I 
International Consolidated Airlines Group IAG.L · GBp
Industrials · Airlines · LSE · 🇬🇧 United Kingdom
FTSE 100
450.70p
+3.92%
Close of 9 Nov 2026, in pence
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At a glance
Figures in EUR, from our data supplier.
Revenue
€32.62bn
FY2016FY2025
Net income
€3.28bn
FY2016FY2025
Free cash flow
€3.09bn
FY2016FY2025
Shareholders' equity
€7.60bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | €32.62bn | €32.10bn | €29.45bn | €23.07bn | €8.46bn | €7.81bn | €25.51bn | €24.26bn | €22.88bn | €22.57bn |
| Gross profit | €6.98bn | €7.58bn | €6.70bn | €4.10bn | −€1.02bn | −€5.53bn | €5.98bn | €5.96bn | €5.47bn | €5.15bn |
| Operating income | €4.81bn | €4.28bn | €3.51bn | €1.35bn | −€2.74bn | −€7.20bn | €2.61bn | €3.65bn | €2.66bn | €2.48bn |
| Net income | €3.28bn | €2.73bn | €2.65bn | €431.0m | −€2.93bn | −€6.93bn | €1.72bn | €2.88bn | €1.99bn | €1.93bn |
| Diluted earnings per share | 0.66 | 0.54 | 0.50 | 0.09 | -0.59 | -1.97 | 0.83 | 1.37 | 0.91 | 0.87 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | €42.92bn | €43.80bn | €37.68bn | €39.30bn | €34.41bn | €30.26bn | €35.66bn | €28.03bn | €27.26bn | €27.37bn |
| Cash and short-term investments | €8.33bn | €9.80bn | €6.81bn | €9.57bn | €7.91bn | €5.88bn | €6.60bn | €6.23bn | €6.63bn | €6.38bn |
| Total liabilities | €35.31bn | €37.63bn | €34.40bn | €37.28bn | €33.56bn | €28.95bn | €28.83bn | €21.31bn | €19.86bn | €21.71bn |
| Debt | — | €17.34bn | €16.08bn | €19.98bn | €19.54bn | €15.58bn | €14.25bn | €7.51bn | €7.33bn | €8.52bn |
| Shareholders' equity | €7.60bn | €6.17bn | €3.27bn | €2.02bn | €840.0m | €1.31bn | €6.82bn | €6.71bn | €7.09bn | €5.36bn |
| Shares outstanding | 4,983m | 5,080m | 5,277m | 4,954m | 4,964m | 3,528m | 2,066m | 2,113m | 2,179m | 2,211m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | €6.47bn | €6.37bn | €4.86bn | €4.83bn | −€141.0m | −€3.30bn | €4.00bn | €3.24bn | €3.51bn | €2.65bn |
| Capital spending | −€3.38bn | −€2.82bn | −€3.55bn | −€3.88bn | −€744.0m | −€1.94bn | −€3.46bn | −€2.80bn | −€1.49bn | −€3.04bn |
| Free cash flow | €3.09bn | €3.56bn | €1.31bn | €960.0m | −€885.0m | −€5.24bn | €537.0m | €434.0m | €2.02bn | −€393.0m |
| Dividends paid | −€462.6m | −€149.0m | — | — | — | −€53.0m | −€1.31bn | −€568.8m | −€533.0m | −€462.0m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | €8.88bn | €7.18bn | €17.29bn | €9.33bn | €8.86bn | €7.04bn | €8.05bn | €9.33bn |
| Gross profit | €2.68bn | €937.0m | €4.15bn | €2.56bn | €2.22bn | €783.0m | €2.59bn | €2.53bn |
| Operating income | €1.57bn | €358.0m | €3.09bn | €2.05bn | €1.68bn | €198.0m | €961.0m | €2.01bn |
| Net income | €1.04bn | €301.0m | €2.04bn | €1.40bn | €1.13bn | €176.0m | €392.0m | €1.44bn |
