Report published September 1, 2026
Travel & Leisure: Global Airline RPKs Return to Growth in July 2026 – Goldman Sachs
Source and citation context
- Issuer
- Goldman Sachs
- Report date
- September 1, 2026
- Analysis as of
- Not stated in source
Authors / editors: Ben Andrews (Lead Analyst), Poppy Boyd-Taylor (Analyst), Leo Mose (Contributing Author)
Finvaulta summarizes Goldman Sachs's analysis. Attribute opinions, forecasts, time-sensitive values, and chronology to the issuer and report date; do not treat this page as an independent verification or a current market-data source.
July 2026 IATA air passenger data showed global RPKs expanding +0.2% yoy, rebounding from June's decline led by domestic market gains. However, YTD RPK growth of +0.6% remains well behind IATA's FY26 target of +2.1% due to drag from the Middle East and APAC.
Key Takeaways
- 1.Global Revenue Passenger Kilometers (RPKs) returned to positive growth in July 2026 at +0.2% yoy (up from -1.7% yoy in June), supported by +0.6% domestic growth while international RPKs fell -0.1%.
- 2.YTD RPK growth through July reached +0.6%, tracking noticeably below IATA's FY26 target of +2.1% yoy, driven by underperformance in the Middle East and APAC.
- 3.Regional RPK performance showed strong divergence: Latin America (+6.1%), Africa (+5.2%), Europe (+2.1%), and APAC (+1.0%) expanded, while North America (-1.2%) and the Middle East (-10.0%) contracted.
Table of Contents
- Charts
- Disclosure Appendix
Report data
Exhibit 3: YTD RPK growth by region, vs. latest IATA outlook
| Metric | Estimate | Context |
|---|---|---|
| Global RPK Growth | 0.2% | Year-over-year growth in global Revenue Passenger Kilometers |
| Global Domestic RPK Growth | 0.6% | Year-over-year growth in domestic passenger traffic |
| Global International RPK Growth | -0.1% | Year-over-year change in international passenger traffic |
| Global ASKs Growth | 0.3% | Year-over-year increase in Available Seat Kilometers |
| Global Load Factor | 85.2% | Global airline passenger load factor |
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Authors / Editors
Reported Data Context
- Global RPK Growth: 0.2 % (July 2026) · Source: IATA
- Global Domestic RPK Growth: 0.6 % (July 2026) · Source: IATA
- Global International RPK Growth: -0.1 % (July 2026) · Source: IATA
- Global ASKs Growth: 0.3 % (July 2026) · Source: IATA
- Global Load Factor: 85.2 % (July 2026) · Source: IATA
Themes
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