Singapore, February 25, 2026, 15:42 (SGT)
- Net profit slumped 68.9% to S$505 million, dragged lower by Air India losses and the disappearance of a one-off gain.
- Quarterly revenue reached a record S$5.51 billion, while operating profit climbed 25.9% to S$792 million.
- Passenger yields ticked higher and load factor saw gains, but cargo revenue slipped.
Singapore Airlines posted a nearly 69% drop in fiscal third-quarter net profit, dragged down by the absence of last year’s one-off gain from the Air India-Vistara merger and a larger hit from associates’ losses. Yet travel demand fueled revenue to a new high.
These figures carry weight: airlines in Asia are ramping up capacity, and holding onto fare increases is proving tough. Investors are eyeing Singapore Airlines to see if it can maintain its edge on long-haul pricing even as expenses climb.
Some analysts are flagging “early signs of pricing recovery” after the carrier posted stronger yields, and a number see room for the stock to gain on the back of its operating beat. https://www.businesstimes.com.sg/companies-markets/transport-logistics/sias-q3-financials-beat-street-consensus-analysts-expect-share-price-rise
The group posted net profit of S$505 million for the quarter ended Dec. 31, a sharp drop from S$1.63 billion the previous year, according to its Singapore Exchange filing. Revenue edged up 5.5% to S$5.506 billion, while operating profit jumped 25.9% to S$792 million. https://links.sgx.com/1.0.0/corporate-announcements/YK6UBXPNJYS5BD3C/875712_bu-q3fy2526.pdf
Passenger numbers did most of the work. Singapore Airlines and its low-cost unit Scoot moved 10.9 million people, a 6.3% increase. Load factor, a measure of how packed the flights were, ticked up to 87.5%.
Passenger yield climbed 1.9%, reaching 10.9 Singapore cents per revenue passenger-kilometre. That figure tracks the average fare per passenger for each kilometre flown.
Cargo moved in the opposite direction. Revenue from cargo dropped 5.4% to S$581 million, with yields weakening. The cargo load factor came in at 56.3%—capacity outpaced demand, dragging the figure down.
Costs edged higher as well. Total expenditure landed at S$4.714 billion, up 2.7%, pushed by increased net fuel outlays and more non-fuel spending. The airline pointed to capacity expansion, steeper fuel prices, and greater fuel uplift as key factors.
Tabitha Foo, equity research analyst at DBS Group Research, noted, “Sustained strength in passenger travel should help offset cargo softness,” though she is still keeping an eye on Air India. Morningstar director Lorraine Tan flagged rising competition as capacity comes back, but said, “it appears some carriers are able to keep yields higher for longer,” highlighting Japan’s ANA as an example of the trend. https://www.channelnewsasia.com/business/singapore-airlines-q3-profit-merger-fuel-costs-5949356
Profit took a sharper hit this time because last year’s results were boosted by a one-off, non-cash accounting gain of around S$1.1 billion tied to the Vistara disposal, following its merger with Air India. Singapore Airlines holds a 25.1% stake in Air India, and only started booking its share of Air India’s earnings from December 2024, according to Reuters. https://www.reuters.com/world/asia-pacific/singapore-airlines-third-quarter-profit-dives-nearly-69-2026-02-24/
Singapore Airlines reaffirmed its partnership with Tata Sons to back Air India’s overhaul and said air travel demand looks solid going into the March quarter. The company, though, pointed to lingering uncertainty in the cargo space, citing ongoing trade and geopolitical headwinds.
The group plans to roll out non-stop service to Riyadh starting in June and will also bump up frequencies on select routes, the filing said.
The dangers here aren’t hard to spot. Fuel and maintenance bills can spike without warning. Should trade falter, cargo revenue might slip further. Losses at Air India could linger, weighing on results longer than investors would like — particularly if rivals push fares lower.
Singapore Airlines shares ended Tuesday at S$7.03, ticking up 1% ahead of its earnings release, The Business Times noted. For the nine months through Dec. 31, net profit slid 68.6% to S$743 million, even as revenue climbed 3.2% to a record S$15.2 billion. https://www.businesstimes.com.sg/companies-markets/transport-logistics/sia-q3-operating-profit-26-record-revenue-net-earnings-down-69-absence-one-gain
