Volotea Volotea: Flying under the radar Volotea has typically maintained a lower profile than some of its LCC peers. But in September 2026, the Spanish airline filed for preliminary creditor protection in Barcelona after the Iran conflict added €150 million to its fuel bill. What does that mean for the airline and its network? Consistent growth
Air Baltic Can Air Baltic shrink to profitability? Air Baltic has announced a reversal of its post-covid growth strategy, aiming to shrink its fleet, grow revenue, and ultimately deliver an EBITDAR margin in excess of 25%. Air Baltic's turnaround plan 1. Refocus the network on the Riga hub 2. Reduce fleet size from 54 aircraft
Europe How will Europe's three network carrier groups rank post-consolidation? Europe’s three network carrier groups are in flux. Subject to regulatory approval, Lufthansa Group and Air France-KLM will take majority stakes in ITA Airways and SAS, respectively, while both have submitted bids for TAP Air Portugal. What will happen to the relative size of the three groups after
Europe European network airlines Q2: Strong revenue performance partially offsets higher fuel prices Margin performance hit by higher fuel costs All three major European network airline groups saw operating margin fall year-on-year (YoY) as fuel costs rose but strong premium and long-haul revenue were able to offset much of the damage. Unsurprisingly, IAG delivered the highest margin and the smallest
easyJet easyJet 3Q26 results: Higher expenses and weaker revenue deteriorate margin easyJet reported similar themes to Ryanair for its June quarter results with margin performance coming under pressure from both higher costs and a weaker revenue environment. Key highlights easyJet’s operating margin fell by seven points year-on-year (YoY) from 10% to 3% as a result of both unit
Ryanair Ryanair 1Q27 results: Short-term pain but expecting long-term gain Ryanair’s June quarter results saw operating profit fall by 37% as operating margin declined from 21% to 13%. While a double-digit operating margin would be a solid outcome for most airlines, this was not Ryanair’s best performance. Nevertheless, the higher fuel expenses and weaker fares which eroded
European Union EU passenger rights overhaul: what it means for airlines The EU wants to overhaul passenger rights. After over a decade under review, revised legislation has entered its final phase for approval. Following two months of conciliation talks, a joint text published on June 15 will now be voted on by the European Council and Parliament. While some proposed changes
IndiGo Unpacking IndiGo's FY26 results and outlook Weaker rupee drives loss but core business remains robust On the surface, IndiGo’s FY26 results saw a substantial deterioration compared to the prior year. The airline swung from a net profit of ₹75,934 million ($799 million) in FY25 to a net loss of ₹23,936 million ($252 million)
Ryanair Ryanair FY26 results: Nearly debt-free Ryanair confirmed this week that it will repay its last remaining bond on May 25, funded entirely from cash. Once settled, the €1.2 billion bond repayment will leave Europe's largest low-cost carrier nearly debt-free, with 620 of its 647 aircraft owned outright and unencumbered. Key
easyJet Cost pressure reduces easyJet's H1 margin easyJet published its FY2026 H1 (October to March) results on May 21. Despite unit revenue growth, higher non-fuel expenses widened the airline’s H1 operating loss from £369 million last year to £533 million in FY26. Key Figures Longer stage length driving ASK growth Capacity measured in available seat
Copa Airlines Copa Airlines continues to deliver Copa Airlines once again posted a strong set of results for Q1 2026 with margin performance among the best in the industry. Operating margin came in at 24.6%, up from 23.8% in the same quarter last year. Revenue per available seat mile (RASM) was up 2.7% year-
IAG Stronger Q1 performance across Europe's network airline groups With all three European network airline groups having reported their Q1 2026 results, The Engine Cowl looks at the key takeaways. IAG leads performance IAG continued to outperform Air France-KLM and Lufthansa Group, posting the only positive operating margin of the three businesses. Nevertheless, all three groups improved margin
United States US mid-size airlines: cost pressures outweigh strong revenue in Q1 2026 After our round-up of first quarter financial results for the US Big Four last week, The Engine Cowl takes a look at the highlights from the rest of the publicly-traded United States-based airlines. Key Themes * While operating margins at the Big Four grew compared to last year,
JetBlue JetBlue's investment in Fort Lauderdale starts to pay off Amid pressure on JetBlue’s turnaround efforts from higher fuel prices and weather-related disruption in Q1, there was at least one bright spot in the airline's quarterly results published on April 28: Fort Lauderdale. As The Engine Cowl reported previously, JetBlue will become the #1 carrier at
Financial Performance US Big Four: Q1 results round-up The US Big Four have all now reported their Q1 results. The Engine Cowl summarizes the key takeaways: United Airlines leads in margin performance United Airlines was #1 for profitability with a 6.8% operating margin, up from 4.6% last year. Meanwhile, Southwest Airlines delivered a remarkable turnaround, swinging
Lufthansa Lufthansa accelerates business clean-up On April 16, Lufthansa announced a series of decisive moves: 1. Lufthansa CityLine will cease operation effective April 18 2026 2. Accelerated deployment of 9 x A350-900s to Discover Airlines 3. Retirement of the four remaining A340-600s in October 2026 4. Grounding of 2 x 747-400s from
