Qantas Airways — network, fleet and capital record

This record covers Qantas Airways Limited and its controlled entities, described in the annual reports as the Qantas Group, for each year ended 30 June from FY2021 through FY2025. Qantas Airways Limited is an Australian for-profit company limited by shares (ABN 16 009 661 901); the FY2023 report gives its registered office as 10 Bourke Road, Mascot, NSW 2020. The financial-report boundary is a consolidated accounting boundary: in FY2022 it expressly included Qantas, controlled entities and the Group’s equity-accounted interests. It should not be read as a list of every airline, brand, customer programme, aircraft operator or investment that contributes to the Group’s commercial activity.

Across the five reports, the Directors describe the Group’s principal activities as international and domestic air transportation, freight services and a frequent-flyer loyalty programme. The operating reviews organise that activity into Qantas Domestic, Qantas International, Jetstar Group and Qantas Loyalty, with Corporate and Unallocated/Eliminations shown separately. From FY2024 the review title is Qantas International including Freight; this is a reporting-label and presentation boundary. It does not make Qantas International passenger activity, Qantas Freight activity, the Group International geographic aggregation and the segment result interchangeable measures.

The annual reports use Underlying PBT as the primary performance measure for the CEO, Group Leadership Team and Board. For operating segments, Qantas reports Underlying EBIT; Corporate is measured on Underlying PBT because net finance costs are centrally managed. Therefore, a segment Underlying EBIT, Group Underlying PBT, statutory profit before tax and statutory profit after tax must not be substituted for each other.

Two additional disclosure boundaries matter to this five-year record. First, the FY2023 impairment disclosures identify CGUs including Qantas Domestic, Qantas International, Qantas Freight, Jetstar Australia/New Zealand, Qantas Loyalty and TripADeal; CGUs are impairment-testing units, not a replacement segment-result table. Second, the announced closure of Jetstar Asia illustrates the date rule used throughout: the closure was announced on 11 June 2025, but operations ceased on 31 July 2025. It is consequently identified as a post-30-June-2025 event, rather than presented as a completed FY2025 operating change. Each annual report also reserves confidential or commercially sensitive information where disclosure could unreasonably prejudice the Group; absence of a figure in this record is not evidence that an underlying matter did not exist.

The five financial years cover a disruption-and-restoration sequence, but not a uniform operating environment. The chronology below retains the annual reports’ stated dates, measures and qualifications. “Pre-COVID” comparisons are Qantas’s stated FY2019 proxy; they are contextual comparators rather than replacements for the FY2021–FY2025 sequence.

This chronology records the issuer’s descriptions rather than assigning independent causes. In particular, government-support programme participation is not treated as passenger revenue; Qantas’s cost-benefit, operating-margin, unit-cost, Net Free Cash Flow and underlying-profit measures retain the issuer’s respective definitions. It also separates completed FY2025 items from matters that occurred after the balance date.

The Group operating series below uses Qantas’s reported annual-review statistics. ASK and RPK are shown in millions; passengers are shown in thousands, including years where the underlying annual-report table displays the equivalent number in millions. The fleet figure is the year-end fleet-summary count and carries the relevant annual-report inclusion/exclusion boundary; it is not an all-operator aircraft count. No missing statistic has been estimated.

Qantas defines ASK as available passenger seats multiplied by kilometres flown, RPK as passengers carried multiplied by kilometres flown, and revenue seat factor as RPK divided by ASK. It defines RASK as ticketed passenger revenue divided by ASK. In FY2024 and FY2025 it defines total unit cost as net expenditure—Underlying PBT excluding ticketed passenger revenue—per ASK. The stated FY2024–FY2025 ex-fuel unit-cost definition further excludes fuel, equity-accounted-investment profit or loss, and provision discount-rate changes before division by ASK. These are reported management definitions; they do not turn unit-cost figures into audited statutory line items.

The annual reports make the capacity comparability boundary explicit. FY2021 Group capacity was 81% below FY2019, which Qantas attributed principally to largely grounded international passenger operations and domestic capacity averaging 51% of pre-COVID flying. FY2022 ASK was 67% below FY2019 and RPK 73% below FY2019; Qantas attributed the RASK comparison to domestic/international revenue mix and the unit-cost comparison to fixed costs spread across fewer ASKs. In FY2023, Qantas reported ASK growth of 132%, RPK growth of 184% and rounded seat-factor movement from 68% to 83% versus FY2022. In FY2024 it reported capacity up 21% and RPK up 20%, with seat factor broadly steady at 83%; its stated explanation for lower unit cost referred to removal of temporary disruption costs and restoration of international capacity, offset by customer investment and industry cost growth. FY2025’s 8% ASK increase is reported in the chronology above with the issuer’s stated drivers.

The series should consequently be read as a record of reported activity and definitions, not as a normalised passenger-demand or yield model. FY2019 values shown by Qantas—FY21’s 151,430m ASK, 127,492m RPK, 55,813 thousand passengers and 84.2% seat factor—are preserved in annual-report context only; they are not a sixth year in this report.

Reporting boundary

Qantas presents Qantas Domestic as an operating segment. References to QantasLink in the annual reports describe regional, resources and Network Aviation flying and the aircraft/operating arrangements used in that work; they are not a separate reportable-segment result in the tables below. Aircraft counts follow the relevant year’s fleet-summary basis. In particular, the E190s operated by Alliance Airlines are capacity-hire/wet-lease aircraft, rather than Qantas-owned aircraft.

Five-year segment record

Underlying EBIT and operating margin are Qantas’ reported management measures. FY2021 disclosed segment ASK, seat factor, Underlying EBIT and Underlying EBITDA; the FY2021 source in this record does not provide a matching revenue/margin row, so no value has been reconstructed. A year-on-year change should not be read as a like-for-like route, aircraft-ownership or COVID-comparability measure without the qualifications below.

