Sydney, June 15, 2026, 05:02 (AEST)
- Shares in Qantas Airways finished the last ASX session at A$9.35, gaining 34 cents, or 3.8%. Volume came in at 7.55 million shares.
- The S&P/ASX 200 jumped 1.98% to 8,804.00, with airlines getting a lift as oil prices dropped hard and helped take some pressure off costs.
- Qantas is set to report its FY26 preliminary final results on August 27, following its June 30 year-end.
Shares of Qantas Airways Limited jumped 3.8% to A$9.35 at the close of the ASX’s latest session, notching a gain ahead of the S&P/ASX 200, which rose 1.98% to 8,804.00 on Friday. Investors bought into both the broader market recovery and Qantas’ play on easing fuel cost forecasts.
Oil’s slide matters for airlines, with Brent crude closing at $87.33 a barrel Friday, down 3.37%. That comes after talk of a possible U.S.-Iran peace deal sent oil to its lowest since early March. Fuel is one of the biggest variables for airline profits. For Qantas, lower fuel can help its margins at a time when it’s been tweaking capacity and fares to handle cost pressures.
Qantas ($QAN) had no new market-moving operating updates over the weekend. The only ASX announcement logged for the June 9–15 stretch was a June 10 “Becoming a substantial holder from PPT” filing. Traders pointed to Friday’s Qantas share move as more about shifting risk appetite, lower oil prices and position changes than any fresh airline earnings news. Australian Securities Exchange
Qantas bulls point to the airline’s solid earnings in the first half. For 1H26, Qantas posted an underlying profit before tax of A$1.46 billion, up 5%. Statutory profit after tax came in at A$925 million. Underlying earnings per share rose 7% to 68 cents. Operating cash flow was A$1.8 billion. Underlying PBT, the profit measure Qantas prefers, strips out some non-recurring items before tax.
Qantas is leaning on its loyalty unit and shareholder payouts. Qantas Loyalty posted underlying EBIT of A$286 million for 1H26, up 12%. The board signed off on a fully franked interim dividend of A$300 million, or 19.8 cents per share, and set plans for an on-market buyback of as much as A$150 million. EBIT, or earnings before interest and tax, tracks profit before financing and tax.
The bear view is that the airline remains exposed to volatile fuel prices, network issues and uncertain demand. Back in May, Reuters said Qantas pushed its schedule changes out to September, trimmed planned first-quarter FY27 international capacity by 2 percentage points, and kept a 5-percentage-point domestic cut in place through the end of September. Capacity—meaning airline seats or flights offered—can help protect margins when lower, but also holds back revenue growth.
Fleet timing is in focus. Reuters said this month Qantas is looking at a possible order for about 20 new wide-body jets from Airbus or Boeing. The airline’s first A350-1000ULR for Project Sunrise took its first flight, but delivery slipped by around four months to April 2027. Fleet changes feed into valuation: newer planes can lift efficiency and revenue from premium seats but mean higher capex and more execution risk.
Qantas shares are at A$9.35, trading well below their 52-week high of A$12.62 and above the 52-week low at A$8.04. Google Finance puts Qantas’ price-to-earnings ratio at 8.88, with a 3.88% dividend yield. That P/E figure tracks the share price against earnings per share. Lower P/E can hint at value, but that depends on earnings holding up. Google Finance also lists 11 analyst ratings for QAN, all Buy, with an average 12-month price target of A$11.01.
Qantas trades like a risky value name, not an obvious buy right now. Valuation and analyst targets suggest some upside if fuel costs stay down, domestic demand stays firm and FY27 guidance doesn’t change. But the main test is coming at the FY26 preliminary final result on August 27, when the market will be watching for signs Qantas can keep margins, handle fleet spending and deal with capacity cuts.
