KLM financial results 2026: fleet, traffic & operating margin
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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.
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 KLM profitable?
Yes. KLM reported an operating result of €416m in FY2025 (year to 31 Dec 2025), a 3.2% margin. In its latest reported period, it reported an operating profit of €176m in Q2 2026 (to 30 Jun 2026), a 4.5% margin.
What was KLM’s revenue in 2025?
KLM reported revenue of €13.2bn in FY2025 (year to 31 Dec 2025). For Q2 2026 (to 30 Jun 2026) it reported revenue of €3.9bn.
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 KLM data on this page
KLM data snapshot
- Scope: KLM segment of Air France-KLM Group
- Region: Europe
- Business model: Global network
- Financial year end: 31 Dec
- Reporting currency: EUR
- Source: Air France-KLM segment reporting
- Latest period: Q2 2026
- Last updated: 2026-09-23
- Next event: 2026-11-05 · Air France-KLM Q3 2026 results
Latest read
KLM grew revenue for a fourth straight year in FY2025, but its operating margin has been essentially flat since FY2024 at just above 3% — well below Air France’s 6.7% margin in the same year, and below KLM’s own 6.6% margin back in FY2022. Q2 2026 revenue grew a strong 13.8% with operating profit holding stable, suggesting the segment is at least keeping pace with cost inflation even if it has not yet closed the gap with its sister carrier.
Reported metrics by period
Annual results
- FY2025 (31 Dec 2025): Passengers: 34.5m (FY25); Revenue: €13.2bn (Segment); Operating profit / result: €416m op. (Segment); Operating margin: 3.2% (Op. result ÷ revenue) [Calculated]; Load factor: 88.0% (FY25); RASK / yield: ≈€383/pass. (Revenue ÷ passengers) [Calculated]; Fleet size: 122 (31 Dec 2025); Average fleet age: 13.5 yrs (Group average 11.5 yrs). Source: Air France-KLM FY2025 results.
- FY2024 (31 Dec 2024): Passengers: 33.0m (FY24); Revenue: €12.7bn (Segment); Operating profit / result: €415m op. (Segment); Operating margin: 3.4% (Op. result ÷ revenue) [Calculated]; Load factor: 88.3% (FY24); RASK / yield: ≈€385/pass. (Revenue ÷ passengers) [Calculated].
- FY2023 (31 Dec 2023): Passengers: 30.3m (FY23); Revenue: €12.05bn (Segment); Operating profit / result: €650m op. (Segment); Operating margin: 5.4% (Op. result ÷ revenue) [Calculated]; Load factor: 87% (FY23); RASK / yield: ≈€398/pass. (Revenue ÷ passengers) [Calculated].
- FY2022 (31 Dec 2022): Revenue: €10.7bn (Segment); Operating profit / result: €706m op. (Segment); Operating margin: 6.6% (Op. result ÷ revenue) [Calculated].
Quarterly and interim results
- Q2 2026 (30 Jun 2026): Revenue: €3.9bn (Segment; +13.8% YoY); Operating profit / result: €176m adj. op. (Adjusted operating profit; stable YoY) [Defined]; Operating margin: 4.5% (Adj. op. profit ÷ revenue) [Calculated]; Cash / liquidity: €10.3bn (Air France-KLM cash at hand) [Group]; Net debt / cash / leverage: €8.4bn (Air France-KLM net debt) [Group]; Fleet size: 122 (At 31 Dec 2025); Fleet growth / guidance: +2% to +3% (FY2026 group capacity guidance) [Group]; Net debt ÷ EBITDA: 1.6x (Air France-KLM leverage) [Group]. Source: Air France-KLM Q2 2026 results.
Guidance versus actual
| Period | Metric | Guided | Actual | Outcome / note |
|---|---|---|---|---|
| FY2026 | Group capacity growth | +2% to +4% | +2% to +3% (latest) | Pending · Revised down slightly |
| FY2026 | Group net capex | ≈€3bn | Below €3bn (latest) | Pending · On or better than plan |
| FY2026 | Group leverage | 1.5x–2.0x | 1.6x at Q2 | Pending · Within range |
| FY2026 | Group unit cost | 0% to +2% | — | Pending · Includes 0.5pt premiumisation drag |
Fleet
Total fleet: 122 aircraft (as of 31 Dec 2025). The Air France-KLM Group received 50 new-generation aircraft in 2025; KLM’s share was not separately disclosed. The A350 order the Group is placing to replace long-haul aircraft will affect KLM’s fleet mix over time.
