29 January 2026
easyJet plc
(‘easyJet’)
easyJet Trading Update for the quarter ended 31 December 2025 (Q1’FY26)
Q1 results in line with expectations with strategic route investments performing to plan and booked load factors for the remainder of FY26 ahead year on year
Q1 headline loss before tax £(93) million (Q1’25: £(61) million)
ASK Capacity: +9% YoY (Seats: +5% YoY)
Passenger growth: +7% YoY
Load factor improved by 2 percentage points to 90%
RASK: flat YoY
Total headline CASK: increased by 2% YoY
easyJet holidays: £50 million headline PBT with customer growth of 20%
Continued improvement in operational performance and customer satisfaction
On-time performance: 77%, +4ppts YoY
Airline CSAT: 83%, +4ppts YoY
Holidays CSAT: 84%, +1ppt YoY
FY26 Outlook unchanged
Capacity growth:
FY26 ASK capacity expected to grow c.7% YoY with seats expected to grow c.3% YoY.
FY26 easyJet holidays customers planned to grow up to 15%, from a base of 3.1m customers
Forward bookings:
Airline
Q2: 63% sold (+2ppts YoY). RASK expected to be up low single digits YoY
H2: 22% sold (+1ppt YoY)
easyJet holidays
H1: 97% sold, with average selling price up high single digits
H2: 47% sold
Cost:
FY26 total headline CASK is expected to see modest inflation as cost and operational efficiencies alongside favourable fuel prices partially offset market-wide cost inflation
Kenton Jarvis, easyJet’s CEO, said:
“We have seen continued demand for our flights and holidays over the last quarter, growing airline passenger numbers and load factor with easyJet holidays maintaining its strong growth trajectory attracting 20% more customers year on year. Our focus on, and investment in, customer experience and punctuality is driving strong results with a four percentage point rise in customer satisfaction and on time performance year on year.
“Bookings are building well for the summer season, with our largest ever January booking period. We remain committed to delivering sustainable value and continue to progress towards our medium-term target of generating over £1 billion in profit before tax.”
Overview
We see continued demand for travel, with airline passengers increasing 7%, ahead of seat capacity growth of 5%, leading to a 90% load factor (+2 percentage points year on year). Demand for easyJet holidays also continues to grow, with customer numbers increasing 20% year on year. Our focus on operational performance, resulted in a 4 percentage point improvement in on-time performance, to 77%. This improvement in punctuality, alongside targeted enhancements across all aspects of the customer journey, drove a 4 percentage point improvement in airline customer satisfaction scores to 83%, continuing the improvement seen in FY25.
easyJet reported a headline loss before tax of £93 million, which is £32 million higher than the previous year. This performance reflects the first winter operating our strategic investments at Milan Linate and Rome Fiumicino, the time required for capacity investments to reach maturity and the continued competitive environment in specific markets. This is partially offset by profit growth in easyJet holidays and the continued reduction in disruption costs. Looking ahead, we are starting to see revenue maturity benefits in the March quarter and remain confident that our strategic investments will lead to further revenue maturity over the coming years as our capacity investments embed themselves into our network.
This year, the traditionally busy January booking period has seen record levels in both volume and revenue as bookings continue to build for Summer 2026. H2’26 is 22% sold for the airline and 47% sold for holidays. We remain focused on operational execution and delivering our medium term target of sustainably generating over £1 billion in profit before tax.
Sustainability
Sustainalytics ranked easyJet as the top-rated airline globally (out of 69 airlines assessed), scoring 18.0. We also remain one of Europe’s leading airlines on MSCI (AA), CDP (B) and retained our place on the FTSE4Good index.
FY26 Outlook unchanged
Airline forward bookings;
Q2 63% sold (+2ppts YoY) with RASK expected to be up low single digits YoY reflecting revenue maturity benefits, throughout the quarter, from our capacity investments in prior years and a modest benefit in March from the timing shift of Easter YoY.
H2 22% sold (+1ppt YoY)
Q3 29% sold (+1ppt YoY)
Q4 15% sold, (+1ppt YoY)
Airline cost outlook
FY26 total headline CASK is expected to see modest inflation as cost and operational efficiencies alongside favourable fuel prices partially offset market-wide cost inflation from increasing environmental costs, wages, and airport charges.
Unit cost inflation is expected to be weighted towards the first half, driven by the annualisation of resilience measures implemented for Summer 2025, the phasing of airport rate increases, higher year on year winter load factors, and our continued investment in e‑commerce.
Material upgauging benefit expected in FY27 and FY28 as A319 retirements accelerate as aircraft deliveries ramp up.
Capacity
Disciplined seat capacity growth of 3% expected, slightly below FY25.
46% of H1’26 growth is from annualising new bases opened during FY25.
H1'26
H2'26
FY26
Seat capacity growth YoY
4%
2%
3%
Sector length growth YoY
4%
4%
4%
ASK capacity growth YoY
8%
6%
7%
easyJet holidays customers planned to grow by up to 15% in FY26, from a base of 3.1m customers
FY’26 64% sold
H1’26 is 97% sold, with average selling price up high single digits.
H2’26 is 47% sold.
Fuel & FX Hedging
Jet Fuel
H1'26
H2'26
H1’27
USD
H1'26
H2'26
H1’27
Hedged position
84%
62%
43%
Hedged position
80%
62%
40%
Average hedged rate ($/MT)
715
688
671
Average hedged rate (USD/GBP)
1.30
1.31
1.32
Current spot ($/MT) at 27.01.26
c.$730
Current spot (USD/GBP) at 27.01.26
c.1.37
Capacity
During Q1 easyJet flew 25.2 million seats, a 5% increase on the same period last year (24.1 million seats). Load factor was 90% up 2ppts year on year (Q1 FY25: 88%).
Passenger numbers in the quarter increased to 22.7 million (Q1 FY25: 21.2 million).
1) easyJet holidays numbers include elimination of intercompany airline transactions
For further details please contact easyJet plc:
Institutional investors and analysts:
Adrian Talbot Investor Relations +44 (0) 7971 592 373
Media:
Anna Knowles Corporate Communications +44 (0) 7985 873 313
Harry Cameron Teneo +44 (0) 20 7353 4200
Glossary - refer to easyJet plc 2025 annual report easyJet Annual Report and Accounts 2025
This announcement may contain statements which constitute 'forward-looking statements'. Although easyJet believes that the expectations reflected in these forward-looking statements are reasonable, it can give no assurance that these expectations will prove to have been correct. Because these statements involve risks and uncertainties, actual results may differ materially from those expressed or implied by these forward-looking statements.
