Icelandair Group hf (OISE:ICEAIR) Operating Income: kr-7,020 Mil (TTM As of Jun. 2026)

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OISE:ICEAIR Icelandair Group hf OISE:ICEAIR
56 GF Score
Price kr0.77
GF Value kr1.32
Valuation Possible Value Trap
! 3 Warning Signs
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What is Icelandair Group hf Operating Income?

Icelandair Group hf OISE:ICEAIR 56 Operating Income is kr-7,020 Mil as of Jun. 2026. GuruFocus rates OISE:ICEAIR with a GF Score™ of 56/100 and a GF Value™ of kr1.32 (Possible Value Trap). The stock has 3 warning signs investors should review.

Icelandair Group hf's Operating Income for the three months ended in Jun. 2026 was kr-3,661 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Jun. 2026 was kr-7,020 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. Icelandair Group hf's Operating Income for the three months ended in Jun. 2026 was kr-3,661 Mil. Icelandair Group hf's Revenue for the three months ended in Jun. 2026 was kr61,191 Mil. Therefore, Icelandair Group hf's Operating Margin % for the quarter that ended in Jun. 2026 was -5.98%.

Icelandair Group hf'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. Icelandair Group hf's annualized ROC % for the quarter that ended in Jun. 2026 was -4.68%. Icelandair Group hf's annualized ROC (Joel Greenblatt) % for the quarter that ended in Jun. 2026 was -9.11%.


Icelandair Group hf  (OISE:ICEAIR) Operating Income Explanation

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

Icelandair Group hf's annualized ROC % for the quarter that ended in Jun. 2026 is calculated as:

ROC % (Q: Jun. 2026 )
=NOPAT/Average Invested Capital
=Operating Income * ( 1 - Tax Rate % )/( (Invested Capital (Q: Mar. 2026 ) + Invested Capital (Q: Jun. 2026 ))/ count )
=-14644.448 * ( 1 - 18.27% )/( (257167.462 + 254366.895)/ 2 )
=-11968.9073504/255767.1785
=-4.68 %

where

Invested Capital(Q: Mar. 2026 )
=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))
=278007.417 - 48698.223 - ( 64666.604 - max(0, 138762.455 - 110904.187+64666.604))
=257167.462

Invested Capital(Q: Jun. 2026 )
=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))
=270538.172 - 56386.397 - ( 63102.402 - max(0, 143428.79 - 103213.67+63102.402))
=254366.895

Note: The Operating Income data used here is four times the quarterly (Jun. 2026) data.

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

Icelandair Group hf's annualized ROC (Joel Greenblatt) % for the quarter that ended in Jun. 2026 is calculated as:

ROC (Joel Greenblatt) %(Q: Jun. 2026 )
=EBIT/Average of (Net fixed Assets + Net Working Capital)
=EBIT/Average of (Property, Plant and Equipment+Net Working Capital)
     Q: Mar. 2026  Q: Jun. 2026
=EBIT/( ( (Property, Plant and Equipment + Net Working Capital) + (Property, Plant and Equipment + Net Working Capital) )/ count )
=-12448.496/( ( (137945.695 + max(-78447.175, 0)) + (135472.104 + max(-89331.713, 0)) )/ 2 )
=-12448.496/( ( 137945.695 + 135472.104 )/ 2 )
=-12448.496/136708.8995
=-9.11 %

where Working Capital is:

Working Capital(Q: Mar. 2026 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(33585.083 + 3781.245 + 8871.255) - (48698.223 + 0 + 75986.535)
=-78447.175

Working Capital(Q: Jun. 2026 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(32821.73 + 3834.898 + 3454.64) - (56386.397 + 0 + 73056.584)
=-89331.713

When net working capital is negative, 0 is used.

Note: The EBIT data used here is four times the quarterly (Jun. 2026) EBIT data.

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

Icelandair Group hf's Operating Margin % for the quarter that ended in Jun. 2026 is calculated as:

Operating Margin %=Operating Income (Q: Jun. 2026 )/Revenue (Q: Jun. 2026 )
=-3661.112/61191.12
=-5.98 %

* 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.

