EarningsQ2 2026 Earnings Report
MX:IAGN Q2 2026 EPS Results
Actual EPS$3.95
Consensus EPS$4.12
Beat/MissMissed by -$0.17
One Year Ago EPS$5.14
MX:IAGN Q2 2026 Revenue Results
Actual Revenue$339.58B
Expected Revenue$192.07B
Beat/MissBeat by +$147.51B
YoY Revenue Growth+3.98%
Earnings Announcement Details
QuarterQ2 2026
Date07/31/2026
TimeBefore Open
Conference CallFriday, July 31, 2026
MX:IAGN Upcoming Earnings
International Consolidated Airlines's next earnings date is estimated for November 6, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
No earnings call audio is available for this earnings event.
Q2 2026 Earnings Slide Deck
No slide deck is available for this earnings event.
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call conveys an overall positive but cautious tone: IAG delivered resilient H1 results with strong free cash flow, a materially improved balance sheet, and standout performance from IAG Loyalty, which collectively underpin confidence in achieving full-year targets. However, material headwinds—most notably a ~12.5% rise in fuel unit cost, Q2 margin compression, regional competitive pressure (impacting Aer Lingus, Vueling and Iberia), exceptional restructuring costs and FX drag—temper near-term performance. Management emphasized disciplined cost actions, hedging, capacity discipline and a pathway to restore margins, suggesting confidence that the business model and balance sheet strength will mitigate these challenges.Company Guidance
Resilient Revenue Growth and Demand
Group revenue grew 1.0% in H1 (Q1 +1.9%, Q2 +0.2%) driven by strong passenger demand, with passenger revenue up EUR 828m at constant currency and broad long-haul outperformance.
Strong Free Cash Flow and Balance Sheet Improvement
Generated free cash flow of EUR 2.905bn in H1 (up EUR 808m YoY); net debt reduced to EUR 4.7bn from EUR 5.9bn; net leverage 0.6x and gross leverage 1.8x, supporting dividend and excess cash returns (≈EUR 800m of EUR 1.4bn completed).
IAG Loyalty: High-Margin Growth
IAG Loyalty operating profit increased ~25% to GBP 239m (margin 19.3%, +3.4 pts YoY), with Avios issuance +50% and active members +9%; demonstrates capital-light earnings growth and strong margin contribution.
Hedging Gains and Fuel Recovery
Hedging program delivered EUR 769m of hedging gains in H1; management recovered ~60% of the fuel cost increase through pricing and cost actions; fuel hedges ~70% for remainder of 2026 and ~40% for 2027.
Regional Unit Revenue Strength
North Atlantic unit revenue +7.3% (strong premium/corporate demand), Latin America & Caribbean unit revenue +2.4% (capacity +5.3%), Asia Pacific unit revenue +6.2%; Rest of World routes saw large unit revenue uplift where capacity was constrained.
Cost Discipline and Transformation Savings
Non-fuel unit costs decreased 1.3% (including an FX tailwind), supplier unit costs improved 5.4% and ownership investments are targeted to drive longer-term productivity gains; transformation programs continue to deliver savings.
MX:IAGN Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed