International Consolidated Airlines Group (XMAD:IAG) Operating Income : €1,327 Mil (TTM As of Jun. 2024)

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What is International Consolidated Airlines Group Operating Income?

International Consolidated Airlines Group's Operating Income for the three months ended in Jun. 2024 was €1,254 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Jun. 2024 was €1,327 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. International Consolidated Airlines Group's Operating Income for the three months ended in Jun. 2024 was €1,254 Mil. International Consolidated Airlines Group's Revenue for the three months ended in Jun. 2024 was €8,295 Mil. Therefore, International Consolidated Airlines Group's Operating Margin % for the quarter that ended in Jun. 2024 was 15.12%.

International Consolidated Airlines Group's 5-Year average Growth Rate for Operating Margin % was 0.00% per year.

Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. International Consolidated Airlines Group's annualized ROC % for the quarter that ended in Jun. 2024 was 9.49%. International Consolidated Airlines Group's annualized ROC (Joel Greenblatt) % for the quarter that ended in Jun. 2024 was 26.89%.

International Consolidated Airlines Group Operating Income Historical Data

The historical data trend for International Consolidated Airlines Group's Operating Income can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

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International Consolidated Airlines Group Operating Income Chart

International Consolidated Airlines Group Annual Data

Trend

Dec14

Dec15

Dec16

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Dec19

Dec20

Dec21

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Dec23

Operating Income

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2,606.00

-7,370.00

-2,779.00

1,397.00

3,531.00

International Consolidated Airlines Group Quarterly Data
	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Dec23	Mar24	Jun24
Operating Income	Get a 7-Day Free Trial															12.00	1,227.00	-	73.00	1,254.00

International Consolidated Airlines Group Operating Income Calculation

Operating Income, is the profit a company earned through operations. All expenses, including cash expenses such as cost of goods sold (COGS), research & development, wages, and non-cash expenses, such as depreciation, depletion and amortization, have been deducted from the sales.

Operating Income for the trailing twelve months (TTM) ended in Jun. 2024 adds up the quarterly data reported by the company within the most recent 12 months, which was €1,327 Mil.

International Consolidated Airlines Group (XMAD:IAG) Operating Income Explanation

1. Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition.

International Consolidated Airlines Group's annualized ROC % for the quarter that ended in Jun. 2024 is calculated as:

	ROC % (Q: Jun. 2024 )
=	NOPAT	/	Average Invested Capital
=	Operating Income * ( 1 - Tax Rate % )	/	( (Invested Capital (Q: Mar. 2024 )	+	Invested Capital (Q: Jun. 2024 ))	/ count )
=	5016 * ( 1 - 19.77% )	/	( (0	+	42419)	/ 1 )
=	4024.3368	/	42419
=	9.49 %

where

	Invested Capital		(Q: Mar. 2024 )
=	Total Assets	-	Accounts Payable & Accrued Expense	-	Excess Cash
=	Total Assets	-	Accounts Payable & Accrued Expense	-	( Cash, Cash Equivalents, Marketable Securities	-	max(0, Total Current Liabilities	-	Total Current Assets	+	Cash, Cash Equivalents, Marketable Securities	))
=	0	-	0	-	( 0	-	max(0, 0	-	0	+	0	))
=	0

	Invested Capital		(Q: Jun. 2024 )
=	Total Assets	-	Accounts Payable & Accrued Expense	-	Excess Cash
=	Total Assets	-	Accounts Payable & Accrued Expense	-	( Cash, Cash Equivalents, Marketable Securities	-	max(0, Total Current Liabilities	-	Total Current Assets	+	Cash, Cash Equivalents, Marketable Securities	))
=	42459	-	6281	-	( 9698	-	max(0, 21001	-	14760	+	9698	))
=	42419

Note: The Operating Income data used here is four times the quarterly (Jun. 2024) data.

2. Joel Greenblatt's definition of Return on Capital:

International Consolidated Airlines Group's annualized ROC (Joel Greenblatt) % for the quarter that ended in Jun. 2024 is calculated as:

	ROC (Joel Greenblatt) %		(Q: Jun. 2024 )
=	EBIT	/	Average of (Net fixed Assets	+	Net Working Capital)
=	EBIT	/	Average of (Property, Plant and Equipment	+	Net Working Capital)
			Q: Mar. 2024		Q: Jun. 2024
=	EBIT	/	( ( (Property, Plant and Equipment + Net Working Capital)	+	(Property, Plant and Equipment + Net Working Capital) )	/	count )
=	5504	/	( ( (0 + max(0, 0))	+	(20472 + max(-12741, 0)) )	/	1 )
=	5504	/	( ( 0	+	20472 )	/	1 )
=	5504	/	20472
=	26.89 %

where Working Capital is:

	Working Capital		(Q: Mar. 2024 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(0	+	0	+	0)	-	(0	+	0	+	0)
=	0

	Working Capital		(Q: Jun. 2024 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(1927	+	588	+	2547)	-	(6281	+	0	+	11522)
=	-12741

When net working capital is negative, 0 is used.

Note: The EBIT data used here is four times the quarterly (Jun. 2024) EBIT data.

3. Operating Income is also linked to Operating Margin %:

International Consolidated Airlines Group's Operating Margin % for the quarter that ended in Jun. 2024 is calculated as:

Operating Margin %	=	Operating Income (Q: Jun. 2024 )	/	Revenue (Q: Jun. 2024 )
	=	1254	/	8295
	=	15.12 %

4. Please click Growth Rate Calculation Example (GuruFocus) to see how GuruFocus calculates Wal-Mart Stores Inc (WMT)'s revenue growth rate. You can apply the same method to get the Operating Income growth rate using Operating Income per share data.

Be Aware

Compared with a company's EBITDA margin, Operating Margin can be manipulated by adjusting the rate of depreciation, depletion and amortization (DDA).

If a company is facing competition, its Operating Margin may decline. Often the Operating Margin declines well before the company's revenue or even profit decline. Therefore, Operating Margin is a very important indicator of whether the company is facing problems.

For instance, by 2012, Nokia (NOK)'s problems were well known and its stock had lost more than 90% of its market value since 2007. But Nokia's Operating Margin had already been in decline since 2002, although its earnings per share were still rising. Investors who paid attention to Operating Margin would have avoided this huge loss. The same can be said for Research-in-Motion (RIMM).

Therefore, Operating Margin is a very important screening filter for GuruFocus. GuruFocus's Buffett-Munger screener requires that the profit margin is either consistent or expanding. The Model Portfolio of the Buffett-Munger screener has outperformed the market every year since inception in 2009.

International Consolidated Airlines Group Operating Income Related Terms

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International Consolidated Airlines Group Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Industrials » Transportation » International Consolidated Airlines Group SA (XMAD:IAG) » Definitions » Operating Income

Comparable Companies

Traded in Other Exchanges

ICAGY:USA BABWF:USA 1IAG:Italy IAGl:UK IAG:UK INR:Germany IAG:Austria

Address

El Caserio, Iberia Zona Industrial No. 2, Camino de La Munoza, s/n, Madrid, ESP, 28042

Website

https://www.iairgroup.com

International Consolidated Airlines Group SA is a European airline group flying under the British Airways, Iberia, Aer Lingus, and Vueling brands. The group's main airport hubs are London Heathrow, London Gatwick, Madrid, Barcelona, and Dublin. Geographically, it derives a majority of its revenue from the United Kingdom. The group has determined its operating segments as British Airways, Iberia, Vueling, Aer Lingus and IAG Loyalty.