Cathay Pacific Airways Income Statement

Financials in millions HKD. Fiscal year is January - December.

Millions HKD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Revenue	116,766	104,371	94,485	51,036	45,587
Revenue Growth (YoY)	11.88%	10.46%	85.13%	11.95%	-2.87%
Cost of Revenue	84,172	71,796	61,347	30,624	29,700
Gross Profit	32,594	32,575	33,138	20,412	15,887
Other Operating Expenses	6,417	6,888	7,712	4,513	3,622
Operating Expenses	18,521	19,398	20,150	16,941	16,447
Operating Income	14,073	13,177	12,988	3,471	-560
Interest Expense	-3,169	-3,897	-3,961	-3,148	-2,729
Interest & Investment Income	266	450	571	135	66
Earnings From Equity Investments	529	331	-1,534	-6,677	-1,985
Other Non Operating Income (Expenses)	50	64	92	74	25
EBT Excluding Unusual Items	11,749	10,125	8,156	-6,145	-5,183
Merger & Restructuring Charges	-	-	-	-	-385
Gain (Loss) on Sale of Investments	186	926	2,494	30	219
Asset Writedown	375	46	208	-	-708
Other Unusual Items	-	106	-	-	-
Pretax Income	12,310	11,203	10,858	-6,115	-6,057
Income Tax Expense	1,482	1,315	1,068	507	-531
Earnings From Continuing Operations	10,828	9,888	9,790	-6,622	-5,526
Minority Interest in Earnings	-	-	-1	-1	-1
Net Income	10,828	9,888	9,789	-6,623	-5,527
Preferred Dividends & Other Adjustments	-	281	722	614	596
Net Income to Common	10,828	9,607	9,067	-7,237	-6,123
Net Income Growth	9.51%	1.01%	-	-	-
Shares Outstanding (Basic)	6,543	6,438	6,437	6,437	6,437
Shares Outstanding (Diluted)	6,724	7,384	7,395	6,437	6,437
Shares Change (YoY)	-8.94%	-0.15%	14.88%	-	24.85%
EPS (Basic)	1.65	1.49	1.41	-1.12	-0.95
EPS (Diluted)	1.62	1.33	1.26	-1.12	-0.95
EPS Growth	21.45%	5.92%	-	-	-
Free Cash Flow	15,551	14,334	19,607	14,107	6,559
Free Cash Flow Per Share	2.31	1.94	2.65	2.19	1.02
Dividend Per Share	0.840	0.690	0.430	-	-
Dividend Growth	21.74%	60.47%	-	-	-
Gross Margin	27.91%	31.21%	35.07%	40.00%	34.85%
Operating Margin	12.05%	12.63%	13.75%	6.80%	-1.23%
Profit Margin	9.27%	9.21%	9.60%	-14.18%	-13.43%
Free Cash Flow Margin	13.32%	13.73%	20.75%	27.64%	14.39%
EBITDA	21,737	20,856	20,456	10,236	6,385
EBITDA Margin	18.62%	19.98%	21.65%	20.06%	14.01%
D&A For EBITDA	7,664	7,679	7,468	6,765	6,945
EBIT	14,073	13,177	12,988	3,471	-560
EBIT Margin	12.05%	12.63%	13.75%	6.80%	-1.23%
Effective Tax Rate	12.04%	11.74%	9.84%	-	-
Revenue as Reported	116,766	104,371	94,485	51,036	45,587

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.