FY2021–FY2022: restricted flying, route support and the restart record

In FY2021 Qantas Domestic reported 16,951m ASK, a 58.3% seat factor, Underlying EBIT loss of $590m and Underlying EBITDA of $159m. Qantas said it launched 27 domestic routes in the financial year and reached 86% of pre-COVID flying in May 2021. It described a network containing commercial services alongside Tourism Aviation Network Support (TANS) and Regional and Domestic Aviation Network Support (RANS/DANS) services. The FY21 results presentation separately listed 46 domestic routes announced—39 Qantas Domestic and seven Jetstar Domestic—and 31 launched in FY2021, of which 27 were Qantas Domestic and four Jetstar Domestic; the balance was described as for FY2022 launch. Those announcement and launch counts are not a statement that all routes operated for the full year or remained permanent.

The FY2021 review also recorded that 95% of Qantas Domestic flights were cash-flow positive and that 34 corporate/SME accounts were won. Qantas consolidated East Coast 717/turboprop bases, deployed 11 A320s in Western Australia for resources demand, and expanded its Alliance Aviation capacity-hire arrangement to up to 18 aircraft. Fly Flexible was extended to February 2022. At 30 June 2021, the QantasLink/Network Aviation fleet register listed 20 717-200s, 19 Q200/Q300s, 31 Q400s, 18 F100s and 10 A320-200s; six A320-200s had transferred from Jetstar during FY2021 and one F100 was acquired for Network Aviation. Four aircraft had been activated under the Alliance E190 capacity-hire arrangement.

FY2022 remained a recovery rather than a normal operating base. Qantas Domestic reported $3,448m revenue, an Underlying EBITDA loss of $27m, Underlying EBIT loss of $765m, a (22.2)% operating margin, 21,233m ASK and 60.9% seat factor. Qantas described domestic flying at 63% of pre-COVID level across the full year, average capacity at 98% in Q4, and June seat factor at 74%; these are different time bases. The route count was 132 at 30 June 2022. Alliance-operated E190 capacity reached 12 aircraft and was described as supporting resources-market activity.

Qantas announced an agreement in FY2022 to acquire the 80% of Alliance Aviation Services Ltd it did not already own, conditional on ACCC clearance and Alliance shareholder approval. This report records that as an announced/conditional transaction at the FY2022 reporting date, not as a completed acquisition. Qantas also reported approximately $450m of annualised Recovery Plan cost benefits since the programme began. Its FY2022 domestic review recorded record sick leave and a tight labour market in the second half, with cancellations, disrupted bags and below-standard on-time performance; recruitment, schedule-resilience, self-service kiosk and contact-centre measures were described as actions.

FY2023–FY2025: capacity restoration and a multi-fleet QantasLink transition

For FY2023, Qantas Domestic reported $6,980m revenue, $1,270m Underlying EBIT and an 18.2% operating margin, alongside 32,513m ASK and a 76.2% seat factor. Qantas stated domestic capacity had returned to 96% of pre-COVID level. It reported continued resource-sector strength and approximate market shares of 80% in Corporate and 54% in SME; these are issuer-reported positions, not independently measured market-share findings in this report. The domestic fleet-renewal programme commenced in H2 FY2023. Qantas expected the first A220 delivery in FY2024 and said the programme was intended to enable retirement planning for 20 717-200s—an expected programme outcome at that stage, rather than an FY2023 retirement.

The FY2023 review described first-half sick leave, supply-chain and wider-industry challenges, then steadier second-half operating performance after recruitment and network-resilience investment. In its fleet record, QantasLink activated six additional Alliance wet-lease E190s; two A320-200s transferred from Jetstar Australia to QantasLink for resources-market support, and one A320-200 was returned to its lessor. At 30 June 2023 the fleet table recorded 20 717-200s, 19 Q200/Q300s, 31 Q400s, 18 E190s, 18 F100s and 13 A320-200s, or 119 aircraft in the stated QantasLink grouping.

FY2024 Qantas Domestic revenue was $7,241m, Underlying EBIT $1,063m and operating margin 14.7%, compared with $6,980m, $1,270m and 18.2% in FY2023. ASK was 32,950m and seat factor 76.0%. Qantas attributed the 16% EBIT decline to moderation in premium-leisure demand, new-fleet entry-into-service costs and continuing customer investment. The report recorded Qantas Domestic on-time performance at 80% in FY24 Q4—10 percentage points above FY24 Q2—mishandled bags down 33% from FY2023, and performance ahead of the named major competitor in 11 of 12 months. These are the stated quarterly/year-comparison measures, not a full-year on-time average.

Two QantasLink A220-300s were delivered in FY2024 and Qantas expected five further deliveries in FY2025. Three mid-life A319-100s were introduced for Western Australian resources capacity. The fleet table separately recorded two A220 deliveries, 11 717-200 exits, eight E190 wet-lease additions, three A319-100 introductions, two A320-200 transfers in and one F100 exit. Qantas also said resources flying remained strong, corporate and SME positions remained leading, and non-resource corporate demand was gradually recovering toward pre-COVID level.

In FY2025 the segment reported $7,615m revenue, $1,056m Underlying EBIT, 13.9% operating margin, 32,479m ASK and 78.1% seat factor. The report stated corporate and SME traffic-share positions of about 80% and 54%, respectively, and said expanded A319 operations supported 9% charter-revenue growth. The first Qantas A321XLR was delivered. QantasLink received five A220s; nine 717s were retired; one F100 exited; five mid-life A319s were introduced; seven mid-life Q400s were deployed; and five Q200/Q300 aircraft were phased out. Qantas described further Alliance E190 capacity as bridging capacity during renewal; the fleet summary listed 30 Alliance wet-leased E190s.

