SYDNEY, June 29, 2026, 05:05 (AEST)
- Qantas ended Friday at A$10.68, slipping 0.28% on the day but gaining 6.2% for the week. The S&P/ASX 200 fell 0.7% this week.
- ASX cash trading was yet to open at publication time. Normal trading begins at 09:59:45 Sydney time, and June 29 is not a 2026 ASX holiday.
- Qantas’ route cuts in Alice Springs and Darwin suggest a cost review ahead of its FY26 year-end on June 30.
- Qantas will report preliminary FY26 results on Aug. 27.
Qantas Airways Limited ASX:QAN heads into the last two days of its financial year, with the stock reflecting a focus on capacity discipline rather than passenger growth.
The shares ended at A$10.68 on June 26, slipping 0.28% for the day, after climbing from A$10.06 on June 19. The 6.2% weekly gain outperformed the S&P/ASX 200 by about 6.9 percentage points, with the index closing at 8,764.20 on Friday compared to 8,828.70 a week before.
At 05:05 in Sydney, the ASX cash market remained closed. The exchange opens for pre-market at 07:00, with regular trading from 09:59:45 to 16:00 Sydney time.
Qantas had no new operating updates on the ASX during the latest announcement window. The ASX page for June 23-29 listed only a June 24 notice of “Ceasing to be a substantial holder.” Australian Securities Exchange
| Data point | Latest available | Investor read |
|---|---|---|
| Qantas close | A$10.68 on June 26; 5.8 mln shares traded | QAN gained 6.2% for the week, outperforming the index. |
| S&P/ASX 200 | 8,764.20 on June 26 | The index slipped 0.7% this week. |
| Route action | Alice Springs-Melbourne suspended; Darwin-Singapore cut to peak season | Qantas drops routes failing cost tests. |
| Project Sunrise | 238-seat A350-1000ULR; Sydney-London ticket sales due February 2027 | Fewer seats means premium fares become more important. |
Qantas announced late last week it will indefinitely suspend flights between Alice Springs and Melbourne, and limit Darwin-Singapore service to peak periods. The Darwin flight will be paused from late October until June 2027. Qantas Domestic Chief Executive Markus Svensson said “falling demand and rising costs mean the service is no longer viable.” He added that Alice Springs-Melbourne “has underperformed,” despite deploying an Airbus A220 and offering one-way fares from A$199. ABC News
The route decision is key for shareholders as fuel remains the main cost driver. In April, Qantas said jet fuel prices had more than doubled since its 1H26 outlook, with jet refining margins rising from US$20 a barrel in February to almost US$120. It estimated 2H26 fuel costs at A$3.1 billion to A$3.3 billion, even after hedging about 90% of crude-oil exposure.
Project Sunrise is taking the other side of the deal. Qantas has fitted its Airbus SE EPA:AIR A350-1000ULR with 238 seats, calling it the lowest seat density for any A350-1000. Reuters reported the Sydney-London flights will begin in October 2027, with ticket sales opening in February. Chief Executive Vanessa Hudson said, “Australia’s distance from the rest of the world should never stand in the way.” Reuters
The stock relies on whether Qantas can charge a premium for saved time. Reuters said Qantas aims to match the 20% premium it gets on Perth-London flights over one-stop options, with Project Sunrise potentially boosting earnings by over A$400 million a year. Aviation analyst John Strickland said, “What they are selling is time.” Reuters
The 238-seat plane offers less flexibility if demand drops, and fuel or route disruptions may cut into fare gains. The upside is speed: Qantas can end low-earning flights now, ahead of FY26’s close on Tuesday.
Qantas’ financial calendar shows its FY26 year ending June 30, with preliminary final results due Aug. 27.
