Norwegian financial results 2026: traffic, fleet & cash
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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.
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 Norwegian profitable?
Yes. Norwegian reported an operating profit of NOK3.732bn in FY2025 (year to 31 Dec 2025), a 9.9% margin. In its latest reported period, it reported an operating loss of NOK603m in Q2 2026 (to 30 Jun 2026), a −5.8% margin. Quarterly and half-year results are seasonal, so the full-year figure is the better guide.
What was Norwegian’s revenue in 2025?
Norwegian reported group revenue of NOK37.646bn in FY2025 (year to 31 Dec 2025). For Q2 2026 (to 30 Jun 2026) it reported group revenue of NOK10.408bn.
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 Norwegian data on this page
Norwegian data snapshot
- Scope: Norwegian Group (Widerøe from 2024)
- Region: Europe
- Business model: Low cost group
- Financial year end: 31 Dec
- Reporting currency: NOK
- Source: Annual & quarterly reports
- Latest period: Q2 2026
- Last updated: 2026-09-24
Latest read
The quarter combined solid operations and lower ex-fuel unit cost with weaker reported earnings. Norwegian attributed the gap mainly to the Supreme Court decision on its 2020 EU ETS obligation, higher fuel costs and Easter timing. Excluding other losses, EBIT was positive at NOK 213 million and the margin was 2%.
Reported metrics by period
Annual results
- FY2025 (31 Dec 2025): Passengers: 27.3m (Incl. Widerøe) [Group]; Revenue: NOK 37.646bn (Incl. Widerøe) [Group]; Operating profit / result: NOK 3.732bn EBIT (Incl. Widerøe) [Group]; Operating margin: 9.9% [Group]; EBITDA / EBITDAR: NOK 7.887bn (EBITDAR) [Defined]; Net profit: NOK 2.708bn (Net result) [Group]. Source: Norwegian 2025 Annual Report.
- FY2024 (31 Dec 2024): Passengers: 26.4m (Incl. Widerøe) [Group]; Revenue: NOK 35.317bn (Incl. Widerøe) [Group]; Operating profit / result: NOK 1.873bn EBIT (Incl. Widerøe) [Group]; Operating margin: 5.3% [Group]; EBITDA / EBITDAR: NOK 6.907bn (EBITDAR) [Defined]; Net profit: NOK 1.355bn (Net result) [Group].
- FY2023 (31 Dec 2023): Passengers: 20.6m (Norwegian only); Revenue: NOK 25.539bn (Norwegian only); Operating profit / result: NOK 2.232bn EBIT (Norwegian only); Operating margin: 8.7%; EBITDA / EBITDAR: NOK 5.754bn (EBITDAR) [Defined]; Net profit: NOK 1.737bn (Net result).
- FY2022 (31 Dec 2022): Revenue: NOK 18.869bn (Norwegian only); Operating profit / result: NOK 1.502bn EBIT (Norwegian only); Operating margin: 8.0% (EBIT ÷ revenue) [Calculated]; EBITDA / EBITDAR: NOK 1.254bn (EBITDAR) [Defined]; Net profit: NOK 1.005bn (Net result).