FY2025’s domestic renewal costs were itemised as $64m for workforce training and other entry-into-service activity, $37m for A220-delivery-delay transition inefficiencies, and $26m for non-recurring fleet-retirement/exit costs including engineering restructuring and non-cash write-downs. The report said domestic on-time performance improved two points to its highest result since H2 FY2019 and NPS rose 11 points, attributing the customer measures to stated digital, Classic Plus, lounge and Group Boarding investments. These are Qantas’ reported cost categories and attributions; they are not a forecast of future segment costs or performance.

QantasLink and regional/resources fleet transition register

Reporting boundary

The earlier annual reviews title the lane Qantas International; later reviews explicitly label it Qantas International (including Freight). Segment revenue, Underlying EBIT, margin, ASK and seat factor therefore should not be treated as freight-only measures. Freight revenue/activity and dedicated-/wet-leased-freighter information are shown separately only where Qantas provides that distinction. A passenger-route restart, a freighter conversion, an aircraft order and a future Project Sunrise timetable are distinct statuses.

Five-year segment record

FY2021–FY2022: grounding, repatriation/freight operations and staged restart

FY2021 Qantas International reported 640m ASK, 42.8% seat factor and Underlying EBIT loss of $575m. Qantas described passenger services as largely grounded apart from the New Zealand travel bubble and Australian-government-sponsored repatriation charters. Trans-Tasman restart averaged 40% of pre-COVID flying in FY21 Q4, subject to directional demand and border closures. The A330 and 787 fleets operated 8% of pre-COVID block hours for freight and repatriation; Qantas said this maintained operational readiness and crew recency.

The annual report disclosed $117m Underlying EBITDA profit for combined International/Freight operations and attributed record freight profit to constrained international belly space, e-commerce demand, Recovery Plan benefits and dedicated-freighter activity. That combined EBITDA measure is not a passenger-only result. Group net freight revenue was $1,316m, compared with $1,045m in FY2020 and $971m in FY2019. Qantas Freight redeployed A330-300 passenger aircraft, supported IFAM, received its first A321-200P2F in October 2020 and used additional wet-leased dedicated-freighter capacity.

Fleet actions in FY2021 were also status-specific: the remaining four passenger 747-400ERs were retired; three 787-9 deliveries were deferred; two A380s were designated not to return; and all 12 A380s were in storage at 30 June 2021. The remaining 10 A380s were expected to return progressively from FY2022/23. The FY21 results presentation listed Los Angeles, Honolulu, London, Singapore, Tokyo, Vancouver and Fiji as initial restart planning, followed by South Africa, South America and parts of South East Asia. That presentation was issued after the FY2021 balance date and is retained as restart planning, not as FY2021 scheduled-network performance.

FY2022 International revenue was $3,706m, Underlying EBITDA $448m, Underlying EBIT loss $238m and operating margin (6.4)%; ASK was 12,187m and seat factor 75.4%, compared with 640m and 42.8% in FY2021. Qantas stated passenger capacity was 18% of pre-COVID level across FY2022 and that the passenger business restarted late in H1. London, Los Angeles and Singapore reopened from November 2021 as part of 19 ports restarted during the year. Eight new routes were announced, including Sydney/Melbourne–Delhi, Perth–Rome and Sydney–Seoul; the annual report’s announced status is preserved rather than treating every listed route as operated during FY2022.

Qantas described Freight performance as record, with high international yields associated by the company with constrained belly-space availability and e-commerce demand; Freight also supported IFAM. Three A321 freighter conversions were operating, two passenger A330s had been identified for conversion, and Qantas announced after balance date that six further A321 freighters would be procured to replace smaller ageing aircraft. The six-aircraft procurement announcement is therefore a subsequent-event item. FY2022 also records the Project Sunrise decision: 12 A350-1000s were ordered and Sydney non-stop services, including New York and London, were scheduled by the end of calendar 2025. This is an order and schedule statement, not an aircraft delivery or operating-route record.

FY2023–FY2025: network restoration, route actions and long-haul fleet activity

In FY2023 Qantas International (including Freight) reported $7,749m revenue, $906m Underlying EBIT, 11.7% operating margin, 45,187m ASK and 85.7% seat factor. Qantas stated international capacity reached 65% of pre-COVID level, versus 18% in FY2022. The report listed new/expanded Melbourne–Jakarta, Melbourne–Dallas/Fort Worth, Sydney–Seoul, Sydney–Auckland–New York and Sydney–Bengaluru services. It separately listed return-to-service commencement for Sydney/Melbourne/Brisbane–Tokyo, Sydney–Santiago, Sydney–Hong Kong and Sydney–San Francisco.

Two 787-9s were delivered in FY2023 and the seventh reconfigured A380 returned to service. The year-end Qantas mainline fleet table recorded 13 787-9s, 10 A380-800s, 18 A330-200s and 10 A330-300s, with seven A380s in operation at 30 June. Freight performance moderated from the FY2022 record as international yields adjusted and belly capacity returned. Qantas reported approximately $150m annual earnings uplift versus pre-COVID and fourth-quarter yields above 150% of FY2019 average. The dedicated freight fleet at 30 June 2023 was stated as four 737-300F/400Fs, one 767-300F, three A321-200Fs and two 747-400Fs; one 737-300F was retired during the year.

FY2024 International (including Freight) reported $8,666m revenue, $556m Underlying EBIT, 6.4% operating margin, 58,878m ASK and 83.0% seat factor. Qantas said international capacity had reached 85% of pre-COVID levels, compared with 65% in FY2023, and added Sydney–New York via Auckland. The 787-9 fleet reached 14. Two Finnair A330-300 wet leases enabled Singapore and Bangkok services; these are wet-lease arrangements, not Qantas deliveries. The eighth A380 returned to service, and frequencies increased to Hong Kong and Los Angeles.

