IAG financial results 2026: Airlines, fleet & cash flow
Aviation Intelligence Database · Airline profile
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.
At a glance
Latest reported period
Trends
Performance over time
Headline metrics and correctly labelled unit economics, FY2022 to the latest period.
Metrics
Full-year history
Analysis
What the numbers say
More detail
Additional disclosures
Guidance vs actual
Did the airline deliver?
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
Fleet composition
Key events
What moved the numbers
Peers
Compare with peers
FAQ
Frequently asked questions
Methodology
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. Core metrics follow the Airline comparison tool.
- 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.
- Quarters follow the company’s reporting calendar; the company’s own label is noted beneath the period.
- 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.
- Operating margin uses operating profit or EBIT ÷ revenue. EBITDA, EBITDAR and their margins are separate disclosures and are not substitutes for operating profit or margin. Company-defined measures keep their source labels (marked D).
- Sources: annual reports, interim results and traffic statements. See Data & Research.
Quick answers
Is IAG profitable?
Yes. IAG reported an operating profit of €5.024bn in FY2025 (year to 31 Dec 2025), a 15.1% margin. In its latest reported period, it reported an operating profit of €1.757bn in H1 2026 (to 30 Jun 2026), a 10.9% margin.
What was IAG’s revenue in 2025?
IAG reported group revenue of €33.213bn in FY2025 (year to 31 Dec 2025). For H1 2026 (to 30 Jun 2026) it reported group revenue of €16.064bn.
Company-reported figures from our airline database. Definitions, currencies and reporting periods differ between airlines; see the tables on this page and the comparison tool for detail.
Text version of the IAG data on this page
IAG data snapshot
- Scope: International Airlines Group
- Region: Europe
- Business model: Global network group
- Financial year end: 31 Dec
- Reporting currency: EUR
- Source: Annual & interim results
- Latest period: H1 2026
- Last updated: 2026-09-22
- Next event: 2026-11-06 · Q3 2026 results
Latest read
IAG closed 2025 with record annual profit and its strongest balance sheet in years, cutting net debt to EBITDA from 1.1x to 0.8x and launching a €1.5 billion capital return programme. H1 2026 operating profit fell 6.4% as a 12.5% jump in fuel unit costs outran a modest revenue gain, even after €769 million of hedging gains cushioned the impact. British Airways and Iberia remain the group’s clearest margin performers; the swing factor into year-end is how much of the fuel headwind IAG can keep recovering through pricing.
Reported metrics by period
Annual results
- FY2025 (31 Dec 2025): Passengers: 121.6m [Group]; Revenue: €33.213bn [Group]; Operating profit / result: €5.024bn op. (Record operating profit) [Group]; Operating margin: 15.1% [Group]; Capacity / ASK: 351.4bn ASK (+2.4% YoY) [Group]; Net debt / cash / leverage: €5.948bn net debt (0.8× EBITDA) [Group]; Fleet size: 627 (31 Dec 2025; +37 vs FY24) [Group]; Fuel cost: €7.083bn (Fuel cost; −6.9%) [Group]; Net profit: €3.342bn [Group]; Net debt ÷ EBITDA: 0.8x [Group]; On-time performance: 82.4% (On-time performance; +4.6pt) [Group]. Source: IAG FY2025 full-year results.
- FY2024 (31 Dec 2024): Passengers: ~122.1m (Approximate) [Group]; Revenue: €32.100bn [Group]; Operating profit / result: €4.443bn op. (Operating profit) [Group]; Operating margin: 13.8% (Op. profit ÷ revenue) [Calculated]; Load factor: 86.5% [Group]; Capacity / ASK: +6.2% ASK (YoY) [Group]; Net debt / cash / leverage: €7.517bn net debt (1.1× EBITDA) [Group]; Net profit: €2.730bn [Group].
- FY2023 (31 Dec 2023): Revenue: €29.453bn [Group]; Operating profit / result: €3.634bn op. (Operating profit) [Group]; Operating margin: 12.3% (Op. profit ÷ revenue) [Calculated]; Load factor: 85.3% [Group]; Net profit: €2.655bn [Group].
- FY2022 (31 Dec 2022): Revenue: €23.066bn [Group]; Operating profit / result: €1.392bn op. (Operating profit) [Group]; Operating margin: 6.0% (Op. profit ÷ revenue) [Calculated]; Net profit: €431m [Group].
