easyJet FY25 results preview
The budget carrier reports full-year results on 25 November with 8.6% revenue growth expected, building on strong Q3 performance that saw profit rise £50m year-on-year.
Solid expectations following encouraging Q3
easyJet is gearing up to release its full-year results for the period ending September 2025 on 25 November.
easyJet financial expectations:
easyJet is expected to see a rise in its revenue, pre-tax profit and earnings per share (EPS):
FY revenue: £10.11 billion, representing a 8.6% year-over-year (YoY) increase
Pre-tax profit: £656 million, up 7.5% YoY
EPS: 65.35p, up 8% from 60.50p last year
The upcoming announcement will be closely scrutinised by investors, particularly after the airline published its trading update for the quarter ended 30 June 2025 in mid-July, which provided a meaningful performance signal.
According to the third quarter (Q3) trading update, easyJet delivered a headline profit before tax of £286 million, up about £50 million YoY, broadly in line with market expectations.
Q3 operational metrics show strong execution
The airline's available seat kilometres (ASK) increased by 7.9%, while seat count growth was around 2.0%, and enclosed passenger revenue per seat (RASK) rose by 0.5% YoY.
On the cost side, headline cost per available seat kilometre (CASK) was flat overall, with fuel CASK down around 7.3% and underlying CASK ex-fuel up ~2.3%.
The airline's holidays business also performed well, delivering a pre-tax profit of £86 million, up £13 million YoY, demonstrating the value of diversification.
easyJet's commentary alongside the Q3 update reaffirmed its expectations for the full year, providing confidence about achieving guidance targets.
Full-year guidance parameters confirmed
ASK growth of approximately 9% YoY (with growth moderating in the second half of the year (H2) at ~7% versus ~12% in the first half of the year (H1)), a reduction in total headline CASK of low single digits.
Headline CASK ex-fuel is expected broadly flat, while the holidays business expects a full-year PBT above £235 million.
Forward bookings for the fourth quarter (Q4) stood at 67% sold as at the update, up one percentage point YoY - a positive indicator given customer booking patterns continuing to shift later.
These metrics suggest operational discipline and capacity management are supporting profitability despite competitive pressures.
Key themes dominate investor focus
Looking ahead to the full-year results, several themes will dominate investor interest.
First, whether easyJet can deliver on its growth expectations in H2, particularly against the backdrop of a modest H1 loss (the company reported a headline loss before tax of £394 million for the six months ended 31 March 2025).
Second, margin performance will be crucial: can the airline keep cost growth in check while scaling capacity, improving utilisation and maintaining yields?
The flat CASK and modest RASK gain in Q3 suggest operational discipline, but the full-year result will show whether this holds in H2.
Holidays business gains strategic importance
Third, easyJet's strategic focus on its holidays business and network expansion will be under review as the holidays unit has become an increasingly important contributor.
The strength shown in the holidays arm in Q3 provides a tailwind, but execution and margin in that business will be scrutinised for sustainability.
Fourth, liquidity and balance-sheet position remain material given the cyclical nature of the airline industry.
easyJet's Q3 update noted that liquidity stood at £4.9 billion as at 30 June, about £1.5 billion above its liquidity policy.
Sector risks remain elevated
There are risks affecting the broader airline sector. The industry remains exposed to macro volatility, from fuel prices, currency swings and labour cost inflation to consumer demand softness.
In its Q3 update, easyJet flagged that the July French air-traffic-control strike and rising costs would reduce its profit by about £25 million, despite the solid headline number.
Furthermore, the industry is competitive and under pressure to maintain yields while managing capacity growth, with easyJet's relatively moderate RASK gain reflecting this reality.
Operational disruptions from strikes, weather, or air-traffic control issues remain constant threats to airline profitability and customer satisfaction.
