International Consolidated Airlines Group S.A (IAG) — Working Capital to Net Assets Ratio
International Consolidated Airlines Group S.A (IAG) has a Working Capital to Net Assets ratio of -73.0% as of December 2025. Working capital of €-5.55 Billion (current assets of €13.03 Billion minus current liabilities of €18.58 Billion) is measured against net assets of €7.61 Billion. A higher ratio indicates strong short-term liquidity financed by the equity base. For the complete balance sheet picture, see how large is International Consolidated Airlines Grou's balance sheet.
WC/NA Ratio
Working Capital
Current Assets
Current Liabilities
International Consolidated Airlines Group S.A Working Capital to Net Assets (2003–2025)
This chart shows how International Consolidated Airlines Group S.A's Working Capital to Net Assets ratio has evolved across 22 annual periods from 2003 to 2025. As of December 2025, the ratio stands at -73.0%, reflecting working capital of €-5.55 Billion against net assets of €7.61 Billion EUR. Explore International Consolidated Airlines Grou capital reinvestment ratio to see what proportion of operating cash flow is directed to capital expenditures.
Annual Working Capital to Net Assets for International Consolidated Airlines Group S.A (2003–2025)
The table below presents the year-by-year Working Capital to Net Assets ratio for International Consolidated Airlines Group S.A from 2003 to 2025, covering 22 annual filings. Each row shows current assets, current liabilities, working capital, net assets, the ratio, and the change in percentage points compared to the prior year. Explore IAG long-term investment intensity to see how much of total assets are deployed in long-term investments.
| Year | WC/NA Ratio | Working Capital (EUR) | Net Assets | Current Assets | Current Liabilities | Change (pp) |
|---|---|---|---|---|---|---|
| 2025 | -73.0% | €-5.55 Billion | €7.61 Billion | €13.03 Billion | €18.58 Billion | ▼ -5.4 pp |
| 2024 | -67.6% | €-4.17 Billion | €6.18 Billion | €15.19 Billion | €19.36 Billion | ▲ +123.8 pp |
| 2023 | -191.4% | €-6.28 Billion | €3.28 Billion | €10.70 Billion | €16.98 Billion | ▼ -22.4 pp |
| 2022 | -169.0% | €-3.42 Billion | €2.02 Billion | €13.24 Billion | €16.66 Billion | ▲ +153.3 pp |
| 2021 | -322.3% | €-2.73 Billion | €846.00 Million | €10.55 Billion | €13.28 Billion | ▼ -43.0 pp |
| 2020 | -279.3% | €-3.68 Billion | €1.32 Billion | €7.84 Billion | €11.52 Billion | ▼ -258.5 pp |
| 2019 | -20.8% | €-1.42 Billion | €6.83 Billion | €11.33 Billion | €12.75 Billion | ▼ -6.6 pp |
| 2018 | -14.2% | €-957.00 Million | €6.72 Billion | €10.09 Billion | €11.05 Billion | ▼ -21.4 pp |
| 2017 | 7.2% | €531.00 Million | €7.40 Billion | €10.22 Billion | €9.69 Billion | ▼ -0.7 pp |
| 2016 | 7.9% | €449.00 Million | €5.66 Billion | €9.79 Billion | €9.34 Billion | ▲ +49.1 pp |
| 2015 | -41.1% | €-2.28 Billion | €5.53 Billion | €9.09 Billion | €11.37 Billion | ▲ +21.4 pp |
| 2014 | -62.6% | €-2.37 Billion | €3.79 Billion | €7.43 Billion | €9.80 Billion | ▼ -8.1 pp |
| 2013 | -54.5% | €-2.30 Billion | €4.22 Billion | €6.02 Billion | €8.32 Billion | ▼ -4.3 pp |
| 2012 | -50.2% | €-2.54 Billion | €5.05 Billion | €5.03 Billion | €7.56 Billion | ▼ -39.0 pp |
| 2011 | -11.2% | €-637.00 Million | €5.69 Billion | €5.89 Billion | €6.53 Billion | ▲ +18.6 pp |
| 2010 | -29.8% | €-841.00 Million | €2.83 Billion | €3.37 Billion | €4.21 Billion | ▲ +66.2 pp |
| 2008 | -95.9% | €-1.91 Billion | €1.99 Billion | €2.56 Billion | €4.47 Billion | ▼ -84.3 pp |
| 2007 | -11.7% | €-477.89 Million | €4.09 Billion | €3.90 Billion | €4.38 Billion | ▼ -3.6 pp |
| 2006 | -8.0% | €-285.84 Million | €3.55 Billion | €5.06 Billion | €5.34 Billion | ▼ -19.3 pp |
| 2005 | 11.3% | €335.40 Million | €2.97 Billion | €5.25 Billion | €4.92 Billion | ▲ +48.3 pp |
| 2004 | -37.0% | €-751.68 Million | €2.03 Billion | €4.00 Billion | €4.75 Billion | ▼ -27.4 pp |
| 2003 | -9.6% | €-345.47 Million | €3.58 Billion | €4.14 Billion | €4.48 Billion | — |