Airline revenues tend to be very variable because of numerous socio-economic and seasonal factors. Consequently, revenue managers in the airline industry are required to develop strategies to help keep their revenues stable. The word risk in the context of airline revenues is closely related to the frequency or probability of an undesirable event and the severity of the event's outcome. Metrics related to risk measurement in finance can be used to measure risk in airline revenues. In this paper, we attempt to characterize the different measures of risk that are relevant to revenue management of an airline carrier. We will compare and contrast these measures in order to demonstrate their strengths and weaknesses. Some of the measures that we study include exponential utility functions, downside risk, variance, target semivariance, and value-at-risk.