El Al turns wartime disruption into record demand and $132 million quarterly profit
Israel’s flag carrier benefited from the collapse in foreign airline capacity after Operation Roaring Lion, posting 27% revenue growth, a $1.4 billion backlog and nearly $900 million in net cash.
El Al Airlines, controlled by the Rozenberg family, concluded the second quarter with strong results, despite the disruption caused by Operation Roaring Lion, which led to the closure of Israeli airspace, alongside higher fuel prices, exchange-rate fluctuations, and the slow recovery of foreign airlines - factors that left Israeli carriers facing unprecedented demand.
El Al’s revenue reached $986 million, a 27% increase compared with the corresponding quarter last year. Net profit doubled to $132 million, although the bottom line was impacted by a $55 million loss related to the effects of Operation Roaring Lion.
EBITDAR (earnings before interest, taxes, depreciation, amortization, and aircraft rentals) totaled approximately $222 million, compared with $179 million in the second quarter of 2025.
Seat capacity increased by approximately 9%, driven by the expansion of the company’s fleet. El Al said it expects capacity growth to continue in the third quarter, at a rate of 6%-10%. The average load factor reached 90% during the quarter and climbed to 94% in June, reflecting the sharp reduction in foreign airline activity during and after the military operation.
At the same time, El Al reported a record order backlog of approximately $1.4 billion, representing a 20% increase compared with the same period last year.
Operating cash flow totaled $359 million. As of the end of June, El Al held $2.06 billion in liquid assets, compared with $1.17 billion in financial debt, resulting in a net cash position of approximately $896 million.
The company’s frequent flyer club continued to expand, reaching 3.7 million members, while the number of Fly Card credit card holders increased to 514,000.
