ANA Group reported record financial results for fiscal 2025–2026, driven by strong inbound travel demand and cargo expansion. The Japanese airline posted €13.6 billion in revenue and increased its dividend, while forecasting continued growth despite rising fuel costs and evolving global market conditions.
Tokyo— Japan’s ANA Group has announced record financial results for the fiscal year ending March 31, 2026, driven by robust inbound tourism and strategic expansion in its cargo business. ANA is a five-star airline and a member of the Star Alliance.
The airline group posted revenue of approximately €13.6 billion, alongside an operating profit of €1.16 billion and a net income of around €903 million—marking the strongest performance in its history. Buoyed by these results, ANA confirmed it will raise its annual dividend to 65 yen per share.
According to Executive Vice President and CFO Kimihiro Nakahori, the results reflect the company’s resilience and adaptability. “Our record performance underscores the strength of our core airline operations and our ability to navigate changing market conditions,” he said, while noting that rising fuel costs may pose short-term challenges.
Passenger Growth Fuels Airline Success
ANA’s air transport segment saw significant growth, with passenger revenue rising 12.4% year-on-year. The increase was largely driven by surging inbound tourism to Japan and strong leisure travel demand, as well as the full consolidation of Nippon Cargo Airlines (NCA).
International routes played a major role in this expansion. ANA carried more than 9 million international passengers, achieving a load factor of 83%. Growth was particularly strong on European routes and newly launched services introduced in late 2024. The airline also expanded capacity on routes connecting Tokyo with destinations such as Hong Kong, Perth, Mumbai, and Brussels.
Domestically, ANA transported nearly 46 million passengers, with a load factor of 79.2%. Demand was supported by early booking campaigns and flexible capacity management, including increased frequencies on high-demand routes like Tokyo–Sapporo and Tokyo–Fukuoka.
Cargo and Subsidiaries Navigate Mixed Conditions
While cargo volumes increased—especially on routes between Asia and North America—cargo revenue declined slightly by 1.7%, reflecting weaker demand for automotive components and e-commerce shipments. To counter this, ANA adjusted routes and introduced charter operations.
NCA faced a challenging environment due to US tariffs affecting China–North America trade. However, stable volumes on routes to Europe and North America helped offset some losses. The cargo airline also expanded its network, including a new Tokyo–Frankfurt route and increased frequencies to Hong Kong and Los Angeles.
Meanwhile, ANA’s low-cost subsidiary Peach Aviation continued to expand, adding new routes between Japan and South Korea and increasing flight frequencies. In contrast, the group announced it will discontinue AirJapan, integrating its aircraft and workforce into ANA’s main operations as part of a broader strategy to streamline its brand portfolio.
Industry Recognition and Service Enhancements
Beyond financial performance, ANA maintained its reputation for service excellence. The airline received the prestigious SKYTRAX five-star rating for the 13th consecutive year and earned the APEX “World Class” award for the second year in a row. It also secured the “Executive Leadership: Asia-Pacific Award” from FlightGlobal.
The company continued investing in passenger experience, rolling out free high-speed Wi-Fi on selected aircraft and upgrading onboard streaming services. March 2026 also marked a milestone as ANA celebrated 40 years of international flight operations.
Outlook: Continued Growth with Caution
Looking ahead to fiscal year 2026–2027, ANA forecasts further growth, projecting revenue of approximately €14.8 billion—an increase of 9.1%. However, net income is expected to decline to around €370 million due to cost pressures, particularly fuel prices influenced by geopolitical tensions in the Middle East.
Despite these challenges, ANA remains optimistic, citing ongoing demand recovery and targeted cost-control measures. The company plans to maintain a dividend of 60 yen per share in the coming year.
Founded in 1952, All Nippon Airways has grown into Japan’s largest airline and a global premium carrier, known for its commitment to service quality and continuous innovation.
