Spring Airlines (601021) Q3 2026 earnings summary

Executive summary

• Q3 revenue rose 8.47% YoY to RMB 7.02bn, while net income fell 31.37% to RMB 800.8m as higher jet fuel costs reduced gross margin.

• 9M revenue increased 15.38% YoY to RMB 19.35bn; net income declined 21.08% to RMB 1.84bn.

Financial highlights

• Q3 profit before tax was RMB 1.03bn, down 33.03% YoY; adjusted net income, excluding non-recurring items, was RMB 790.6m, down 32.13%.

• 9M adjusted net income, excluding non-recurring items, was RMB 1.82bn, down 21.46% YoY.

• 9M operating income was RMB 2.39bn versus RMB 3.09bn in 2025; operating costs totaled RMB 17.90bn versus RMB 14.62bn.

Key financial ratios and metrics

• Basic and diluted EPS were RMB 0.84 in Q3, down 30.00% YoY; 9M EPS was RMB 1.92, down 20.00%.

• Weighted average ROE was 4.46% for Q3 and 10.06% for 9M, down 2.04 and 2.87 percentage points YoY, respectively.

• Operating cash flow was RMB 6.15bn for 9M, up 10.94% YoY.

• Total assets were RMB 52.41bn at Sept. 30, up 11.81% from year-end 2025; parent equity was RMB 18.13bn, down 0.19%.