The FY2024 report referred to consistent revenue premium on Perth–London and Perth–Rome and said this supported confidence for Project Sunrise. It stated first A350-1000ULR delivery was expected from mid-2026; this remains a future delivery expectation, not FY2024 fleet capacity or an operating non-stop route. Freight first-half earnings were described as challenged. Qantas reported freight RFTK up 11% from FY2023 as international belly capacity returned, while yields had stabilised at more than 150% above pre-COVID levels. The dedicated fleet renewal record was two A330-200F and three A321-200F additions, alongside three 737 freighter exits, two A330-200F transfers in and a 12-aircraft freight total under the FY2024 fleet-table basis.

FY2025 International (including Freight) reported $9,161m revenue, $596m Underlying EBIT, 6.5% operating margin, 62,571m ASK and 84.7% seat factor. Qantas reported international capacity 6% above FY2024 and seat factor two points higher. It described long-haul point-to-point markets as producing portfolio-leading earnings outcomes; that is Qantas’ description, rather than an independent market conclusion. The report also recorded international NPS up 10 points and on-time arrival up four points, while noting weather disruption and flight diversions associated with Middle East corridor restrictions.

Six FY2025 route commencements were listed: Perth–Paris, Brisbane–Port Vila, Brisbane–Palau, Brisbane–Manila, Singapore–Darwin and Melbourne–Honolulu. Qantas separately referred to announced expansion in Japan, New Zealand and South Africa; those announcements are not recast here as commenced services. Net freight revenue increased 7% year on year. The report described a dedicated fleet of six A321Fs and two A330Fs after simplification, separate from two Atlas-wet-leased 747-400Fs. The CEO message said Project Sunrise A350-1000 aircraft were set to enter final assembly in the following months. It did not state that they had entered service during FY2025.

Passenger, freight and long-haul fleet status register

Reporting boundary

Jetstar Group is a separately reported Qantas operating segment. Its annual-report narrative refers to Jetstar Australia/New Zealand, Jetstar Asia (Singapore) and Jetstar Japan, but those references do not share one accounting/fleet boundary. Jetstar Japan is equity accounted and its operated aircraft are excluded from the Group fleet summary. The fleet summaries include Jetstar Australia/New Zealand and Jetstar Asia under the stated annual-report basis. The FY2025 Jetstar Asia cessation occurred after the 30 June 2025 balance date and is consequently separated from the FY2025 operating result.

Five-year segment record

FY2021–FY2022: domestic peak, international grounding and staged restart

FY2021 Jetstar Group reported 11,783m ASK, a 71.3% seat factor, Underlying EBIT loss of $550m and Underlying EBITDA loss of $129m. Excluding the share of associates’ losses, Underlying EBITDA was reported as $2m. Jetstar Australia Domestic recorded $145m Underlying EBITDA, including $102m in H2. It announced seven domestic routes, reached 102% of pre-COVID capacity in May, reported domestic seat factor of 74% and ancillary revenue per passenger 33% above FY2019. These domestic measures do not represent the whole Jetstar Group.

Jetstar Australia/New Zealand and Jetstar Asia international operations were described as effectively grounded in FY2021. Qantas attributed $143m of Jetstar Group EBITDA losses to maintaining stored aircraft, overheads and non-cash employee provisions. Jetstar Asia’s fleet reduced from 18 to 13 aircraft through transfers to Australia and a lease return. Qantas had also announced temporary transfer of three further aircraft and another expected lease return, which it said would reduce the fleet to nine; the planned items are not presented as FY2021 completed movements. Jetstar Japan was implementing its own restructuring, and Qantas recognised $131m attributable share of Jetstar Japan statutory losses; six aircraft were described as temporarily transferring to Australia.

At 30 June 2021 the reported Jetstar fleet was 61 A320-200s, six A321-200s and 11 787-8s, or 78 aircraft. This fleet count included Jetstar Asia’s 13 A320s and excluded Jetstar Japan. That scope distinction applies throughout comparisons in this section.

FY2022 Jetstar Group reported $1,440m revenue, Underlying EBITDA loss of $448m, Underlying EBIT loss of $796m, operating margin (55.3)%, 17,213m ASK and 71.2% seat factor. Qantas said all Jetstar Australia/New Zealand fleet was deployed; domestic and most international destinations restarted, and Bali reopened late in FY2022. Group capacity was 36% of pre-COVID levels. Jetstar Australia domestic returned to Underlying EBITDA profit in Q4 after a full-year $167m Underlying EBITDA loss. The Q4 result and full-year loss retain their distinct bases.

Jetstar Australia/New Zealand and Jetstar Asia international operations reported a combined Underlying EBITDA loss of $157m. Jetstar Asia began vaccinated-travel-lane flying in December 2021. Jetstar Japan’s FY2022 result included $124m share of statutory losses, including a $52m negative balance-sheet revaluation effect on USD aircraft leases as the yen depreciated. Qantas expected the first of 18 A321LR aircraft to arrive from FY2023; this was an expectation in FY2022, not an arrival. One Jetstar Asia A320-200 was returned to its lessor, while four Jetstar Japan A320-200s—excluded from the Group fleet summary—were repositioned to Australia for Jetstar Domestic.

FY2023–FY2024: restored geography and A321LR/787 deployment

FY2023 Jetstar Group reported $4,235m revenue, $404m Underlying EBIT, 9.5% operating margin, 39,558m ASK and 86.4% seat factor. Qantas stated Group capacity reached 82% of pre-COVID level, with Jetstar Australia Domestic at 97% and international at 73%. Jetstar Australia Domestic reported $255m Underlying EBIT and 11% margin; the report said ancillary revenue was 37% above pre-COVID. Jetstar international reported $149m Underlying EBIT and 11% margin, resumed Japan and South Korea services, and launched Sydney–Rarotonga with A321LR.

