Qantas Airways (QAN) H2 2026 earnings summary

Executive summary

• Achieved strong operational and customer satisfaction results despite record fuel prices and Middle East conflict, with highest customer satisfaction and NPS in a decade and world-leading operational performance.

• Underlying Profit Before Tax was AUD 2.064 billion, down AUD 330 million year-over-year, with statutory Profit After Tax at AUD 1.289 billion, and underlying EPS of 0.96 AUD.

• Robust cash flow of AUD 3.9 billion and net capital expenditure of AUD 4.0 billion supported major fleet renewal, with 29 new aircraft delivered and significant investments in training and sustainability.

• AUD 700 million returned to shareholders, with a total FY26 dividend of 39.6c per share.

• Around 25,000 non-executive employees to receive AUD 1,000 in shares as part of a share plan.

Financial highlights

• Revenue grew to AUD 25.5 billion, up from AUD 23.8 billion in FY25.

• Underlying earnings per share was AUD 0.96, down 13% year-over-year.

• Statutory profit after tax was AUD 1.289 billion, down AUD 360 million year-over-year, including Jetstar Asia closure and legal provisions.

• Operating margin was 9.2%; net debt ended at AUD 6.2 billion, within the target range.

• Total fuel cost for the year was AUD 5.7 billion, with a AUD 610 million increase in the second half.

Outlook and guidance

• Group TRASK for both domestic and international expected to rise 8%-10% in H1 FY27.

• Fuel cost for H1 FY27 projected at AUD 3.6 billion, with 85% Brent hedging.

• Qantas Loyalty underlying EBIT expected to grow 5%-7% in FY27, targeting AUD 800 million-AUD 1 billion by FY30.

• CapEx guidance for FY27 set at AUD 4.3 billion-AUD 4.6 billion.

• Net debt projected at the upper end of the target range by June 2027.