Deutsche Lufthansa (LHA) Q3 2026 earnings summary

Executive summary

• Q3 revenue rose 9% to €12.240bn and adjusted EBIT increased 6% to €1.407bn, despite a €543m fuel-cost headwind.

• Jan–Sep revenue grew 8% to €32.127bn, but adjusted EBIT fell 20% to €1.178bn amid Middle East disruption, higher fuel costs and strikes.

Financial highlights

• Q3 net income rose 30% to €1.257bn; adjusted EBIT margin was 11.5%, down 0.4 percentage points YoY.

• Q3 fuel costs rose 27% to €2.546bn; staff costs increased 3% to €2.419bn and depreciation rose 7% to €638m.

• Q3 adjusted free cash flow was €793m, versus €818m a year earlier; operating cash flow was €1.145bn and free cash flow €1.164bn.

• Jan–Sep operating cash flow was €3.408bn, down 13%, and adjusted free cash flow was €1.809bn, down 2%.

• Jan–Sep net profit attributable to shareholders fell 35% to €715m; EPS was €0.60 versus €0.91.

Outlook and guidance

• FY26 adjusted EBIT guidance narrowed to €1.7bn–€2.0bn from €1.7bn–€2.2bn; FY26 revenue is expected to rise clearly.

• FY26 fuel expense is forecast at €9.3bn, €600m above the estimate from three months earlier; current forward curves imply €2.0bn more than FY25.

• FY26 net CapEx is forecast at ~€2.1bn, down from €2.5bn; adjusted free cash flow guidance remains ~€0.9bn.

• Q4 total RASK is expected to rise by double digits, with a target of 100% fuel-cost recapture; closing load-factor gaps remains important.

• 2027 ASK growth is targeted at mid-single digits, focused on intercontinental routes; continental capacity is expected to be flat, with Network Airlines CASK targeted to decline YoY.