Iberia (/[unsupported input][unsupported input][unsupported input]ə/, EE-BEH-ree-ə), legally incorporated as Iberia, Líneas Aéreas de España, S.A. Operadora, Sociedad Unipersonal, is the flag carrier airline of Spain founded in 1927. Based in Madrid, it operates an international network of services from its main base of Madrid-Barajas Airport. Iberia, with Iberia Regional (operated by an independent carrier Air Nostrum) and with Iberia Express, is a part of Iberia Group. In addition to transporting passengers and freight, Iberia Group carries out related activities, such as aircraft maintenance, handling in airports, IT systems and in-flight catering. Iberia Group airlines fly to over 109 destinations in 39 countries, and a further 90 destinations through code-sharing agreements with other airlines.

On 8 April 2010, it was confirmed that British Airways and Iberia had signed an agreement to merge, making the combined operation the third largest commercial airline in the world by revenue. Shareholders of both carriers approved the deal on 29 November 2010. The newly merged company, known as International Airlines Group (IAG), was established in January 2011, although both airlines will continue to operate under their current brands.

Iberia, Compañía Aérea de Transportes was incorporated on 28 June 1927 with a capital investment by the financier Horacio Echevarrieta and Deutsche Luft Hansa of 1.1 million pesetas. Flight operations started on 14 December 1927. Within a year, the company was sponsored by the Spanish government to provide postal transport between Madrid and Barcelona. During the dictatorship of Miguel Primo de Rivera, the aviation companies in Spain were combined and became state-controlled as a general interest public utility, coming into effect in early 1928. As a consequence, Iberia was merged into Compañía de Líneas Aéreas Subvencionadas S.A. (CLASSA) and ceased activities as an independent airline on 29 May 1929. The name "Iberia" continued to be registered by Director-General Daniel de Araoz y Aréjula. As the name "Iberia" was still registered, it was used when operations began in nationalist-held territory towards the end of the Spanish Civil War. Following the Civil War, Iberia became a purely domestic airline. At the end of the 1930s, the airline served the Seville–Larache–Cabo Juby–Las Palmas, Barcelona–Saragosa–Burgos–Salamanca–Seville–Tetuan and Palma–Barcelona–Vitoria runs using Junkers Ju-52 aircraft.

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