El Al Isreal Airlines (ELAL) Q2 2026 earnings summary

Executive summary

• Q2 2026 performance exceeded forecasts, with revenue up 27% YoY to $986M and net income doubling to $132M, driven by rapid recovery post-Operation Roaring Lion and strong demand.

• Full operations resumed in May, leading to record sales, high booking backlog, and robust forward bookings of $1.4B.

• EBITDAR reached $222M, maintaining stability despite higher fuel costs and adverse exchange rates.

• Strategic initiatives included fleet expansion, new routes, digital upgrades, and the launch of a new travel platform.

• Operation Roaring Lion caused a $55M after-tax loss in Q2 and a $145M net loss in H1 2026.

Financial highlights

• Q2 2026 revenue: $986M (+27% YoY); EBITDA: $193M (+25% YoY); EBITDAR: $222M (+24% YoY); net income: $132M (+100% YoY).

• Pre-tax profit rose to $170M (+93% YoY); operating income: $139.6M (+52% YoY); free cash flow after debt service: $105.3M (+52% YoY).

• Cash and liquid resources at period end: $2,062M; net financial debt: -$896M (net cash position).

• May 2026 set a new monthly sales record at $632M (+13% MoM); booking backlog at June 30, 2026, reached $1.39B.

• Dividend of ~$102M distributed in H1 2026.

Outlook and guidance

• Q3 2026 ASK expected to rise 6–10% YoY; RASK to increase 4–7% YoY; load factors to remain above 90%.

• Strong demand and capacity expansion expected to support growth in H2 2026, though forecasts are subject to regional security risks.