AirAsia financial results 2026: fleet, Liquidity & strategy

Aviation Intelligence Database · Airline profile

Airline profile

Company-reported performance, unit economics, balance-sheet and fleet metrics from FY2022 to the latest published period. Metrics are in the same order as the Airline Comparison tool.

— metrics in this profile FY2022 → Q2 2026 Updated — Next results —

At a glance

Latest reported period

Metrics

Full-year history

View
RReportedDirect company disclosure CCalculatedDerived from company figures GGroup-levelBroader than the airline entity DCompany-definedNon-standard measure —Missing dataNot stored, not disclosed or not applicable; see each cell

Analysis

What the numbers say

More detail

Additional disclosures

Guidance vs actual

Did the airline deliver?

What management guided at the start of each financial year compared with what was reported. Within the guided range = met; for cost metrics, below the range = beat.

Fleet & orders

Fleet composition

Key events

What moved the numbers

Peers

Compare with peers

FAQ

Frequently asked questions

Methodology

How to read this page

Every figure keeps the company’s own reporting period, currency, entity scope and terminology. Partial periods are not annualised, currencies are not converted and missing KPIs are not estimated. Core metrics follow the Airline comparison tool.

  1. Fiscal years are labelled by the calendar year in which they end (a year to 31 Mar 2025 appears as FY2025). The exact period end is shown in the first row, with a link to the source document.
  2. Quarters follow the company’s reporting calendar; the company’s own label is noted beneath the period.
  3. YoY change compares with the same period one year earlier: % change for amounts, percentage points (pp) for ratios. Green means favourable (for costs, a fall is favourable). n.m. = not meaningful.
  4. Operating margin uses operating profit or EBIT ÷ revenue. EBITDA, EBITDAR and their margins are separate disclosures and are not substitutes for operating profit or margin. Company-defined measures keep their source labels (marked D).
  5. Sources: annual reports, interim results and traffic statements. See Data & Research.

Quick answers

Is AirAsia profitable?

Yes. AirAsia reported an operating profit of RM1.3bn in FY2025 (year to 31 Dec 2025), a 5.9% margin.

What was AirAsia’s revenue in 2025?

AirAsia reported revenue of RM22.2bn in FY2025 (year to 31 Dec 2025). For Q2 2026 (to 30 Jun 2026) it reported revenue of RM5.1bn.

Company-reported figures from our airline database. Definitions, currencies and reporting periods differ between airlines; see the tables on this page and the comparison tool for detail.

Text version of the AirAsia data on this page

AirAsia data snapshot

  • Scope: AirAsia Group Berhad
  • Region: Asia
  • Business model: Low-cost airline group
  • Financial year end: 31 Dec
  • Reporting currency: MYR
  • Source: Q2 2026 results
  • Latest period: Q2 2026
  • Last updated: 2026-09-24

Latest read

AirAsia Group reported a RM830.5m net loss in Q2 2026 as higher fuel costs and foreign-exchange losses hit a balance sheet with RM954m of cash against RM18.4bn of current liabilities. The enlarged group had carried 68.6m passengers and reported RM1.3bn of net operating profit on a pro forma basis in 2025, but its FY2026 targets were withdrawn in May. The company says planned fundraising is intended to refinance pandemic-era debt.

Reported metrics by period

Annual results

  • FY2025 (enlarged group pro forma): Passengers: 68.6m (Pro forma); Revenue: RM22.2bn (Pro forma group revenue); Operating profit / result: RM1.3bn (Net operating profit); Operating margin: 5.9% (Pro forma net operating margin); EBITDA / EBITDAR: RM4.6bn (Pro forma).
  • FY2024 (aviation arm before consolidation): Passengers: ~63m (Capital A aviation arm); Load factor: 89% (Capital A aviation arm).

Quarterly and interim results

  • Q2 2026 (Q2 2026 · quarter ended 30 Jun): Passengers: 14.16m (Q2 2026 enlarged group); Revenue: RM 5.1bn (Q2 2026); EBITDA / EBITDAR: RM 442.6m (Q2 2026); Net profit: −RM 830.5m (Group net loss; includes RM 331m FX loss); Load factor: 80% (Quarter); RASK / yield: 21.28 sen RASK (Per ASK); CASK ex-fuel: 11.02 sen CASK ex-fuel (Per ASK; −7% YoY); Cash / liquidity: RM 954m cash (At Q2 2026; current liabilities RM 18.4bn); Fleet size: 240 aircraft (Fleet; 203 operating at end Q1 2026) [Group]; Capacity / ASK: −11% ASK capacity (YoY); Fleet growth / guidance: Q3 capacity −20% to −25% YoY; Q4 expected to return to pre-war levels (Company outlook) [Defined]. Source: AirAsia Group Q2 2026 results.
  • Q1 2026 (quarter ended 31 Mar): Passengers: 18.9m; Revenue: RM5.95bn; Load factor: 85%; EBITDA / EBITDAR: RM1.009bn; Net profit: −RM154.9m (Includes FX loss).

