This research examines the relative value relevance to investors of non-financial performance variables, traditional accounting variables (earnings and changes in abnormal earnings) and other financial statement information in the airline industry. Consistent with prior research, earnings and changes in abnormal earnings are employed to represent traditional accounting information. The findings suggest that accounting earnings, changes in abnormal earnings and non-financial performance variables are significantly associated with stock returns. When non-financial performance metrics, earnings and changes in abnormal accounting earnings are included in the same model, we find that non-financial performance variables exhibit incremental value relevance over traditional accounting metrics. We do not find the opposite to be true. That is, although we find the traditional accounting variables to be significantly associated with stock returns, we do not find evidence of incremental explanatory power beyond that provided by the non-financial variables. In addition, financial statement details such as revenues, gross profit, assets, etc., are examined as metrics to construct financial statement proxies that reflect value relevance similar to non-financial performance metrics. Findings suggest that such proxies for non-financial metrics, in combination with earnings and changes in abnormal earnings explain approximately as much of the variation in returns as the non-financial metrics.