Icelandair financial results 2026: revenue, EBIT, RASK & CASK

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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.

— metrics in this profile FY2022 → Q2 2026 Updated — Next results —

At a glance

Latest reported period

Metrics

Full-year history

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RReportedDirect company disclosure CCalculatedDerived from company figures GGroup-levelBroader than the airline entity DCompany-definedNon-standard measure —Missing dataNot stored, not disclosed or not applicable; see each cell

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

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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.

  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 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).
  5. Sources: annual reports, interim results and traffic statements. See Data & Research.

Quick answers

Is Icelandair profitable?

No, not in its latest full year. Icelandair reported an operating loss of $17.2m in FY2025 (year to 31 Dec 2025), a −1.0% margin. In its latest reported period, it reported an operating profit of $120.3m in Q3 2026 (to 30 Sep 2026), a 18.4% margin. Quarterly and half-year results are seasonal, so the full-year figure is the better guide.

What was Icelandair’s revenue in 2025?

Icelandair reported revenue of $1.7bn in FY2025 (year to 31 Dec 2025). For Q3 2026 (to 30 Sep 2026) it reported revenue of $655.0m.

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 Icelandair data on this page

Icelandair data snapshot

  • Scope: Icelandair Group hf. (Nasdaq Iceland: ICEAIR), consolidated
  • Region: Europe
  • Business model: Global network
  • Financial year end: 31 Dec
  • Reporting currency: USD
  • Source: Company quarterly results releases and presentations
  • Latest period: Q2 2026
  • Last updated: 2026-09-27

Latest read

Icelandair posted record Q2 2026 revenue of $496.2 million, up 7%, with RASK up 9% and an 84% load factor, but fuel expenses rose $72.5 million year on year and EBIT swung to a $29.6 million loss from a $0.8 million profit. The net loss was $32.3 million and liquidity $603.6 million. For Q3 the airline guides capacity down 5% and unit revenue up 11% to 15%.

Reported metrics by period

Annual results

  • FY2025 (FY2025 · 31 Dec 2025): Passengers: 5m+ (First year above 5 million passengers); Revenue: $1.7bn (+11% YoY); Operating profit / result: −$17.2m (EBIT); Operating margin: −1.0% (EBIT ÷ revenue (revenue rounded)) [Calculated]; Net profit: −$9.5m (Net result); Load factor: Record (Record load factor (percentage not given in the release)); Cash / liquidity: $457.8m (Liquidity; +$111.0m YoY); On-time performance: 83.9% (On-time performance). Source: Icelandair Q4 and 12M 2025 results.
  • FY2024 (FY2024 · 31 Dec 2024): Operating profit / result: −$14.2m (EBIT); Net profit: −$20.2m (Net result). Source: Icelandair Q4 and 12M 2025 results.

Quarterly and interim results

  • Q2 2026 (Q2 2026 · 30 Jun 2026): Revenue: $496.2m (+7% YoY; record Q2); Passenger revenue: $421m (Passenger revenue; +7%); Operating profit / result: −$29.6m (EBIT; Q2 2025 +$0.8m); Operating margin: −6.0% (EBIT ÷ revenue) [Calculated]; Net profit: −$32.3m (Net result); Load factor: 84.0% (Load factor); RASK / yield: 8.44¢ (RASK; +9%); CASK ex-fuel: 6.59¢ (CASK ex-fuel; +7%); Fuel cost: +$72.5m (Year-on-year increase in fuel expenses); Cash / liquidity: $603.6m (Liquidity); Shareholders’ equity: 10.5% (Equity ratio). Source: Icelandair Q2 2026 results.
  • Q2 2025 (Q2 2025 · 30 Jun 2025): Revenue: $463m (Total revenue); Passenger revenue: $394m (Passenger revenue); Operating profit / result: $0.8m (EBIT); Operating margin: 0.2% (EBIT ÷ revenue) [Calculated]; Net profit: $12.9m (Net result); RASK / yield: 7.78¢ (RASK); CASK ex-fuel: 6.16¢ (CASK ex-fuel); Cash / liquidity: $573m (Liquidity). Source: Icelandair Q2 2026 presentation (prior year).
  • Q1 2026 (Q1 2026 · 31 Mar 2026): Revenue: $346.5m (+21% YoY); Passenger revenue: $258.3m (Passenger revenue; +20.7%); Operating profit / result: −$53.3m (EBIT; $8.9m better YoY); Operating margin: −15.4% (EBIT ÷ revenue) [Calculated]; Net profit: −$45.3m (Net result); Passengers: 931,544 (+13% YoY); Load factor: 80.3% (Load factor); Capacity / ASK: 3,443m (ASK; +13%); RASK / yield: 7.79¢ (RASK; +7%); CASK ex-fuel: 7.71¢ (CASK ex-fuel; −1%); Fuel cost: $72.2m (Fuel expenses; +16.2%); Cash / liquidity: $616.3m (Liquidity; cash and securities $524.3m); Net debt / cash / leverage: $238.4m (Net financial liabilities); Shareholders’ equity: 13.5% (Equity ratio); On-time performance: 82.0% (On-time performance). Source: Icelandair Q1 2026 results.
  • Q1 2025 (Q1 2025 · 31 Mar 2025): Revenue: $286.5m (Total revenue); Passenger revenue: $214.0m (Passenger revenue); Operating profit / result: −$62.3m (EBIT); Net profit: −$44.1m (Net result); Passengers: 827,720 (Passengers); Load factor: 80.3% (Load factor); Capacity / ASK: 3,055m (ASK); RASK / yield: 7.30¢ (RASK); CASK ex-fuel: 7.78¢ (CASK ex-fuel); Cash / liquidity: $510.3m (Liquidity). Source: Icelandair Q1 2026 results.

Sources