European airline margin charts 2025: Ryanair and IAG at the top
This report presents CAPA - Centre for Aviation's annual operating margin ranking for 17 of Europe's leading airline groups for 2025.
Ryanair regained the top ranking, just ahead of IAG, while the 2024 leader Pegasus Airlines slipped to fifth. The lowest margins were recorded by Icelandair and Norse Atlantic, which both reported operating losses.
In the ranking of individual airline brands and subsidiaries, IAG had four in the top six (the other two in the top six were Ryanair and Aegean Airlines).
According to IATA, European airlines' average operating margin rose slightly in 2025. However, IATA and stock market analysts expect a fall in margins in 2026.
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