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olivLaw · European equity research

easyJet plc EZJ.L

United Kingdom · London Stock Exchange · ISIN GB00B7KR2P84 · Vertical: Listed companies from United Kingdom

6.84GBP−0.81% · 1 dayClose 06 Nov 2026

easyJet plc is one of Europe's largest low-cost airlines, running a route network of over a thousand routes alongside its easyJet holidays package division. For fiscal 2025 group headline profit before tax reached £665 million, and the company could benefit from its newer bases and routes maturing if cost and revenue trends stay favourable.

At the close of 06 Nov 2026, easyJet plc (EZJ.L) stock was 6.84 GBP (−0.81% on the day), with market capitalisation 5.1 bn GBP, P/E 10.6 on diluted EPS of 0.65 GBP over the last 12 months, beta 0.83, 52-week range 3.40–6.90 GBP.

Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.

Market cap
5.1 bn GBP
shares as of 30 Sept 2025
P/E (TTM)
10.6
Diluted EPS TTM 0.65 · TTM to 30 Sept 2025
E/P (TTM)
9.45%
TTM to 30 Sept 2025
Dividend yield
unavailable
Beta (2y)
0.83
Volatility (1y) 38%
52-week range
3.406.90

Price history

Loading chart…

Technical reading

RSI (14)
58.0
strong (55–70)
Bollinger (20, 2)
6.74 – 6.88
in the upper half of the band · %B 0.73 · band width 2.1%
SMA 50 / 200
6.76 / 5.32
uptrend (price > SMA50 > SMA200)
MACD (12, 26, 9)
0.03 / 0.02
MACD above signal

Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).

Performance

CompanyEURO STOXX 50vs EURO STOXX 50Vertical median
1 month+0.7%−0.2%+0.9 pp—
3 months+2.0%−5.4%+7.4 pp—
6 months+89.4%+4.4%+85.0 pp—
Year to date+34.0%+6.5%+27.6 pp—
1 year+43.0%+10.0%+33.1 pp+3.7%
3 years+72.0%+48.6%+23.4 pp+24.5%
5 years+4.1%+41.4%−37.3 pp—
Max drawdown (1y)
−34.9%
06 Jan 2026 → 19 May 2026
Max drawdown (5y)
−60.8%
10 Feb 2022 → 12 Oct 2022
Compound annual growth (5y)
+0.8%
EURO STOXX 50 +7.2%

Price returns, dividends excluded.

Quarterly results

ESEF annual reports carry no quarters: the results are annual (below).

E/P over time

E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.

Today's P/E sits at the 100 percentile of its own 3-quarter history (min 7.2, median 8.7, max 10.0; quarters with earnings only).

Fiscal years

Fiscal year202320242025
Revenue8.2 bn9.3 bn10.1 bn
Revenue YoYunavailable+13.9%+8.6%
Net income324.0 m452.0 m494.0 m
Net income YoYunavailable+39.5%+9.3%
Diluted EPS0.430.600.65
Diluted EPS YoYunavailable+39.6%+8.6%
net %4.0%4.9%4.9%
Free cash flow874.0 m654.0 m713.0 m

Balance sheet & financial health

Fiscal year 2025 · 30 Sept 2025

Cash
1.5 bn GBP
Financial debt
1.9 bn GBP
Net debt
377.0 m GBP
Equity
3.5 bn GBP
Total assets
unavailable GBP
Debt / equity
0.54x
Current ratio
1.11x
ROE
15.3%
ROA
unavailable
FCF margin
7.1%

Financial statements (source on every figure)

Revenue and net income (GBP)

