IAG share price is facing turbulence: will it drop or rise ahead of Q3 earnings?

Impact · against what's priced in

The article provides little catalyst for US carriers as the market has already priced in higher fuel costs and discounted the ability to maintain margins. For IAG, the outlook is bearish due to rising fuel costs and the likelihood of a downward revision to Q3 operating profit.

DAL−0.10

Already priced in

The price assumes

guided FY2026 EPS range of $6.50-$7.50

The news that Delta lowered its full-year earnings estimate to $5.10–$5.60 confirms the market's rejection of structural premiums, though the price already assumes a cyclical outcome.