Airlines spent much of the spring warning investors that soaring fuel prices would hammer profits. Now quarterly earnings have disclosed exactly how much of that extra bill they managed to claw back from customers and other means.
IATA expects jet fuel to average $152 per barrel in 2026, up from $90 in 2025, lifting it from roughly a quarter of industry operating expenses to nearly a third. It’s prompted the airline trade body to cut its full-year forecast for global airline net profit by half to $23 billion.
The Iran war sent jet fuel to four-year highs, forcing airlines to cut capacity, delay spending, and, in some cases, withdraw guidance. Although prices have eased since April’s peak, jet fuel remains roughly 75% above year-ago levels, according to IATA’s Fuel Price Monitor.
A fresh batch of quarterly results offer valuable insight into how the fuel shock actually landed, and how airlines managed the spike.
Airlines measure the r
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