Jet2 (JET2) H1 2026 earnings summary

Executive summary

• Achieved record passenger numbers, revenue, and profitability for the half year ended 30 September 2025, with 14.09m passengers (+6% YoY), revenue of £5,342.2m (+5% YoY), and operating profit of £715.2m (+2% YoY).

• Basic EPS increased 8% to 300.4p, and diluted EPS rose 17% to 292.2p year-over-year.

• Announced a further £100m share buyback, completed £250m buyback, and increased interim dividend by 2.3% to 4.5p per share.

• Strategic expansion includes new operating bases at Bournemouth, London Luton, and a new base at London Gatwick to open in March 2026, expanding reach to 61 million people and 14 UK bases.

• Continued investment in fleet, digital technology, and AI-led revenue management, with high customer satisfaction and retention rates.

Financial highlights

• Revenue increased 5% year-over-year to £5,342.2m; operating profit up 2% to £715.2m; profit before tax at £800.3m.

• EBITDA reached £877.7m (margin 16.4%), and net cash from operations at ~£700m, with free cash flow of £370m.

• Basic EPS rose 8% year-over-year and 132% since 2019; return on capital employed averaged 17% over three years and stood at 23.5% mid-year.

• Cash and money market deposits at £3,354.4m, with net cash after borrowings and lease liabilities at £2,085.2m.

• Operating expenses increased 6% to £4,627.0m, with staff costs up 11% and accommodation costs up 7%.

Outlook and guidance

• Winter 2025/26 seat capacity up 7.7% to 5.5m; Summer 2026 seat capacity up 8.9% to 20.1m, including 900,000 from Gatwick.

• Operating profit expected in line with market expectations, excluding Gatwick start-up investment; near-term margin dilution anticipated from Gatwick.

• London Gatwick operation expected to reach profitability in FY29, with meaningful profit growth thereafter.

• Package holiday mix expected to remain flat year-over-year, targeting 60–65% for the full year.

• Approximately 70% hedged for Summer 2026 for both USD and jet fuel.