Spring Airlines Income Statement

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

Millions CNY. 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
Operating Revenue	21,096	19,533	17,576	8,195	10,640
Other Revenue	363.92	466.89	362.14	173.61	218.05
Revenue	21,460	20,000	17,938	8,369	10,858
Revenue Growth (YoY)	7.30%	11.50%	114.34%	-22.92%	15.85%
Cost of Revenue	18,544	17,412	15,519	11,590	11,331
Gross Profit	2,915	2,588	2,419	-3,221	-472.7
Selling, General & Admin	560.34	521.72	468.71	367.97	422.53
Research & Development	163.76	160.63	144.18	122.31	119.39
Other Operating Expenses	-1,113	-1,013	-1,047	-755.3	-1,122
Operating Expenses	-387.84	-328.34	-432.87	-263.98	-577.2
Operating Income	3,303	2,916	2,852	-2,957	104.5
Interest Expense	-485.85	-534.56	-643.96	-663.17	-553.2
Interest & Investment Income	210.33	268.86	363.33	171.61	204.61
Currency Exchange Gain (Loss)	-20.4	6.14	24.84	-126.49	68.63
Other Non Operating Income (Expenses)	-11.91	-7.63	-5.88	-4.31	-7.04
EBT Excluding Unusual Items	2,995	2,649	2,590	-3,580	-182.49
Gain (Loss) on Sale of Investments	0.46	1.45	-41.19	17.1	-2.97
Gain (Loss) on Sale of Assets	-	-1.13	2.83	-	2.15
Asset Writedown	-14.85	-2.98	-	-	-
Other Unusual Items	49.26	7.29	90.02	163.89	199.34
Pretax Income	3,030	2,653	2,642	-3,399	16.03
Income Tax Expense	712.85	380.5	384.58	-362.95	-21.26
Earnings From Continuing Operations	2,317	2,273	2,257	-3,036	37.29
Minority Interest in Earnings	-	-	-	-	1.83
Net Income	2,317	2,273	2,257	-3,036	39.11
Net Income to Common	2,317	2,273	2,257	-3,036	39.11
Net Income Growth	1.96%	0.69%	-	-	-
Shares Outstanding (Basic)	973	977	977	920	978
Shares Outstanding (Diluted)	973	977	977	920	978
Shares Change (YoY)	-0.40%	-0.06%	6.22%	-5.90%	6.35%
EPS (Basic)	2.38	2.33	2.31	-3.30	0.04
EPS (Diluted)	2.38	2.33	2.31	-3.30	0.04
EPS Growth	2.28%	0.74%	-	-	-
Free Cash Flow	291.61	-1,319	3,489	-4,134	-4,517
Free Cash Flow Per Share	0.30	-1.35	3.57	-4.49	-4.62
Dividend Per Share	0.960	0.820	0.700	-	-
Dividend Growth	17.07%	17.14%	-	-	-
Gross Margin	13.58%	12.94%	13.49%	-38.49%	-4.35%
Operating Margin	15.39%	14.58%	15.90%	-35.34%	0.96%
Profit Margin	10.80%	11.37%	12.58%	-36.27%	0.36%
Free Cash Flow Margin	1.36%	-6.59%	19.45%	-49.40%	-41.60%
EBITDA	5,514	4,776	4,261	-1,698	1,212
EBITDA Margin	25.70%	23.88%	23.76%	-20.29%	11.16%
D&A For EBITDA	2,211	1,860	1,409	1,259	1,108
EBIT	3,303	2,916	2,852	-2,957	104.5
EBIT Margin	15.39%	14.58%	15.90%	-35.34%	0.96%
Effective Tax Rate	23.52%	14.34%	14.56%	-	-
Revenue as Reported	-	-	-	-	10,858
Advertising Expenses	-	-	-	-	10.13

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