Analysis date: 13 November 2026 · Q3 2026 (July–September) results published 12 November 2026 by Thai Airways (MD&A) and Asiana Airlines (DART quarterly report)
Jet fuel, not demand, decided the third quarter for two of Asia’s flag carriers. Thai Airways grew revenue by 12.9% but its operating profit fell by more than half, to THB3.84bn, a 7.7% margin, down from 19.3% a year earlier.
Asiana Airlines, three months from its absorption into Korean Air, lost ₩179.0bn at the operating level on a standalone basis, a −11.7% margin. A large one-off gain in other income still turned that into a ₩179.4bn net profit.
Thai revenue
THB50.1bn
Q3 2026, excl. one-time items, +12.9%
Thai operating margin
7.7%
Q3 2025: 19.3%
Asiana operating result
−₩179.0bn
Standalone; margin −11.7%
Thai fuel price
+59.8%
Average price vs Q3 2025
Thai raised fares fast, but fuel rose faster
Thai’s passenger yield rose 10.3% to THB2.88 per RPK as it lifted fuel surcharges. Capacity was almost flat, with ASK up 0.9%, and the cabin factor slipped to 76.5% from 76.8%.
Costs moved more. Total expenses excluding one-time items rose 29.1% to THB46.3bn, driven by a 59.8% jump in the average fuel price. EBITDA fell 39.8% to THB7.48bn, and one-time charges of THB1.13bn, including flood damage, left a net loss of THB418m.
Over nine months the picture is softer but still lower: revenue THB149.8bn (+6.3%), operating profit THB21.3bn (−35.8%) and a 14.2% margin, against 23.5% in 2025.
Asiana’s loss is structural, its net profit is not
Asiana’s standalone revenue rose 4.2% to ₩1,526.2bn, and its operating loss was close to last year’s ₩175.7bn. Since selling its cargo division in August 2025 it has no freight business to cushion a fuel spike.
The ₩179.4bn net profit rests on ₩264.0bn of other income and a positive other-expense line in the quarter, not on flying. For the nine months Asiana is still ₩575.5bn in operating loss and ₩386.9bn in net loss.
Where the two sit among Asian peers
Of the Asia-Pacific carriers that have reported Q3 2026 so far, Thai lands below the Taiwanese and Korean full-service airlines, while Asiana sits at the bottom with Cebu Pacific.
Thai trails Taiwan’s carriers; Asiana is at the bottom
Operating margin, Q3 2026, %
Source: company filings (Thai MD&A, Asiana and Korean Air / Jeju Air DART filings, TWSE MOPS for EVA, China Airlines and Starlux, PSE EDGE for Cebu Pacific), as stored on the Aviation Intelligence airline comparison. Margins calculated as operating result ÷ revenue except Korean Air (reported).
What to watch next
- Fuel surcharges: Thai’s yield gain came from surcharges; how far it can push them into Q4 will set its full-year margin.
- Asiana’s last report: the integrated Korean Air debuts on 17 December, so FY2026 may be Asiana’s final standalone set of results.
- Thai’s fleet: 91 aircraft in service at 30 September versus 78 a year earlier, which lifts depreciation before the new seats pay back.
- One-offs: both carriers’ bottom lines moved on items outside operations this quarter; operating profit is the cleaner read.
For both airlines the third quarter showed that pricing power has limits when fuel jumps by half. Compare them with every other carrier on the operating margins tracker, or check the next dates on the earnings calendar.
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Methodology
Q3 2026 is July–September 2026; nine months is January–September. Thai figures are consolidated and exclude one-time items as defined by the company; operating profit is the company’s operating profit before finance costs. Asiana figures are standalone (separate) financial statements under K-IFRS. Prior-year Thai revenue and operating profit are derived from the printed 2026 figures and printed changes. Margins are calculated as operating result ÷ revenue.
Primary sources
- Thai Airways International, Management’s Discussion and Analysis for Q3 2026, 12 November 2026
- Asiana Airlines, quarterly report for the period to 30 September 2026 (DART), 12 November 2026
- Peer margins: company filings as stored on the Aviation Intelligence airline comparison
Figures are taken from company documents; this article is analysis, not investment advice.
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