Jetstar Asia in Singapore was described as strongly profitable, with two further aircraft expected in H1 FY2024; that is a forward-looking expectation at the FY2023 reporting date. Jetstar Japan’s result included $54m share of statutory losses, including a $12m adverse FX impact versus FY2022; Qantas said underlying performance improved by $30m and expected profitability in FY2024. That profitability statement was an expectation, not an FY2023 achieved result. Nine A321LRs were received: eight for Jetstar Australia/New Zealand and one for Jetstar Japan. The Japan delivery is excluded from the Group fleet-summary table. The table recorded 56 A320-200s, six A321-200s, eight A321LRs and 11 787-8s, a total of 81. Qantas also reported more than nine million fares below $100 in FY2023.

FY2024 Jetstar Group reported $4,922m revenue, $497m Underlying EBIT, 10.1% operating margin, 49,529m ASK and 86.8% seat factor; capacity grew 25% from FY2023. Jetstar Australia domestic reported $298m EBIT, 15% capacity growth and an 11% margin. International reported $199m EBIT, 34% capacity growth and an 11% Australian-international margin. Those domestic and international sub-business figures should not be substituted for the total Jetstar Group segment without retaining their stated bases.

The FY2024 report listed Sydney–Osaka and Brisbane–Seoul launches and said the 787-8 fleet was redeployed to support international growth. Jetstar Asia was profitable; two A320s entered service and two returned from Jetstar Australia/New Zealand. Jetstar Japan’s statutory loss improved to $16m from $54m. Six A321LRs were received, five for Jetstar Australia/New Zealand and one for Jetstar Japan; Qantas said the replacement-basis unit-cost advantage was estimated at 12%. Jetstar Australia had 13 A321LRs and Qantas reported approximately $7m per aircraft of realised FY2024 EBIT benefits from fuel and scale efficiencies. It also reported 11m fares sold below $100.

FY2025: segment expansion and the Jetstar Asia subsequent-event boundary

FY2025 Jetstar Group reported $5,711m revenue, $769m Underlying EBIT, 13.5% operating margin, 57,754m ASK and 88.3% seat factor. Qantas reported 17% capacity growth and attributed the result to efficient new-fleet entry, demand, transformation activity, operational improvement and lower fuel costs. Jetstar Australia domestic delivered $462m Underlying EBIT, 5% capacity growth and a 16% operating margin. The international network delivered $307m Underlying EBIT and 25% capacity growth; Qantas reported a 13% margin for Jetstar Australia international and noted that the international-network result included consolidated entities including Jetstar Asia. The two presentation bases should therefore not be merged without qualification.

Eleven new international routes included new trans-Tasman operations. Jetstar Japan’s share of profits included $22m foreign-exchange gains on lease liabilities. Jetstar Australia received seven A321LRs and four A320neos, bringing its stated new fleet to 20 A321LRs and four A320neos. Qantas said that new technology was 40% of Jetstar Australia narrowbody capacity, excluding Jetstar Asia and Jetstar Japan. It also reported approximately one in three Jetstar customers travelled on a base fare below $100 in Australia and New Zealand domestic markets; the geography and base-fare qualification are retained.

Qantas announced Jetstar Asia’s closure on 11 June 2025. At 30 June 2025, 13 Jetstar Asia A320ceos remained included in the fleet table pending transfer. Operations ceased on 31 July 2025, after the FY2025 balance date. The FY2025 segment result recorded an Underlying EBIT loss of $33m for Jetstar Asia and a $39m loss outside Underlying PBT for redundancy and other closure costs. The closure date must not be treated as FY2025 operating performance. The FY25 investor presentation described a future redeployment plan for the 13 A320ceos—nine to Jetstar, including six replacing leases, and four to Network Aviation to accelerate F100 renewal for WA resources routes. Those redeployments were expected future actions, not completed FY2025 transfers.

Jetstar fleet/entity record

Qantas reports Qantas Loyalty as a separate operating segment. Its member, points, cash-billings, revenue and Underlying EBIT measures are not interchangeable: membership is a programme population; points are programme units; billings and other activity measures are not passenger revenue; and Underlying EBIT is the issuer's management performance measure. The segment also contains distribution and adjacent-business activity, but that does not make every Hotels, Holidays, Tours, Insurance or Home Loans metric a Loyalty-revenue measure.

Five-year Loyalty record

The table records Qantas' segment presentation, rather than creating an assumed relationship between programme use and flight revenue. In particular, the FY2023 change in terminology and net-redemption basis is retained as a comparability boundary.

Year-by-year programme, partner and adjacent-business record

Distribution and accounting boundary

The annual reports support a factual distinction between the Frequent Flyer programme, partner-funded points activity, flight redemptions, travel distribution and adjacent businesses. The FY2024 accounting-policy disclosure is especially important for interpretation: Qantas reports Qantas Point marketing revenue in Loyalty; agent redemptions are presented net; and Qantas Group flight redemptions are reported gross for segment purposes. The report therefore does not recast partner points, reward flights, TripADeal bookings, insurance customers or home-loan settlements into a common revenue series.

Register basis and reconciliation controls

The fleet register records Qantas' reported group-fleet boundary, not a legal-title register. Across the period the issuer includes Qantas Airways, QantasLink/Network Aviation, Jetstar Australia/New Zealand, Jetstar Asia and Qantas Freight in the relevant group summaries, while excluding Jetstar Japan-operated aircraft. Qantas also separately identifies capacity-hire/wet-lease arrangements. Aircraft under Alliance E190 capacity hire, Finnair A330 wet leases and Atlas 747 freighter wet leases are retained as such and are not described as Qantas-owned deliveries. Differences in inclusion and operator basis mean the five annual snapshots should not be mechanically added or used to infer ownership.

