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Qantas Group made a A$1.61 billion ($1.78 b) profit in the latest financial year, up 28% on a year earlier.

The airline group, including Qantas and Jetstar, said it carried four million more customers during the year.

The Qantas results were released shortly after Air New Zealand reported a $126 million net profit after tax in its annual report.

While Air New Zealand was battling a lacklustre domestic economy and engine maintenance issues, Qantas said it was enjoying strong demand across all segments.

But Qantas, like Air New Zealand, complained of high inflation.

“Despite the strong performance across the group, we saw some costs rise above the rate of inflation, which reduced the benefits of lower fuel,” Qantas Group chief executive Vanessa Hudson said today.

She said the Australian airline group faced ongoing increases in airport and government charges.

Hudson said Qantas was renewing its domestic fleet renewal and in the coming years would take delivery of more Airbus A321XLR narrow-body twin jets with lie-flat business-class seats.

“We will also be using more sustainable aviation fuel [Saf] from overseas airports while we continue efforts with Government and industry to establish a Saf industry in Australia.”

Hudson in a speech this morning also said business travel was rebounding in Australia.

“Qantas continued to benefit from the return of business-purpose travel with corporate travel almost back to pre-Covid levels domestically, showing that Zoom and Teams meetings have not ended face to face business meetings.”

The airline signalled flights from Australia’s eastern seaboard to London and New York were getting closer to reality.

These ultra long haul flights fall under the airline’s Project Sunrise plan, for which the Airbus A350-1000 was the chosen aircraft.

An Airbus A350-1000 demonstration flight at the 55th International Paris Airshow at Le Bourget in June. Photo / Panayotis Pavleas, Hans Lucas via AFP

Qantas said existing ultra-long-haul routes were enjoying strong financial performance.

“Work on Qantas’ first A350-1000ULR is progressing, with the aircraft entering the final assembly line in Toulouse, France in October 2025.”

The first aircraft was due to be delivered in October next year and fly its first non-stop ultra-long-haul commercial flight in the first half of calendar year 2027.

“Jetstar had a standout year, with its fleet renewal providing a significant boost to earnings,” Hudson said.

The budget airline carried about 25% more customers internationally to and from Australia than in the prior year.

The company said Jetstar had an especially positive performance in Japan, Thailand and South Korea.

Qantas acknowledged several recent scandals, including a May cyberattack in which data for about 5.7 million customers were compromised.

The company said it was still supporting impacted customers, with a helpline and specialist identity protection advice available.

And 10 days ago, Qantas was ordered to pay A$90m in penalties after it unlawfully sacked more than 1800 ground staff.

“Qantas has reiterated its apology to affected former employees for the impact that losing their jobs and the subsequent five-year legal process has had on them and their families,” the company said today.

Meanwhile, Jetstar is facing prosecution in New Zealand for misleading customers over refunds.

Jetstar was due to be sentenced today but it’s understood that matter has been pushed back to next week.

Financial outlook

On its outlook for the first half of the financial year ahead, Qantas said it expected strong ongoing travel demand.

“Group domestic unit revenue is expected to increase by 3% to 5% in the first half of FY26 compared to the previous year.”

International revenue was expected to increase by 2% to 3% over the same period.

Qantas Group

• Underlying pre-tax profit: $2.65b, up 15%
• Net profit after tax: $1.78b, up 28%
• Capital expenditure: $4.33b, up 22%
• Fully franked base dividend: 18.33c per share

Figures are in New Zealand dollars unless otherwise stated.

 is a business journalist covering aviation and courts. He has previously covered consumer affairs, crime, politics and courts.