Aeroméxico 2Q26: Record Revenue Overshadowed by Fuel-Driven Net Loss and Margin Compression
AERO sits 26% above its 52-week low of $12.26.
Summary
Aeroméxico's 2Q26 revenue hit a record $1.5B, but a near-doubling of fuel costs drove a net loss and sharp margin compression. Strong liquidity and positive second-half guidance provide some offset.
Key Events · Earnings and Guidance · AERO
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Record Revenue, Net Loss
Revenue reached a record $1.5 billion in 2Q26, a 12.6% increase year-over-year, yet a $219.3 million jump in fuel expense pushed the company to a net loss of $57.7 million, compared with a $68 million profit a year ago.
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Fuel Costs Surge 79.9%
Jet fuel expense soared to $493.8 million, with the cost per gallon climbing to $4.20 from $2.34 in 2Q25—about $30 million above guidance—as sustained geopolitical price pressure took its toll.
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Margins Compress Sharply
Adjusted EBITDAR margin fell to 17.9% from 31.2% year-over-year, and operating margin dropped to 4.6% from 17.5%, underscoring the difficulty of fully passing through fuel costs despite a 10.5% increase in unit revenue (TRASM).
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Strong Liquidity, No New Debt
Cash and equivalents rose to $1.037 billion, contributing to total liquidity of $1.2 billion, or 21.8% of LTM revenue. The company repaid $17.1 million of debt and incurred no additional financial debt.
Analysis · AERO · Energy & Transportation
A record second-quarter revenue of $1.5 billion, up 12.6% year-over-year, was not enough to shield Aeroméxico from a punishing 79.9% surge in fuel costs to $493.8 million. The spike crushed profitability, halving the adjusted EBITDAR margin to 17.9% from 31.2% and flipping the bottom line to a net loss of $57.7 million. Still, the airline's liquidity remains robust at $1.2 billion with no new debt, and management's upbeat second-half guidance points to a margin recovery as fuel prices ease. The results highlight the carrier's exposure to fuel volatility, but also its capacity to generate cash and preserve a strong balance sheet in a challenging environment.
At the time of this filing, AERO was trading at $15.39 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $2.4B. The 52-week trading range was $12.26 to $23.05. This filing was assessed with negative market sentiment and an importance score of 8 out of 10.