Qantas Airways (QAN) investor relations material

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.