analysts at Jefferies said this week that widespread adoption of GLP-1 drugs in pill form could meaningfully reduce the weight of the average U.S. passenger flight. With a lighter load, carriers would not have to use as much jet fuel to power their aircraft, they said, resulting in savings.

“A slimmer society = lower fuel consumption,” the firm wrote in a note to clients. “Airlines have a history of being vigilant around aircraft weight savings, from olives (pitless, of course) to paper stock.”

Jefferies estimates that a 10% reduction in average passenger weight could lower fuel costs by as much as 1.5%. Those savings could boost earnings per share by around 4%.

Across the major U.S. airlines, fuel accounts for about 20% of operational expenses.

While any future savings is purely speculative, Jefferies said a 2% decline in average passenger weight could translate to EPS gains of about 3.5% for United, 2.8% for Delta, 11.7% for American, and 4.2% for Southwest. Those calculations were based on the carriers’ current operations and exposure to changes in fuel costs.

Danish pharmaceutical company Novo Nordisk recently won approval for a pill version of GLP-1 drug semaglutide, and some patients are already getting access to it. A similar product from Eli Lilly is in the works and could be available within months.