Passengers push Heathrow up the global league tables - results for the three months ended 30 Mar 2026

Positive start to the year but with an uncertain outlook ahead – 18.9 million passengers travelled through Heathrow in Q1 (+3.7% YoY). Following airspace closures in the Middle East, there was an increase in transfer passengers across Heathrow’s network. While Heathrow has temporarily absorbed demand from elsewhere, passenger numbers for the rest of the year are likely to be impacted whilst there is significant uncertainty in the Middle East.

Recognised among the world’s best for service – Passengers rated Heathrow as one of the best airports globally in the Skytrax Awards (up five places over last year), with the airport also named the world’s best for retail and remaining Europe’s most punctual major hub. We are also the world’s only major hub to have fully rolled out next generation security scanners for all passengers allowing liquids and laptops to be left inside cabin baggage.

Global connectivity powering UK trade – As the world’s most connected airport and the UK’s gateway to growth, Heathrow continues to play a critical role in driving economic prosperity. More than a quarter of UK trade equivalent to
£300 billion annually passes through Heathrow, and with Q1 2026 cargo volumes aligned to last year, Heathrow is supporting more businesses and exporters from across the country to reach customers in markets around the world.

Good value for passengers alongside continued investment – Heathrow is preparing to invest over £1.3 billion this year to improve passenger experience, including major upgrades to Terminal 4, replacing Terminal 5's passenger transit system with a new fleet to increase capacity and starting work on a new baggage system in Terminal 2. We are currently reviewing the CAA’s initial proposal in detail to fully understand the implications for delivering the innovation, progress and improvements customers expect. As it stands, the CAA’s proposal may force choices that create trade-offs for service and delay delivery.

Expansion essential to unlock growth and deliver for passengers – Heathrow is proudly celebrating its 80th anniversary this year, yet growth at the airport has been constrained for more than twenty years of its operating life. Expansion will unlock 50% more capacity, enabling more routes, greater competition and lower fares for passengers. Progress now depends on upcoming regulatory decisions from the CAA and the Government’s draft Airports National Policy Statement in July, which are critical to maintaining investor confidence and keeping plans on track for planning permission by 2029, with the most imminent milestone being the CAA consulting on its short list of regulatory models for expansion in coming weeks.

Financial performance – In the first three months of 2026, revenue increased by 2.3% to £844 million, driven by higher passenger numbers, a favourable travel mix, continued expansion in premium services, increased food & beverage from higher traffic in addition to growth in Other Regulated Charges. These gains were partly impacted by reduced air traffic movements and lower noise charges due to quieter aircraft flown. Adjusted operating costs increased by 6.5%, reflecting higher people costs due to wages, national insurance and volume alongside greater IT investment and increased Passengers Requiring Support costs.  While lower rates and utilities mitigated some of the cost pressures, adjusted EBITDA declined by 1.1% to £449 million.

Outlook – We have not updated our 2026 outlook yet, but we have seen some impact from recent Middle East disruption and are closely monitoring developments which will be reflected in our June 2026 Investor Report.

Heathrow CFO Sally Ding said:

"Heathrow delivered a solid start to 2026 but the outlook is uncertain due to the ongoing conflict. Our passengers continue to recognise the excellent service our teams provide, and we are proud to be rated among the best airports in the world, while remaining Europe’s most punctual major hub. However, Heathrow is full. That means fewer choices and higher fares for passengers and missed opportunities for the UK economy. Expansion is about delivering more routes, more competition and ultimately better outcomes for the people and businesses who rely on us. Our plan is privately financed, rigorously assessed and focused on value. With the right regulatory framework and government policy in place, we are ready to invest, grow and keep the UK connected to the world.”