The massive EPS beat on a revenue record is overshadowed by profit compression from fuel costs. Watch fuel prices and Q3 QTD PRASM trends to assess whether the 2H26 margin guidance (24-26% EBITDAR) is achievable. The net leverage below 2.0x and strong liquidity provide a cushion.
Price Chart
Executive Summary
Grupo Aeroméxico reported Q2 2026 EPS of -$0.04, beating consensus of -$0.21 by 81%, on record total revenue of $1.479B (+12.6% YoY). However, operating income collapsed 70.5% to $67.9M due to a $219M fuel cost headwind (fuel +79.9% YoY), resulting in a net loss of $57.7M vs net income of $68M a year ago. Full-year 2026 guidance calls for revenue of $6.05B-$6.12B (+13-14% YoY) and adjusted EBITDAR margin of 24-26%, signaling margin recovery in 2H26.
Key Financial Metrics
Key Facts
- Q2 2026 EPS -$0.04 vs consensus -$0.21 (beat by 81%)
- Total revenue $1.479B, up 12.6% YoY, a Q2 record
- Operating income $67.9M, down 70.5% YoY; operating margin 4.6% vs 17.5%
- Net loss $57.7M vs net income $68M in 2Q25
- Fuel expense $493.8M, up 79.9% YoY ($219M increase, $30M above guidance)
- Adjusted EBITDAR $264.2M, down 35.5% YoY; margin 17.9% vs 31.2%
- FY26 guidance: revenue $6.05B-$6.12B, Adj. EBITDAR margin 24-26%, operating margin 11-13%
- Liquidity $1.2B (22% of LTM revenue); net leverage 1.96x
- Received 2 B737 MAX-8 and 1 B787-9 in quarter; fleet 169 aircraft
Financial Impact
Revenue grew 12.6% YoY to $1.479B, but operating income fell 70.5% to $67.9M. The net loss of $57.7M vs prior-year profit of $68M reflects a $219M fuel cost headwind. FY26 guidance implies 13-14% revenue growth and margin recovery.
Risk Factors
- Fuel price volatility: Q2 fuel cost exceeded guidance by $30M; further spikes could pressure margins
- World Cup demand shifts: June temporary moderation cited; Q3 execution key
- Peso appreciation: favorable for revenue but increases local cost base
- Macroeconomic pressure: tariffs, inflation could soften demand
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3326490 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 19, 2026 7d ago | 6-K | $14.88 | awaiting T+20 | — | $14.57 (−2.08%) |
Oct 19, 2026 7d ago | 6-K | $14.88 | awaiting T+20 | — | $14.57 (−2.08%) |
Oct 19, 2026 7d ago | Press Release | $14.88 | awaiting T+20 | — | $14.57 (−2.08%) |
Sep 30, 2026 26d ago | Press Release | $14.92 | awaiting T+20 | — | $14.57 (+2.35%) |
Sep 30, 2026 26d ago | Press Release | $14.92 | awaiting T+20 | — | $14.57 (−2.35%) |
Sep 14, 2026 6w ago | 6-K | $14.75 $15.88 | ▲ +7.66% | ▲ +4.94% | $14.57 (−1.22%) |
Aug 20, 2026 9w ago | 6-K | $13.72 $15.95 | ▲ +16.25% | ▲ +16.78% | $14.57 (+6.20%) |
Aug 16, 2026 10w ago | Institutional Cluster | $15.71 $14.75 | ▼ −6.11% | ▼ −4.13% | $14.57 (−7.26%) |
Aug 4, 2026 12w ago | Insider Cluster | $16.13 $14.56 | ▼ −9.73% | ▼ −8.50% | $14.57 (−9.67%) |
Jul 13, 2026 15w ago | Press Release | $15.65 $15.74 | ▲ +0.58% | ▼ −1.92% | $14.57 (−6.90%) |
US Market Status
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