Japan Airlines (9201) Q1 2026 earnings summary

Executive summary

• Revenue grew 11.1% year-over-year in Q1 FY2025, driven by strong international and domestic passenger demand and stimulus measures.

• EBIT more than doubled year-over-year to ¥45.5 billion, with net profit up 93.7% to ¥27.1 billion.

• Comprehensive income increased 44.0% year-over-year to ¥26.0 billion, reflecting robust operational performance.

• All major business segments, including Full Service Carrier, LCC, and Mileage/Finance, reported increased revenue and profit year-over-year.

• The business environment benefited from moderate economic growth and a recovery in travel demand.

Financial highlights

• Q1 FY2025 revenue: ¥471.0bn (+11.1% y/y); EBIT: ¥45.5bn (+105.7% y/y); net profit: ¥27.0bn (+93.7% y/y).

• Operating expenses rose 7.2% year-over-year, with fuel costs stable and non-fuel expenses up 9.6%.

• EBIT margin improved to 9.7% from 5.2% year-over-year; EBITDA margin rose to 18.3%.

• Basic earnings per share rose to ¥60.04 from ¥32.00 in the prior year quarter.

• Total assets increased to ¥2,996.3bn, and cash and cash equivalents at quarter-end were ¥950.2bn, up ¥201.1bn from the previous fiscal year-end.

Outlook and guidance

• FY2025 full-year revenue forecast: ¥1,977.0bn; EBIT: ¥200.0bn; net profit: ¥115.0bn, unchanged from previous guidance.

• Dividend forecast for the fiscal year ending March 31, 2026, is ¥92.00 per share.

• Q2 EBIT expected to align with plan, though international passenger revenue may fall short due to lower fuel surcharges.

• Sensitivity analysis shows profit impact from fuel and FX fluctuations, with hedging in place to mitigate volatility.