easyjet (EZJ) H2 2025 earnings summary

Executive summary

• Reported third consecutive year of earnings growth, with FY25 PBT of £665m, up 9% year-over-year, and EBIT of £703m, up 18% year-over-year.

• easyJet holidays delivered £250m PBT, meeting its target early, with 20% customer growth and 32% profit growth.

• Operational performance improved: on-time performance up 3ppts to 72%, airline customer satisfaction up 4ppts to 80%.

• Net cash position increased to £602m, up £421m year-over-year, and owned asset value rose to £4.8bn.

• Ambition to deliver over £1bn group PBT in the medium term.

Financial highlights

• Group revenue grew 9% to £10,106m, with passenger and ancillary revenues each up 6%, and holidays revenue up 27%.

• EBIT improved 18%, with £56m growth from holidays and £50m from the airline segment.

• Return on capital employed reached 18%, up from 13% at target inception.

• Net cash improved to £602m, and cash and other investments totaled £3,528m.

• Dividend of 20% of PAT paid.

Outlook and guidance

• Upgraded easyJet holidays profit target to £450m by 2030.

• Targeting over £1bn group PBT, building on a £665m base.

• Airline seat capacity to grow 3% in FY26, with ASK capacity up 7%.

• Forward bookings strong: Q1'26 81% sold (+2ppts YoY), Q2'26 26% sold (+1ppt YoY).

• CASK expected to moderately increase next year, with productivity gains and lower fuel costs offset by inflation.