Quarterly and interim results
- Q2 2026 (Q2 2026 · 30 Jun 2026): Passengers: 7.77m (6.66m Norwegian + 1.10m Widerøe) [Group]; Revenue: NOK 10.408bn (Operating revenue) [Group]; Operating profit / result: −NOK 603m reported EBIT (Includes other losses (gains), mainly EU ETS); Operating margin: −5.8% (Reported EBIT margin); Load factor: 82.1% (Norwegian 82.5%; Widerøe 72.8%) [Group]; Capacity / ASK: 11.595bn ASK (+5.2% YoY) [Group]; RASK / yield: NOK 0.88 (Unit revenue) [Group]; CASK ex-fuel: NOK 0.48 (Unit cost excluding fuel) [Group]; Cash / liquidity: NOK 13.7bn (Liquidity at quarter end); Net debt / cash / leverage: NOK 5.264bn net interest-bearing debt (At 30 Jun 2026); Fleet size: 145 aircraft (95 Norwegian + 50 Widerøe) [Group]; Fleet growth / guidance: ~3% ASK (Norwegian FY2026 guidance; Widerøe ~2%) [Defined]; yld: NOK 1.07 (Yield) [Group]; Total CASK: NOK 0.76 (Norwegian unit cost); Passenger revenue: NOK 8.732bn (Passenger revenue); Ancillary revenue: NOK 1.429bn (Ancillary passenger revenue); Fuel cost: NOK 3.434bn (Aviation fuel expense); Free cash flow: NOK 0.57bn (Operating cash flow less tangible asset spend) [Calculated]; otp: 86.4% (Norwegian punctuality); Adjusted EBIT: NOK 213m (EBIT excluding other losses (gains)) [Defined]; Adjusted EBIT margin: 2.0% (Adjusted EBIT margin) [Defined]; EBITDA / EBITDAR: NOK 553m EBITDAR (Group); Net profit: −NOK 555m (Net loss). Source: Norwegian Group Q2 2026 results.
- Q2 2025 (30 Jun 2025): Revenue: NOK 10.289bn (Total operating revenue) [Group]; RASK / yield: NOK 0.91 (Unit revenue) [Group]; CASK ex-fuel: NOK 0.50 (Norwegian ex-fuel unit cost); Passenger revenue: NOK 8.664bn [Group]; Ancillary revenue: NOK 1.370bn (Ancillary passenger revenue) [Group]; Yield: NOK 1.08 [Group]; Total CASK: NOK 0.72 (Norwegian unit cost); Fuel cost: NOK 2.576bn (Aviation fuel expense) [Group].
Guidance versus actual
| Period | Metric | Guided | Actual | Outcome / note |
|---|---|---|---|---|
| FY2026 | Norwegian ASK growth | ~+3% | — | Pending · Maintained |
| Q3 2026 | Norwegian ASK growth | ~+5% | — | Pending · New guidance |
| FY2026 | Underlying ex-fuel unit cost | Low-single-digit increase | Flat versus 2025 (latest outlook) | Pending · Improved |
| End-2026 | Program X annual profit improvement | NOK 1.25bn+ | — | Pending · Target by end-2026 |
Fleet
Total fleet: 145 aircraft (as of 30 Jun 2026). 2026 capacity outlook: Norwegian expects full-year ASK growth of about 3%, with Q3 growth around 5%. Widerøe expects full-year ASK growth of 2%. Owned versus leased split not separately disclosed.
| Fleet fact | Value | Context |
|---|---|---|
| Norwegian aircraft | 95 | Incl. 36 Boeing 737 MAX 8 |
| Widerøe aircraft | 50 | Quarter end |
| Avg aircraft utilised | 92 | Norwegian, Q2; 86 a year earlier |
| Block hours / aircraft / day | 11.5 | Norwegian, Q2; 11.7 a year earlier |
Five-year reported results
NOK million unless stated otherwise. 2024 and 2025 include Widerøe.
| Year | Revenue | EBITDAR | EBIT | Net result |
|---|---|---|---|---|
| 2021 | 5,068 | −1,516 | −2,786 | 1,871 |
| 2022 | 18,869 | 1,254 | 1,502 | 1,005 |
| 2023 | 25,539 | 5,754 | 2,232 | 1,737 |
| 2024* | 35,317 | 6,907 | 1,873 | 1,355 |
| 2025* | 37,646 | 7,887 | 3,732 | 2,708 |
Scale and profitability
| Year | Passengers | Operating margin | Reporting scope |
|---|---|---|---|
| 2023 | 20.6m | 8.7% | Norwegian |
| 2024 | 26.4m | 5.3% | Group |
| 2025 | 27.3m | 9.9% | Group |
Q2 2026 operating dashboard
| Metric | Q2 2026 | Context |
|---|---|---|
| Passengers | 7.8m | 6.7m Norwegian; 1.1m Widerøe |
| Reported EBIT | NOK −603m | Affected by other losses, fuel and Easter timing |
| EBIT excluding other losses | NOK 213m | 2% adjusted operating margin |
| Norwegian ASK | +5% | Year on year |
| Norwegian load factor | 82.5% | Down 2.7 percentage points |
| Norwegian punctuality / regularity | 86.4% / 99.6% | Operational performance |
| Ex-fuel unit cost | −5% | Year on year |
Revenue bridge
Q2 2026 versus Q2 2025; NOK million unless stated.