| Diluted earnings per share | 0.24 | 0.07 | 0.41 | 0.28 | 0.23 | 0.04 | 0.08 | 0.28 |
| Cash from operations | €4.22bn | — | €2.92bn | — | €3.72bn | — | €1.73bn | — |
| Capital spending | −€1.30bn | — | −€1.80bn | — | −€1.66bn | — | −€1.40bn | — |
| Free cash flow | €2.92bn | — | €1.12bn | — | €2.06bn | — | €330.0m | — |
| Total assets | €46.11bn | — | €42.92bn | — | €43.99bn | — | €43.80bn | — |
| Cash and short-term investments | €9.18bn | — | €8.33bn | — | €9.35bn | €9.80bn | €9.80bn | €9.70bn |
| Debt | €8.37bn | — | €8.67bn | — | €8.80bn | — | €10.18bn | — |
| Shareholders' equity | €8.63bn | — | €7.60bn | — | €5.95bn | €6.18bn | €6.17bn | €4.77bn |
Financial ratios
Data as of 25 Sept 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2011 | FY2010 | |
|---|---|---|---|---|---|---|---|---|
| Gross margin | 21.4% | 23.6% | 22.7% | 17.8% | -12.1% | -70.9% | — | — |
| Operating margin | 14.7% | 13.3% | 11.9% | 5.9% | -32.4% | -92.3% | — | — |
| Net margin | 10.1% | 8.5% | 9.0% | 1.9% | -34.7% | -88.8% | — | — |
| Return on equity | 43.2% | 44.3% | 81.1% | 21.4% | -349.2% | -529.4% | — | — |
| Return on assets | 7.6% | 6.2% | 7.0% | 1.1% | -8.5% | -22.9% | — | — |
| Free cash flow yield | 0.5% | 0.4% | 0.4% | 0.4% | 0.0% | -0.1% | — | — |
| Revenue growth | 1.6% | 9.0% | 27.7% | 172.8% | 8.3% | -69.4% | — | — |
| Earnings growth | 20.1% | 2.9% | 516.0% | -114.7% | -57.7% | -504.4% | — | — |
| Current ratio | 0.70x | 0.78x | 0.63x | 0.79x | 0.79x | 0.68x | — | — |
| Debt to equity | 1.14x | 1.65x | 2.73x | 6.02x | 13.68x | 5.51x | — | — |
| Equity ratio | 17.7% | 14.1% | 8.7% | 5.1% | 2.4% | 4.3% | — | — |
| Interest coverage | 6.88x | 5.32x | 3.46x | 1.44x | -3.28x | -11.31x | — | — |
| R&D as a share of sales | — | — | — | — | — | — | 2.3% | 0.8% |
| Buybacks as a share of market value | 1.9% | 3.7% | -6.5% | 0.2% | -40.7% | -70.8% | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 12.3% | 33.1% | 3.6% |
| Operating income | 52.5% | — | 7.6% |
| Net income | 96.8% | — | 8.2% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 22.5% | 21.6% | 14.1% | 18.4% |
| Operating margin | 14.0% | 11.9% | 3.0% | 7.1% |
| Net margin | 9.3% | 7.8% | -0.6% | 3.7% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 7.3 | 6.5 | 3.6 | 16.5 | -2.8 | -0.9 | 8.7 | 5.2 | 8.2 | 5.8 |
| Price to sales | 0.7 | 0.6 | 0.3 | 0.3 | 1.0 | 0.8 | 0.6 | 0.6 | 0.7 | 0.5 |
Dividends and splits
Per share, in the currency the company pays
Paid for 2 years. Last went ex-dividend on 25 Jun 2026.
| FY2026 | FY2025 | FY2024 | FY2019 | FY2018 | FY2017 | FY2016 | FY2015 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.05 | 0.108 | 0.03 | 0.205 | 0.192 | 0.166 | 0.106 | 0.066 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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