Highlights

  • Qantas Airways Ltd (ASX:QAN) reported FY2026 Underlying Profit before tax of $2.06 billion and statutory profit after tax of $1.29 billion.
  • The company delivered $4.0 billion in group net Capital Expenditure as fleet renewal continued.
  • At the time of writing on 22 September 2026, Qantas Airways Ltd (ASX:QAN) was trading at AUD 8.95, up 1.82% during today’s trading session.
  • Qantas declared a final Shareholder Dividend of $300 million, equivalent to 19.8 cents per share.

Qantas Airways Ltd (ASX:QAN) is an Australian aviation group operating passenger airlines, loyalty programs and freight services through brands including Qantas and Jetstar. The company has released its FY2026 results, outlining financial performance, fleet investment, customer metrics and operational developments across its businesses.

At the time of writing on 22 September 2026, Qantas Airways Ltd (ASX:QAN) was trading at AUD 8.95, up 1.82% during today’s trading session.

Company Business

Qantas operates domestic and international passenger services, freight operations and loyalty programs. The group’s airline businesses include Qantas and Jetstar, supported by aircraft fleets, airport operations, customer services and technology platforms.

The company’s FY2026 operations included domestic flying, international routes, freight activities and Qantas Loyalty. The group continues to invest in fleet renewal, customer facilities and operational capabilities.

Qantas’ Business performance is influenced by travel demand, fuel costs, capacity management, aircraft availability and broader economic conditions. The dual-brand structure allows the company to serve different customer segments across domestic and international markets.

Recent Development

In August 2026, Qantas released its FY2026 results. The company reported underlying profit before tax of $2.06 billion, down $330 million compared with FY2025, while statutory profit after tax was $1.29 billion, down $316 million.

The company reported a $420 million net Earnings impact from the Middle East conflict, following a $610 million increase in fuel costs. Qantas stated that fare adjustments, capacity changes and aircraft redeployment helped reduce the impact.

Fleet renewal remained a key focus, with 17 new aircraft delivered during FY2026. The company expects up to 31 additional aircraft to arrive in the following year. The first Project Sunrise A350-1000ULR aircraft is expected to arrive in April, supporting future international network developments.

Qantas also announced further customer initiatives, including improvements to Business seats, frequent flyer enhancements and a new Training centre in Mascot as part of a broader $100 million Investment in facilities.

Financial Performance and Sector Context

Qantas reported underlying Earnings Per Share of 96 cents in FY2026, down 14 cents compared with the previous year. Group net capital expenditure reached $4.0 billion, up 3%, reflecting continued investment in fleet renewal.

The company ended FY2026 with $13.3 billion of liquidity, including $3.3 billion in cash, $2.1 billion in committed undrawn facilities and $8.0 billion in unencumbered fleet and other assets. Net Debt stood at $6.2 billion.

Group Domestic generated underlying EBIT of $1.44 billion. Qantas Domestic Revenue increased 5%, supported by a 3% increase in capacity. Jetstar Domestic earnings increased 15%, with revenue increasing 11% due to capacity growth and record passenger numbers.

Group International underlying EBIT was $650 million, impacted by higher fuel costs. Qantas International revenue increased 8%, supported by a 7% increase in capacity, while premium cabin revenue increased 15%.

Qantas Loyalty delivered underlying EBIT growth of 12% to $625 million. Active members increased 6%, while points earned increased 9%. The company expects the segment to continue contributing to earnings with FY2027 underlying EBIT growth forecast at 5-7%.

The aviation sector continues to be influenced by fuel prices, aircraft supply, travel demand, labour costs and global economic conditions. Airlines are managing these factors through fleet planning, capacity adjustments and operational efficiency programs.

Risks to Consider

Key risks include fuel price volatility, geopolitical developments, currency movements, aircraft delivery schedules, labour costs, regulatory changes and fluctuations in passenger demand.

Airline businesses may also face operational risks associated with fleet availability, airport capacity, weather conditions and broader economic uncertainty.

What to Watch Next

Future developments may include Project Sunrise fleet progress, international network expansion, customer initiatives, cost transformation programs and FY2027 financial performance.

Qantas expects FY2027 Group Domestic total unit revenue to increase approximately 8-10% in the first half compared with the first half of FY2026. Group International total unit revenue is also expected to increase 8-10%.

Key Insights

Qantas reported FY2026 underlying profit before tax of $2.06 billion, statutory profit after tax of $1.29 billion and continued investment in fleet renewal. The company continues to manage aviation market conditions through capacity planning, customer initiatives and operational investment.