This week, we will round-up the third-quarter (Q3) results of five flag carriers and one manufacturer. The aviation sector has seen strong Q3 reports in comparison to previous years.

Air Canada 

Canada’s flag carrier started the week demonstrating a strong advancement in its Q3 results, reporting C$6.3bn (US$4.6bn) in revenue, representing a 19% C$1bn (US$730m) increase from Q3 2022.

While the airline’s operating expenses increased by C$251m (US$183m) in comparison to Q3 2022, its operating income improved by C$771m (US$563m) in the same period.

Air Canada‘s focus on extending its worldwide network, which includes increasing the size of its hubs and leveraging alliances, has shown positive results.

Air Canada president and CEO Michael Rousseau stated: “Air Canada’s progressive performance to date proves the success of its strategy to grow back the airline and improve operational stability while mitigating risks.”

Air Canada stated that its outlook for Q4 involves increasing its ASM capacity by about 10% from the same quarter in 2022.

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Japan Airlines 

The flag carrier of Japan, moved the week along, announcing its half-year profit, which covers the period from April 1, 2023, to September 30, 2023.

The airline reported a total revenue of JPY 82bn ($549m), demonstrating a 32.7% increase from the same period in 2022.

JAL has highlighted a positive stride in collecting post-pandemic traffic, stating that its revenue, EBIT and net profit had all topped FY19 pre-pandemic levels.

Alongside this, the recovering demand has been efficiently captured, resulting in passenger numbers slowly returning to around 67% of what they were in 2019.


Australia’s flag carrier Qantas is another airline that demonstrated the return of demand. Qantas recently announced its September market update, which highlights updates on customer improvements and overall travel demand.

According to the airline, in addition to the A$150m (US$97m) initially earmarked for customer upgrades, the group will invest an additional A$80m (US$52m) in FY24, which will be paid by earnings.

Demand for the airline remains high, according to Qantas. Qantas and Jetstar anticipated carrying more than 4 million passengers on about 35,000 domestic and international routes during the September/October season.

This compares to around 3.7 million passengers on approximately 28,000 services over the same four-week period in 2022.


Brazilian aerospace manufacturer Embraer has announced its Q3 release of deliverables and backlog which highlighted a 30% increase in its deliveries in comparison to 2022.

In the third quarter of 2023, commercial deliveries increased by 50%, while executive aviation increased by 22%.

To date, Embraer has delivered 105 aircraft (39 commercial aircraft and 66 corporate jets), a 33% increase over the same period last year, when 79 jets (27 commercial aircraft and 52 executive jets) were delivered up to Q3.


Qatar Airways, the flag carrier of Qatar, has announced its first half FY2023/24 results which represent a solid performance.

The Qatar Airways Group recorded a net profit of QAR 3.736 bn ($1bn), a 113.8% increase over the same period in 2022/2023.

Total revenue for this year also increased significantly, reaching QAR 40.1bn ($11bn), a strong 7.4% rise over the previous year.


Germany’s flag carrier Lufthansa reported a total revenue of over €10.2bn ($10.9bn), a reported 8% year-on-year increase and representing the group’s strongest quarter in terms of revenue.

The group further reported a solid performance in its earnings before interest and tax for Q3, which amounted to €1.4bn ($1.5bn). This demonstrated a 29% increase from the same period in 2022

Lufthansa Group CEO Carsten Spohr said: “We would like to thank our customers and the employees of the Lufthansa Group for a record summer. With the highest revenue and profit ever achieved in one summer.”

Click here to read last week’s summary of Q3 reports across the aviation sector.