A risky area of the transportation industry is aviation. However, the majority of research have overlooked the risk disclosure of businesses in the air industry and instead concentrated on risk perceptions connected to passenger travel by transport. The rigorous assessment of the risks that these types of businesses, which provide services, is essential to the growth of the aviation-related sub-sectors. Based on the textual risk disclosures in the financial statements, this study makes an effort to pinpoint the risk variables that affect air transport businesses.This paper employs a possible Dirichlet allocation (LDA) method based on the VEM algorithm to find risk disclosures in 15,507 risk headings from 255 public businesses from 2005 to 2022. In addition, this paper discusses the commonalities and differences of risk disclosures between three sub-sectors (airlines, airports, airfreight), and provides some recommendations and responses for future corporate risk decisions. The results of this study can help stakeholders to develop sound and timely risk management strategies.