Key Highlights

  • Qantas Airways (ASX:QAN) shares traded at $8.95 on 11 September 2026, down 1.21% ($0.11) for the day, and down 23.70% over the past year.
  • Qantas is Australia's largest airline group, operating the Qantas and Jetstar brands alongside its Qantas Loyalty program.
  • FY26 Underlying Profit Before Tax fell $330 million to $2.06 billion, after a $420 million net impact from Middle East conflict-driven fuel costs.
  • The previously announced $150 million share buy-back will not proceed, though a fully franked final Dividend of 19.8 cents per share was declared.

Qantas Airways Limited (ASX:QAN) shares traded at $8.95 on 11 September 2026, down 1.21%, or $0.11, for the day. Over the past 12 months, the stock is down 23.70%. Qantas is Australia's largest airline group, operating domestic and international services under the Qantas and Jetstar brands, alongside its Qantas Loyalty frequent flyer program.

Latest Developments: FY26 Results

Middle East Conflict Weighs on Fuel Costs

Qantas reported Underlying Profit Before Tax of $2.06 billion for FY26, down $330 million on FY25, while Statutory Profit After Tax fell $316 million to $1.29 billion. The Group said the Middle East conflict had a net Earnings impact of $420 million, despite a $610 million increase in the fuel bill, as the airline adjusted fares, capacity and redeployed aircraft. Group Domestic delivered $1.44 billion in Underlying EBIT, while Group International Underlying EBIT declined to $650 million.

Qantas Loyalty Provides Earnings Resilience

Qantas Loyalty delivered Underlying EBIT growth of 12% to $625 million, with active members up 6% and points earned up 9%, supported by partners including Uber. The Group ended FY26 with $13.3 billion of Liquidity and net Debt of $6.2 billion, within its target range. The Board approved a fully franked final dividend of 19.8 cents per share, though the previously announced $150 million share buy-back will not proceed.

Catalysts on Investors' Watch

  • Qantas Loyalty's Underlying EBIT forecast to grow 5% to 7% in FY27, on track for its 2030 target of $800 million to $1.0 billion.
  • Continued fleet renewal, with up to 31 new aircraft expected to be delivered in FY27.
  • Strong Demand for flights to Europe, with premium cabin Revenue growing 15% during FY26.
  • Group Domestic total unit revenue expected to increase 8% to 10% in the first half of FY27 compared with 1H FY26.

Risks to Watch

  • Jet fuel prices are expected to remain elevated into FY27.
  • Group International Underlying EBIT declined due to significantly higher fuel costs.
  • The previously announced $150 million share buy-back will not proceed.
  • FY27 net Capital Expenditure is expected to rise to between $4.3 billion and $4.6 billion.

Conclusion

Qantas' share price on 11 September 2026 remains well below its level of a year ago, a period that included a decline in both underlying and statutory profit tied to Middle East conflict-driven fuel costs. The daily price movement and the FY26 results are separate developments, with the company's Loyalty division continuing to provide a measure of earnings resilience.