Kenya Airways Income Statement

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

Millions KES. 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	161,473	188,495	178,496	116,787	70,221
Revenue Growth (YoY)	-14.34%	5.60%	52.84%	66.31%	32.98%
Cost of Revenue	167,080	150,582	137,934	97,541	58,199
Gross Profit	-5,607	37,913	40,562	19,246	12,022
Selling, General & Admin	-	352	369	235	106
Other Operating Expenses	-	27,616	22,914	18,968	17,400
Operating Expenses	-	27,968	23,283	20,549	17,506
Operating Income	-5,607	9,945	17,279	-1,303	-5,484
Interest Expense	-12,399	-12,355	-14,517	-10,470	-8,217
Interest & Investment Income	79	69	165	194	162
Currency Exchange Gain (Loss)	-	5,942	-25,577	-26,445	-2,623
Other Non Operating Income (Expenses)	-	-	-	170	295
EBT Excluding Unusual Items	-17,927	3,601	-22,650	-37,854	-15,867
Merger & Restructuring Charges	-	-	-	-	-32
Asset Writedown	-	1,926	-214	-461	-129
Pretax Income	-17,927	5,527	-22,864	-38,315	-16,028
Income Tax Expense	-764	95	-167	-51	-150
Earnings From Continuing Operations	-17,163	5,432	-22,697	-38,264	-15,878
Minority Interest in Earnings	29	79	-20	12	-4
Net Income	-17,134	5,511	-22,717	-38,252	-15,882
Net Income to Common	-17,134	5,511	-22,717	-38,252	-15,882
Shares Outstanding (Basic)	5,828	5,824	5,824	5,824	5,824
Shares Outstanding (Diluted)	5,828	7,447	5,824	5,824	5,824
Shares Change (YoY)	-21.75%	27.87%	-	-	-
EPS (Basic)	-2.94	0.95	-3.90	-6.57	-2.73
EPS (Diluted)	-2.94	0.74	-3.90	-6.57	-2.73
Free Cash Flow	11,996	9,949	16,322	2,806	2,251
Free Cash Flow Per Share	2.06	1.34	2.80	0.48	0.39
Gross Margin	-3.47%	20.11%	22.72%	16.48%	17.12%
Operating Margin	-3.47%	5.28%	9.68%	-1.12%	-7.81%
Profit Margin	-10.61%	2.92%	-12.73%	-32.75%	-22.62%
Free Cash Flow Margin	7.43%	5.28%	9.14%	2.40%	3.21%
EBITDA	6,400	21,952	26,870	6,514	2,313
EBITDA Margin	3.96%	11.65%	15.05%	5.58%	3.29%
D&A For EBITDA	12,007	12,007	9,591	7,817	7,797
EBIT	-5,607	9,945	17,279	-1,303	-5,484
EBIT Margin	-3.47%	5.28%	9.68%	-1.12%	-7.81%
Effective Tax Rate	-	1.72%	-	-	-
Advertising Expenses	-	328	332	235	106

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