Singapore Airlines H1 FY2026/27: record revenue, fuel cuts profit 44%, Q2 margin holds at 8.3%

Analysis date: 11 November 2026 · SIA Group results for the half year and quarter to 30 September 2026 (FY2026/27), released 11 November 2026

Singapore Airlines Group posted record half-year revenue of S$11.3 billion, up 16.8%. Profit went the other way: operating profit fell 29.1% to S$569 million and net profit fell 43.9% to S$134 million. Jet fuel averaged US$171 a barrel over the six months, 86.7% more than a year earlier.

The second quarter tells a better story than the half. July–September operating profit rose 16.3% to S$464 million, and the quarterly margin edged up to 8.3%. Almost all of the damage was done in April–June.

Fuel took the first quarter; fares won back the second

Group fuel cost before hedging rose S$2.23 billion, or 90.3%, to S$4.71 billion. Hedging swung to a S$731 million gain, so the net fuel bill rose a more manageable 56.0% to S$3.97 billion. Non-fuel costs grew 6.8%, broadly in line with capacity.

Revenue did most of the defending. Passenger yields rose 12.1% across SIA and Scoot, and cargo yields rose 25.4%. Cargo revenue climbed 30.2% to S$1.39 billion, helped by semiconductor and cloud-computing freight and by shipments moving from sea to air.

The cost of that pricing was a lower load factor. SIA mainline flew 3.9% more seat-kilometres but filled 85.6% of seats, 1.1 points fewer than a year earlier. Its breakeven load factor rose 2.8 points to 84.6%, leaving a thin cushion.

A quarterly margin that held while peers slipped

For the July–September quarter, SIA’s 8.3% operating margin was flat on a year ago. Of the four peers below that have reported the same quarter, three saw margins fall as fuel bit. Compare all carriers on our operating margins page.

SIA’s July–September margin held while most peers slipped

Operating margin, July–September quarter. Lufthansa uses adjusted EBIT; Turkish and SIA margins are calculated from reported revenue and operating profit.

Jul–Sep 2025Jul–Sep 2026

2026

IAG

17.7%

Turkish Airlines

11.2%

Lufthansa Group

11.5%

Finnair

9.0%

Singapore Airlines

8.3%

0%5%10%15%20%25%

Source: company Q3 2026 / Q2 FY2026/27 releases; peer figures as stored on Aviation Intelligence profiles.

SIA still sits in the middle of the pack, not the top. Its margin remains below IAG, Turkish Airlines and Lufthansa Group for the quarter. Its strength is consistency: the quarter improved even though fuel cost before hedging rose 63.3%.

Air India losses shrank and the balance sheet stayed strong

Below the operating line, SIA’s share of losses from associates, mainly Air India, fell by S$68 million in the half. Lower tax added another S$70 million. In the second quarter alone, a S$110 million smaller associate drag helped net profit rise to S$210 million from S$52 million.

Cash and bank balances rose to S$8.12 billion, and total debt fell S$637 million to S$10.01 billion. The debt-equity ratio eased to 0.61 times. The board declared an interim dividend of 2 cents and a special dividend of 5 cents per share.

What to watch next

SIA shows that fare power can carry a premium network through a fuel shock, but only just. Get Singapore Airlines results alerts to see the full-year figures as soon as they land, and track the group on its profile page and our earnings calendar.