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Singapore Airlines reports 57% drop in annual net profit
May 15th 2026
Singapore Airlines (SIA) Group posted a net profit of S$1.18 billion ($927 million) for the Financial Year FY2025/26 ended March 31, a 57% drop from a year ago. Read More » SIA said the decline was primarily due to the absence of the S$1,098 million non-cash accounting gain recognized in November 2024 upon the completion of the Air India-Vistara merger. The swing from a share of profits from associated companies last year to a loss this year (-S$846 million) was due to the Group accounting for its share of Air India’s full-year losses, rather than only four months the previous year. SIA and Scoot carried a record 42.4 million passengers in FY2025/26, up 7.7% year-on-year as the global demand for air travel remained robust. Group passenger load factor (PLF) rose 1.1 percentage points to 87.7%, as traffic growth of 4.7% outpaced capacity expansion of 3.4%. As a result, the Group achieved a record revenue of S$20,522 million for FY2025/26, up S$982 million (+5.0%) year-on-year. “Heightened geopolitical tensions, including the conflict in the Middle East, are a major headwind for the airline industry. The most immediate impact is on jet fuel prices, which have more than doubled since the conflict began, adding significant cost pressure for airlines. As the Group’s fuel bills are typically priced on a lagged basis, the impact is only partially reflected in March 2026. The full impact is expected to feed through in FY2026/27. While SIA and Scoot have raised airfares across their networks, the adjustments do not fully offset the rise in jet fuel prices, which is the Group’s single largest expenditure item. Depending on the duration and how the situation in the Middle East develops, there could be broader implications for supply chains and macroeconomic conditions affecting demand patterns,” SIA said in its outlook. “At the same time, these shifts may present opportunities for the SIA Group. The Group’s well-diversified global passenger and cargo network, anchored by the strength of Singapore as a strategic hub, and its dual-brand portfolio of SIA and Scoot, provide the flexibility to adjust schedules and capacity where necessary, and pursue opportunities as they arise,” it added.
