AIRLINE METRICS · BRITISH AIRWAYS
British Airways
Reported financial performance, traffic, unit economics, cash and fleet data for British Airways within IAG.
Latest: H1 2026 · six months to 30 June 2026
Latest read
British Airways improved H1 operating profit despite slightly lower capacity. The longer history now shows the pre-COVID baseline, the 2020–2021 collapse and the recovery to record FY2025 profitability.
Eight-year reported history
Revenue and operating result are in £ million. 2020–2021 operating results are shown before exceptional items for cleaner pandemic comparability.
| Year | Revenue | Operating result | Margin | ASK | Load factor | PRASK | Ex-fuel CASK | Cash |
|---|---|---|---|---|---|---|---|---|
| 2018† | 13,020 | 1,952 | 15.6% | 184.547bn | 82.5% | 6.30p | 4.41p | — |
| 2019 | 13,290 | 1,921 | 14.5% | 186.170bn | 83.6% | 6.39p | 4.37p | €3.055bn |
| 2020‡ | 4,001* | -2,349* | -58.7%* | COVID-reduced | — | — | — | €1.389bn |
| 2021‡ | 3,694* | -1,900* | -51.4% | 28.3% of 2019 | — | — | — | €1.986bn |
| 2022 | 11,030 | 303 | 2.7% | — | — | — | — | €2.877bn |
| 2023 | 14,323 | 1,431 | 10.0% | — | — | — | — | — |
| 2024 | 14,408 | 2,048 | 14.2% | — | — | — | — | — |
| 2025 | 14,679 | 2,230 | 15.2% | 178.2bn | 83.8% | 7.70c | 5.08c | €2.117bn |
† 2018 predates IAG’s IFRS 16 adoption; the 2019 report used pro-forma comparatives to bridge the lease-accounting change. ‡ COVID-distorted year. *2020–2021 uses pre-exceptional/APM reporting; the 2020 BA operating loss is the later restated comparator used by IAG in 2021.
Unit economics
| Period | PRASK | Ex-fuel CASK | ASK | Load factor |
|---|---|---|---|---|
| FY2018 | 6.30p | 4.41p | 184.547bn | 82.5% |
| FY2019 | 6.39p | 4.37p | 186.170bn | 83.6% |
| FY2025 | 7.70c | 5.08c | 178.2bn | 83.8% |
| H1 2026 | 9.11 €c* | 6.15 €c* | 86.222bn | 83.1% |
*Calculated from same-scope IAG passenger revenue, costs and ASK. Historical BA unit metrics use the reporting currency/unit disclosed by IAG for each period.
H1 2026 operating dashboard
| Metric | H1 2026 | Basis / context |
|---|---|---|
| Passengers | 22.115m | Reported |
| Segment revenue | €8.538bn | External revenue €8.330bn |
| Operating profit | €1.020bn | Before exceptional items |
| Operating margin | 11.9% | Calculated |
| RPK | 71.677bn | Reported |
| ASK | 86.222bn | -1.2% YoY |
| Passenger revenue | €7.855bn | Reported |
| Fuel cost | €2.219bn | Airline segment |
Cash, fleet and productivity
What to watch
- Execution of BA’s multi-year £7bn transformation programme.
- Heathrow operational resilience and constrained hub capacity.
- Engine availability and aircraft delivery timing.
- Winter 2026 long-haul expansion and premium demand.
Sources and methodology
IAG Annual Reports and full-year results 2018, 2019, 2020, 2021 and 2025; IAG H1 2026; British Airways company disclosures. Calculated values use same-scope inputs only.
2018 report · 2019 results · 2020 results · 2021 results · 2025 results