Fleet at 30 June 2025: complete issuer inventory

The 2025 table totals 363 on the issuer's stated inclusion basis: Qantas 128, QantasLink 128, Jetstar 97 and Qantas Freight 10. The two Atlas 747-400Fs are separately identified within Freight's 10-aircraft summary; the register does not assert a different ownership composition than Qantas discloses.

Aircraft-family and programme chronology, FY2021–FY2025

Orders, conversions, commitments and Project Sunrise boundary

The recovery and transformation record has three separate lanes: (1) the issuer-named Three-Year Recovery Plan and its reported structural-benefit milestones; (2) accounting charges, restructuring provisions, cash payments and temporary operating costs; and (3) later operational, customer, fleet and people actions. The figures in these lanes are not combined into a single "saving" number.

Five-year programme and workforce chronology

Reading the recovery record

The FY2021–FY2023 Recovery Plan sequence is therefore recorded as reported: $650m of FY2021 structural benefits, $920m reported by FY2022, and $1bn permanent benefits when Qantas described the plan as complete in FY2023. The same record preserves the different timing and bases of exits, restructuring charges, redundancy provisions, refunds, capex/fleet steps and cash-flow measures. FY2024–FY2025 materials use customer, operational resilience and fleet-renewal language rather than creating a new directly comparable structural-benefit total. They are recorded as actions, investments, reported cost components and issuer explanations rather than extrapolated as a new programme outcome.

Reading conventions and boundary controls

All financial years below end on 30 June and all amounts are Australian dollars unless a row says otherwise. Qantas uses Underlying PBT as its Group management-performance measure. It uses Underlying EBIT for its four operating segments and uses Underlying PBT for Corporate because centrally managed finance costs are not allocated to the operating segments. Statutory PBT/PAT, Underlying EBIT/PBT, operating cash flow, issuer-defined Net Free Cash Flow (NFFCF), capital expenditure and Financial Framework Net Debt are therefore separate measures, not interchangeable descriptions of a single result.

The Group’s Financial Framework defines Net Debt as net on-balance-sheet debt plus capitalised aircraft and operating-lease liabilities. It differs from statutory interest-bearing liabilities and from the recognised AASB 16 lease-liability balance. In particular, no column below should be read as a fleet valuation, a debt maturity schedule, or an assessment of financial strength.

10.1 Five-year result record — statutory and underlying measures kept distinct

• FY2021. The underlying income-statement record includes $3,766m net passenger revenue, $1,316m net freight revenue, $852m other revenue and $(835)m fuel expense. Qantas reported underlying EBITDA of $410m, Underlying EBIT of $(1,525)m and Underlying PBT of $(1,826)m, alongside statutory PBT of $(2,351)m. The report frames FY19 as the most recent full pre-COVID comparator; it is not presented here as a normalised FY2021 result.
• FY2022. Underlying EBITDA was $281m, but Underlying EBIT was $(1,558)m and Underlying PBT $(1,859)m after $(301)m net finance costs. Statutory PBT was $(1,191)m. These are different presentation measures, rather than alternative estimates of the same loss.
• FY2023. Qantas reported operating cash flow of $5.1bn, NFFCF of $2.5bn and a 14% reported operating margin, as well as the return to positive underlying and statutory profit measures shown in the table. It described its Three-Year Recovery Plan as complete with $1bn permanent cost benefits; that programme statement is not used to recast the statutory result.
• FY2024. Underlying PBT was $387m lower than FY2023. Qantas identifies the ACCC settlement and related costs, an additional ground-handling-outsourcing provision and Perth Airport-related asset disposals as items included in statutory PAT but excluded from Underlying PBT.
• FY2025. Underlying PBT was $316m higher than FY2024. The annual review states total unit cost was down 2% and ex-fuel unit cost up 4%, on the issuer’s defined non-statutory unit-cost basis. Those unit measures are not substituted for statutory costs or cash flow.

Segment boundary retained in the finance record

The dedicated business sections carry the operating narrative. The following finance-facing facts are retained solely to prevent a Group, geographic and segment measure being blended:

10.2 Cash generation and aircraft-capital record

The capital figures have several different accounting and cash-flow boundaries:

• In FY2021 the Recovery Plan scorecard showed about $0.75bn capex as a plan/action figure, while reported net capital expenditure was $693m. The report treats these as differently rounded and differently stated measures.
• In FY2022 surplus Mascot-land-sale net cash proceeds were $789m, while the gain on Mascot land and buildings in the underlying-to-statutory reconciliation was $686m. Cash proceeds and an accounting gain are not combined.
• In FY2023 financing cash flows included $1,669m debt repayments, $826m debt drawdown, $682m net aircraft/non-aircraft lease repayments and a $1bn on-market buyback. In FY2024 the corresponding financing-flow components included $1,176m debt repayments, $1,011m debt drawdown, $698m net lease repayments including lease buyouts and $852m settled buyback. These flow components do not replace closing debt balances.
• The FY25 investor presentation separately presents approximately $0.2bn fleet-introduction capital, $0.2bn mid-life aircraft/lease additions, $1.9bn aircraft payments and $0.3bn non-aircraft capex. It also shows approximately US$4.3bn of pre-delivery/final-delivery payments over FY2025–FY2027. These are a presentation bridge and a multi-year USD estimate, respectively; neither is added to a separate annual-report cash-flow line here.

Deposits, recognised leases and lease-commitment boundaries

10.3 Financial Framework Net Debt, liquidity and refinancing

Qantas’s stated range changed during the five years. FY2021 Financial Framework Net Debt was above its then range; FY2022 and FY2023 were below their stated ranges; FY2024 and FY2025 were described by Qantas as within the lower half of their stated ranges. The framework also refers to a 2.0–2.5x Net Debt/EBITDA range where ROIC is 10%. The FY2024 annual report cautions that reported ROIC of 57.9% was unusually high after COVID because invested capital was low and was expected by Qantas to decline as invested capital rose. This records the issuer’s metric caution, not an MII forecast.

