Analyst Consensus ?
ConsensusHold17 ratings
Bullish529.4%
Neutral952.9%
Bearish317.7%
LATAM Airlines Group S.A. · LTM · FY2026 Q2 · Calendar Q3 2026
LATAM raises 2026 revenue and EBITDA outlook despite sharp fuel-cost pressure
The quarter supports a growth-and-resilience case: premium travel, loyalty and cargo helped drive revenue growth and profitability despite a steep rise in fuel costs. The raised outlook and balance-sheet liquidity are constructive, while fuel, currency, demand and competitive pressures remain material constraints.
Why did LTM rise 3.7% after beating EPS estimates in FY2026 Q2?
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Reported After market closeNYSEIndustrials
$13.72B market cap
100quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$0.44
Consensus $0.14
EPS surprise
+211.4%
Reported versus consensus
Reported revenue
$4.18B
Consensus $4.06B
Revenue surprise
+3.0%
Reported versus consensus
Market reaction
event-close to next-session close
Stock move
+3.7%
Event window
SPY move
-0.2%
Same window
Abnormal move
+3.9%
Stock minus SPY
Volume
2.3×
Versus trailing sessions
Subsequent drift
-11.2%
Up to 20 sessions
LTMSPY benchmark
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Why did LTM rise 3.7% after beating EPS estimates in FY2026 Q2?What changed in LTM's guidance and outlook in FY2026 Q2?Give me the bull and bear case for LTM after FY2026 Q2 earnings.
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Transcript intelligence
What changed
Management raised full-year 2026 revenue guidance to $17.3–$17.7 billion and adjusted EBITDA guidance to $4.1–$4.4 billion. Q2 results showed revenue up 28% year over year and a 5.4% adjusted operating margin, while fuel costs rose 93% year over year.
Guidance delta
Raised full-year 2026 revenue guidance to $17.3–$17.7 billion and adjusted EBITDA guidance to $4.1–$4.4 billion; capacity growth guidance is 9–10%.
Key takeaways
- Q2 revenue grew 28% year over year to $4.2 billion; adjusted operating margin was 5.4% and net income was $125 million.
- Premium represented 29% of passenger revenue; LATAM Pass members generated 67% of passenger revenue.
- Fuel prices rose more than 80% year over year, driving a 93% increase in fuel costs.
- Liquidity was $4.2 billion and net leverage was 1.5x; the company announced a share-repurchase program of up to 5% of outstanding shares.
Management priorities
- Expand domestic Brazil routes and destinations and introduce Embraer E2 aircraft.
- Continue developing premium offerings and LATAM Pass.
- Grow cargo and adjust capacity while seeking to protect margins.
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Try FN2 freeEarnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$47.78Current
$67Low
$71.15Average
$75High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Nov 5, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| Morgan Stanley | Overweight | Equal Weight | Upgrade | Mar 26, 2026 |
| Barclays | Overweight | Overweight | Maintain | Mar 24, 2026 |
| Citigroup | Buy | Neutral | Upgrade | Mar 17, 2026 |
| Deutsche Bank | Sell | Hold | Downgrade | May 26, 2020 |
| Raymond James | Outperform | Market Perform | Upgrade | Mar 22, 2020 |
| Itau BBA | Outperform | Market Perform | Upgrade | Jan 23, 2020 |
| JP Morgan | Neutral | Neutral | Maintain | Nov 17, 2019 |
| Bank of America | Neutral | Underperform | Upgrade | Sep 26, 2019 |
| Goldman Sachs | Sell | Neutral | Downgrade | Jul 2, 2019 |
| PiperJaffray | Neutral | Overweight | Downgrade | Mar 15, 2015 |
| Feltl & Co. | Sell | Buy | Downgrade | Mar 15, 2015 |
| KeyBanc | Hold | Buy | Downgrade | Feb 10, 2015 |
| Stifel Nicolaus | Hold | Buy | Downgrade | Jan 26, 2015 |
| Wedbush | Neutral | Outperform | Downgrade | Jul 27, 2014 |
| UBS | Neutral | Neutral | Maintain | Jul 24, 2014 |
