IAG Cargo, the cargo division of International Airlines Group (IAG), reports its financial results for the year ended 31 December 2025.
The business reported commercial revenues of €1,238 million, representing a 0.3 per cent increase year-on-year. Cargo tonne kilometres (CTKs) were up 0.4 per cent compared to 2024, while overall yield for the year was maintained at 2024 levels.
Demand for time-critical services remained strong as customers relied on trusted partners for high-value and sensitive shipments. Volumes in Critical, IAG Cargo’s premium priority solution, rose by 41 per cent year-on-year, while perishables volumes increased by 12 per cent over the same period.
Growth was also notable on trade lanes from Latin America into Europe, particularly into Madrid, where cargo volumes increased by 22 per cent year-on-year, supported by strong perishables flows.
David Shepherd, Chief Executive Officer at IAG Cargo, said: “In a year shaped by shifting global trade flows and evolving tariff policies, we ended 2025 with a solid performance. Through improved capacity planning, we delivered greater consistency across our network, while continued investment in digital and operational capability strengthened the long-term resilience of the business. As a result, we enter 2026 on a firmer footing, with greater near-term stability and clear foundations for sustainable growth.
“At the same time, we are embedding new ways of working that reduce complexity, improving how we serve customers and how we operate day to day. Overall, we are more agile, more responsive, and better equipped to deliver.
“This progress also means we can now operate in new ways and bring the strength of our network to more markets. We are already starting to see this take shape through the expansion of our third-party handling capabilities and our plans to form a Global Cargo Joint Business with Qatar Airways Cargo and MASkargo, announced last year. Together, these steps reflect the growing scale and role of IAG Cargo in the global market.”
Strengthening global reach through partnership
In June 2025, IAG Cargo announced its intention to launch a Global Cargo Joint Business with Qatar Airways Cargo and MASkargo. Subject to regulatory approval, this landmark agreement is intended to create one of the world’s most extensive air cargo networks, bringing together complementary expertise to offer broader market access, improved connectivity and more consistent service across regions.
Alongside this, IAG Cargo continued to expand its third-party handling capabilities, with MASkargo shipments now being processed through its London Heathrow hub. This demonstrates the business’s growing role in supporting global carriers and extending its operational footprint.
Investing in modernisation and operational efficiency
Throughout the year, IAG Cargo continued to modernise its operations, focusing on making it easier for customers to do business and improving performance across its network.
Investment in digital systems and data tools has strengthened forecasting and planning, improving how the business matches capacity with customer demand. The booking experience has also been simplified with a best price online commitment and enhancements to online tools and self-service functionality that provide greater visibility, speed and ease when arranging shipments.
Operationally, the business maintained a strong focus on reliability and efficiency across its global network, supported by ongoing improvements to processes and infrastructure.
