Thai Airways financial results 2026: revenue, EBITDA, net profit, Cabin factor & fleet
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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.
At a glance
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Headline metrics and correctly labelled unit economics, FY2022 to the latest period.
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Analysis
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Guidance vs actual
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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
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FAQ
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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.
- 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.
- Quarters follow the company’s reporting calendar; the company’s own label is noted beneath the period.
- 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.
- 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).
- Sources: annual reports, interim results and traffic statements. See Data & Research.
Quick answers
Is Thai Airways profitable?
Yes. Thai Airways reported an operating profit of THB40.84bn in FY2025 (year to 31 Dec 2025), a 21.5% margin. In its latest reported period, it reported an operating profit of THB3.69bn in Q2 2026 (to 30 Jun 2026), a 7.6% margin.
What was Thai Airways’s revenue in 2025?
Thai Airways reported revenue of THB190.3bn in FY2025 (year to 31 Dec 2025). For Q2 2026 (to 30 Jun 2026) it reported revenue of THB48.62bn.
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 Thai Airways data on this page
Thai Airways data snapshot
- Scope: Thai Airways International PCL and subsidiaries
- Region: Asia-Pacific
- Business model: Global network
- Financial year end: 31 Dec
- Reporting currency: THB
- Source: THAI results announcements & investor presentations
- Latest period: Q2 2026
- Last updated: 2026-09-27
Latest read
THAI grew Q2 2026 revenue 8.5% to THB48.6 billion, but with jet fuel prices 105% higher than a year earlier, operating profit fell from THB10.2 billion to THB3.7 billion and net profit from THB12.1 billion to THB1.5 billion. Cabin factor dropped to 71.5%. First-half net profit was THB11.7 billion.
Reported metrics by period
Annual results
- FY2025 (FY2025 · 31 Dec 2025): Passengers: 16.46m (+2.0% YoY); Revenue: THB190.3bn (+1.2% YoY); EBITDA / EBITDAR: THB53.88bn (EBITDA); Operating profit / result: THB40.84bn op. (Operating profit; −THB676m YoY); Operating margin: 21.5% (Operating profit ÷ revenue) [Calculated]; Net profit: THB30.94bn (Record net profit); Load factor: 79.2% (Cabin factor; +0.4pt); Revenue passenger km (RPK): +8.3% (RPK growth); Cash / liquidity: THB123.56bn (Cash; +THB8.57bn); Shareholders’ equity: THB75.91bn (Shareholders’ equity; +THB30.32bn); Fleet size: 80 (59 widebody, 21 narrowbody). Source: THAI 2025 results.
- FY2024 (FY2024 · 31 Dec 2024): Passengers: 16.1m (Implied by 2.0% growth in 2025) [Calculated]; Revenue: THB188.0bn (Implied by 1.2% growth in 2025) [Calculated]; Operating profit / result: THB41.52bn op. (2025 EBIT plus the reported THB676m decline) [Calculated]; Operating margin: 22.1% (Operating profit ÷ revenue) [Calculated]; Net profit: Net loss (Loss per share of THB6.26, largely restructuring items); Load factor: 78.8% (Cabin factor); Cash / liquidity: THB114.99bn (2025 cash less the reported THB8.57bn increase) [Calculated]; Shareholders’ equity: THB45.59bn (2025 equity less the reported THB30.32bn increase) [Calculated]. Source: THAI 2025 results (2024 comparatives).
Quarterly and interim results
- Q2 2026 (Q2 2026 · 30 Jun 2026): Passengers: 3.66m (Quarter); Revenue: THB48.62bn (Total revenue; +8.5% YoY); Operating profit / result: THB3.69bn op. (Before finance costs, excl. one-offs; Q2 2025 THB10.18bn); Operating margin: 7.6% (Operating profit ÷ revenue) [Calculated]; EBITDA / EBITDAR: THB8.18bn (EBITDA); Net profit: THB1.54bn (Net profit; Q2 2025 THB12.13bn); Load factor: 71.5% (Cabin factor; 77.0% a year earlier); Capacity / ASK: 16.8bn ASK (Quarter); Revenue passenger km (RPK): 12.0bn (RPK); Fuel / hedging: Fuel price +104.6% (vs Q2 2025); Fleet size: 84 (58 widebody, 26 narrowbody at 30 Jun 2026); Fleet growth / guidance: 102 aircraft by end-2026 (14 A321neo and 14 787s due in 2026) [Defined]. Source: THAI Q2 2026 results (Nation Thailand).
- Q2 2025 (Q2 2025 · 30 Jun 2025): Passengers: 3.97m (Quarter); Revenue: THB44.8bn (Q2 2026 revenue ÷ 1.085) [Calculated]; Operating profit / result: THB10.18bn op. (Operating profit); Operating margin: 22.7% (Operating profit ÷ revenue) [Calculated]; Net profit: THB12.13bn (Net profit); Load factor: 77.0% (Cabin factor); Capacity / ASK: 17.6bn ASK (Quarter). Source: THAI Q2 2026 earnings presentation (comparatives).