
JAL Group Reports Q3 FY2025 Financial Results
The JAL Group has released its consolidated financial results for the third quarter of the fiscal year ending March 2025, covering the period from April 1, 2024, to December 31, 2024. These results showcase the company’s revenue growth, business segment performance, sustainability efforts, and future business outlook.
1. JAL Group Consolidated Financial Performance
During the third quarter, JAL Group experienced significant financial growth, with total revenue increasing by 10.9% year-on-year to JPY 1,385.9 billion. This increase was driven by strong passenger demand, increased cargo activity, and the expansion of non-aviation businesses.
Operating expenses also grew by 11.0% year-on-year to JPY 1,253.7 billion, largely due to rising fuel costs attributed to a weaker Japanese yen and increased investment in human capital. However, robust revenue growth allowed the company to offset these expenses effectively. As a result, earnings before interest and taxes (EBIT) reached JPY 144.2 billion, marking an 11.9% year-on-year increase, while net profit grew by 6.0% to JPY 91.0 billion.
2. Business Segment Performance
Full-Service Carrier Business
Revenue for the full-service carrier segment increased by 8.7% year-on-year to JPY 1,095.4 billion. This growth was fueled by strong international passenger demand, a resurgence in domestic travel supported by promotional campaigns, and the effective acquisition of high-value cargo through freighter services. Despite increased investments in human capital for long-term business expansion, EBIT for this segment declined modestly by 3.9% year-on-year to JPY 98.6 billion.
International Passenger Performance
The positive momentum from the first half of the fiscal year continued into the third quarter. Strong inbound travel demand and a gradual recovery in outbound business travel from Japan resulted in a 12.2% year-on-year increase in passenger numbers. Consequently, international passenger revenue rose by 9.9% year-on-year.
Domestic Passenger Performance
Promotional campaigns to stimulate demand led to a 5.4% increase in domestic passenger numbers year-on-year for the third quarter alone. The revenue passenger load factor achieved a record high of 82.9%, leading to a 2.7% year-on-year increase in cumulative revenue for the quarter.
Cargo and Mail Performance
In the international cargo segment, JAL strengthened its focus on high-value shipments, including pharmaceuticals and goods transported from China and Asia to the U.S. These efforts resulted in a significant revenue increase compared to the previous year. The introduction of additional freighters further supported this segment’s growth.

Mileage, Finance, and Commerce Business
This segment also experienced notable growth, with revenue increasing by 5.5% year-on-year to JPY 151.0 billion. Factors contributing to this increase included a rise in issued miles due to higher JAL Card transaction volumes and the expansion of JALUX’s aviation-related businesses and airport retail stores. EBIT for this segment climbed by 15.9% year-on-year to JPY 30.4 billion.
Other Business Segments
Revenue for other business segments increased by 11.4% year-on-year to JPY 185.5 billion, largely due to an increase in ground handling contracts with other airlines. EBIT saw a notable rise to JPY 7.3 billion.
3. Key Business Developments
Expansion of Fleet and Routes
JAL received its eighth Airbus A350-1000 aircraft, which commenced daily operations on the Haneda-London route from January 2. Plans are in place to introduce the aircraft on the Haneda-Paris route from May 1 and on the Haneda-Los Angeles route during the summer schedule of 2025.
For domestic flights, JAL introduced the “JAL Card Skymate” fare, offering additional discounts for passengers aged 12 to 25. Additionally, a limited-time sale with uniform fares for all domestic routes was implemented to boost demand among younger travelers.
Cargo Expansion and Partnerships
JAL’s third 767-300BCF freighter entered service on January 14, ensuring a stable international cargo transport network. New strategic partnerships were established, including an agreement with Qatar Airways Cargo and certification as a registered inspection agency for export plant quarantine.
Domestic cargo operations were also enhanced, with 14 daily flights using Airbus A321-P2F aircraft in collaboration with Yamato Holdings. Trial operations were conducted at Hiroshima Airport and Aomori Airport, with new destinations under consideration.
International Collaborations
JAL strengthened its global presence by launching a codeshare agreement with IndiGo, India’s largest airline, from December 16. Additionally, an agreement with Garuda Indonesia was reached to commence a joint business in the spring of 2025.
In December 2024, JAL signed an international partnership agreement with Major League Baseball (MLB), becoming an official sponsor. This collaboration aims to promote spectator tours and marketing initiatives that encourage travel between Japan and the U.S.
4. Sustainability and Operational Excellence
JAL was recognized for its commitment to sustainability, being selected for the third consecutive year as a component of the “Dow Jones Sustainability Asia Pacific Index,” a leading ESG investment benchmark.
In terms of operational efficiency, JAL was ranked as the top airline in the Asia-Pacific region for on-time performance in 2024 by Cirium, a UK-based travel data and analytics firm. The airline achieved an impressive on-time arrival rate of 80.90%.
5. Low-Cost Carrier (LCC) Business Developments
ZIPAIR was awarded a “4-Star Airline (LCC category)” rating by APEX, an international airline rating organization, in October 2024. Starting March 4, 2025, ZIPAIR will launch a new Narita-Houston route, marking its first service to the southern United States. With this expansion, ZIPAIR’s network will grow to 10 destinations across North America and Asia.
SPRING JAPAN, celebrating its 10th anniversary, continued to capitalize on recovering travel demand from China, further strengthening its market position.
6. Mileage and Customer Loyalty Program Enhancements
The “JAL Life Status Program,” which offers lifetime status benefits based on accumulated Life Status Points from JAL flights and lifestyle services, celebrated its first anniversary. From January 2025, the validity period for miles will be extended or made unlimited according to customer status, further aligning the program with customers’ daily lives.