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.


Icelandair Group hf Operating Income Related Terms


Icelandair Group hf Operating Income Historical Data

* Premium members only.

The historical data trend for Icelandair Group hf'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.

Icelandair Group hf Operating Income Chart

Icelandair Group hf Annual Data
Trend Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Operating Income
Get a 7-Day Free Trial Premium Member Only Premium Member Only -17,783.58 2,050.29 2,502.08 -1,912.89 -3,373.11

Icelandair Group hf Quarterly Data
Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25 Mar26 Jun26
Operating Income Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 84.12 9,125.21 -4,900.19 -7,583.58 -3,661.11
OISE:ICEAIR
56GF Score
Icelandair Group hf OISE:ICEAIR
Operating Income is just one metric. See GF Score™, valuation, warning signs, and more.
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Icelandair Group hf 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. 2026 adds up the quarterly data reported by the company within the most recent 12 months, which was kr-7,020 Mil.

* 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.

Frequently Asked Questions Learn more about Operating Income →
What does a Operating Income of kr-7,020 Mil mean?
Icelandair Group hf (OISE:ICEAIR) has a Operating Income of kr-7,020 Mil as of Jun. 2026. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on Icelandair Group hf and its competitors.
Is Icelandair Group hf's Operating Income too high?
Icelandair Group hf's current Operating Income is kr-7,020 Mil. Overall, Icelandair Group hf has a GF Score™ of 56/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.
How does Icelandair Group hf's Operating Income compare to DAL and UAL?
Icelandair Group hf's Operating Income of kr-7,020 Mil can be compared against companies in the Transportation industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Operating Income for a Transportation company?
A good Operating Income depends on the Transportation industry context. However, Operating Income should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Operating Income mean?
A high Operating Income can signal that a stock is expensive relative to its fundamentals. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on Icelandair Group hf and its competitors. Icelandair Group hf's current Operating Income is kr-7,020 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Icelandair Group hf stock overvalued right now?
Based on GuruFocus' analysis, Icelandair Group hf (OISE:ICEAIR) is currently considered Possible Value Trap. The stock's GF Value™ is kr1.32, compared to a current price of kr0.77 — trading 41.7% below its estimated fair value. The current Operating Income is kr-7,020 Mil. Icelandair Group hf's overall GF Score™ is 56/100 with 3 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Operating Income calculated?
Operating Income is calculated from a company's financial statements. For Icelandair Group hf (OISE:ICEAIR), the current Operating Income is kr-7,020 Mil as of Jun. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Is Icelandair Group hf (OISE:ICEAIR) Overvalued in 2026?

Based on GuruFocus' analysis, Icelandair Group hf stock appears to be undervalued. The current stock price of kr0.77 is trading 41.7% below its estimated GF Value™ of kr1.32. GuruFocus considers Icelandair Group hf to be Possible Value Trap.

Key valuation signals for OISE:ICEAIR:

  • Operating Income: kr-7,020 Mil
  • GF Value™: kr1.32 vs. price of kr0.77 (41.7% below fair value)
  • GF Score™: 56/100 with 3 warning signs

No single metric tells the full story. See the OISE:ICEAIR stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.


Icelandair Group hf Business Description

Address Flugvellir 1, Hafnarfjordur, ISL, 221
Icelandair Group hf operates in the international airline sector. Its segment is the Route network, which generates maximum revenue and provides passenger air travel to, from, via, and within Iceland. The Cargo operation offers air-freight services to, from, via, and within Iceland by utilizing capacity within the aircraft of the Icelandair passenger network as well as its own freighter and The Leasing operation, provided by Loftleioir-Icelandic ehf., offers aircraft leasing and consulting services to international passenger airlines and tour operators. The Group operates in North America, which generates maximum revenue, as well as Europe, Iceland, and other regions.
56GF Score

Get the complete analysis for OISE:ICEAIR

Operating Income is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

kr0.77
Price
kr1.32
GF Value