Full Breakdown
Singapore Airlines Reports Mixed Financial Results Amid Strong Passenger Demand
2/24/2026, 9:26:56 PM
Financial Performance Overview
Singapore Airlines (SIA) reported a significant increase in operating profit for the third quarter of the 2026 financial year, rising 25.9% to S$792 million, driven by record quarterly revenue of S$5.5 billion, which marked a 5.5% increase year-on-year. However, the airline's net profit experienced a sharp decline of 68.9%, falling to S$505 million. This drop was primarily attributed to the absence of a one-off non-cash gain of S$1.1 billion recorded in the previous year from the disposal of Vistara airline, which merged with Air India in November 2024.
In the first nine months of FY2026, SIA's net profit also decreased by 68.6% to S$743 million, despite a revenue increase of 3.2% to S$15.2 billion. The operating profit for this period expanded by 11.9% to S$1.6 billion. The decline in net profit was further exacerbated by a higher share of losses from associated companies, totaling S$580 million.
Passenger Demand and Network Expansion
SIA carried 31.6 million passengers in the first nine months of FY2026, reflecting a year-on-year increase of 7.4%. The passenger load factor, which indicates the percentage of available seating capacity that is filled with passengers, stood at 87.7%, up 1.1 percentage points from the previous year. In the third quarter alone, the airline transported 10.9 million passengers, a 6.3% increase compared to the same period last year, with a passenger load factor of 87.5%.
As of December 2026, SIA's passenger network encompassed 134 destinations across 37 countries and territories, with its budget airline, Scoot, serving 79 destinations. The cargo network included 138 destinations in 38 countries and territories, although the cargo load factor decreased slightly to 56.3%.
Official Statements & Responses
SIA expressed optimism regarding the long-term prospects of its partnership with Tata Sons to support Air India's transformation, despite the increased losses from associated companies, which included a S$163 million rise in losses attributed to Air India. The airline remains committed to expanding its network and improving its balance sheet, even as uncertainties persist in the cargo segment due to trade and geopolitical factors.
Criticism & Opposition
Critics have pointed out that the substantial decline in net profit raises concerns about the sustainability of SIA's financial health, particularly in light of the significant losses from associated companies. The absence of one-off gains in the current financial year has highlighted vulnerabilities in the airline's profit structure, prompting calls for a reassessment of its financial strategies.
Conflicting Reports & Gaps
While SIA's management remains optimistic about passenger demand, there are conflicting views regarding the stability of the cargo segment, which has faced uncertainties. The impact of geopolitical developments on cargo operations remains a point of concern, with no clear resolution in sight.
Verbatim Quotes
“Nonetheless, it is “firmly” committed to working with partner Tata Sons to support Air India’s transformation.” — Singapore Airlines Spokesperson
“Outlook The group noted that demand for air travel is healthy heading into the March quarter.” — Singapore Airlines Management Statement
