Singapore Airlines (C6L) Q1 2027 earnings summary

Executive summary

• Achieved record quarterly revenue of $5,714 million, up 19.3% year-over-year, driven by strong demand and higher yields in both passenger and cargo segments.

• Net result swung to a loss of $76 million, down $262 million year-over-year, mainly due to a 78.5% surge in net fuel costs linked to the Middle East conflict.

• Passenger yields rose 12.0% and cargo yields increased 28.1%, with a record 10.9 million passengers carried.

• Maintained a robust balance sheet with $10.48 billion in cash reserves and $16.59 billion in equity.

Financial highlights

• Total revenue: $5,714 million (+19.3% YoY); total expenditure: $5,609 million (+27.9% YoY).

• Net fuel cost: $2,253 million (+78.5% YoY); non-fuel expenditure: $3,356 million (+7.4% YoY).

• Operating profit: $106 million (down $299 million, -73.8% YoY) due to a $991 million increase in net fuel costs.

• EBITDA: $702.4 million (margin 12.3%, down from 21.2% YoY).

• Net asset value per share: $5.26 (down from $5.48 as of March 2026).

Outlook and guidance

• Air travel demand remains robust, supported by seasonal flows and resilient cargo demand.

• Elevated jet fuel prices due to geopolitical tensions continue to pressure costs.

• The group will maintain cost discipline and invest in service, product, and network enhancements.