| Fleet fact | Value | Context |
|---|---|---|
| Long-haul aircraft | 69 | 787-9/-10, 777-300ER |
| Medium-haul aircraft | 53 | A321neo, Embraer E195-E2 |
| Average fleet age | 13.5 yrs | Group average: 11.5 yrs |
| Share of group fleet | 18.5% | Of Air France-KLM’s 596 aircraft |
| Key widebody type | Boeing 787-10 | Serves 22+ destinations |
| Group new-generation share | 38% | Q2 2026; +8pt YoY |
Four-year reported results
€ million unless stated otherwise. Segment data as reported by Air France-KLM Group; financial year ends 31 December.
| Year | Revenue | Operating result | Operating margin | Passengers | Load factor |
|---|---|---|---|---|---|
| FY22 | 10,700 | 706 | 6.6% | Not separately disclosed | Not separately disclosed |
| FY23 | 12,050 | 650 | 5.4% | 30.3m | 87% |
| FY24 | 12,700 | 415 | 3.4% | 33.0m | 88.3% |
| FY25 | 13,200 | 416 | 3.2% | 34.5m | 88.0% |
Per-passenger economics
Calculated only where revenue and passenger counts are reported on a compatible basis.
| Year | Revenue / passenger | Load factor | Operating margin |
|---|---|---|---|
| FY23 | ≈€398 | 87% | 5.4% |
| FY24 | ≈€385 | 88.3% | 3.4% |
| FY25 | ≈€383 | 88.0% | 3.2% |
Latest reported results
€ million unless stated otherwise. Three months to 30 June 2026.
| Metric | Q2 2026 | Year on year | Context |
|---|---|---|---|
| Revenue | 3,900 | +13.8% | Fastest-growing AF-KLM segment |
| Adjusted operating profit | 176 | Stable | Margin held despite fuel headwind |
| Group fuel bill impact | Not separately disclosed | Group headwind €804m | 85% recaptured via pricing, group-wide |
Quarterly or interim history
Standalone periods; € million.
| Period | Revenue | Adjusted operating profit | Comment |
|---|---|---|---|
| FY2025 | 13,200 | 416 | Annual result |
| Q2 2026 | 3,900 | 176 | +13.8% revenue growth |
Air France-KLM Group context
Group-level measures; KLM-only balance sheet and cash flow are not published.
| Group metric | Q2 2026 | Context |
|---|---|---|
| Group revenue | €9.3bn | +9.9% year on year |
| Group net debt | €8.4bn | Leverage ratio 1.6x |
| Group cash at hand | €10.3bn | Reported liquidity |
| Group new-generation fleet share | 38% | +8pt year on year |
Reading the history
KLM’s revenue has climbed 23% since FY22, but operating result has moved in the opposite direction — down from €706 million to €416 million over the same period, more than halving the operating margin from 6.6% to 3.2%. Passenger volumes and load factor have both continued to grow, so the margin compression is a unit-cost and yield story rather than a demand problem: KLM is carrying more passengers at a higher load factor for a smaller profit share of each euro of revenue than it did three years ago. FY25’s €1 million operating-result improvement essentially flat-lines the segment after two years of decline, making cost control the clearest lever left to close the gap with Air France’s markedly higher margin.
Reporting scope
KLM reports as a segment of Air France-KLM Group; the Group publishes consolidated balance sheet, cash flow and guidance rather than a KLM-only set of accounts. Liquidity, net debt, leverage and guidance are therefore shown at Group level and labelled “Group”. The Q2 2026 margin is calculated from adjusted operating profit and segment revenue.
Disclosure policy
“Not separately disclosed” means the company did not provide a directly usable figure for this period at KLM segment level. No estimate has been inserted.
Outlook
What to watch:
- Margin gap to Air France: KLM’s 3.2% FY25 operating margin trails Air France’s 6.7%, and closing that gap is the segment’s central challenge.
- Unit cost trajectory: Group guidance calls for unit costs up 0%–2% in 2026, including a premiumisation-related 0.5pt drag.
- Fleet renewal: the A350 order the Group is placing to replace long-haul aircraft will affect KLM’s fleet mix over time.
- Fuel exposure: the Group’s 2026 fuel bill is now estimated at $8.9 billion, down from an earlier $9.3 billion estimate.
Peers
- Air France — Global network · Europe
- Lufthansa Group — Global network group · Europe
- British Airways — Global network · Europe