Japan Airlines sold more and kept less in the six months to September 30, 2026. Sales rose 11.7% to ¥1.099tn, but operating costs rose 16.5% to ¥1.038tn, and fuel alone rose 47.4% to ¥285.6bn. EBIT, which JAL defines as interim profit before income tax expense, interest and other finance income and costs, fell 36.0% to ¥70.2bn. The EBIT margin was 6.4%, against 11.2% a year earlier. Profit attributable to owners of the parent fell 42.2% to ¥39.1bn.
| Measure | Six months to Sept 2025 | Six months to Sept 2026 | Change |
|---|---|---|---|
| Revenue | ¥983.9bn | ¥1.099tn | +11.7% |
| Operating costs | ¥890.8bn | ¥1.038tn | +16.5% |
| Fuel costs | ¥193.8bn | ¥285.6bn | +47.4% |
| Costs excluding fuel | ¥697.0bn | ¥752.6bn | +8.0% |
| EBIT | ¥109.7bn | ¥70.2bn | -36.0% |
| EBIT margin | 11.2% | 6.4% | -4.8 points |
| Profit attributable to owners of parent | ¥67.6bn | ¥39.1bn | -42.2% |
Where the cost pressure came from
JAL says Middle East tensions pushed up jet fuel prices and that the continued weak yen added to costs. Costs excluding fuel rose far less, by 8.0% to ¥752.6bn.
JAL credits strong inbound demand, Japan-originating business travel and AI- and semiconductor-related demand for much of the offset on international routes. It also points to higher fuel surcharge tables and demand-led revenue management on international routes, and to early passenger capture in high-demand periods and flexible revenue management on domestic routes. It says unit prices rose sharply on both. In the second quarter, the company says, government subsidies and a surcharge revision also held back the rise in costs.
Volumes were softer than prices. Paid passengers in the full-service carrier business came to 22.56 million, 97.6% of the year-earlier level, and the paid seat load factor fell to 82.8% from 84.5%.
The segments diverged. Full-service carrier EBIT fell 45.3% to ¥41.6bn and low-cost carrier EBIT fell 73.0% to ¥1.8bn. Mileage, finance and commerce EBIT rose 5.4% to ¥22.2bn, which JAL describes as the base of its profit this half.
Guidance and the dividend
JAL left its full-year forecasts, published on April 30, unchanged: revenue of ¥2.095tn (up 4.1%), EBIT of ¥180bn (down 17.4%) and profit attributable to owners of the parent of ¥110bn (down 20.1%). The first half produced ¥70.2bn of that EBIT.
The board declared an ordinary-share interim dividend of ¥48, up from ¥46 a year earlier, costing ¥20.6bn in total and matching the earlier forecast. The full-year ordinary forecast is ¥96, with ¥48 at the year-end. The first bond-type class shares, which carry different rights from ordinary shares, get a separate interim payout of ¥131.50 per share, ¥2.63bn in total, against a full-year forecast of ¥331.50. Payments for both start on December 10, 2026.
Those class shares were issued on June 3, 2026, and JAL plans to put part of the proceeds toward aircraft purchases including the Airbus A350 and Boeing 737-8. The equity attributable to owners of the parent was 45.1% of total assets at September 30, against 40.3% at the end of March. JAL notes that the interim results summary is outside the scope of auditor review, and that its forward-looking statements are not a promise of delivery.