El Al Doubles Profits Amid High Demand and 90% Load Factor in Q2

El Al Airlines, controlled by the Rosenberg family, reported strong financial results for the second quarter of 2026 despite challenges including the "Roar of the Lion" military operation, closure of Israeli airspace, rising fuel costs, currency fluctuations, and slow return of foreign airlines. The military operation, which began on June 13 with an Israeli strike in Iran and lasted 12 days until a ceasefire on June 24, impacted only the last month of the quarter.

El Al's revenues reached $986 million, a 27% increase compared to the same quarter last year, while net profit doubled to $132 million. This profit figure includes a $55 million loss attributed to the effects of the military operation. EBITDAR rose to approximately $222 million from $179 million in Q2 2025. The airline expanded its seat capacity by about 9% due to fleet growth, with plans to increase capacity by 6% to 10% in Q3.

The average load factor in Q2 was 90%, peaking at 94% in June, driven by cancellations of foreign carriers' flights during and after the operation. El Al also recorded a record order backlog of around $1.4 billion, up 20% year-over-year. Operating cash flow totaled $359 million. By the end of June, the company held liquid assets of $2.06 billion against financial debt of $1.17 billion, resulting in a cash surplus of approximately $896 million.

Additionally, El Al's frequent flyer program expanded to 3.7 million members, and the number of Fly Card credit card holders increased to 514,000.