Singapore Airlines (C6L) Q3 2025 TU earnings summary

Executive summary

• Q3 FY24/25 operating profit rose 3.3% year-over-year to $628.9M, with record quarterly revenue of $5,219M driven by strong passenger and cargo demand.

• Net profit surged 146.8% to $1,626.0M, mainly due to a one-off $1,098M non-cash gain from the Air India-Vistara merger.

• For the nine months ended December 2024, operating profit was $1,425M (down 34.1% year-over-year), while net profit reached $2,368M.

• Passenger and cargo segments remained robust despite competitive and yield pressures.

• Operating profit rose despite increased competition and yield normalization.

Financial highlights

• Q3 revenue hit $5,218.6M, up 2.7% year-over-year; 9M revenue was $14,716M, up 3.3%.

• Net fuel cost fell 9.7% year-over-year in Q3 due to lower fuel prices, despite a 10.1% increase in capacity.

• Non-fuel expenditure rose 8.6% year-over-year in Q3, below the 10.1% capacity increase.

• Q3 EBITDA was $2,448.7M (margin 46.9%), or $1,350.8M (margin 25.9%) excluding the Vistara gain.

• Basic EPS for Q3 was 54.7 cents, up from 16.0 cents a year ago.

Segment performance

• Singapore Airlines Q3 operating profit: $611.5M, up 6.1% year-over-year; 9M profit: $1,397.4M, down 33.1%.

• Scoot Q3 operating profit: $18.4M, down 53.8% year-over-year; 9M profit: $25.2M, down 74.3%.

• SIA Engineering Q3 operating profit: $4.8M, up from a loss; 9M profit: $8.2M, up from a loss.

• Group carried a record 10.2M passengers in Q3 (+7.2% year-over-year); passenger load factor was 88.2% for SIA and 87.4% for Scoot.

• Cargo flown revenue rose 9.7% in Q3, with loads up 14.6% and capacity up 12.8%; cargo yields fell 4.5%.