Wizz Air Full-Year Results: Record Passengers Amid Profit Plunge and Geopolitical Challenges

Wizz Air full-year results explained: record passengers, but profit almost vanished

Wizz Air’s F26 results are a classic case of the headline and the underlying story pointing in slightly different directions. On one hand, the airline carried a record 69.7 million passengers, grew revenue to €5,691.4 million and lifted EBITDA to €1,318.3 million. On the other, net profit collapsed to just €1.3 million from €213.9 million.

So, is this a bad set of numbers? Broadly, I’d call it mixed. The operational engine is still running, but a stack of costs, disruption and last year’s tax boost disappearing have crushed the bottom-line result.

Wizz Air F26 key numbers investors need to know

Metric	F26	F25	Change
Passengers carried	69.7 million	63.4 million	10.0%
Total revenue	€5,691.4 million	€5,267.6 million	8.0%
EBITDA	€1,318.3 million	€1,134.3 million	16.2%
Operating profit	€139.7 million	€167.5 million	(16.6)%
Net profit	€1.3 million	€213.9 million	(99.4)%
Load factor	90.7%	91.2%	(0.5)ppt
Total cash	€2,126.4 million	€1,736.0 million	22.5%
Net debt	€4,941.5 million	€4,956.3 million	(0.3)%

Why Wizz Air’s net profit fell so hard despite higher revenue

The first thing to understand is that net profit was hit by several moving parts at once. Operating profit fell to €139.7 million mainly because maintenance, depreciation and other operating costs rose sharply, even though fuel costs eased.

Maintenance, materials and repairs jumped 40.1% to €462.8 million. Depreciation and amortisation rose 21.9% to €1,178.6 million. Airport, handling and en-route charges climbed 13.0% to €1,527.6 million, while crew costs increased 16.1% to €655.9 million.

That is the heart of the problem. Wizz Air grew, but it became more expensive to run that growth.

There is also a tax wrinkle here that matters. F25 included a tax credit of €194.2 million, whereas F26 had a tax expense of €25.7 million. That swing alone makes the year-on-year net profit comparison look brutal.

Unit economics were under pressure

RASK, which means revenue per available seat kilometre, slipped 0.4% to 4.31 euro cents. CASK, or cost per available seat kilometre, rose 0.5% to 4.35 euro cents. That is not where a low-cost airline wants to be.

More importantly, ex-fuel CASK rose 5.8% to 3.02 euro cents. In plain English, even stripping out fuel, the airline’s cost base got heavier. For a business built on tight margins and price discipline, that matters a lot.

Record passenger growth shows demand is still there

The encouraging bit is that customers are still flying with Wizz Air in big numbers. Passenger volumes rose 10.0% to 69.7 million, while seat capacity increased 10.5% and ASKs – available seat kilometres, a measure of capacity – rose 8.5% to 132,031 million km.

Ticket revenue increased 8.4% to €3,161.4 million and ancillary revenue – things like bags, seat selection and other add-ons – rose 7.6% to €2,530.0 million. That is a strong revenue base, and it shows the brand still has traction.

The catch is that load factor dipped to 90.7% from 91.2%, partly due to the aftermath of the war with Iran and reduced Middle East flying. That may look like a small move, but in airlines, tiny percentage shifts can have a meaningful impact on profitability.

GTF engine inspections are still a drag, but the trend is improving

One of the biggest operational issues has been Pratt & Whitney GTF engine inspections. Wizz Air had 30 aircraft grounded at 31 March 2026, down from 42 a year earlier, and that had improved further to 24 aircraft by 5 June 2026.

That is a genuine positive. Management expects grounded aircraft to fall to 15-20 by the end of F27 and to 0 by the end of calendar year 2027.

Why does that matter? Because grounded aircraft mean lower utilisation, weaker productivity and more disruption. Wizz Air’s utilisation per operating aircraft per day fell 7.1% to 11:35 block hours, so getting more planes back in the air should help earnings quality as much as headline growth.

Wizz Air’s strategic shift back to CEE looks sensible

The company closed its Abu Dhabi base during Q2 and wound down operations in Vienna. That might sound like retreat, but I think it is better viewed as a reset.

Wizz Air is concentrating harder on Central and Eastern Europe, where it says its market share reached 25.3%, up 1.1 percentage points. It is now maintaining its position as the largest CEE operator by seats.

That looks like disciplined management rather than empire building. When trading conditions are messy, focusing on the strongest markets is usually the right call.

Balance sheet and cash: better than the profit number suggests

This is where the results get more reassuring. Total cash increased 22.5% to €2,126.4 million, and the group repaid its maturing €500 million bond in January 2026 using its own cash.

Net debt edged down to €4,941.5 million, while the leverage ratio improved to 3.7x from 4.4x. Liquidity rose to 35.8% from 31.5%.

That does not make Wizz Air low-risk – airlines never are – but it does show the group still has financial muscle. In a sector where shocks arrive without warning, cash matters more than polished presentation slides.

Wizz Air outlook for F27: no full-year guidance is the big watch-out

Management is not giving full-year F27 guidance because of poor visibility and uncertainty linked to the ongoing conflict in Iran and the closure of the Strait of Hormuz. That is understandable, but it is still a negative for investors.

What the company has given is a partial outlook. It expects Q1 F27 capacity up 15% year-on-year and Q2 up 20% year-on-year on an ASK basis. RASK is expected down mid-to-high single digit in Q1 and flattish in Q2, while ex-fuel CASK in H1 is expected to be flat to up low single digit year-on-year.

That suggests the first quarter could still be choppy. Growth is coming, but pricing looks soft in the near term.

What these Wizz Air results mean for retail investors

• The positives: record passengers, higher revenue, stronger EBITDA, rising cash, lower grounded aircraft and growing CEE market share.
• The negatives: net profit fell to €1.3 million, costs remain stubborn, geopolitical disruption is ongoing and there is no full-year guidance.
• The key debate: whether productivity recovery from fewer engine inspections can feed through into meaningfully better profits in F27 and beyond.

My view is fairly simple. This was not a clean recovery year, but neither was it a collapse in the core business. Wizz Air still looks like an airline with demand, scale and a solid cash position, but right now it is also carrying too much operational and geopolitical baggage for the profits to shine through.

For shareholders, the next big test is whether improving fleet availability and a sharper CEE focus can turn solid traffic growth into proper earnings growth. Until that happens, the market is likely to stay cautious – and with good reason.