IAG earnings date and guidance
IAG's next results are expected on November 6, 2026. The key watch is whether summer trading produced enough cash.
What has IAG guided for the year?
The July outlook puts operating margin before exceptional items at 12.0%–15.0%. In plain terms, IAG expects to keep €12–€15 of operating profit from every €100 of revenue before financing, tax and unusual costs. Because many airline costs do not fall quickly, fewer seats leave less flying over which to spread them.
IAG expects to recover 60.0% of higher fuel costs through fares, fuller aircraft, passenger mix and savings. If fuel costs rose by €100 million, that target would recover about €60 million, leaving the rest to reduce profit. But competitors can limit fare increases, especially on price-sensitive routes.
| Period | Low | High | Given on | |
|---|---|---|---|---|
| Operating margin | Year to Dec 2026 | 12.0% | 15.0% | Jul 31, 2026 |
| Capacity (ASK) growth | Year to Dec 2026 | 0.0% | 0.0% | Jul 31, 2026 |
| Non-fuel unit costs growth | Year to Dec 2026 | 0.0% | 0.0% | Jul 31, 2026 |
| Benefit of FX in non-fuel unit costs (percentage points) | Year to Dec 2026 | 1.0 | 1.0 | Jul 31, 2026 |
| Total fuel cost scenarios (€ billions) | Year to Dec 2026 | 8.3 | 8.6 | Jul 31, 2026 |
| Capital expenditure (€ billions) | Year to Dec 2026 | 3.4 | 3.4 | Jul 31, 2026 |
What this means. The free cash flow figure of three billion euros is a maximum target, not money already earned or a guaranteed amount.
What is IAG's recent revenue and profit trend?
The preceding quarters show why this is more than a single comparison. Operating income improved in September and December despite nearly flat or declining revenue, then March produced €351 million. The first half now tests whether fare increases and cost actions can recover the lost spread.
| Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | 8,883 | 7,181 | 7,979 | 9,328 | 8,862 | 7,044 | 8,047 | 9,329 |
| Operating income | 1,257 | 351 | 1,093 | 2,053 | 1,680 | 198 | 961 | 2,013 |
| Net income | 732 | 301 | 639 | 1,402 | 1,125 | 176 | 392 | 1,435 |
| EPS, diluted | 18.08 | 3.63 | 14.06 | 29.24 | 24.46 | 2.32 | 10.11 | 28.16 |
| − Interest paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
What this means. The fourth-quarter diluted earnings per share is calculated by subtracting the first nine months from the full-year figure, rather than being reported directly.
What should IAG watch in the next results?
The next scheduled results, on 6 November 2026, should show whether summer trading produced enough cash and whether winter fares recovered fuel costs. Aircraft spending matters just as much because most remaining 2026 deliveries were expected late in the year.
The buyback will test the balance between investment and distribution. Completing it would show that IAG can return cash while spending on its fleet, but it would also reduce the reserve available for a shock. Investors should watch debt maturities, lease payments and financing costs alongside deliveries.