Airline transport of passengers & cargo.
El Al enters 2026 from a far stronger balance-sheet position, but the real question is no longer demand. It is whether the company can defend pricing and margin as competition at Ben Gurion returns.
El Al's end-2025 liquidity is real, but not all of it is free. Liquid resources of $1.961 billion and a $685 million net cash surplus sit alongside deeply negative operating working capital, $1.1155 billion of deferred revenue, $1.276 billion of gross debt, and cash uses already…
El Al enters 2026 with strong demand, but pricing power is already less absolute: market share fell, RASK started to slip, and foreign carriers are set to restore capacity much faster than the company is expanding.
El Al enters 2026 with a strong liquidity cushion, but also with only partial fuel hedging, meaningful sensitivity to fuel prices, and a scheduled decline in state participation in security costs. If pricing normalizes, the cost side can take a much larger share of margin well b…