Guidance versus actual

PeriodMetricGuidedActualOutcome / note
FY2026EBITDARM5bn—Withdrawn · FY2026 targets suspended with Q1 results on 14 May 2026.
Q3 2026Capacity−20–25% YoY—Pending · Company guidance; Q4 expected to scale toward pre-war levels.

Fleet

Total fleet: 240 aircraft (as of Q1 2026). The fleet-by-airline counts are third-party May 2026 estimates and may not reconcile with the company total.

Fleet factValueContext
Operating aircraft203End of Q1 2026
Aircraft returning to lessors25During FY2026
Network166+ destinationsAcross 25+ countries

Orders

TypeFirmOptionsNote
Airbus A220-300150—Deliveries from 2028; order placed 6 May 2026
Airbus A321XLR50—Plus 20 options

Pre-shock baseline and withdrawn targets

FY2025 is pro forma for the enlarged group. FY2026 targets were withdrawn on 14 May 2026.

MetricFY2024FY2025 (pro forma)FY2026 target (withdrawn)
Passengers carried~63m68.6m79m (+15%)
Load factor89%Not disclosed—
RevenueNot disclosedRM22.2bnRM25bn
EBITDANot disclosedRM4.6bnRM5bn earnings target
Net operating profitNot disclosedRM1.3bn (5.9% margin)~5% margin
StatusAviation arm of Capital APre-consolidation, pro formaSuspended with Q1 2026 results, 14 May 2026

Q2 2026 operating results

Q2 values are company-reported unless the row explicitly says calculated.

MetricQ2 2026Q1 2026Context
Revenue~RM5.1bnRM5.95bnH1 2026 RM11.04bn; Q2 -1% YoY
EBITDARM442.6mRM1,009mQ2 -56% YoY; Q1 margin 17%
Net loss, headline-RM830.5m-RM154.9mIncludes non-controlling interests
Net loss, equity holders-RM527mNot disclosedAttributable portion
Foreign-exchange loss-RM331m-RM232mLargely non-cash, USD liabilities
Result excluding FX-RM499.6m+RM103mQ1 was profitable before FX
RASK21.28 senNot disclosed+11% YoY
CASK ex-fuel11.02 senNot disclosed-7% YoY
Average jet fuel priceUS$183/bbl>US$200/bbl peak, late MarchQ2 fuel bill +58% YoY
Passengers carried14.16m18.9mQ1 +9% YoY
Load factor80%85%—
Capacity (YoY)-11%+6% (ASK)Q1 results release cited +10% capacity

Q2 results by operating unit

Operating unitQ2 2026 outcomeComment
Malaysia short-haul (AK)ProfitableCore domestic and regional network held up despite fuel
Cambodia short-haul (KT)ProfitableYoungest AOC, launched May 2024
Malaysia long-haul (D7)Under pressureA330 fleet most exposed to fuel; KL-Sydney and KL-Delhi suspended
Thailand short-haul (FD)Under pressurePartly hedged for Q3: 13% of fuel at US$89/bbl
Philippines short-haul (Z2)Under pressureRestructured toward higher-yield routes
Indonesia short-haul (QZ)Under pressureRestructured toward higher-yield routes

Fleet by airline

Third-party fleet counts from May 2026, before 25 lessor returns; definitions and timing may differ from the group total.

AirlineCodeAircraftApprox. countGroup interest
AirAsia (Malaysia)AK70 A320ceo, 29 A320neo, 9 A321neo, 3 A321 freighters~111Subsidiary
AirAsia X (Malaysia long-haul)D7A330-300~19Group listed entity
Thai AirAsiaFD44 A320ceo, 11 A320neo, 7 A321neo~62Via Asia Aviation PCL
Indonesia AirAsiaQZA320ceo~27Via PT AirAsia Indonesia Tbk
Philippines AirAsiaZ2A320ceo~24Subsidiary
AirAsia CambodiaKTA320~5Associate (49%)
Thai AirAsia XXJA330-300~11Associate (49%)

Aircraft orderbook

Company-cited firm backlog is before the A220 order.

