El Al doubled its net profit in the second quarter of 2026, in an Israeli market still characterized by a limited presence of many foreign airlines. Between April and June, the carrier generated $986 million in revenue and a consolidated net profit of $132.1 million. This performance was driven by a return of demand, but also by international competition that remains far below its pre-crisis levels.
Summary
El Al doubles its profit in one year
El Al's published figures confirm a marked improvement in the second quarter. Revenue reached $986 million, compared to $776.6 million a year earlier, representing a 27% increase.
Consolidated net income amounted to $132.1 million, compared to $65.9 million in the second quarter of 2025. Of this $132.1 million, $125.9 million is attributable to El Al shareholders.
One clarification is necessary, however: contrary to some reports of these results, this is not an absolute record for a second quarter. El Al posted $147 million in net profit in Q2 2024, in a context already marked by the withdrawal of numerous foreign airlines.
According to the specialized press, the 2026 performance is all the more remarkable given that the company estimates the financial impact of the conflict with Iran on the quarter at approximately $55 million . El Al also had to absorb a rise in fuel costs and the effects of the shekel's appreciation.
$1.4 billion in reservations already recorded
Demand remains particularly strong. As of June 30, El Al had a forward bookings portfolio of approximately $1.4 billion. On the same date in 2023, before the outbreak of the war in Gaza, this amount was $570 million.
The load factor reached 90% in the second quarter, compared to 92% a year earlier. The company also plans to increase its capacity by 6% to 10% in the third quarter.
These indicators show that the carrier already has a significant sales volume for the coming months, while the international offering to Israel remains incomplete.
El Al reaches 50% market share
This figure probably best illustrates the current results. According to data published by The Times of Israel, El Al's market share reached 50% in the second quarter of 2026, compared to 40% a year earlier and 24% in the second quarter of 2023.
This situation does not mean that El Al holds a monopoly on Israeli air transport. Arkia, Israir, and several foreign airlines continue to operate. However, the withdrawal or delayed return of many international carriers has significantly strengthened the national airline's position.
Reuters also notes that many foreign airlines had still not resumed flights to Tel Aviv when the results were published, leaving El Al in a particularly favorable competitive position.
Why seats remain difficult to find
This reduction in international supply is impacting availability. The Times of Israel reports that Mark Feldman, managing director of Ziontours Jerusalem, estimates current prices are 10% to 15% higher than those observed a year ago.
This is an estimate made by a travel professional and not an official price index covering the entire market. Nevertheless, it confirms the observation of still limited capacity, while demand remains high.
The resumption of competition remains gradual. Delta, for example, plans, as of the date of publication of this article, to resume its direct New York-JFK to Tel Aviv service on September 6, 2026. The airline specifies that its schedule remains subject to developments in the region.
For tourism professionals, the key indicator to monitor will therefore be the actual capacity released onto the market by foreign carriers. An announcement of resumption does not necessarily correspond to an immediate return to the frequencies operated before the various suspensions.
El Al's fares are also being examined by the Competition Authority
The strong commercial position acquired by El Al comes in parallel with a separate procedure concerning a previous period.
In February 2026, the Israeli Competition Authority announced its intention to impose a fine of up to 121 million shekels, or $39 million at the exchange rate cited by Reuters at the time of the announcement.
The investigation covers the period from October 7, 2023 to May 2024. The Authority states that El Al was then in a monopoly situation on 38 of the 53 routes studied and that fares had increased on average by 16%, with increases reaching up to 31% on some routes.
The procedure is not final. El Al rejects the accusation that it charged excessive tariffs during the war and has the opportunity to defend its position within the framework of the procedure provided by the authority.
The Israeli market remains heavily dependent on the return of foreign companies
El Al's results therefore reflect both the company's situation and that of the Israeli airline market. In the second quarter, the carrier benefited from high demand, a record booking backlog, and reduced international competition.
For travel agencies and tour operators that market Israel, the data to monitor remains very concrete: changes in capacity, actual reopening of routes, frequencies offered and level of availability.
The sustained return of a greater number of international carriers would mechanically increase the supply of seats. However, its precise effect on prices cannot be predicted with certainty, as these also depend on demand, operating costs, and the security situation.
Sources
- https://ir.elal.com/media/inpivl31/financial-statements-q2-2026-he.pdf
- https://www.reuters.com/world/middle-east/israels-el-al-airlines-doubles-second-quarter-net-profit-despite-iran-conflict-2026-08-05/
- https://www.timesofisrael.com/el-al-profit-doubles-as-many-major-foreign-airlines-steer-clear-after-iran-war/
- https://www.reuters.com/legal/litigation/israeli-antitrust-body-fine-el-al-39-million-price-gouging-during-war-2026-02-08/
- https://news.delta.com/delta-telaviv-flight-updates
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