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Qantas Airways (QAN) investor relations material

Qantas Airways H2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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H2 2025 earnings summary28 Aug, 2025

Executive summary

  • Underlying profit before tax reached $2.39 billion, up $316 million year-over-year, and statutory profit after tax was $1.61 billion, reflecting strong operational performance and portfolio integration.

  • Underlying EPS rose 20% to $1.10, and operating cash flow was $4.3 billion.

  • Final dividends approved: $250 million base and $150 million special, both fully franked; total shareholder returns were $831 million, including $431 million in buybacks.

  • Fleet renewal accelerated with $3.9 billion invested, 29 new aircraft delivered, and significant operational and customer experience improvements.

  • Closure of Jetstar Asia and legal provisions impacted statutory results.

Financial highlights

  • Revenue increased to $23.8 billion, up from $21.9 billion in FY24.

  • Operating margin rose to 11.1%, up 0.7 points year-over-year.

  • Net debt ended at $5 billion, within the target range; net capital expenditure was $3.9 billion.

  • Rolling 12-month ROIC at 50.8%, down from 57.9% in FY24 as invested capital rebuilds.

  • Share buybacks totaled $431 million, and total dividends paid were $831 million.

Outlook and guidance

  • Strong travel demand expected to continue, with Group RASK for H1 FY26 forecast to rise; domestic up 3–5%, international up 2–3% year-over-year.

  • Qantas Loyalty EBIT expected to grow 10–12% in FY26.

  • FY26 net capital expenditure guidance of $4.1–4.3 billion; net debt expected at or below the middle of the target range.

  • Entry into service and transition costs to rise by $30 million as new fleet comes online.

  • 49 new aircraft to join over the next two years, including Project Sunrise.

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Frequently asked questions

Qantas Airways Limited provides air transportation services in Australia and internationally. The company operates through four segments: Domestic, International, Jetstar, and Network Partners. It owns and operates a fleet of more than 100 aircraft. The domestic segment transports passengers and cargo on scheduled flights from its three airports; Sydney Kingsford Smith Airport, Brisbane Airport and Perth Airport. The international segment transports passengers on flights between Australia and about 60 destinations in Asia, the Pacific Islands, Africa, Europe, the Middle East, North America, and South America. The Jetstar segment deals with low-cost air transportation services principally between Australia and New Zealand. Qantas Airways Limited is headquartered in Mascot, Australia.

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