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Story summary
- In Q4 2025, China Eastern Airlines, Air China, and China Southern Airlines posted losses, reversing summer profits as jet fuel rose due to the Iran war.
- Analysts say rising fuel costs may erode profit margins, now up to 38% of operating expenses.
- Despite a record 94 million Spring Festival passengers, carriers expect deeper losses in 2026 before profitability in 2027.
- China Eastern is the only carrier hedging fuel price risk.