Quarterly and interim results
- H1 2026 (30 Jun 2026): Passengers: 57.93m (H1; +0.2% YoY) [Group]; Revenue: €16.064bn (H1; +1.0% YoY) [Group]; Operating profit / result: €1.757bn op. (Before exceptionals; −6.4% YoY) [Group]; Operating margin: 10.9% (Op. profit ÷ revenue) [Calculated]; Load factor: 85.0% (H1; +0.9pt YoY) [Group]; Capacity / ASK: −0.1% ASK (YoY) [Group]; Net debt / cash / leverage: €4.7bn net debt (0.6× net debt/EBITDA) [Group]; Fleet size: 627 (At 31 Dec 2025) [Group]; Fleet growth / guidance: Flat ASK (FY2026 capacity guidance (cut from ≈+3%)) [Defined]; Fuel / hedging: 74% hedged (Jul–Sep 26) [Group]; Fuel cost: €3.956bn (Fuel cost; +12.3%) [Group]; Net profit: €1.146bn (Profit after tax before exceptional items) [Group]; Free cash flow: €2.91bn (Free cash flow; +€808m YoY) [Group]; Net debt ÷ EBITDA: 0.6x [Group]. Source: IAG H1 2026 interim results (RNS).
Guidance versus actual
| Period | Metric | Guided | Actual | Outcome / note |
|---|---|---|---|---|
| FY2026 | Capacity | ≈+3% ASK growth | Flat year on year (Aug 2026 view) | Pending · Revised down |
| FY2026 | Capex | €3.6bn | €3.4bn (Aug 2026 view) | Pending · Revised down |
| FY2026 | Operating margin | Not formally guided | 12%–15% target reaffirmed | Pending · On track |
Fleet
Total fleet: 627 aircraft (as of 31 Dec 2025). The May 2025 wide-body order covers 71 aircraft (53 firm + 18 options); British Airways is to receive 44.
| Fleet fact | Value | Context |
|---|---|---|
| Capacity, FY25 | 351.4bn ASK | +2.4% YoY |
| H1 2026 deliveries | 3 | A320neo (BA); A321XLR (Aer Lingus, Iberia) |
| FY2026 planned deliveries | 16 | Majority in Q4 2026 |
Orders
| Type | Firm | Options | Note |
|---|---|---|---|
| Boeing 787-10 | 32 | — | May 2025 wide-body order |
| Airbus A330-900neo | 21 | — | May 2025 wide-body order |
| 777-9, A350-900, A350-1000 | 18 | 6 of each type |
Five-year reported results
€ million unless stated otherwise. Financial year ends 31 December.
| Year | Revenue | Operating profit | Net profit | Passengers | Load factor |
|---|---|---|---|---|---|
| FY21 | 8,455 | −2,944 | −2,933 | Not separately disclosed | Not separately disclosed |
| FY22 | 23,066 | 1,392 | 431 | Not separately disclosed | Not separately disclosed |
| FY23 | 29,453 | 3,634 | 2,655 | Not separately disclosed | 85.3% |
| FY24 | 32,100 | 4,443 | 2,730 | ~122.1m | 86.5% |
| FY25 | 33,213 | 5,024 | 3,342 | 121.6m | Not separately disclosed |
Per-passenger economics
Calculated only where revenue and passenger counts are reported on a compatible basis.
| Year | Revenue / passenger | Load factor | Context |
|---|---|---|---|
| FY24 | ≈€263 | 86.5% | Calculated; ASK +6.2% |
| FY25 | ≈€273 | Not separately disclosed | Calculated; ASK +2.4% |
| H1 26 | ≈€277 | 85.0% | Calculated; capacity −0.1% |
H1 2026 reported results
€ million unless stated otherwise. Six months to 30 June 2026.
| Metric | H1 2026 | Year on year | Context |
|---|---|---|---|
| Revenue | 16,064 | +1.0% | Passenger revenue +€828m at constant currency |
| Operating profit | 1,757 | −6.4% | 10.9% margin |
| Profit after tax | 1,146 | Before exceptional items | Reported |
| Passengers | 57.93m | +0.2% | Capacity −0.1% |
| Load factor | 85.0% | +0.9pt | RPK +0.8% |
Interim history
| Period | Operating profit | Operating margin | Comment |
|---|---|---|---|
| FY2025 | €5,024m | 15.1% | Record annual profit |
| H1 2026 | €1,757m | 10.9% | −6.4% year on year |
| Q2 2026 (standalone) | €1,406m | 15.8% | Down from 19% margin a year earlier |
Segment performance, H1 2026
Passenger traffic by operating airline brand.
