Delivering today

The Qantas Group reported an underlying loss before tax for FY22 of $1.86 billion.

The national carrier navigated through the worst impacts of the COVID-19 pandemic in FY22, with border closures and lockdowns associated with the Delta and Omicron suppressing travel for much of the year.

As restrictions eased in the fourth quarter, the Group saw a huge increase in forward travel demand, which when combined with the Group’s recovery plan has resulted in a significant improvement to the balance sheet.

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Financial results

Visit our 1H22 trading update

FY22 half year overview

The Qantas Group has reported an Underlying Loss Before Tax of $1.3 billion for 1H22 as a result of widespread domestic lockdowns and international restrictions which continued to impact the business. The Group’s focus on restructuring its cost base and repairing its balance sheet has positioned it to better weather ongoing disruptions during the recovery period. A key part of this balance sheet repair has been the sale of surplus land in Mascot, New South Wales, which contributed $754 million in net proceeds in the half.

The three-year recovery plan is tracking ahead of schedule delivering $840 million cost benefits by 1H22, enabling the Group to create a stronger platform for future profitability and growth, and deliver long-term shareholder value.

Visit our 1H22 trading update

Visit our FY22 full year overview

FY22 full year overview

The Qantas Group reported an Underlying Loss Before Tax of $1.86 billion for FY22, a year which included the worst impacts of the pandemic with widespread Delta and Omicron lockdowns, but also the first signs of sustained recovery.

The reopening of borders in the fourth quarter saw a huge increase in forward travel demand, which when combined with the Group’s recovery plan resulted in a significant improvement to the balance sheet, including a reduction in net debt.

With the crisis posed by the pandemic now over, the Group is focused on getting Qantas back to its best for customers and its people and resuming capital returns to shareholders.

Visit our FY22 full year overview