Braniff International Airways ceased all flight operations on May 12, 1982, after 54 years in aviation, filing Chapter 11 bankruptcy that night. The airline was grounded by post-deregulation overexpansion, jet fuel costs surging 104% (1979–1981), double-digit interest rates on $733M in debt, and invasion of its protected routes by larger carriers. Today, Braniff International continues as a retail, hospitality, and brand licensing company at DFW Airport, Texas.

Braniff Airways was founded by brothers Thomas Elmer Braniff (president and financier) and Paul Revere Braniff (aviator) on June 20, 1928. The original venture was acquired by Universal Aviation Corporation in 1929. The brothers refounded the airline as Braniff Airways, Inc. in November 1930. LTV Corporation became a parent organization during the 1960s–70s. At the time of its 1982 shutdown, CEO Howard Putnam led the company. The Braniff brand is today administered by Braniff International, the official successor.

Four forces converged after the 1978 Airline Deregulation Act: (1) the largest single-day route expansion in U.S. airline history on December 15, 1978 — 32 new routes to 16 cities, funded by debt; (2) global jet fuel prices surging 104% due to the Iranian oil crisis; (3) Federal Reserve interest rates doubling against $733M in debt; (4) major carriers invading Braniff's previously protected routes. Operating losses reached $39M (1979), $120M (1980), $160.6M (1981).

Braniff flew: Stinson Detroiter (1928), Lockheed Vega (1930s), DC-3 (1940s), Boeing 707 and DC-8 (1960s), Boeing 727-200 (primary domestic workhorse — 70+ aircraft), Boeing 747-127 and 747SP (international), and operated Concorde connecting service from Washington Dulles to Dallas/Fort Worth from January 1978 — making Braniff one of only three airlines globally to operate Concorde service alongside Air France and British Airways.

At peak (late 1979), Braniff operated 11 Boeing 747s — four 747-100s, four 747-200s, and three 747SPs — on an international network spanning both the Atlantic and Pacific. The most famous was N601BN, "The Big Orange" — the 100th 747 ever built — which flew DFW–Honolulu daily with a 99% dispatch reliability rate and was branded "747 Braniff Place, The Most Exclusive Address in the Sky."

No. Braniff and Southwest were separate, independent airlines. After Braniff ceased operations in May 1982, Southwest and other carriers acquired some of its airport gates and routes — but Braniff's assets were never merged into Southwest. Three successor companies attempted to fly under the Braniff name: Braniff, Inc. (1983–1989), Braniff International Airlines, Inc. (1991–1992), and further planned ventures. The Braniff brand continues today through Braniff International, the official successor.

Braniff is celebrated for the "End of the Plain Plane" campaign (1965) — introducing solid-colour aircraft in orange, yellow, blue, green, turquoise, lilac, and burgundy when every other airline used white. Emilio Pucci designed the Air Strip uniforms. Alexander Girard redesigned all interiors. Alexander Calder painted a DC-8 as a flying work of art. The airline coined "When you've got it, flaunt it" and was one of only three airlines globally to operate Concorde service.