| Oppenheimer | Perform | Outperform | Downgrade | Apr 25, 2014 |
| Imperial Capital | In Line | In Line | Maintain | Apr 29, 2013 |
Named analyst price targets
Upside is calculated against the persisted current price $47.78. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Jefferies | Analyst unavailable | $70 | $54.54 | +46.5% | Jun 18, 2026 |
| Goldman Sachs | Analyst unavailable | $72.6 | $49.68 | +51.9% | May 12, 2026 |
| Morgan Stanley | Jens Spiess | $67 | $58.14 | +40.2% | Feb 20, 2026 |
| Goldman Sachs | Analyst unavailable | $64.1 | $61.23 | +34.2% | Feb 12, 2026 |
| Barclays | Analyst unavailable | $75 | $64.14 | +57.0% | Feb 5, 2026 |
| Goldman Sachs | Analyst unavailable | $58.5 | $51.84 | +22.4% | Dec 5, 2025 |
| Barclays | Analyst unavailable | $60 | $45.87 | +25.6% | Nov 19, 2025 |
| Morgan Stanley | Jens Spiess | $40 | $26.41 | -16.3% | Sep 30, 2024 |
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Start freeCompany context
Snapshot as of publicationLATAM Airlines Group S.A., encompassing its various subsidiaries, specializes in providing both passenger and freight air transport services. The company's vast operational footprint extends across multiple continents, covering Chile, Peru, Ecuador, Colombia, Brazil, a range of other Latin American countries, the Caribbean, North America, Europe, and Oceania. In addition to its core aviation business, LATAM offers a suite of supplementary services, including ground handling, courier delivery, logistics solutions, and aircraft maintenance. As of December 31, 2023, the airline catered to passenger travel across 148 destinations in 26 countries, while its cargo operations reached 166 destinations across 33 nations, supported by a fleet of 333 aircraft. Founded in 1929, the company was initially known as LAN Airlines S.A. before officially rebranding to LATAM Airlines Group S.A. in June 2012, and its corporate headquarters are situated in Santiago, Chile.
Historical context
All LTM earningsIndustrials peers this season
Latest reports in the same sector| Company | Quarter | EPS surprise | Market move | Headline |
|---|---|---|---|---|
| SWK Stanley Black & Decker, Inc. | FY2026 Q3 · Calendar Q4 2026 | +49.0% | +13.1% | SWK lifts full-year EPS outlook after 4% organic growth |
| EMR Emerson Electric Co. | FY2026 Q4 · Calendar Q4 2026 | — | +2.4% | Emerson’s FY2026 close: order growth supports a steady FY2027 outlook |
| GWW W.W. Grainger, Inc. | FY2026 Q3 · Calendar Q4 2026 | — | +6.5% | Grainger raises FY2026 outlook again on broad Q3 growth |
Latest beats and misses
Who reports nextBeat on EPS
- QFY2026 Q3 · November 4, 2026+21.7% EPS-0.1% move
- MCDFY2026 Q3 · November 4, 2026+5.6% EPS+6.5% move
- SNFY2026 Q3 · November 4, 2026+23.2% EPS+4.1% move
- SWKFY2026 Q3 · November 4, 2026+49.0% EPS+13.1% move
- SKMFY2026 Q3 · November 4, 2026+4.0% EPS+2.5% move
- UNMAFY2026 Q3 · November 3, 2026+1.9% EPS+0.5% move
Missed on EPS
- UTHRFY2026 Q3 · November 4, 2026-5.0% EPS+1.2% move
- TRMBFY2026 Q3 · November 4, 2026-0.2% EPS-17.3% move
- OCFY2026 Q3 · November 4, 2026-20.5% EPS+8.5% move
- OHIFY2026 Q3 · November 3, 2026-42.5% EPS+3.5% move
- MOSFY2026 Q3 · November 3, 2026-1656.0% EPS+17.4% move
- OVVFY2026 Q3 · November 3, 2026-2.0% EPS-5.1% move
Get the LTM recap when the next report posts
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Sources
- Earnings call transcript and parsed analysis · 2026-08-05T20:13:01.761062+00:00
- FN2 earnings calendar · 2026-09-09T01:23:14.388487+00:00
- Polygon adjusted daily market bars · 2026-11-05T04:00:42.866724+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-11-05T04:00:42.863859+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated · As of 2026-11-05. For educational purposes only; not investment advice.