Singapore Airlines (C6L) Q1 2026 earnings summary

Executive summary

• Operating profit for Q1 FY25/26 was $405M, down 14% year-over-year, amid record passenger numbers but lower yields and higher non-fuel costs.

• Net profit fell 59% to $186M, mainly due to lower interest income and share of losses from associates, notably Air India.

• Passenger yields declined due to industry-wide capacity growth, while non-fuel costs rose from inflation, offsetting lower fuel prices.

• Maintains strong balance sheet and strategic focus to navigate ongoing uncertainties.

• Record passenger numbers achieved for both mainline and Scoot brands.

Financial highlights

• Total revenue rose 1.5% year-over-year to $4,790M, with passenger flown revenue up 0.9% and cargo revenue down 1.9%.

• Total expenditure increased 3.2% to $4,385.9M, driven by higher non-fuel costs (+8.5%) despite a 7.9% drop in net fuel cost.

• EBITDA was $1,015.1M (21.2% margin), down from $1,218.9M (25.8%) a year ago.

• Basic EPS was 6.3 cents, down from 12.8 cents year-over-year.

• Shareholder equity at $15.8B as of 30 June 2025; debt-equity ratio improved to 0.73.

Segment performance

• SIA and Scoot carried a record 10.3M passengers, up 6.9% year-over-year; group passenger load factor rose to 87.6%.

• Full-service carrier operating profit was $424.2M, down 9.4% year-over-year.

• Scoot posted a loss of $16.5M versus a $2.6M profit last year.

• SIA Engineering Group improved to $5.1M profit from $1.0M.

• Scoot expanded fleet and network, adding new aircraft and launching new routes in Asia and Europe.