Margins

Income statement · GBP

Revenue
2023
8.2 bn
2024
9.3 bn
2025
10.1 bn

esef· 16 Dec 2025verified

Operating income
2023
453.0 m
2024
589.0 m
2025
696.0 m

esef· 16 Dec 2025verified

Pre-tax income
2023
432.0 m
2024
602.0 m
2025
658.0 m

esef· 16 Dec 2025verified

Income tax
2023
108.0 m
2024
150.0 m
2025
164.0 m

esef· 16 Dec 2025verified

Net income
2023
324.0 m
2024
452.0 m
2025
494.0 m

esef· 16 Dec 2025verified

Diluted EPS
2023
0.43
2024
0.60
2025
0.65

esef· 16 Dec 2025verified

Balance sheet · GBP

Cash
2023
2.9 bn
2024
1.3 bn
2025
1.5 bn

esef· 16 Dec 2025verified

Receivables
2023
343.0 m
2024
483.0 m
2025
530.0 m

esef· 16 Dec 2025verified

Current assets
2023
4.1 bn
2024
4.5 bn
2025
4.6 bn

esef· 16 Dec 2025verified

Property, plant & equipment, net
2023
4.9 bn
2024
4.3 bn
2025
4.8 bn

esef· 16 Dec 2025verified

Goodwill
2023
365.0 m
2024
387.0 m
2025
387.0 m

esef· 16 Dec 2025verified

Intangibles (excl. goodwill)
2023
276.0 m
2024
406.0 m
2025
384.0 m

esef· 16 Dec 2025verified

Accounts payable
2023
1.8 bn
2024
1.7 bn
2025
1.7 bn

esef· 16 Dec 2025verified

Short-term debt
2023
433.0 m
2024
416.0 m
2025
6.0 m

esef· 16 Dec 2025verified

Long-term debt
2023
1.5 bn
2024
1.7 bn
2025
1.9 bn

esef· 16 Dec 2025verified

Current liabilities
2023
4.1 bn
2024
4.5 bn
2025
4.2 bn

esef· 16 Dec 2025verified

Equity
2023
2.8 bn
2024
3.0 bn
2025
3.5 bn

esef· 16 Dec 2025verified

Shares outstanding at year end
2023
751.7 m
2024
749.6 m
2025
750.8 m

esef· 16 Dec 2025derived

Cash flow · GBP

Operating cash flow
2023
1.6 bn
2024
1.5 bn
2025
1.6 bn

esef· 16 Dec 2025verified

Capex
2023
677.0 m
2024
811.0 m
2025
912.0 m

esef· 16 Dec 2025verified

Free cash flow
2023
874.0 m ≈
2024
654.0 m ≈
2025
713.0 m ≈

esef· 16 Dec 2025derived

Investing cash flow
2023
-552.0 m
2024
-2.9 bn
2025
-872.0 m

esef· 16 Dec 2025verified

Financing cash flow
2023
-1.4 bn
2024
35.0 m
2025
-614.0 m

esef· 16 Dec 2025verified

Share repurchases
2023
15.0 m
2024
18.0 m
2025
48.0 m

esef· 16 Dec 2025verified

Computed indicators

Growth

Revenue growth (YoY)
8.6%
computed by olivLawFY 2025
Revenue CAGR 3Y
unavailable
input data missing
Revenue CAGR 5Y
unavailable
input data missing
EBIT growth (YoY)
18.2%
computed by olivLawFY 2025
Net income growth (YoY)
9.3%
computed by olivLawFY 2025
Net income CAGR 3Y
unavailable
input data missing
Net income CAGR 5Y
unavailable
input data missing
EPS growth (YoY)
8.6%
computed by olivLawFY 2025
EPS CAGR 3Y
unavailable
input data missing
EPS CAGR 5Y
unavailable
input data missing
FCF growth (YoY)
9.0%
computed by olivLawFY 2025

Profitability

Gross margin
unavailable
input data missing
EBITDA margin
unavailable
input data missing
EBIT margin
6.9%
computed by olivLawFY 2025
Net margin
4.9%
computed by olivLawFY 2025
FCF margin
7.1%
computed by olivLawFY 2025

Returns

ROE
15.3%
computed by olivLawFY 2025 · balance sheet at 30 Sept 2025
ROA
unavailable
input data missing
ROIC
13.7%
computed by olivLawFY 2025 · balance sheet at 30 Sept 2025
ROCE
unavailable
input data missing
Payout ratio (EPS)
unavailable
input data missing
Payout ratio (FCF)
unavailable
input data missing

Balance sheet

Net debt
377.0 m GBP
computed by olivLawbalance sheet at 30 Sept 2025
Net debt / EBITDA
unavailable
input data missing
Debt / equity
0.5x
computed by olivLawbalance sheet at 30 Sept 2025
Interest coverage
unavailable
input data missing

Liquidity

Current ratio
1.1x
computed by olivLawbalance sheet at 30 Sept 2025
Quick ratio
unavailable
input data missing
Cash ratio
0.4x
computed by olivLawbalance sheet at 30 Sept 2025

Cash

Operating cash flow
1.6 bn GBP
computed by olivLawFY 2025
Capital expenditure
912.0 m GBP
computed by olivLawFY 2025
Free cash flow
713.0 m GBP
computed by olivLawFY 2025
FCF conversion
144.3%
computed by olivLawFY 2025
Cash conversion
unavailable
input data missing

Efficiency

Days sales outstanding
18 days
computed by olivLawFY 2025 · balance sheet at 30 Sept 2025
Days inventory outstanding
unavailable
input data missing
Days payables outstanding
unavailable
input data missing
Cash conversion cycle
unavailable
input data missing

