Air France-KLM Financial Results 2026: Revenue, Operating Margin, Traffic & Fleet

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Airline profile

Company-reported performance, unit economics, balance-sheet and fleet metrics from FY2022 to the latest published period. Metrics are in the same order as the Airline Comparison tool.

14 comparison metrics FY2022 → Q2 2026 Updated — Next results —

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RReportedDirect company disclosure CCalculatedDerived from company figures GGroup-levelBroader than the airline entity DCompany-definedNon-standard measure —Not disclosedNo estimate inserted

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Guidance vs actual

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What management guided at the start of each financial year compared with what was reported. Within the guided range = met; for cost metrics, below the range = beat.

Fleet & orders

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How to read this page

Every figure keeps the company’s own reporting period, currency, entity scope and terminology. Partial periods are not annualised, currencies are not converted and missing KPIs are not estimated. The first 14 rows are the metrics used in the Airline Comparison tool.

  1. Fiscal years are labelled by the calendar year in which they end (a year to 31 Mar 2025 appears as FY2025). The exact period end is shown in the first row, with a link to the source document.
  2. Quarters follow the company’s reporting calendar; the company’s own label is noted beneath the period.
  3. YoY change compares with the same period one year earlier: % change for amounts, percentage points (pp) for ratios. Green means favourable (for costs, a fall is favourable). n.m. = not meaningful.
  4. Operating margin is operating result ÷ revenue unless the company defines its own margin (marked D).
  5. Sources: annual reports, interim results and traffic statements. See Data & Research.
Text version of the Air France-KLM data on this page

Air France-KLM data snapshot

  • Scope: Air France-KLM Group (Air France, KLM, Transavia, Cargo, Maintenance, Flying Blue)
  • Region: Europe
  • Business model: Global network group
  • Financial year end: 31 Dec
  • Reporting currency: EUR
  • Source: Group results releases & annual reports
  • Latest period: Q2 2026
  • Last updated: 2026-09-27

Latest read

Q2 2026 revenue rose 9.9% to €9.28 billion and unit revenue climbed 8.7% at constant currency, but an €804 million fuel price hit cut adjusted operating profit by €251 million to €484 million. The group trimmed 2026 capacity growth to +2% to +3%, while €10.3 billion of cash and 1.6x leverage keep the balance sheet inside its targets.

Reported metrics by period

Annual results

  • FY2025 (FY2025 · 31 Dec 2025): Passengers: 102.8m (+5.0% YoY); Revenue: €33.007bn (+4.9% YoY); Operating profit / result: €2.004bn op. (Operating result; +€403m YoY); Operating margin: 6.1% (+1.0pt YoY); Load factor: 87.2% (−0.5pt YoY); Net profit: €1.754bn (Net income); Capacity / ASK: 336.5bn ASK (+4.9% YoY); Revenue passenger km (RPK): 293.5bn (+4.3% YoY); RASK / yield: 8.80 €c unit revenue (Per ASK; +1.0% constant currency) [Defined]; Total CASK: 8.10 €c (Unit cost per ASK incl. fuel; +1.2% constant fuel and currency) [Defined]; EBITDA / EBITDAR: €5.058bn (Current EBITDA); Cash / liquidity: €9.4bn cash at hand (At 31 Dec 2025); Net debt / cash / leverage: €8.39bn net debt (At 31 Dec 2025); Net debt ÷ EBITDA: 1.7x (Net debt ÷ current EBITDA); Shareholders’ equity: €2.364bn (Total equity, 31 Dec 2025); Capital expenditure: €3.058bn (Net capex); Free cash flow: €1.030bn (Recurring adjusted operating free cash flow) [Defined]; Fleet size: 586 (In revenue service; 596 total fleet); Average fleet age: 11.5 yrs (Operational fleet, 31 Dec 2025); Firm orders outstanding: 215 firm (Plus 113 options, 31 Dec 2025). Source: Air France-KLM FY2025 results.
  • FY2024 (FY2024 · 31 Dec 2024): Passengers: 98.0m (Annual); Revenue: €31.459bn (Annual); Operating profit / result: €1.601bn op. (Operating result); Operating margin: 5.1% (Operating margin); Load factor: 87.8% (Annual); Net profit: €489m (Net income); Capacity / ASK: 320.7bn ASK (Annual); Revenue passenger km (RPK): 281.4bn (Annual); RASK / yield: 8.71 €c unit revenue (Group revenue per ASK) [Defined]; Total CASK: 8.00 €c (Group unit cost per ASK, incl. fuel) [Defined]; EBITDA / EBITDAR: €4.244bn (Current EBITDA); Cash / liquidity: €9.4bn cash at hand (At 31 Dec 2024); Net debt / cash / leverage: €7.33bn net debt (At 31 Dec 2024); Net debt ÷ EBITDA: 1.7x (Net debt ÷ current EBITDA); Shareholders’ equity: €799m (Total equity, 31 Dec 2024); Capital expenditure: €3.042bn (Net capex); Free cash flow: €271m (Recurring adjusted operating free cash flow) [Defined]; Fleet size: 564 (Fleet in operation, 31 Dec 2024). Source: Air France-KLM FY2025 results (2024 comparatives).
  • FY2023 (FY2023 · 31 Dec 2023): Passengers: 93.6m (Annual); Revenue: €30.0bn (Annual); Operating profit / result: €1.712bn op. (Operating result); Operating margin: 5.7% (Operating margin); Load factor: 87.3% (Annual); Net profit: €934m (Net income); Capacity / ASK: 309.5bn ASK (Annual); Revenue passenger km (RPK): 270.1bn (Annual); Net debt / cash / leverage: €5.04bn net debt (At 31 Dec 2023); Net debt ÷ EBITDA: 1.2x (Net debt ÷ EBITDA); Fleet size: 551 (Fleet at year end). Source: Air France-KLM FY2023 results.
  • FY2022 (FY2022 · 31 Dec 2022): Passengers: 83.3m (Annual); Revenue: €26.4bn (Annual); Operating profit / result: €1.193bn op. (Operating result); Operating margin: 4.5% (Operating margin); Load factor: 84.0% (Annual); Net profit: €728m (Net income); Capacity / ASK: 282.8bn ASK (Annual); Revenue passenger km (RPK): 237.5bn (Annual); Net debt / cash / leverage: €6.34bn net debt (At 31 Dec 2022); Net debt ÷ EBITDA: 1.8x (Net debt ÷ EBITDA); Fleet size: 515 (Fleet at year end). Source: Air France-KLM FY2023 results (2022 comparatives).

