The airline sector is under pressure due to a downward trend in free cash ratios, increased leverage, and profits. Global carriers are cruising through turbulent market conditions—excess capacity and rising costs are jeopardizing profits, eroding equity, and increasing the risk of insolvency.

This case study provides an overview of how Deloitte has helped an international airline carrier to offset the increased risk of declining free cash and realize a cash improvement of up to £180 million. It also presents an analysis of how targeted working capital initiatives could optimize free cash within the aviation industry by 20–40%.