Japan Airlines (9201) Q3 2025 earnings summary

Executive summary

• Revenue for the nine months ended December 31, 2024 rose 10.9% year-over-year to JPY 1,385.9bn, with EBIT up 11.9% to JPY 144.2bn and net profit up 6.0% to JPY 91.0bn.

• Record Q3 (Oct–Dec) revenue and EBIT since re-listing, with EBIT margin at a record 12.1% for the quarter.

• Growth driven by strong international passenger demand, domestic recovery, LCC and Mileage/Finance expansion, and business model reforms.

• Recognized for customer satisfaction, ESG, operational safety, and received multiple industry awards.

• Received a Business Improvement Advisory from regulators due to alcohol-related cockpit crew misconduct; preventive measures reported.

Financial highlights

• Consolidated revenue for FY2024 Q3 (Apr–Dec) was JPY 1,385.9bn, up 10.9% year-over-year; EBIT rose to JPY 144.2bn (+11.9%), and net profit reached JPY 91.0bn (+6.0%).

• Q3 (Oct–Dec) revenue was JPY 484.1bn (+13.0% y/y), EBIT JPY 58.5bn (+55.2% y/y), and EBIT margin 12.1% (+3.3pt y/y).

• Operating expenses increased 11.0% y/y to JPY 1,253.7bn; EBIT margin for nine months was 10.4%.

• EBITDA for FY2024 Q3 was JPY 260.2bn, up JPY 21.1bn year-over-year.

• Interim EPS was 208.45 yen, up from 196.50 yen in the prior year.

Outlook and guidance

• Full-year forecast maintained: revenue JPY 1,930.0bn (+16.8%), EBIT JPY 170.0bn (+17.1%), profit attributable to owners JPY 100.0bn (+4.7%).

• Dividend forecast unchanged at 80 yen per share for FY2025; continued focus on capturing international demand and stimulating domestic demand.

• Profit sensitivity to fuel and FX rates is highlighted for Q4, with hedging in place to mitigate volatility.