ANA vs Japan Airlines (JAL) comparison: FY2025–2026
Published: May 4, 2026 — Sources:
• ANA Holdings Inc. FY2025–2026 results (April 30, 2026)
• Japan Airlines FY2025–2026 results (April 30, 2026)
FX assumption: ¥165 = €1 (consistent reporting basis)
AeroMorning – John Smith – May 4, 2026
1. Executive Summary
ANA and JAL both delivered strong FY2025–2026 earnings recovery, driven by international passenger demand and stable domestic traffic.
However, their profiles remain structurally different:
- ANA Holdings: larger scale, higher growth exposure, more complex diversified model
- Japan Airlines: smaller scale, higher profitability, stronger capital discipline
Core distinction:
- ANA = growth and network expansion
- JAL = profitability and shareholder returns
2. Financial Performance Comparison
Metric | ANA Holdings | Japan Airlines |
Revenue | ¥2,539.2bn (~€15.4bn) | ¥2,012.5bn (~€12.2bn) |
Operating Profit | ¥217.4bn (~€1.32bn) | ¥218.0bn (~€1.32bn) |
Net Profit | ¥169.0bn (~€1.02bn) | ¥137.6bn (~€0.83bn) |
Operating Margin | ~8.6% | ~10.8% |
Key insight
- ANA = higher absolute scale
- JAL = higher efficiency per revenue unit
Source: AeroMorning