The statutory financial-instruments disclosure is separate: FY2023 interest-bearing liabilities were $5,169m, with 52% fixed and 48% floating. The FY2022 financial report separately stated it had no financial covenants on Financial Framework Net Debt at 30 June 2022 and reported Moody’s Baa2 investment-grade rating. Neither disclosure is converted here into a credit conclusion.

Reported debt activity, including the FY2021 $937m/$954m conflict

10.4 Capital-return chronology — resolution, execution, payment and subsequent event separated

10.5 Recovery Plan, transformation and statutory-reconciliation items

The recovery/transformation lane is included here because its cash, people and accounting effects affect capital and result comparability. It is not a substitute for the operating and people sections.

11.1 Five-year fuel-expense record

Fuel expense is an underlying-income-statement expense; it is not a physical-fuel-consumption series, a cash payment series or a hedge gain/loss. The year-by-year record is retained on that basis.

11.2 Fuel and FX instruments, accounting treatment and scope

11.3 Supply-chain and operational-input exposure

The FY2023–FY2025 risk disclosures identify exposure around aircraft expansion/replacement, maintenance slots, aircraft parts and other critical processes. Qantas describes schedule resilience, supply-market monitoring, high-risk-item investment and continuity/contingency arrangements as mitigations. This is an issuer risk-and-control description, not evidence that a particular supplier default, aircraft delay or financial loss occurred.

Fuel has separate physical-price, refining-margin, currency, capacity and SAF/offset-cost dimensions in the issuer’s disclosures. Accordingly, this report does not calculate a notional per-litre cost, a hedge ratio, unreported protection amount, future fuel price, FX forecast or a causal attribution beyond Qantas’s own stated explanations.

Integration hand-off

• Section 10 must remain a factual capital and financial-record section. It must not gain a valuation, target price, investment rating, debt conclusion, buy/sell language or unstated causal conclusion at assembly.
• Retain the FY2021 $937m Review and $954m financial-report COVID narrative as a source-context conflict. Do not silently select one number.
• Preserve announced, completed, paid, provisioned, agreed, commenced, target, delivered, complete, de-designated and subsequent event as separate labels.
• Do not combine Financial Framework Net Debt with statutory lease liabilities, operating cash flow with NFFCF, or fuel expense with hedge-accounting movements/fair-value balances.

Scope and reading controls

This section records Qantas Group disclosures for the years ended 30 June 2021–2025. The annual reports do not provide one unchanged five-year safety, headcount, service-reliability or legal-remediation metric series. Accordingly, the record preserves each disclosed measurement boundary: a scorecard outcome is not an incident-rate series; a quarterly change is not a full-year average; a risk statement is not an event finding; and a provision, agreement, penalty, compensation payment and remediation programme are not interchangeable.

Safety systems and workplace-safety record

The Board’s Safety, Health, Environment and Security (SHES) Committee is part of the recurring governance structure discussed further in Section 14. Its oversight descriptions do not turn the above reports into an assurance conclusion about safety outcomes.

Workforce transition and industrial-relations record

FY2021 was the principal COVID workforce-boundary year in this five-year record. Qantas stated that the Group had about 22,000 people and that continuing border closures required extended stand-downs of most Qantas and Jetstar International employees and certain domestic work groups. The Recovery Plan recorded about 9,400 exits completed. The associated FY2021 people-restructuring cost was $297m, while cash-flow payments to employees for redundancies and related costs were $(926)m. These are, respectively, an exit count, an accounting charge and a cash-payment measure; they are not additive.

In FY2022, Qantas stated that all stood-down Australian-based employees had returned by December 2021. It reported recruiting 1,500 employees, primarily into operational roles, and increasing employees on reserve in critical workgroups. The report also describes wellbeing support, contingency planning and an operational environment affected by labour shortages. These disclosures do not establish a comparable Group year-end headcount series.

FY2023 described recruitment and network-resilience investment in response to recovery-period operational challenges. FY2025 then recorded a different, fleet-renewal-related transition lane for Qantas Domestic: $64m for workforce training and other entry-into-service activity, $37m of A220-delay transition inefficiencies, and $26m of non-recurring retirement/exit costs including engineering restructuring and non-cash write-downs. These are disclosed programme-cost components, not a workforce count or a measure of industrial-relations outcomes.

Across the period, Qantas identified union representation, collective bargaining and enterprise agreements as part of its employee-relations/industrial-relations risk disclosures. FY2021 stated that significant enterprise-bargaining disputes could lead to industrial action. FY2025 stated that a large proportion of employees were union-represented and identified Fair Work Act reforms, wage and job-security demands and potential industrial action as risk factors. Those risk disclosures do not state that industrial action occurred in each reporting period. Qantas also said an annual non-executive employee share plan had been announced for about 25,000 employees at $1,000 of shares each year, subject to Group performance; this is an announced plan, not a completed recurring allocation or a total-workforce figure. Separately, the FY2025 operating review records that about 27,000 non-executive employees received Thank You payments in H1 FY2025; that payment count should not be used to infer headcount.

Service reliability and customer experience: five-year chronology

The FY2025 report additionally recorded international NPS up 10 points and on-time arrival up four points in Qantas International, while noting weather disruption and Middle East-corridor flight diversions. Those international measures are distinct from the Group highlights’ domestic-flight on-time measure.

Customer proceedings, settlement-related amounts and remediation: status sequence

The report treats the flight-cancellation and ground-handling matters as dated disclosure events, not as a single generic “resolved” item.

In June 2025, Qantas said its risk framework incorporated learnings from a cyber incident and described data-governance and cyber-risk/control frameworks. The annual-report disclosure used here does not establish an impact amount, population affected, legal outcome or remediation amount, so none is inferred.

