Penelitian ini bertujuan untuk menganalisis hedging yang terdiri dari variabel aircraft index, aircraft age, dan financial hedging berpengaruh terhadap operational hedging. Penelitian ini dilakuakan dengan metode kuantitatif dengan pengumpulan data laporan keuangan dan tahunan dari s&p global, website masing-masing maskapai serta catatan armada setiap maskapai yang tertera pada airfleets.net. Model regresi yang digunakan fixed effect model, setelah dilakukan uji asumsi klasik, hasil regresi menunjukan bahwa aircraft index dan aircraft age berpengaruh positif terhadap operational hedging. / This study has purposes to analyze hedging which has variables aircraft index, aircraft age, and financial hedging that have an effect on operational hedging. This study uses the quantitative method and collects financial and annual report data from s&p global and airlines websites also every aircraft data from airfleets.net. This study used a fixed-effect model for regression analysis, after doing a classical assumption test, the regression result show aircraft index and aircraft age have a positive effect on operational hedging.