Analyst rating and technical analysis
According to LSEG Data & Analytics 5 analysts have a ‘strong buy’, 7 a ‘buy’, 7 a ‘hold’ and 1 a ‘sell’ recommendation for easyJet. The mean long-term price target is at 630.83 pence, 36% above the current share price (as of 21/11/2025).
easyJet LSEG Data & Analytics chart
TipRanks has a Smart Score of ’6 Neutral’ and a ‘buy’ rating for easyJet.
easyJet TipRanks Smart Score chart
The easyJet share price, down around 17% year-to-date (YTD), has evolved within a downward trending channel since June and slid by around 22% from its 590.6p June peak since.
easyJet daily candlestick chart
The September low at 444.7p may be reached next, together with the September 2022-to-November 2025 uptrend line at 433.7p. This area may provide support.
Were this not to be the case, a more significant decline may take the easyJet share price all the way to its August 2024-to-April 2025 lows at 404.7p-to-401.1p.
For the bulls to be back in control, a rise and daily chart close above the August and October highs at 518.0p-to-519.6p would need to ensue.
Investment considerations for budget airline exposure
For investors considering easyJet ahead of the 25 November results, the airline presents an improving operational story tested against sector-wide challenges.
- Research easyJet's operational performance, holidays business development, and cost management initiatives to understand the investment opportunity.
- Consider how travel demand trends, fuel price volatility, and operational disruptions might affect airline sector performance.
- Open an account with IG by visiting our website and completing the application process.
- Search for 'easyJet' or its ticker 'EZJ' on our trading platform or app.
- Implement appropriate risk management given airline sector volatility and sensitivity to external factors.
Share dealing provides direct exposure to easyJet's recovery story for long-term investors.
Spread betting and CFD trading offer flexible approaches for trading around earnings.
easyJet's results on 25 November will represent a key milestone: whether the airline can convert the positive signals from Q3 into a full-year performance that meets or beats its guidance.
Important to know
This information has been prepared by IG, a trading name of IG Markets Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. See full non-independent research disclaimer and quarterly summary.
Connect with us
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 67% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work and whether you can afford to take the high risk of losing your money.
Professional clients trading spread bets and CFDs can lose more than they deposit.
Options and futures are complex instruments which come with a high risk of losing money rapidly due to leverage. They’re not suitable for most investors. Before you invest, you should consider whether you understand how options and futures work, the risks of trading these instruments and whether you can afford to lose more than your original investment.
Trading stocks and shares ‘on margin’ within a US options and futures account – meaning that you only finance part of the cost of acquiring a position in a security – carries additional risks over buying securities on a fully funded basis and may result in losses exceeding your original investment. Trading on margin will also result in additional costs to you as the investor and any securities purchased using margin may be held as collateral by the lender, restricting both your rights as shareholder, and your ability to use the securities until the margin trade is closed. You should familiarise yourself with these risks before trading on margin.
The value of shares, ETFs and other ETPs bought through a share dealing account, a US options and futures account, a stocks and shares ISA or a SIPP can fall as well as rise, which could mean getting back less than you originally put in. Past performance is no guarantee of future results. Some ETPs carry additional risks depending on how they’re structured, investors should ensure they familiarise themselves with the differences before investing.
Share dealing and IG Smart Portfolio accounts provided by IG Trading and Investments Ltd, CFD accounts and US options and futures accounts are provided by IG Markets Ltd, spread betting provided by IG Index Ltd.
IG is a trading name of IG Trading and Investments Ltd (a company registered in England and Wales under number 11628764), IG Markets Ltd (a company registered in England and Wales under number 04008957) and IG Index Ltd (a company registered in England and Wales under number 01190902). Registered address at Cannon Bridge House, 25 Dowgate Hill, London EC4R 2YA. IG Markets Ltd (Register number 195355), IG Trading and Investments Ltd (Register Number 944492) and IG Index Ltd (Register number 114059) are authorised and regulated by the Financial Conduct Authority.
The information on this site isn’t directed at residents of the United States, Belgium or any particular country outside the UK and isn’t intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.