Quarterly and interim results

  • Q2 2026 (Q2 2026 · 30 Jun 2026): Passengers: 28.3m (+3.9% YoY); Revenue: €9.277bn (+9.9% YoY); Operating profit / result: €484m adj. op. (Adjusted operating profit; −€251m YoY); Operating margin: 5.2% (−3.5pt YoY); Load factor: 87.7% (−0.1pt YoY); Net profit: €190m (Net income; −€459m YoY); Capacity / ASK: 87.0bn ASK (+2.6% YoY); Revenue passenger km (RPK): 76.3bn (+2.5% YoY); RASK / yield: 9.61 €c unit revenue (Per ASK; +8.7% constant currency) [Defined]; Total CASK: 8.93 €c (Unit cost per ASK incl. fuel; +1.0% constant currency) [Defined]; CASK ex-fuel: Not separately disclosed (Group unit cost is reported including fuel) [Unavailable]; Cash / liquidity: €10.3bn cash at hand (At 30 Jun 2026; target €6–8bn); Net debt / cash / leverage: €8.376bn net debt (At 30 Jun 2026); Net debt ÷ EBITDA: 1.6x (Target 1.5x–2.0x); Shareholders’ equity: €2.787bn (Total equity, 30 Jun 2026); Fleet size: 599 (Total fleet, 30 Jun 2026; +7 net year to date); Fleet growth / guidance: +2% to +3% capacity (FY2026 guidance, cut from +2% to +4%) [Defined]; Fuel / hedging: 67% hedged (2026 consumption; 40% of 2027); Fuel cost: USD 8.9bn (FY2026 estimated fuel bill, +USD 2.0bn vs 2025) [Defined]; Capital expenditure: €1.910bn (H1 2026 capital expenditure); Free cash flow: €928m (H1 2026 recurring adjusted operating free cash flow) [Defined]. Source: Air France-KLM Q2 2026 results.
  • Q1 2026 (Q1 2026 · 31 Mar 2026): Passengers: 22.3m (+2.3% YoY); Revenue: €7.479bn (+4.4% YoY); Operating profit / result: −€27m op. (Operating result; +€301m YoY); Operating margin: −0.4% (+4.2pt YoY); Load factor: 86.3% (+0.3pt YoY); Net profit: −€252m (Net income); Capacity / ASK: 78.6bn ASK (+4.0% YoY); RASK / yield: 8.38 €c unit revenue (Per ASK; +0.5%) [Defined]; Total CASK: 8.30 €c (Unit cost per ASK incl. fuel; +0.5%) [Defined]; Net debt / cash / leverage: €8.03bn net debt (At 31 Mar 2026); Net debt ÷ EBITDA: 1.5x (Net debt ÷ current EBITDA); Cash / liquidity: €10.6bn cash at hand (At 31 Mar 2026). Source: Air France-KLM Q1 2026 results.
  • Q4 2025 (Q4 2025 · 31 Dec 2025): Passengers: 24.6m (+4.8% YoY); Revenue: €8.186bn (+3.9% YoY); Operating profit / result: €393m op. (Operating result; −€3m YoY); Operating margin: 4.8% (−0.2pt YoY); Load factor: 86.0% (−1.3pt YoY); Net profit: €585m (Net income); Capacity / ASK: 84.0bn ASK (+6.6% YoY). Source: Air France-KLM FY2025 results.
  • Q3 2025 (Q3 2025 · 30 Sep 2025): Passengers: 29.2m (+4.7% YoY); Revenue: €9.213bn (+2.6% YoY); Operating profit / result: €1.203bn op. (Operating result; +2.0% YoY); Operating margin: 13.1% (−0.1pt YoY); Load factor: 88.8% (−0.5pt YoY); Net profit: €768m (Net income); Capacity / ASK: 92.3bn ASK (+5.1% YoY); RASK / yield: 9.10 €c unit revenue (Per ASK) [Defined]; Total CASK: 7.67 €c (Unit cost per ASK incl. fuel) [Defined]. Source: Air France-KLM Q3 2025 results.
  • Q2 2025 (Q2 2025 · 30 Jun 2025): Passengers: 27.3m (FY2025 less Q1, Q3 and Q4) [Calculated]; Revenue: €8.44bn (FY2025 less Q1, Q3 and Q4) [Calculated]; Operating profit / result: €735m op. (Q2 2025 comparative in Q2 2026 release); Operating margin: 8.7% (Operating margin); Load factor: 87.8% (Quarter); Net profit: €649m (Net income; Q2 2025 comparative).

Sources

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