Jet2 plc Q4 2026 Earnings Recap

The stock climbed 6.6% as Jet2 delivered stronger-than-expected passenger growth and maintained resilient margins despite cost pressures, supported by disciplined capital returns and a confident outlook on fleet expansion and regional base growth.

Key Takeaways

• Passenger numbers rose 5% to over 20 million, driven mainly by new bases at London Luton and Bournemouth.
• Flight-only passengers grew 15%, with a 7% decline in net ticket yield offset by marketing reallocation and improved load factors.
• Package holiday customers increased 1%, with pricing up 3%, benefiting from higher-end hotel mix and partial supplier inflation pass-through.
• Operating profit margin held steady at 5.9% despite £11 million in Gatwick startup costs and rising hotel and handling expenses.
• Strong cash generation continued with £495 million free cash flow; launched an additional £250 million share buyback program to be completed by May 2027.