+2.0pt vLY
Millions of USD, as reported · calendar-normalized quarters
Operating profit ÷ revenue, computed from reported figures
Revenue vs cost per available seat-km (USD cents) — the gap is unit profitability
| Period | Revenue | Op. profit | Load factor | ASK | Net result | Load factor |
|---|---|---|---|---|---|---|
| Q1 2026 | ||||||
| Q4 2025 | ||||||
| Q3 2025 | ||||||
| Q2 2025 |
Record quarterly result: 19.8% adjusted operating margin and US$576m net income, the best quarter in LATAM's history, on 10.4% capacity growth.
“LATAM delivers 19.8% adjusted operating margin and US$576 million in net income”
Replaced full-year 2026 guidance with a focused metric set; Adj. EBITDA guidance cut to US$3.8-4.2bn from US$4.2-4.6bn and net-leverage ceiling raised to <=1.8x.
March jet-fuel spike from the Middle East conflict (assumed US$170/bbl for 2Q/3Q); LATAM expects >US$700m extra fuel expense in 2Q26 and only a mid-to-low single-digit 2Q operating margin.
60% of estimated 2Q26 fuel consumption hedged (44% pre-conflict collars + 16% post-conflict call options), tapering to 39% in 3Q26 and 22% in 4Q26.
Shareholders approved a final dividend of ~US$438m (30% of 2025 net income), of which US$400m was already paid via interim dividends in December 2025.
| Q1 2025 |
| Q4 2024 |
| Q3 2024 |
| Q2 2024 |
Premium revenues grew 28% year-over-year and reached 27% of passenger revenues, driving yield performance.
Fleet of 375 aircraft at quarter-end (received 3 A321neo and 1 A320ceo); 37 further deliveries expected in 2026, plus a new Delta MRO agreement for A320 components.
Credit profile strengthened: Moody's revised outlook to positive and Fitch reaffirmed BB/positive; LATAM also earned a 4-star Skytrax rating, a Latin American first.
LATAM Airlines Group