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Qantas

Dual brands and fleet renewal, To FY32

Everyone feels proud to belong to the Spirit of Australia
The Qantas Group’s purpose

Dual brands and fleet renewal

The Qantas Group runs two airlines, Qantas at the premium end and Jetstar for low fares, alongside Qantas Loyalty and Qantas Freight. Its strategy has four parts: the two brands, the largest renewal of its fleet in its history, the loyalty programme, and a programme of savings it calls transformation.,

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Dual brand strategy

Qantas premium
Grow Qantas at the premium end: next-generation Business seats, Economy Plus, and Wi-Fi on the vast majority of international flights.
Jetstar value
Keep Jetstar the low-fares choice while many feel the cost of living; around half its customers fly for under $150.
FY26
Qantas’s Net Promoter Score rose 7 points, to its highest in a decade, and Jetstar’s rose 1.
FY26
Premium cabin revenue on Qantas International grew 15%, twice as fast as Economy, and Jetstar Domestic’s earnings rose 15%.

$800 million to $1 billion of loyalty earnings by 2030

Qantas Loyalty grew its earnings 12% in fiscal 2026, a year of record fuel costs for the airlines. Qantas forecasts growth of 5% to 7% in fiscal 2027, and says the programme is on track for its 2030 target.

$500m$600m$700m$800m$900m$1000m2030 target$558mFY25$625mFY26$656–669mFY27 forecast2030

Underlying EBIT of Qantas Loyalty, in A$ million. FY25 is worked out from FY26’s growth of 12%, and FY27 from the forecast growth of 5% to 7%.

The biggest fleet renewal in its history

Qantas is replacing much of its fleet, from new narrowbodies at home to the A350-1000ULRs that will fly Project Sunrise, non-stop from Sydney to London. It expects the new aircraft to be up to 15% to 25% more fuel-efficient, and the renewal to lift Qantas International’s margin.,

FY26April 2027October 2027FY282028FY32

FY26. 17 new aircraft arrive, including the first A321XLRs.

  1. Serve both ends of the market with separate brands.

    Qantas grew premium revenue while Jetstar grew with customers watching their spending, in the same year. We recommend asking whether one brand is trying to serve customers who want opposite things, and whether two would serve each better.

  2. Keep a steady earner beside the cyclical one.

    Qantas Loyalty grew earnings 12% in a year when the airlines absorbed record fuel costs. We recommend building a part of the business whose earnings do not move with the cycle, and giving it its own long-term target.

  3. Put a number on the renewal’s payback.

    Qantas ties its fleet renewal to a margin target for Qantas International of 10–12% from FY32. We recommend that a large capital programme names the result it should deliver, and when.

Sources

  1. 1. Qantas Airways Limited (2026). Qantas Group delivers strong FY26 and continues investing for customers. ASX release, 27 August 2026. investor.qantas.com
  2. 2. Qantas Airways Limited (2026). FY26 investor presentation. Qantas investor relations, 27 August 2026. investor.qantas.com

Headwater is not connected with the Qantas Group. Qantas, Jetstar, QantasLink, Qantas Loyalty, Qantas Frequent Flyer, Project Sunrise, and Spirit of Australia are trade marks of their owners. Updated 30 September 2026.

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