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We quantify the fuel and cost benefits of applying extended formation flight to commercial airline operations. Central to this study is the development of a bi-level, mixed-integer real formation flight optimization framework. The framework has two main components: 1) a continuous-domain aircraft mission performance optimization and 2) an integer optimization component that selects the best combination of optimized missions to form a formation flight schedule. The mission performance reflects the effects of rolled-up wakes, formation heterogeneity, and formation-induced compressibility. The results show that an airline can use formation flight to reduce fuel burn by 5.8% or direct operating cost by 2.0% in a long-haul international schedule. The savings increase to 7.7% in fuel or 2.6% in cost for a large-scale, transatlantic airline alliance schedule. These results include the effects of a conservative fuel reserve for …