OrderDateQuantityDetail
Airbus A220-3006 May 2026150 firmLargest single A220 order; ~US$19bn at list; deliveries from 2028; launch customer for 160-seat layout; flexibility to go to 300, plus 150 more if an A220-500 is launched
Airbus A321XLRJuly 202550 firm + 20 options~US$12.25bn at list; first post-pandemic order; extends narrowbody range to about 4,700nm
Airbus A321neo / A321LRLegacy ordersMajority of backlogFirst A321LR delivered April 2026
Total firm backlogFebruary 2026374Company-cited figure before the A220 order

Group airlines and ownership

Interests shown in company structure disclosure as of 31 March 2026. Effective economic share can be lower where holdings pass through affiliates.

EntityRoleAirAsia Group Berhad interest
AirAsia BerhadMalaysia short-haul AOC100% (wholly owned from 11 March 2026)
AirAsia Aviation Group LtdHolding company for overseas affiliates100%
Asia Aviation PCL (SET-listed)Owns Thai AirAsia40.71%
PT AirAsia Indonesia Tbk (IDX-listed)Owns Indonesia AirAsia46.25%
Philippines AirAsia Inc.Philippines AOC99.47%
AirAsia (Cambodia) Co.Cambodia AOC49%
Thai AirAsia XThailand long-haul AOC49%
PT Indonesia AirAsia ExtraIndonesia long-haul AOC49%

Corporate structure after the split

EntityTickerRoleStatus
Capital A Berhad5099.KLNon-aviation holding company: Asia Digital Engineering, Teleport, AirAsia MOVE, Santan, AirAsia NextExited PN17 status 20 May 2026
AirAsia Group Berhad5238.KLAirline operations: Malaysia, Thailand, Indonesia, Philippines, Cambodia and long-haul (formerly AirAsia X Berhad, renamed July 2026)Under financial pressure; refinancing sought

Corporate history

YearMilestone
1993AirAsia founded by Malaysian conglomerate DRB-Hicom
1996First flight, Kuala Lumpur-Langkawi, with Boeing 737-300s as a full-service carrier
2001Tony Fernandes and Kamarudin Meranun’s Tune Air buys the loss-making airline for a nominal RM1 plus its debts
2002Relaunched in January as a no-frills low-cost carrier
2003-2005Thai AirAsia and Indonesia AirAsia launched; AirAsia lists on Bursa Malaysia in 2004
2007AirAsia X begins long-haul flying with Kuala Lumpur-Gold Coast
2009First of 16 consecutive Skytrax World’s Best Low-Cost Airline titles
2012Philippines AirAsia begins operations
2014-2020Joint ventures in India and Japan launched; both later exited (AirAsia Japan ceased October 2020, AirAsia India sold to Tata)
2020Pandemic grounds most of the fleet
January 2022Parent renamed Capital A Berhad; classified PN17
May 2024AirAsia Cambodia commences operations
July 2025Firm order for 50 A321XLR, first post-pandemic aircraft order
January 2026AirAsia X completes acquisition of all group airlines from Capital A
May 2026150 A220-300 order; Capital A exits PN17; FY2026 targets withdrawn
July 2026AirAsia X Berhad renamed AirAsia Group Berhad

Financing and contingency timeline

DateEvent
January 2026RM5.5bn High Court-approved capital reduction completed at Capital A
18 January 2026AirAsia X completes acquisition of AirAsia Berhad and AirAsia Aviation Group; takes on RM3.8bn of debt
6 March 2026Fuel surcharges introduced as jet fuel spikes
March 2026About US$300m raised
April 2026First A321LR delivered
6 May 2026Firm order for 150 Airbus A220-300s
14 May 2026Q1 2026 net loss of RM154.9m reported; FY2026 targets withdrawn; 21 routes suspended
20 May 2026Capital A exits PN17 status
9 July 2026AirAsia X Berhad renamed AirAsia Group Berhad
13 August 2026Q2 2026 net loss of RM830.5m reported on fuel and FX pressure
3 September 2026Company says fundraising of up to US$1bn plus RM700m is for refinancing, not operations
September 2026Ministry of Finance appoints Alton Aviation Consultancy; contingency talks with Malaysia Airlines and Batik Air intensify

Operating context

Q2 capacity fell 11% year on year. Management reported recovering about 70% of the quarter’s fuel increase through pricing and cost cuts; it introduced fuel surcharges, suspended 21 routes and guided to a further Q3 capacity reduction.

Outlook

What to watch Q2 2026 capacity was cut 11% year on year. The company guided to a 20–25% year-on-year reduction in Q3 and expected Q4 capacity to move back toward pre-war levels. The FY2026 earnings targets were withdrawn.

What to watch:

  • Refinancing: progress on the targeted US$1bn plus RM700m and its pricing.
  • Capacity: delivery of Q3 reductions and the expected Q4 recovery.
  • Fuel and currency exposure, given limited hedging outside Thailand.
  • Government review and whether contingency planning leads to concrete actions.
  • Financing for the A220 and A321XLR commitments.

Related analysis

Sources