China Eastern Airlines (600115) Q2 2026 earnings summary

Executive summary

• Revenue for H1 2026 reached RMB 74,234 million, up 11.09% year-over-year, but net loss widened to RMB 2,179 million from RMB 1,431 million in H1 2025 due to surging fuel costs and macroeconomic headwinds.

• Operating cash flow was RMB 10,697 million, down 14.74% year-over-year, reflecting higher cash outflows from increased fuel expenses.

• The company maintained a modern fleet of 833 aircraft, continued network expansion, and enhanced digital and service capabilities.

Financial highlights

• Operating income: RMB 74,234 million (+11.09% YoY); operating loss: RMB 2,620 million (vs. RMB 1,745 million loss YoY).

• Net loss attributable to shareholders: RMB 2,179 million (vs. RMB 1,431 million loss YoY).

• Gross margin declined by 3.44 percentage points to 0.04%.

• Basic and diluted EPS: -0.11 (vs. -0.06 YoY); ROE: -21.89% (vs. -9.94% YoY).

• Cash and cash equivalents at period end: RMB 5,507 million.

Outlook and guidance

• H2 2026 focus: reinforce safety, optimize network, control costs, and accelerate digital and green transformation.

• Plans to introduce 30 new aircraft and retire 22 in H2 2026, with further fleet expansion through 2028.

• Continued emphasis on cost control, service upgrades, and market expansion, especially in international and regional routes.