Highlights

  • Q1 FY26 headline loss before tax increased to GBP (93) million, while load factor improved to 90%.
  • easyJet holidays delivered GBP 50 million headline PBT with 20% customer growth.
  • FY26 outlook remains unchanged, supported by forward bookings and planned capacity growth.

easyJet plc (LSE:EZJ) reported its trading update for the quarter ended 31 December 2025 (Q1 FY26), posting a higher headline loss before tax compared with the prior year period. Despite the increase in losses, the airline reiterated its FY26 outlook, supported by capacity growth, improving load factors, stable revenue metrics, and positive forward booking trends across both the airline and easyJet holidays segments.

Q1 FY26 Financial and Operating Performance

For Q1 FY26, easyJet recorded a headline loss before tax of GBP (93) million, compared with GBP (61) million in Q1 FY25. The quarter saw ASK capacity rise 9% year on year, with seat capacity increasing 5%. Passenger numbers grew 7% YoY, while the load factor improved by 2 percentage points to 90%.

Revenue per available seat kilometre (RASK) remained flat YoY, while total headline cost per available seat kilometre (CASK) increased 2% YoY, reflecting broader industry cost pressures.

easyJet Holidays and Customer Metrics

easyJet holidays continued to contribute positively, delivering headline profit before tax of GBP 50 million during the quarter. Customer numbers in the holidays segment increased 20% YoY.

Operational performance indicators also improved, with on-time performance rising to 77%, up 4 percentage points YoY. Airline customer satisfaction reached 83%, while holidays customer satisfaction stood at 84%, both showing year-on-year improvement.

Forward Bookings Provide Visibility

Forward booking trends for FY26 remain ahead of the prior year. For the airline business, Q2 is 63% sold, up 2 percentage points YoY, with RASK expected to increase in low single digits. H2 is 22% sold, while Q3 and Q4 are 29% and 15% sold respectively, each showing YoY improvement.

In the holidays segment, H1 FY26 is 97% sold with average selling prices up high single digits, while H2 is 47% sold. Overall, FY26 holidays bookings stand at 64% sold.

Cost, Capacity, and FY26 Outlook

easyJet maintained its FY26 guidance. ASK capacity is expected to grow around 7% YoY, with seat growth of approximately 3%. Total headline CASK is expected to see modest inflation, as efficiency measures and fuel pricing partially offset higher environmental costs, wages, and airport charges.

Cost inflation is expected to be weighted toward the first half of FY26, while aircraft upgauging benefits are anticipated from FY27 onwards as A319 retirements accelerate.

easyJet’s Q1 FY26 update shows higher losses alongside improving operational metrics and forward booking trends. With capacity growth, cost guidance, and demand indicators unchanged, the company continues to operate in line with its FY26 expectations.

EZJ shares were trading 1.05% lower at GBX 470.70 per share at the time of writing on 29 January 2026.