Qatar Airways posted its financial results for the fiscal year ending on March 31, 2026, a period that has been marked by the start of the military conflict between the US and Israel on one side and Iran on the other, which has impacted all of the airlines and hubs in the Middle East.
The last few months have also seen significant change at the top echelon of Qatar Airways, with Hamad Ali Al‑Khater, previously Chief Operating Officer (COO) of Hamad International Airport, replacing Engr. Badr Mohammed Al‑Meer as the airline’s Chief Executive Officer (CEO) in December 2025.
Despite the significant war-related operational disruption it experienced in the first quarter of 2026 and a slightly lower turnover (-2.6% compared to the previous year), the Doha-based carrier managed to post a 3.7% operating revenue increase, from QR14 .7 to QR15.2 billion (US$4 to US$4.2 billion).
Remarkably, one of the main drivers of this profitability improvement was the lower cost of fuel, at least until the outbreak of the military conflict with Iran. The Qatari carrier paid 15.5% less in fuel, its largest expense by far, during the last fiscal year, from QR24.4 to QR20.6 billion (from US$6.7 US$5.7 billion).
Although the Iran conflict has been raging only in the last weeks of the fiscal year, its impact has been felt in the passenger numbers. Qatar Airways carried 41.8 million passengers in the year to April 2026, which is a 3% drop compared to the previous comparable period.
Net profit was at QR7.1 billion (US$1.9 billion), down 9.9% from the QR 7.9 billion (US$2.2 billion) posted the preceding year. The airline has attributed this drop if net profitability to the higher tax paid, as a result of Qatar implementing the OECD Pillar Two global minimum tax, which is a global framework that forces large multinational corporations pay a minimum effective tax rate of 15%.
Qatar Airways maintained a strong cash position with cash and short-term deposits combined standing at QR32.7 billion (US$9 billion) at the close of the fiscal year. This represents a significant drop of 22.9%, which is explained by large capital expenditures, notably in new aircraft.
The airline carried more than 41.8 million passengers, maintaining extensive global connectivity through Hamad International Airport. The Group’s cargo division continued to excel, having transported more than 1.43 million tonnes of chargeable weight
In this regard, the Qatari airline also highlighted in its annual financial report, that in the fiscal year 2025/26 it has signed commitments with Boeing and GE Aerospace to order up to 210 aircraft and 400 engines. During the last fiscal year, Qatar Airways has also started the rollout of Starlink high-speed broadband connectivity across all its fleet.