AIRLINE METRICS · VUELING
Vueling
Reported financial performance, unit economics, traffic, cash and fleet data for Vueling within IAG.
Latest: H1 2026 · six months to 30 June 2026
Latest read
Vueling’s longer series shows that its current high-load-factor, double-digit full-year margin profile has roots in the pre-COVID business, while the 2020–2021 collapse was exceptionally deep. Its audited accounts also make its recent unit economics unusually transparent for an airline subsidiary.
Eight-year reported history
€ million. 2020–2021 operating results are before exceptional items.
| Year | Revenue | Operating result | Margin | ASK | Load factor | PRASK / unit income | Ex-fuel CASK | Cash |
|---|---|---|---|---|---|---|---|---|
| 2018† | 2,398 | 200 | 11.8% | 37.431bn | 85.4% | 6.35c | 4.57c | — |
| 2019 | 2,455 | 240 | 9.8% | 38.432bn | 86.9% | 6.34c | 4.34c | €820m |
| 2020‡ | 574 | -623 | -108.5% | COVID-reduced | — | — | — | €590m |
| 2021‡ | 1,016 | -262 | -25.8% | 53.0% of 2019 | — | — | — | €441m |
| 2022 | 2,598 | 187 | 7.2% | — | — | — | — | €766m |
| 2023 | 3,198 | 396 | 12.4% | — | — | — | — | — |
| 2024 | 3,261 | 400 | 12.3% | 42.089bn | 92.2% | — | — | €1.054bn |
| 2025 | 3,264 | 393 | 12.0% | 43.574bn | 90.5% | 7.43c | 4.87c | €838m |
† 2018 predates IFRS 16 adoption. ‡ COVID-distorted year. Vueling’s 2025 unit-income/CASK figures are from its audited standalone accounts; IAG traffic statistics provide the ASK/load-factor series.
Unit economics
| Period | Unit income / PRASK | Total CASK | Ex-fuel CASK | ASK | Load factor |
|---|---|---|---|---|---|
| FY2018 | 6.35c | 5.87c | 4.57c | 37.431bn | 85.4% |
| FY2019 | 6.34c | 5.76c | 4.34c | 38.432bn | 86.9% |
| FY2025 | 7.43c | 6.92c | 4.87c | 43.574bn | 90.5% |
| H1 2026 | 7.35 €c* | — | 4.89 €c* | 20.244bn | 91.2% |
*Calculated from same-scope IAG passenger revenue, costs and ASK.
H1 2026 operating dashboard
| Metric | H1 2026 | Basis / context |
|---|---|---|
| Passengers | 17.976m | +0.4% YoY |
| Revenue | €1.501bn | Segment/external revenue |
| Operating profit | €46m | Before exceptional items |
| Operating margin | 3.1% | Calculated |
| ASK | 20.244bn | -2.0% YoY |
| Passenger revenue | €1.488bn | Reported |
| Fuel cost | €465m | Airline segment |
Cash, fleet and productivity
What to watch
- Barcelona capacity discipline and competitive intensity.
- Whether load-factor gains translate into stronger margins.
- Neo fleet penetration and unit-cost efficiency.
- Yield pressure versus Ryanair and easyJet.
Sources and methodology
IAG Annual Reports and full-year results 2018–2025, IAG H1 2026 and Vueling audited accounts. The longer history preserves company-defined unit metrics and marks pandemic years explicitly.
2018 report · 2019 results · 2020 results · 2021 results · Vueling 2025 accounts