Cathay Pacific achieved a net profit of HK$10.8 billion in 2025, with passenger volume increasing by nearly 30% | The Latest

Author | Huang Nan

Editor | Yuan Silai

Cathay Pacific Airways (00293.HK) recently announced its full - year results for 2025. The financial report data shows that in 2025, the Cathay Group achieved a revenue of HK$116.766 billion, a year - on - year increase of 11.9%; the group's attributable profit was HK$10.8 billion, a year - on - year increase of 9.1%. This is the third consecutive year that Cathay has recorded a profit, with a cumulative profit of more than HK$30 billion in three years, which has covered the cumulative losses during the pandemic.

The performance was mainly driven by the continuous recovery of passenger capacity and the maintenance of a high load factor. Official data shows that in 2025, Cathay Pacific and HK Express carried a total of 36 million passengers, a year - on - year increase of 27%. However, the passenger yield normalized as market supply increased, partially offsetting the revenue growth.

Capacity expansion continues. In 2025, the Cathay Group added 20 new destinations, including 5 new domestic destinations in the Chinese mainland such as Changsha and Urumqi for Cathay Pacific.

Currently, Cathay accounts for more than 50% of Hong Kong International Airport. Lin Shaobo, the Chief Executive Officer of the Cathay Group, said that Cathay will continue to balance the development of its international network and connections with the Chinese mainland. At present, the group has more than 80 international destinations and 24 domestic destinations in the Chinese mainland. It is the non - mainland airline with the most routes between Hong Kong and the Chinese mainland. This structure will be dynamically optimized.

In 2026, the Cathay Group plans to increase its passenger capacity by about 10%, mainly by increasing the frequency of existing routes.

Cathay Pacific Airways (Source: Company)

In terms of the cargo business, the cargo tonnage increased, while the uncertainty of the trade environment put pressure on freight rates.

Affected by trade frictions, the demand for routes from the Chinese mainland to the United States declined in 2025. Cathay Cargo adjusted its route network, shifted its capacity to the Southeast Asian and Indian markets, and expanded the types of high - value cargo. The annual cargo tonnage increased by 11.4%.

Liu Kaishi, the Customer and Commercial Director of Cathay, said that fresh agricultural products, pharmaceuticals, and high - tech components have become new growth points. In response to the export demand in the Greater Bay Area, Cathay Cargo has launched an exclusive express line for fresh products, shortening the transportation time for products such as Lingnan lychees and seafood.

As part of the Cathay Group's dual - brand strategy, HK Express carried nearly 8 million passengers in 2025, with a capacity increase of more than 30%. However, affected by rumors of an earthquake in Japan, the demand during the summer peak season was impacted, and the financial performance was under pressure.

In 2026, HK Express will focus on three directions: accelerating the network layout in Southeast Asia and the Chinese mainland, increasing market penetration in the Greater Bay Area, and enriching value - added service products. Currently, one - third of HK Express' revenue comes from the Greater Bay Area.

According to Lin Shaobo, 2023 - 2025 were the three years with the best financial performance in Cathay's history. However, in 2026, the industry will gradually return to normal, and external challenges are increasing - the fuel price has nearly doubled recently due to the situation in the Middle East, and the uncertainty brought by trade frictions still remains.

In response to the recent surge in fuel prices, Cathay has taken two measures: fuel hedging (covering 30% of consumption) and adjusting fuel surcharges, with the goal of maintaining the existing capacity without reduction.

On the same day as the results were announced, Cathay Pacific announced an additional order for 14 Boeing 777 - 9 aircraft, increasing the total number of orders for this model to 35.

He Yili, the Chairman of the Cathay Group, said that in the past few years, the group has ordered more than 100 new aircraft, including narrow - body aircraft, regional wide - body aircraft, long - haul wide - body aircraft, and large cargo aircraft, such as the Boeing 777 - 9, Airbus A330 - 900, and A350F cargo aircraft. Together with the investment in new cabin products, airport lounges, and digital innovation, the group's total investment far exceeds HK$100 billion. In 2026, 8 narrow - body passenger aircraft will be received first, with 5 belonging to HK Express and 3 belonging to Cathay Pacific.