Annual Review 2026

2025: A year in review

IATA's annual review is a complete report on the successes, issues, and state of commercial air transport.

> Download Annual Review 2026 (pdf)

"Aviation is an ecosystem, and we cannot improve things if we don’t work together.”
Luis Gallego, Chair of the IATA Board of Directors and the CEO of IAG 

Previous annual reviews

Highlights

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500 Mt of SAF a year to achieve net zero

Airlines will need 500 million tonnes of SAF per year to achieve net zero CO2 emissions by 2050.
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5.7% Global air passenger traffic growth

Global air passenger traffic sustained growth, up 5.7% year-on-year in 2025.
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1 / 40,000,000 Accident rate

Flying is so safe that even one accident among the nearly 40 million flights operated annually moves global data.

Message from the Director General

Airline profitability strengthened in 2025 with an estimated global net profit of $45 billion. Nearly five billion travelers took to the skies, and 71.5 million tonnes of cargo found its way by air to waiting markets.

Although 2025 set a record for total profits, it is important to remember that the collective net margin was a paltry 4.2%, continuing persistent value chain imbalances. Even so, the year’s financial performance contributed significantly to repairing balance sheets badly damaged during the COVID crisis.

The strong performance carried into 2026 until an oil price shock sparked by war in the Middle East. Demand remains strong, but the rapid escalation of fuel costs is likely to halve both profits and margins in 2026. Read the full message

Aviation remains a vital economic driver

Aviation plays a vital role in connecting communities, supporting tourism, and enabling trade. Click on the infographic to enlarge.