Korean Airlines (003490) Q3 2026 earnings summary

Executive summary

• 3Q 2026 estimated revenue rose 25.9% YoY to KRW 5.045t; operating income increased 11.9% to KRW 421.2b, while operating margin declined to 8.3% from 9.4%.

• Net income reached KRW 929.7b, supported by KRW 1,070.2b in FX gains; non-operating income was KRW 847.3b.

Financial highlights

• Revenue increased KRW 1,036.3b YoY: passenger traffic added KRW 496.3b, cargo KRW 365.6b, aerospace KRW 76.8b, and other revenue KRW 97.6b.

• Operating expenses rose 27.3% YoY to KRW 4,623.6b; fuel expense increased 67.0% to KRW 1,696.2b.

• Net income increased from KRW 91.9b to KRW 929.7b; income before tax rose to KRW 1,268.5b from KRW 145.4b.

Outlook and guidance

• Passenger operations will maintain margin-focused capacity management amid high fuel prices, while seeking inbound and transit demand; new routes planned to Melbourne and Hiroshima.

• Cargo plans include flexible capacity, peak-season ad-hoc and charter flights, and targeting seasonal specialty cargo and project demand.

• Engine MRO facility completion is targeted for Q4 2026, with full operation in H2 2027; 2030 targets include 12 overhaul-capable engine models and annual maintenance volume above 500 engines.