Lufthansa Q4 2025 Earnings: Record €39.6B Revenue, EBIT Up 19%

Lufthansa Group delivered strong full-year 2025 results, achieving record revenue of €39.6 billion, a 5.4% increase from 2024. Adjusted EBIT rose 19% to €2.0 billion, lifting the margin to 4.9%. The airline group expanded capacity by 3.8% in available seat kilometers (ASK) while maintaining passenger load factors at 83.2% and cargo at 58.3%.6860

Key Financial Highlights

Net income reached €1.3 billion, down slightly by 3% year-over-year. Adjusted free cash flow surged 41% to €1.2 billion. Operating cash flow grew 4% to €4.0 billion. The group reduced irregularity impacts by €362 million compared to the prior year and added 23 new aircraft to its fleet of 728 planes.68

• Revenue: €39.6bn (+5.4% YoY)
• Adjusted EBIT: €2.0bn (+19% YoY)
• Passenger ASK: 338,552m (+3.8% YoY)
• International destinations: 728

Segment Performance

Passenger Airlines generated €30.6 billion in revenue and €1.1 billion in adjusted EBIT (3.6% margin). System-wide load factor improved to 83.6% in Q4. Regional variations showed strength in North Atlantic routes with RASK up 2.1% on a FX-adjusted basis.68

Lufthansa Cargo reported €3.4 billion revenue and €324 million adjusted EBIT, up €73 million YoY, driven by 9% volume growth and lower unit costs.

MRO services, including Lufthansa Technik, posted €8.0 billion revenue (+12% YoY) and €603 million adjusted EBIT, with growth from third-party customers despite currency headwinds.68

2026 Outlook and Dividend

Lufthansa Group targets 4% ASK growth in 2026, with adjusted EBIT significantly higher than 2025. Net capex stands at €2.9 billion, and adjusted free cash flow at €0.9 billion. The company proposes a dividend of €0.33 per share, aligning with its 20-40% payout policy.68

CEO Carsten Spohr highlighted the shift from transformation to delivery, while CFO Till Streichert emphasized cost discipline and fleet renewal. Mid-term goals include an 8-10% adjusted EBIT margin by 2028-2030.68