China Eastern Airlines (600115) Q4 2025 earnings summary

Executive summary

• Revenue reached RMB 139.94 billion in 2025, up 5.92% year-over-year; net loss attributable to shareholders narrowed to RMB -1.63 billion from RMB -4.23 billion in 2024.

• Operating cash flow remained strong at RMB 37.94 billion, up 1.68% year-over-year.

• International business saw significant growth, with international revenue up 20.82% and international passenger numbers up 21.39%.

• The company completed a major acquisition, making STARCO a wholly-owned subsidiary, contributing to investment gains.

• No cash dividend was proposed for 2025 due to accumulated losses.

Financial highlights

• Operating income: RMB 139.94 billion (+5.92% YoY); operating cost: RMB 132.66 billion (+4.87% YoY).

• Net loss attributable to shareholders: RMB -1.63 billion (2024: RMB -4.23 billion).

• EBITDA/Total Debt ratio: 0.13 (2024: 0.12); interest coverage improved to 0.98 (2024: 0.22).

• Cash and cash equivalents at year-end: RMB 7.16 billion (2024: RMB 4.07 billion).

• Total assets: RMB 291.76 billion (+5.48% YoY); asset-liability ratio: 86.69%.

Outlook and guidance

• 2026 industry forecast: total turnover 175 billion ton-km, passenger volume 810 million, cargo 10.7 million tons.

• Strategic focus on safety, digital transformation, international expansion, and brand value enhancement.

• Planned introduction of 51 new aircraft in 2026, with continued fleet modernization.