How Much of the 2026 Jet Fuel Spike Did Airlines Recover?

Following a spring fuel spike, Q2 earnings reveal how much of the added fuel bill airlines 'recaptured' through higher fares, surcharges, ancillary revenue, and cost actions. IATA expects jet fuel to average $152/barrel in 2026, up from $90 in 2025, lifting fuel from a quarter to nearly a third of operating expenses. IATA halved its full-year global airline net profit forecast to $23 billion. Recapture rates varied: Allegiant exceeded 100%, Air France-KLM hit ~86%, Turkish Airlines ~80%, and major U.S. carriers around 50%.