Croatia Airlines is Croatian national airline company which by connecting the homeland with the world contributes to development of Croatian tourism and Croatian economy. The business environment of Croatia Airlines is characterized by high levels of dynamic and complexity. The liberalization of European airspace increased competition particularly in regular international traffic. With increased competition, threat for successful business of airliners are negative economic trends and high oil prices. Present airline market conditions are characterized by fall in profits, pressure on the price reduction, fall in yields and exceptionally strong competition. Today, crisis can hit any company, at any time and bring it into a situation that threatens business and survival of company. Characteristic of all crises are that they hide the potential threat and danger, the deeper crisis is, it is more difficult to control it and get back to the normal course of business. Each organization should develop and maintain their own tools and methods for crisis management in accordance with their business needs. Collecting all the necessary data, and using the basic financial statements we are able to identify and objectively evaluate overall business situation in company. From the analysis, it can be concluded that the company Croatia Airlines faces many difficulties, and makes significant losses, but after process of strategic, operational and financial restructuring and applying defined measures, there are visible tendencies from whom is clear that trend is changing and the company will make improvements in the future.