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Qantas Airways (QAN) investor relations material
Qantas Airways H1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Underlying profit before tax rose 5% year-over-year to AUD 1,456 million, with statutory profit after tax at AUD 925 million and EPS up to 0.68; strong operating cash flow of AUD 1.8 billion was reported.
Interim shareholder distribution of up to AUD 450 million announced, including a fully franked base dividend of AUD 300 million and a share buyback of up to AUD 150 million.
Fleet renewal accelerated with AUD 1.8 billion invested and up to 18 aircraft added, supporting operational and financial improvements.
Customer satisfaction improved, with Net Promoter Scores rising and on-time performance leading the domestic market.
Workforce expanded by up to 4%, with ongoing investment in staff development and new crew bases.
Financial highlights
Revenue for 1H26 was AUD 12,896 million, up 6% year-over-year; underlying profit before tax reached AUD 1.46 billion, up 5%; statutory profit after tax was AUD 925 million.
Operating margin was 12.3%; net debt at AUD 5.6 billion, at the bottom of the FY26 target range.
Net capital expenditure was AUD 1.8 billion; AUD 400 million in dividends returned to shareholders.
Total unit revenue (RASK) up 3% to 11.67c/ASK; total unit cost up just over 2%.
Net free cash flow was negative at AUD (57) million, compared to AUD 677 million in 1H25.
Outlook and guidance
Group RASK expected to increase approximately 3% in the second half year-over-year; international RASK to rise 1–3%.
Entry into service and fleet transition costs to increase by AUD 20 million in 2H26; same job, same pay impact for FY26 now estimated at AUD 95 million.
Qantas Loyalty EBIT expected to grow 10–12% for FY26; net freight revenue to remain stable.
FY27 capital expenditure guidance raised to AUD 5.1–5.4 billion, reflecting accelerated fleet renewal.
ROIC expected to moderate as invested capital rebuilds, following a high of 43.2% for the period.
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