European network airline results for 2025 - the calm before the storm?
The big European network carrier groups delivered another year of solid profits in 2025, with IAG continuing to lead the pack on margins. But attention has rapidly shifted to the outlook for 2026, with the war in Iran driving airspace closures in the Middle East and a surge in jet fuel prices.
End of year round up
How did 2025 go for the airline industry? What will be the top issues in 2026? "OK" and "who knows?" are the short answers, but I've attempted a more comprehensive version here.
Impending news on Heathrow’s third runway project
We may be about to get some more news on the long running saga that is Heathrow's third runway project. As the government gets ready to restart the process of getting a scheme agreed and approved, what are the big choices that need to be made and what issues are at stake?
A financial health check on the big three European network airline groups
The third quarter results are now out for all the big three Western European network airline groups. How did they stack up against each other, and what do they tell us about the relative financial health of the three companies?
Ryanair’s cash machine is firing on all cylinders
Ryanair reported first half results this morning and there was plenty for investors to like, with industry leading profit margins and impressive cash generation.
Megahubs 2025
OAG has just published its annual ranking of the most connected airports in the world, "Megahubs 2025". The rankings looked rather odd to me, so I went down the rabbit hole and did my own calculations.
Changes in the UK - China air travel market
After a slow recovery from the pandemic, passenger numbers between the UK and Mainland China are now over 30% above 2019 levels. With new direct flights from China to Manchester and Edinburgh, you could be forgiven for thinking that the market is doing nicely. But look beyond the headlines and you'll find a different story.
Taking stock on European airline emissions
Aviation has been part of the European Emissions Trading Scheme for over a decade. What effects has it had on overall emissions and which airlines are responsible for the biggest increases? And what are the prospects for the scheme being extended to cover long-haul flights?
A quick round-up of European airline results for 2024
All the 2024 results are now in the for the big European airlines. Who were the winners and who were the losers?
Stonking full year results from IAG
Full year results from IAG set new records and reconfirmed the company as one of the top industry performers from the perspective of profitability. I took a quick look to see what the results showed.
Prospects for a third runway at Heathrow
Runway expansion at Heathrow is back on the agenda following recent announcements by the government. We've been here before several times over the past couple of decades and each time the plans have gone nowhere. Could things be different this time?
Full year 2024 results from Heathrow
Heathrow announced its full year profits for 2024 yesterday. After predicting dire consequences from the 14% reduction in airport fees imposed by the CAA, what did the actual results show?
2024 End of Year Review
European airline profitability in 2024 was down on the previous year, but still strong by historical standards. Which airlines drove that performance and what might lie ahead for 2025?
The growing cost of airline emissions in Europe
Whilst jet fuel prices have been falling recently, European airlines face growing emissions charges as free allowances are phased out. Which airlines will be most affected? And what are the longer-term implications of growing emissions costs?
Catching up on Q3 results from European airlines
After a record breaking profit year in 2023 for many of Europe's big airlines, opinions were divided about whether they could repeat the trick in 2024. With Q3 results now mostly published, how are things looking?
The sustainability benefits of hubs
Some people argue that hubs are inefficient from a sustainability perspective and that flying direct is always lower emissions. The benefit of taking one flight rather than two is clear, but there are other factors that need to be considered.
What does Ryanair's recent profit slump tell us about the state of the aviation market in Europe?
When Ryanair reported poor June quarter results, it blamed a weak pricing environment, causing European airline shares to take a hit. However, subsequent results from competitors seem to tell a different story.
A stocktake on the financial health of Heathrow
Heathrow airport threatened dire consequences if the CAA didn’t back down on proposals to cut its fees by 20% in real terms. Now that the changes have come into effect, what has the impact been in reality?
A comparison of European airline results for 2023
We are now far enough into 2024 to have a pretty complete picture of European airline performance in 2023. Overall, it was a year of record profitability, much needed after the financial ravages of the pandemic. But which airline brands performed best?
IAG’s full year results for 2023
IAG has just announced its full year results for 2023. Both the €3.5 billion operating profit and the €3.1 billion pre-tax profit were all-time records. How did the figures compare to what I'd been expecting?