Financial Performance

A collection of 47 posts

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,

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

TAP Air Portugal

TAP Portugal sees operating margins fall slightly: three takeaways from its 2025 results

TAP Air Portugal sees lower margins in 2025 on the back of falling unit revenue.

Alaska Airlines

Alaska Airlines’ strong demand challenged by external events in Q1, downgrades quarterly outlook

Alaska Airlines expects the per-gallon fuel cost to be $2.90 to $3.00 in Q1 2026, compared to its 2025 average of $2.52.

Azul

Azul prepares for post-bankruptcy: three takeaways from its 2025 results

Azul has set itself up for a post-bankruptcy future with a strong 2025.

Spirit Airlines

Spirit Airlines continues to be loss-making in January

Spirit Airlines ended the month with over $822 million in adjusted cash and restricted cash.

ITA Airways

ITA Airways confirms that it was profitable in 2025

However, the Italian carrier warned that it will have to slash its lease payments to ensure long-term profitability.

EL AL

Israel’s EL AL estimates $4 million of losses on days when it did not operate any flights during Iran conflict

EL AL said that it has resumed limited flights since the initial days of the conflict.

JetBlue

JetBlue upgrades Q1 2026 unit revenue guidance

However, JetBlue experienced two winter storms in Q1 2026, which negatively affected its quarterly results.

Frontier Airlines

Frontier Airlines downgrades Q1 2026 EPS outlook despite strong revenue performance

Frontier Airlines remarked that travel demand has been strong during both peak and off-peak periods.

Spirit Airlines

Spirit Airlines $2.7 billion loss: three takeaways from its 2025 results

Spirit Airlines previously estimated it would be profitable in 2027.

Air Astana

Air Astana profitability impacted by Pratt & Whitney engine issues: three takeaways from its 2025 results

Air Astana said it had to ground up to 13 aircraft during the peak travel period due to issues with its Pratt & Whitney PW1100G engines.

flynas

flynas’ costly IPO: three takeaways from its 2025 results

flynas recognized a charge of more than SAR1 billion related to its initial public offering (IPO).

airBaltic

airBaltic swings to an operating loss: three takeaways from its 2025 results

airBaltic had to write off one Airbus A220-300 due to a post-maintenance incident in June 2025.

Cathay Pacific

Cathay Pacific’s double-digit growth: three takeaways from its 2025 results

Cathay Pacific's capacity growth resulted in much lower unit revenues in 2025 compared to 2024.

Financial Performance

Airlines’ shares suffer double-digit drops as oil prices spike

Airlines, in addition to dealing with airspace restrictions around the Middle East, will now have to face higher fuel prices.

Lufthansa Group

Lufthansa’s turnaround in progress: three takeaways from its 2025 results

Lufthansa, the airline, was operationally profitable in 2025.

Wizz Air

Wizz Air expects a €50 million hit from Iran war

Around 6% of Wizz Air's capacity, measured in ASKs, was scheduled from Europe to the Middle East in March.

Singapore Airlines

Singapore Airlines’ strong unit revenue performance: three takeaways from its Q3 FY2025/26 results

Despite a drop in net profitability, Singapore Airlines posted a solid operational result.

International Airlines Group

International Airlines Group’s continued success: three takeaways from its 2025 results

International Airlines Group expects an even stronger year-end result in 2026.

Air New Zealand

Air New Zealand posts a loss following engine issues: three takeaways from its H1 FY26 results

Air New Zealand is set to welcome its first GE Aerospace GEnx-powered Boeing 787s later in 2026.