-
Cebu Pacific reported a 10% year-on-year increase in total revenue to P33.3 billion for the first quarter 2026
-
Earnings driven by an increase in seat capacity and sustained passenger demand
-
Quarter-end peso depreciation resulted in non-core foreign exchange losses of P1.8 billion, which resulted in a net loss of P400 million from a net income of P466 million in the same period last year
-
Passenger revenue increased 6% to P22.5 billion
-
Cargo business also expanded, with revenue growing 8% year-on-year to P1.8 billion as it handled 13.4% more cargo volume, supported by higher widebody capacity
Cebu Pacific reported a 10% year-on-year increase in total revenue to P33.3 billion for the first quarter 2026, driven by an increase in seat capacity and sustained passenger demand before strains started to build from the Gulf crisis.
Quarter-end peso depreciation resulted in non-core foreign exchange losses of P1.8 billion, which resulted in a net loss of P400 million from a net income of P466 million in the same period last year, the low-cost carrier said in a statement.
The peso sank to a record low of P60.10 to the US dollar on March 19 and has since gone weaker at the P61 level.
Cebu Pacific handled 8% more passengers in the first quarter with 7.5 million, while seat capacity grew 10% and seat load factor maintained at 83.7%, “reflecting effective capacity deployment and stable travel demand,” the airline noted.
Passenger revenue increased 6% to P22.5 billion, while ancillary revenue rose 19% to P9 billion, driven by continued improvements in yields.
The airline’s cargo business also expanded, with revenue growing 8% year-on-year to P1.8 billion as it handled 13.4% more cargo volume, supported by higher widebody capacity.
Earnings before interest, taxes, depreciation, and amortization rose 26% year-on-year to P8.4 billion, while operating income increased 54% to P3 billion. Cost discipline and improved operating efficiencies partially offset higher operating costs associated with fleet and capacity expansion, the airline noted.
Core profitability also improved, with core income before tax increasing to P1.3 billion from P325 million last year.
Cebu Pacific ended the quarter with 101 aircraft in its fleet and a strong liquidity position, closing March 2026 with over P23 billion in cash, providing ample flexibility to manage near-term volatility while supporting strategic initiatives.
“Our first‑quarter performance reflects the strength of our network and disciplined capacity deployment,” Cebu Pacific chief executive officer Mike Szucs said.
READ: Cebu Pacific income more than doubles to P12.3 billion in 2025
“As we navigate a more volatile operating environment amid higher fuel prices, we are taking a more cautious and measured approach focused on margin protection, prudent capacity deployment, and liquidity preservation. Our scale, fleet efficiency, and strong domestic network position us well to navigate near-term uncertainty while continuing to build long‑term value,” Szucs added.
READ: Cebu Pacific cancels flights due to high fuel prices
In an earlier statement, Cebu Pacific said it will continue to modernize its fleet this 2026. The airline expects to receive seven aircraft deliveries while retiring seven older aircraft. This will retain its fleet size at 100 while increasing the proportion of seats on new generation aircraft. This shift meaningfully enhances the airline’s fuel efficiency, reduces unit costs, and supports sustainable growth.