| Group revenue | Q2 2026 | Q2 2025 | Change |
|---|---|---|---|
| Passenger revenue | 8,732 | 8,664 | +0.8% |
| Ancillary passenger revenue | 1,429 | 1,370 | +4.3% |
| Other revenue | 248 | 255 | −2.7% |
| Total operating revenue | 10,408 | 10,289 | +1.2% |
Yield and unit economics
| Metric | Q2 2026 | Q2 2025 | Change |
|---|---|---|---|
| Group yield | NOK 1.07 | NOK 1.08 | −0.9% |
| Group unit revenue | NOK 0.88 | NOK 0.91 | −3.3% |
| Norwegian ancillary revenue / passenger | NOK 208 | NOK 205 | +1.5% |
| Group ancillary revenue / passenger | NOK 184 | NOK 181 | +1.7% |
Cost bridge
| Metric | Q2 2026 | Q2 2025 | Change |
|---|---|---|---|
| Norwegian unit cost | NOK 0.76 | NOK 0.72 | +6% |
| Norwegian ex-fuel unit cost | NOK 0.48 | NOK 0.50 | −5% |
| Group aviation fuel expense | NOK 3,434m | NOK 2,576m | +33% |
| Aircraft lease, depreciation & amortisation | NOK 1,156m | NOK 1,359m | −14.9% |
Cash flow and leverage
| Measure | Q2 2026 | Basis |
|---|---|---|
| Operating cash flow | NOK 1.54bn | Reported |
| Tangible asset spend | NOK 0.97bn | Reported |
| Cash after asset spend | NOK 0.57bn | Calculated |
| Net interest-bearing debt | NOK 5.26bn | Reported |
Cash after asset spend equals reported operating cash flow less purchases, proceeds and prepayments for tangible assets. It is calculated from company figures and is not a company-defined free-cash-flow measure.
Fleet productivity
| Norwegian fleet metric | Q2 2026 | Q2 2025 | Change |
|---|---|---|---|
| Period-end fleet | 95 | 90 | +5.6% |
| Average aircraft utilised | 92 | 86 | +7.0% |
| Block hours / aircraft / day | 11.5 | 11.7 | −1.7% |
| Owned versus leased split | Not separately disclosed | — | No estimate used |
Comparability
Widerøe has been consolidated from 12 January 2024. The 2024 and 2025 group figures therefore include Widerøe; earlier years are Norwegian-only. EBITDAR is shown using the company’s definition. “Adjusted” labels are used only where Norwegian provides the reconciliation.
Outlook
What to watch:
- Earnings quality: track reported EBIT alongside the company’s reconciliation excluding other losses.
- Load factor and yield: capacity growth must translate into improved aircraft utilisation and revenue quality.
- Fuel and EU ETS: both were material drivers of Q2’s reported result.
- Fleet mix: the rising share of owned and newer 737 MAX 8 aircraft affects fuel efficiency, depreciation and financing.
- Group perimeter: compare pre-2024 history carefully because Widerøe changed the consolidated base.
Peers
- SAS — Global network group · Europe
- Finnair — Global network · Europe
- Wizz Air — Ultra low cost · Europe
Related analysis
- Wizz Air and the lessons from Norwegian’s restructuring
- Europe’s crowded aviation decade: capacity constraints and fare pressure
- The Capacity Airlines Cannot Buy