| Airline | Passengers | Year on year | Load factor | Capacity change |
|---|---|---|---|---|
| British Airways | 22.115m | +0.8% | 83.1% | −1.2% |
| Iberia | 12.059m | −1.8% | 87.9% | +1.4% |
| Vueling | 17.976m | +0.4% | 91.2% | −2.0% |
| Aer Lingus | 5.375m | +1.2% | 77.7% | +1.8% |
| LEVEL | 0.41m | +7.3% | 91.7% | +9.4% |
Cost bridge
Fuel is IAG’s largest single controllable cost line and the main driver of the H1 2026 profit decline.
| Metric | FY2025 | H1 2026 | Context |
|---|---|---|---|
| Fuel cost | €7,083m | €3,956m | FY25 down 6.9%; H1 26 up 12.3% |
| Fuel unit cost, H1 26 | Not separately disclosed | +12.5% | Partly offset by hedging |
| Hedging gains, H1 26 | – | €769m | Cushioned the fuel spike |
| Fuel cost recovery via pricing/cost actions | – | ≈60% | Management estimate |
Balance sheet and cash flow
| Measure | Value | Context |
|---|---|---|
| Net debt | €4.7bn | 30 June 2026; down from €5.9bn |
| Net leverage | 0.6x | Net debt / EBITDA |
| Free cash flow, H1 26 | €2.91bn | +€808m year on year |
| Shareholder returns | €1.5bn | Excess capital return, announced with FY25 results |
FY2025 net debt fell to €5,948 million from €7,517 million a year earlier, taking net debt/EBITDA from 1.1x to 0.8x. IAG proposed a FY2025 dividend of €0.098 per share, up 8.9%, alongside a €500 million share buyback tranche running through May 2026 as part of the wider programme.
Fleet productivity
Fleet, network and delivery measures reported by the company.
| Metric | Latest | Context |
|---|---|---|
| Fleet | 627 | 31 December 2025, +37 vs FY24 |
| H1 2026 deliveries | 3 | A320neo (BA); A321XLR (Aer Lingus, Iberia) |
| FY2026 planned deliveries | 16 | Majority in Q4 2026 |
| May 2025 wide-body order | 71 aircraft | 53 firm (32×787-10, 21×A330-900neo) + 18 options (6×777-9, 6×A350-900, 6×A350-1000); BA to receive 44 |
Five-year arc
IAG’s arc since the pandemic mirrors the rest of the industry but with an unusually sharp margin recovery: operating profit swung from a €2.9 billion loss in FY21 to a record €5.0 billion in FY25 while revenue barely more than doubled, evidence that pricing discipline and cost control — not just traffic volume — drove the turnaround. Passenger numbers actually dipped slightly in FY25 even as profit hit a new high, underlining a shift toward higher-yielding traffic and ancillary revenue rather than pure growth. The operating margin reached 15.1% in FY25, among the highest of any European legacy group, leaving H1 2026’s fuel-driven profit dip as a genuine test of whether that margin is durable through a cost shock rather than a one-off pandemic-recovery peak.
Operating airlines
Iberia and British Airways were FY2025’s clearest margin performers: Iberia’s operating profit rose €286 million to a 16.2% margin and British Airways’ rose £182 million to 15.2%, together anchoring group profitability while Vueling and Aer Lingus contributed scale and network breadth. British Airways generated roughly 53% of group revenue in FY2024.
Outlook
What to watch:
- Fuel cost recovery: whether pricing keeps offsetting the roughly 60% of the fuel cost increase management says it can recover.
- Capacity discipline: FY2026 capacity guidance was cut from growth to flat, a deliberate response to margin pressure.
- Wide-body deliveries: the bulk of 2026’s 16 aircraft land in Q4, back-loading capacity and cost timing.
- Capital returns: progress on the €1.5 billion excess capital return programme against the improved leverage position.
Peers
- Lufthansa Group — Global network group · Europe
- Air France — Global network · Europe
- KLM — Global network · Europe
Related analysis
- British Airways — airline profile
- Iberia — airline profile
- Vueling — airline profile
- Aer Lingus — airline profile
- LEVEL — airline profile