Market and valuation

Market capitalisation
5.1 bn GBP
computed by olivLawbalance sheet at 30 Sept 2025
Enterprise value
5.5 bn GBP
computed by olivLawbalance sheet at 30 Sept 2025
Market cap / net income TTM
10.4x
computed by olivLawFY 2025
P/E (TTM)
10.6x
computed by olivLawFY 2025
Earnings yield
9.5%
computed by olivLawFY 2025
P/B
1.5x
computed by olivLawbalance sheet at 30 Sept 2025
P/S
0.5x
computed by olivLawFY 2025 · balance sheet at 30 Sept 2025
EV/EBITDA
unavailable
input data missing
EV/EBIT
7.9x
computed by olivLawFY 2025 · balance sheet at 30 Sept 2025
EV/Sales
0.5x
computed by olivLawFY 2025 · balance sheet at 30 Sept 2025
P/FCF
7.2x
computed by olivLawFY 2025 · balance sheet at 30 Sept 2025
FCF yield
13.9%
computed by olivLawFY 2025 · balance sheet at 30 Sept 2025
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero
Shareholder yield (distributions)
0.9%
computed by olivLawFY 2025 · balance sheet at 30 Sept 2025

1 indicators that do not apply to the sector.

Valuation

olivLaw classification

Insufficient data
What is missing
  • score weight coverage: 52.1% of at least 60%

A scoring methodology on indicators and valuation, not investment advice.

Closing price

6.84 GBP

06 Nov 2026Source: olivLaw, closing series

Market cap: 5.1 bn GBP

Key indicators

Market capitalisation
5.1 bn GBP
computed by olivLawbalance sheet at 30 Sept 2025
P/E (TTM)
10.6x
computed by olivLawFY 2025
P/B
1.5x
computed by olivLawbalance sheet at 30 Sept 2025
EV/EBITDA
unavailable
input data missing
ROE
15.3%
computed by olivLawFY 2025 · balance sheet at 30 Sept 2025
Net margin
4.9%
computed by olivLawFY 2025
Revenue growth (YoY)
8.6%
computed by olivLawFY 2025
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero

Coverage and freshness

24/37 reporting lines present
Latest full fiscal year: 2025
Latest reported period: 30 Sept 2025
Latest balance sheet date: 30 Sept 2025
Share count (cover of the latest filing), as of: 30 Sept 2025
Source: esefpublished 16 Dec 2025
verified 74derived 3

The data is older than the freshness threshold.

Score by group

52% · Insufficient data

Estimated value range

unavailable — no valuation assumptions for the reporting currency

Valuation assumptions are editorial choices, not measured; beta is not measured.

Valuation methods

    Assumptions (illustrative, editorial)

    Risk-free rate
    6.5%
    Equity risk premium
    6.0%
    Beta (default)
    1.00
    Cost of equity
    12.5%
    Terminal growth
    3.0%

    Factor scorecard

    Insufficient data

    Minimum-evidence gate: score weight coverage: 52.1% of at least 60%

    FactorValueScoreWeight used
    ROIC · Quality13.7%50 (vs peers)20%
    Net margin · Quality4.9%37 (vs peers)12%
    FCF conversion · Quality144.3%100 (on a fixed band)12%
    Revenue CAGR 3Y · Growthunavailableunavailable—
    EPS CAGR 3Y · Growthunavailableunavailable—
    Net debt / EBITDA · Balance sheetunavailableunavailable—
    Interest coverage · Balance sheetunavailableunavailable—
    Current ratio · Balance sheet1.1x26 (on a fixed band)8%
    P/E (TTM) · Valuation10.6x78 (vs peers)20%
    EV/EBITDA · Valuationunavailableunavailable—
    FCF yield · Valuation13.9%100 (on a fixed band)16%
    Shareholder yield (distributions) · Returns0.9%13 (on a fixed band)12%
    Payout ratio (FCF) · Returnsunavailableunavailable—

    Factors without a value were dropped; the remaining weights were renormalised.

    Score groups

    • Balance sheet· partial26/100 · 1/3 factors with a value
    • Growth· partialunavailable · 0/2 factors with a value
    • Quality60/100 · 3/3 factors with a value
    • Returns· partial13/100 · 1/2 factors with a value
    • Valuation88/100 · 2/3 factors with a value

    A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.

    Memo

    EASYJET PLC (EZJ.L). Latest full fiscal year: 2025; data up to 2025-09-30.

    Figures computed from the financial statements: revenue 10.1 bn GBP in 2025; YoY growth 8.6%; net margin 4.9%; ROE 15.3%.

    The estimated value range is 7.16–11.11 GBP per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 9.18 GBP, the price of 6.84 GBP leaves a potential of 34.1% (value / price − 1) and a margin of safety of 25.4% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.

    Insufficient data for a verdict (score weight coverage: 52.1% of at least 60%).

    Text generated deterministically from the figures shown; no language model. Not investment advice.

