El Al reported a sharp deterioration in its first-quarter 2026 financial results on Wednesday, swinging from profit to loss amid the impact of “Operation Roaring Lion,” rising jet fuel prices and the strengthening of the Israeli shekel against the U.S. dollar. The airline reported quarterly revenue of $562 million, down 27% compared to the same period last year.

El Al posted a net loss of $67 million for the quarter, compared with a net profit of $96 million in the first quarter of 2025.

The company estimated the total financial damage caused by Operation Roaring Lion at approximately $145 million, including $90 million recorded during the first quarter alone.

EBITDAR — a key aviation profitability metric measuring earnings before interest, taxes, depreciation, amortization and aircraft lease expenses — fell dramatically to $16 million, compared with $213 million in the corresponding quarter last year.

Rapid Recovery in Demand After Military Operation

Airline Reports Record Monthly Ticket Sales in April

Despite the weak quarterly results, El Al said demand recovered rapidly following the end of the military operation.

According to the company:

• The airline’s order backlog stood at $1.2 billion at the end of April 2026, compared with $1.02 billion in April 2025
• April marked the strongest sales month in the company’s history
• Ticket sales during April totaled approximately $560 million

El Al added that average daily sales during the month following the Passover holiday and immediately after the end of Operation Roaring Lion reached $21.3 million per day — a 31% increase compared with the same period last year.

Frequent Flyer Club Remains Profitable Despite Decline

El Al’s frequent flyer club continued to generate profit during the quarter, although earnings declined year-over-year.

The loyalty program recorded:

• Net profit of $11.9 million, down 14.4%
• Operating profit of $16.5 million, down 22.5%

At the same time, the airline reported continued growth in membership activity:

• Membership in the frequent flyer club increased by 8% compared with the previous quarter
• The number of affiliated credit cards rose by 13%

El Al Transfers Fly Card Partnership to Isracard

Company Expects Deal to Improve Long-Term Profitability

In March 2026, El Al transferred management of its frequent flyer credit card operations from Cal to Isracard.

The airline estimated the value of the frequent flyer club at approximately 2.7 billion shekels.

According to El Al, the new agreement is expected to significantly increase revenue generated through Fly Card activity and improve the group’s long-term financial performance.

The company projects that the agreement will contribute between 100 million and 130 million shekels annually in pre-tax profit over the duration of the partnership.

El Al Forecasts Major Membership Growth by 2030

El Al also said it expects substantial expansion in its loyalty program over the coming years.

The airline forecasts that the number of frequent flyer club members will grow to approximately 4.2 million by 2030, compared with 3.06 million members today.

Company executives said the combination of recovering travel demand, expanding loyalty operations and new financial partnerships is expected to strengthen El Al’s position despite the short-term financial impact of the regional conflict.