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Australia's flag-carrier airline group, operating full-service (Qantas) and low-cost (Jetstar) flights plus a large loyalty program.
Australia's flag-carrier airline group, operating full-service (Qantas) and low-cost (Jetstar) flights plus a large loyalty program.
Flies passengers across Australia and abroad under two brands, a full-service one and low-cost Jetstar, and its Frequent Flyer program sells points to banks and other partners, bringing recurring income with little link to seat sales. Its Australian domestic market has few big rivals, with Virgin Australia the main one.
In one line: Australia's Delta, with a Southwest-like budget arm.
Moat: narrow (brand, network effects, installed base). Dominant domestic slot/network position and a large, sticky frequent-flyer loyalty ecosystem.
Headquarters: Sydney, Australia · Founded: 1920 · Employees: 32,000
Size Qantas Airways (QAN.AX) is an Australia Industrials company (Airlines) with a market value of $9.79B, the 36th largest of 316 Australia companies the cockpit tracks. Shares closed at A$9.45 on 6 Nov 2026.
Performance Over six months the shares gained 9.0%, against +7.4% for the median peer and +4.1% for the Australia market (cap-weighted) — 10th highest of 21 in its peer set.
Growth Revenue grew 7.6% over the last twelve months (peer median +10.6%); the operating margin is 7.2% (peer median 5.8%).
Valuation It trades at 10.9× forward earnings against a peer median of 14.5× (6th cheapest of 15).
Capital Return on invested capital runs 6.5 points above its cost of capital (8.2% WACC).
Credit Qantas Airways has 5 bonds outstanding ($1.66B), rated Baa2 by the agencies and trading like BBB- at a weighted spread of 144 bp.
Next results Next results expected around 25 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | |
|---|---|---|---|---|---|
| Revenue | A$25.2B | A$25.2B | A$23.4B | A$21.6B | A$19.5B |
| Revenue growth | — | +8% | +8% | +11% | — |
| Gross profit | A$4.83B | A$4.81B | A$4.84B | A$4.38B | A$4.85B |
| EBITDA | A$4.08B | A$4.19B | A$4.15B | A$3.97B | A$4.50B |
| Net income | A$1.29B | A$1.29B | A$1.60B | A$1.25B | A$1.75B |
| Free cash flow | -A$201M | -A$201M | A$335M | A$680M | A$2.49B |
| Capital expenditure | A$3.97B | A$3.97B | A$3.81B | A$2.67B | A$2.56B |
| Total debt | n/a | A$10.4B | A$7.96B | A$6.59B | A$6.73B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Qantas Airways QAN.AX | $9.79B | +9% | +8% | 7% | 10.9× | n/a |
| Virgin Australia VGN.AX | $1.48B | +18% | +9% | 11% | 6.6× | -13.4% |
| Singapore Airlines C6L.SI | $17.2B | +11% | +5% | 12% | 30.1× | -11.0% |
| Cathay Pacific Airways 0293.HK | $11.7B | +19% | +20% | 11% | 8.1× | -12.4% |
| Delta Air Lines DAL | $57.4B | +19% | +14% | 7% | 13.4× | 9.9% |
| United Airlines UAL | $36.6B | +13% | +12% | 6% | 13.6× | 7.8% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | QAN.AX | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +8.5% | +5.8% | 7th highest of 21 |
| 6-month return | +9.0% | +7.4% | 10th highest of 21 |
| Distance from 52-week high | -14.8% | -18.3% | 10th highest of 21 |
| Revenue growth (TTM) | +7.6% | +10.6% | 4th lowest of 21 |
| Operating margin | 7.2% | 5.8% | 10th highest of 21 |
| Forward P/E | 10.9× | 14.5× | 6th cheapest of 15 |
| ROIC minus cost of capital | +6.5 pp | -0.1 pp | 3rd highest of 21 |
| EV / EBITDA | 5.2× | 5.2× | 7th most expensive of 14 |
| Net debt / EBITDA | 1.7× | 2.2× | 9th least indebted of 19 |
| Bond spread | 144 bp | 101 bp | 2nd widest of 6 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Qantas Airways QAN.AX | Australia | $9.79B | +9% | +8% | 7% | 10.9× | n/a | n/a |
| Ana 9202.T | Japan | $9.77B | +24% | +17% | 8% | 13.1× | -10.0% | +28.4% |
| Japan Airlines 9201.T | Japan | $9.08B | +34% | +10% | 8% | 15.3× | -9.7% | +33.1% |
| China Eastern Airlines 600115.SS | China | $10.7B | -18% | +11% | -6% | n/a | 6.9% | +19.0% |
| American Airlines AAL | United States | $8.73B | -1% | +12% | 2% | n/a | n/a | n/a |
| Deutsche Lufthansa LHA.DE | Germany | $11.4B | +7% | +8% | -1% | 9.7× | n/a | n/a |
| Cathay Pacific Airways 0293.HK | Hong Kong | $11.7B | +19% | +20% | 11% | 8.1× | -12.4% | +20.0% |
| KAL 003490.KS | South Korea | $7.99B | +20% | +21% | 2% | 21.1× | n/a | n/a |
| Hainan Airlines 600221.SS | China | $7.85B | -20% | +6% | -3% | 24.2× | 5.0% | +18.4% |
| China Southern Airlines 600029.SS | China | $12.2B | -4% | +8% | -3% | n/a | n/a | n/a |
| Air China Cargo 001391.SZ | China | $7.12B | -21% | +10% | 9% | n/a | n/a | n/a |
| Eva Airways 2618.TW | Taiwan | $7.12B | +28% | +6% | 14% | 10.1× | -17.0% | +19.9% |
| easyJet EZJ.L | United Kingdom | $6.96B | +90% | +10% | 5% | 68.9× | 4.8% | +27.4% |
| LATAM Airlines Group SA Sponsored ADR LTM | United States | $13.8B | -7% | +21% | 14% | 7.0× | -7.2% | +29.3% |
| Spring Airlines 601021.SS | China | $6.51B | -6% | +16% | 6% | 26.0× | n/a | n/a |
| Air China 601111.SS | China | $15.3B | -7% | +9% | -7% | n/a | 10.0% | +19.8% |
| Copa CPA | United States | $5.87B | +16% | +15% | 19% | 9.0× | n/a | n/a |
| Singapore Airlines C6L.SI | Singapore | $17.2B | +11% | +5% | 12% | 30.1× | -11.0% | +40.0% |
| Exchange Income EIF.TO | Canada | $4.77B | +13% | +33% | 11% | 24.6× | n/a | n/a |
| Southwest Airlines LUV | United States | $21.8B | +8% | +14% | 5% | 13.7× | n/a | n/a |
| Alaska Air ALK | United States | $4.35B | -5% | +8% | -1% | n/a | n/a | n/a |
Qantas Airways has 5 bonds outstanding with $1.66B face value. The agencies rate it Baa2; its bonds trade like BBB-. Weighted yield 6.24%, a spread of 144 bp over government bonds.