The Singapore Airlines Group increased its operating profit by 39% in the 2025/26 fiscal year.
The airline group posted its largest-ever revenue, at $2.4 billion, an increase of 5% over the preceding fiscal year, while managing to bring down its operational costs by 1.8%.
This cost reduction was due in great part to lower fuel costs and successful hedging during the latest fiscal period, a circumstance that may be more difficult to replicate in the current fiscal year due to the ongoing spike in the global price of oil. The company included a stark warning in its report, reflecting the fact that if prolonged over time these oil price increases will have an impact on the current fiscal year’s results.
However, the Singaporean airline group saw a significant drop in net profit, which more than halved to $1.18 billion. But far from reflecting its core business fundamentals, the drop in profitability can be neatly attributed to the accounting impact of its investments in India.
The group’s 2024/25 profit had been somewhat inflated by a $1 billion one-off gain from the integration of its Indian airline venture, Vistara, into Air India. At the same time, since Singapore Airlines Group now has a 25.1% stake in the Indian flag carrier, the 2025/2026 fiscal year accounts reflect the proportional consolidation of Air India’s losses.
When it comes to its core Singapore-based passenger transportation business, the group’s two airlines, Singapore Airlines and Scoot, show solid operational robustness. The two airlines carried a combined 42.4 million passengers in FY2025/26, a record figure, which is up 7.7% over the previous year. The groups’ load factor also went up by 1.1%, to 87.7%, thanks to demand outpacing capacity expansion.
The cargo business showed a small decrease of 2.1% to $2.1 billion, attributable to lower yields even in the face of expanding demand.
While Singapore Airlines has been forced to suspend services to key destinations in the Middle East, such as Dubai (DXB) and Jeddah (JED), due to the unstable geopolitical situation, in early May 2026 the group announced a major international expansion. This expansion will see the airline increase capacity deployed to destinations such as London-Gatwick (LGW), Manchester (MAN), Milan (MXP), Munich (Germany) and Melbourne (MEL), as well as new routes to Madrid (MAD) via Barcelona (BCN) and Western Sydney International Airport (WSI).
Singapore Airlines is also preparing to roll out revamped cabins on its long-haul fleet, along with an update to its inflight catering and entertainment offerings. From 2027 the Singaporean carrier will also offer high-speed broadband connectivity provided by SpaceX’s Starlink.
