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Last updated: April 2026

QAN FINANCIAL STATEMENTS

Qantas Airways Ltd — balance sheet, income statement and cash flow trends

QANQantas Airways Ltd

🇦🇺 Australia · AU · Industrials · Airlines

Value itDuel
PriceFinancialsPeers

Income Statement

Quarterly progression — trailing-twelve-month values
RevenueNet Income
010 B20 B202020212022202320242025

Profit Funnel

Q2 2025 · TTM
Revenue24.4 B A$Gross Profit6.6 B A$ · 27%Operating Income4.9 B A$ · 20%Pre-tax Income2.2 B A$ · 9%Net Income1.6 B A$ · 7%

Percentages are relative to revenue.

Key Figures

YoY change
Revenue24.4 B A$+17.9%
Gross Profit6.6 B A$+34.9%
Operating Income4.9 B A$+97.7%
EBITDA4.3 B A$+1.0%
Net Income1.6 B A$-0.6%

Peer Comparison· Airlines

CompanyRev. GrowthGross MarginEBITDA MarginNet Margin
QAN7.2%27.1%17.5%6.6%
AAL3.3%21.8%7.4%0.4%
THYAO3.1%16.0%18.6%12.5%
ALK13.9%78.4%7.7%0.5%
EIF27.5%24.5%22.7%5.4%
AC3.3%31.1%16.1%3.5%
Industry median5.0%26.6%15.8%5.3%
CompanyRev. GrowthGross MarginEBITDA MarginNet Margin
QAN7.2%27.1%17.5%6.6%
VGN-5.6%30.9%15.8%10.3%
Industry median5.0%26.6%15.8%5.3%

Balance Sheet

Quarterly period-end values
Total AssetsTotal LiabilitiesEquity
010 B20 B202020212022202320242025

Capital Structure

Q2 2025
Total Assets23.9 B
  • Equity1.3 B A$6%
  • Current Liabilities12.3 B A$52%
  • Long-term Liabilities10.2 B A$43%

Key Figures

YoY change
Total Assets23.9 B A$+24.0%
Total Liabilities22.5 B A$+17.7%
Total Equity1.3 B A$+1,058.6%
Cash & ST Investments1.9 B A$+20.1%
Total Debt9.4 B A$+54.3%
Net Debt7.6 B A$+65.8%

Peer Comparison· Airlines

CompanyCurrent RatioDebt/EquityNetDebt/EBITDAEquity/Assets
QAN0.32702.7%1.775.6%
AAL0.49-855.8%6.64-6.4%
THYAO0.9784.2%2.7544.8%
ALK0.43178.7%4.3918.4%
EIF1.64141.0%3.0332.8%
AC0.60452.2%1.528.2%
Industry median0.66141.0%1.9321.5%
CompanyCurrent RatioDebt/EquityNetDebt/EBITDAEquity/Assets
QAN0.32702.7%1.775.6%
VGN0.58-532.7%2.42-8.4%
Industry median0.66141.0%1.9321.5%

Cash Flow Statement

Quarterly progression — trailing-twelve-month values
Operating Cash FlowCapital ExpendituresFree Cash Flow
-2.5 B02.5 B5 B202020212022202320242025

Cash Flow Bridge

Q2 2025 · TTM
02 B4 B3.8 B A$Operating-4.1 B A$Investing-179 M A$Financing-473 M A$Net Change

Key Figures

YoY change
Operating Cash Flow3.8 B A$+6.9%
Capital Expenditures4.3 B A$+33.0%
Free Cash Flow-466 M A$-255.3%
Dividends Paid-800 M A$—

Peer Comparison· Airlines

CompanyCF MarginFCF MarginCapEx RatioCF/Net Income
QAN15.6%-1.9%17.8%236.8%
AAL8.7%2.0%6.7%2,408.9%
THYAO19.0%2.8%8.3%151.4%
ALK8.4%-3.3%11.7%1,658.9%
EIF19.9%-1.9%21.8%367.2%
AC17.1%5.4%11.7%494.8%
Industry median15.6%5.3%9.6%269.9%
CompanyCF MarginFCF MarginCapEx RatioCF/Net Income
QAN15.6%-1.9%17.8%236.8%
VGN28.9%17.5%11.3%280.0%
Industry median15.6%5.3%9.6%269.9%

Amounts are in the company’s reporting currency. Peer comparison tables use ratio-based metrics so currency differences do not distort the picture.

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Data on this page refreshes once per day. Price data as of Jul 3, 26. This content is for informational purposes only and is not investment advice.