What the annual-report record can and cannot show

The annual reports describe targets, strategy, selected scorecard outcomes, fleet comparisons, risk controls and governance. They do not, in the annual-report evidence used here, establish one complete comparable FY2021–FY2025 Scope 1/2/3 inventory, annual SAF-volume/offtake register, fleet-by-fleet efficiency series or independently assured target-progress reconciliation. A target, a general lifecycle statement, an accounting forecast assumption and a reported scorecard outcome are shown separately below.

Five-year target, strategy and progress record

Fleet, freight and environmental comparisons

Qantas’ FY2024 annual report stated that 13 Jetstar A321LRs were generating fuel and scale efficiencies and reduced emissions, and described next-generation aircraft as around 25% more fuel-efficient per seat. The FY2025 report said A321LR technology had lower emissions per ASK than A320-200s and that the dedicated A321F/A330F freight configuration reduced carbon emissions. These are issuer aircraft-specific comparisons. They are not treated as a Group-wide, measured emissions reduction or as proof that an aircraft programme met a stated target.

Climate and environmental risk/governance disclosures

Each annual-report period describes physical climate exposure, including extreme weather, and transition exposure, including alternative-fuel availability and policy/law/regulation. Qantas’ stated responses include governance, scenario analysis, fleet renewal, fuel efficiency, SAF support, carbon markets/offsets and policy monitoring. In FY2025, the Directors’ Report stated that SHES assists Board oversight of environmental compliance, environmental risks and incidents. These are controls and risk-management disclosures, not predictions about weather, regulation, SAF availability or target achievement.

The FY2024 and FY2025 reports state that Qantas aligns climate-related disclosure with TCFD and refers to Australian Sustainability Reporting Standards climate-related disclosure. Framework alignment should not be presented as an assurance opinion.

Board, committee and risk-management evolution

Principal-risk and regulatory categories as disclosed

Qantas’ risk disclosures evolved in wording but repeatedly covered operational and people safety, physical security, liquidity, fuel and foreign exchange, competition, demand, employee/industrial relations, customer matters, climate, cyber/data governance or data loss, supply chain, policy/regulation and new business models. FY2021 and FY2022 also expressly emphasised COVID/outbreak management, brand, business partners/suppliers and airport-service or cost/facility exposure. These are Qantas risk taxonomies; they are neither a probability ranking nor a complete event register, and this report makes no inference that a listed risk occurred or was fully mitigated.

The FY2025 risk disclosure specifically identifies Fair Work Act reforms, wage and job-security demands and potential industrial action within industrial-relations risk, while separately describing cyber/data controls and learnings from the June 2025 incident. Climate disclosure alignment with TCFD and Australian Sustainability Reporting Standards is a framework statement, not independent assurance.

Legal and disclosure boundaries across the reports

The individual annual reports contain limited, time-specific legal and contingent-liability disclosures. For FY2021, the reviewed source documents did not separately disclose a complete proceeding, claim, settlement or penalty register; the absence of such a register must not be rewritten as absence of all matters. For FY2023, Directors stated that normal-course claims/litigation had been considered and, subject to specific provisions, no material contingent liability existed at the 30 June balance date; Note 34 then separately documented post-balance-date proceedings and events. The FY2023 independent-auditor report describes reasonable assurance as high but not a guarantee that every material misstatement is detected. That audit-scope statement is a disclosure limit, not a reduction in the official status of the annual report.

FY2024 records commercially sensitive or confidential detail that could unreasonably prejudice the Group as excluded from the annual report. FY2025 Directors stated that, other than matters disclosed, no other significant state-of-affairs change occurred during the year and identified Note 34 for subsequent balance-date events. These statements describe the issuer’s reporting boundary; they do not amount to a complete legal-clearance opinion or a conclusion that every possible claim, risk or exposure is resolved.

The flight-cancellation, ACCC, ground-handling, TWU compensation, legal-provision and cyber disclosures are recorded in Section 12 with the issuer’s stated dates and stages. They are not recharacterised here as determinations beyond those disclosures.

Primary issuer sources

• Qantas Annual Report 2021
• Qantas FY21 Supplementary Presentation
• Qantas Annual Report 2022
• Qantas Annual Report 2023
• Qantas Annual Report 2024
• Qantas Annual Report 2025
• Qantas FY25 Investor Presentation

Method, AI use and information notice

This report is an independently organised, factual record of public Qantas disclosures. AI systems were used actively and primarily to extract and compare evidence, organise the five-year record, check calculations and consistency, draft and translate the text, and prepare explanatory visual concepts where used. Reasonable pre-publication review is performed, but AI-system limitations and limitations in the underlying public sources mean that factual errors, omissions, translation errors, classification differences or inconsistencies may remain.

The report is supplied for general informational company research only. It is not investment, financial, legal or tax advice; is not a recommendation, solicitation or inducement to buy, sell or transact; and contains no target price, valuation, forecast, credit opinion or transaction advice. Readers should independently verify every material point against the linked primary sources and seek appropriately qualified professional advice for their own circumstances.

Information is based on public sources considered reliable as of the stated reporting boundary, but accuracy, completeness and timeliness are not guaranteed. To the maximum extent permitted by law, MII Research and its contributors disclaim liability arising from use of, reliance on or inability to use this report. Nothing in this notice excludes, restricts or modifies liability that cannot lawfully be excluded, restricted or modified.

MII Research is not affiliated with Qantas Airways Limited, its directors, management, advisers or service providers. This is a transformative factual analysis and organisation of public information: it does not reproduce long source passages, proprietary charts, photographs or logos. Material factual claims are linked at section level to official issuer documents and printed pages. If a material error is identified, please provide the relevant issuer source and page so the record can be reviewed and corrected.