easyJet plc Earnings Recaps
Q2 2026
May 26, 2026
easyJet's half-year results came in line with prior guidance, with no material surprises to move the stock following the release. The market reaction of 0.0% reflects investor neutrality towards the reported seasonal losses, capacity growth, and cost pressures.
Key takeaways
- Underlying H1 results matched the April trading statement, with no deviation from prior outlook.
- Winter losses remain above initial targets, driven partly by volatile fuel costs adding GBP 25 million in March.
- Seat capacity grew 24% over the past three winters, boosting aircraft utilization by 20% to pre-COVID levels.
- Passenger numbers rose 6%, lifting load factor by 2 percentage points to 90%, while easyJet Holidays demand grew 22%, with a 39% profit increase.
- Cost inflation and airport fee hikes (notably 35% at Schiphol) weighed on margin improvement; management expects low single-digit CASK ex fuel growth in summer.
Q4 2025
Nov 27, 2025
easyJet reported a third consecutive year of earnings growth, with a 9% increase in profit before tax to GBP 665 million and an impressive 18% improvement in EBIT driven by strong performance in both the airline and holiday segments.
Key takeaways
- Achieved a GBP 250 million medium-term target for holidays two years ahead of schedule, with a 20% increase in packaged holiday customers.
- Owned aircraft assets expanded to GBP 4.8 billion, projected to reach over GBP 7.5 billion by FY28 due to upcoming Airbus deliveries.
- Improved net cash position to GBP 602 million, enhancing liquidity to support aircraft pre-financing plans.
- Customer satisfaction rose to 80%, the highest level in over a decade, indicating effective resilience measures amidst operational challenges.
- Despite near-term challenges, the company remains confident in achieving its GBP 1 billion profit target, bolstered by a maturing domestic program and strategic investments in key markets.