    What supports the thesis

    • FCF conversion: 144.3%
    • P/E (TTM): 10.6x
    • FCF yield: 13.9%
    • The price is below the estimated value range

    What contradicts it

    • Current ratio: 1.1x
    • Shareholder yield (distributions): 0.9%

    Not assessed (insufficient data or a ratio without meaning): Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, EV/EBITDA, Payout ratio (FCF).

    Versus the vertical median

    Listed companies from United Kingdom · same country · compared with 39 companies

    Multiples and returns vs the median

    P/E
    10.6x
    vertical median 15.1x
    below median (−30.0%)
    EV/EBITDA
    —
    vertical median —
    P/S
    0.5x
    vertical median 1.5x
    below median (−66.4%)
    P/B
    1.5x
    vertical median 2.1x
    below median (−31.2%)
    ROE
    15.3%
    vertical median 14.4%
    above median (+6.3%)
    Net margin
    4.9%
    vertical median 10.8%
    below median (−54.6%)
    EBIT margin
    6.9%
    vertical median 22.9%
    below median (−70.0%)
    Revenue YoY
    8.6%
    vertical median 7.9%
    above median (+8.6%)
    Net debt/EBITDA
    —
    vertical median —
    Dividend yield
    —
    vertical median 2.9%

    Price rebased to 100 (monthly, 5 years)

    Companies in the vertical

    Market capP/EROENet marginRevenue YoY1A / 3A
    BATS.LBritish American Tobacco P.L.C.101.0 bn13.116.5%30.3%−1.0%+3% / +82%
    ABF.LAssociated British Foods PLC14.4 bn14.19.2%5.3%−3.1%−7% / −16%
    0EV1.LCarnival PLC5.5 bn4.146.7%13.4%+6.4%unavailable / unavailable
    EZJ.LEasyjet PLC5.1 bn10.615.3%4.9%+8.6%+37% / +51%
    BAB.LBabcock International Group PLC5.0 bn24.434.7%4.1%+7.2%−11% / +155%
    AUTO.LAutotrader Group PLC4.8 bn16.360.2%47.1%+3.9%−13% / −23%
    BBY.LBalfour Beatty PLC4.3 bn16.423.2%2.8%+15.2%+21% / +162%
    ABDN.LAberdeen Group PLC4.0 bn10.68.0%28.9%−2.1%+8% / +37%
    BKG.LThe Berkeley Group Holdings PLC3.5 bn11.18.8%13.4%−4.2%−2% / −24%
    BME.LB&M European Value Retail PLC2.8 bn17.221.2%2.8%+3.7%+66% / −51%
    AJB.LAj Bell PLC2.4 bn22.649.9%33.1%+18.0%+7% / +126%
    ASHM.LAshmore Group PLC1.4 bn13.713.1%71.6%−0.1%+27% / +16%
    BCG.LBaltic Classifieds Group PLC1.2 bn23.215.8%57.6%+6.9%−99% / −99%
    APN.LApplied Nutrition PLC757.3 m35.941.2%19.7%+24.2%+70% / unavailable
    BAG.LA.G. Barr P.L.C.660.8 m14.214.4%10.8%+4.0%−9% / +24%
    ASC.LAsos PLC496.9 m—-81.3%-12.0%−14.7%+72% / +9%
    ALFA.LAlfa Financial Software Holdings PLC480.3 m16.061.5%23.8%+15.3%−29% / +8%
    AML.LAston Martin Lagonda Global Holdings PLC341.3 m—-93.4%-39.2%−20.6%−46% / −85%
    APTD.LAptitude Software Group PLC112.5 m28.77.2%6.2%−7.3%−30% / −23%
    AMGO.LAmigo Holdings PLC10.3 m———−81.9%+340% / +878%
    ASBE.LAssociated British Engineering PLC605.3 k—-19.1%—unavailableunavailable / unavailable
    AMIF.LAmicorp Fs (uk) PLC221.6 k0.127.5%9.1%+8.1%unavailable / unavailable
    AAF.LAirtel Africa PLC——24.1%10.6%+29.5%−11% / +154%
    AAL.LAnglo American PLC——-19.3%-20.2%+4.5%+30% / +76%
    ACG.LAcg Metals Limited——-80.3%-32.0%+134.8%+61% / +64%

    1- and 3-year price returns: for EZJ.L from daily closes (the same as the performance table), for the other companies from month-end closes.

    olivLaw engine forecast

    The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.

    The engine has no published run for this company yet.

    Valuation scenarios (editable assumptions)

    Illustrative scenarios

    Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.

    Bear
    Allowed range: -50 … 50%
    Allowed range: -100 … 100%
    Allowed range: 0 … 100
    Allowed range: -10 … 20%
    Allowed range: 0 … 100%
    Base
    Allowed range: -50 … 50%
    Allowed range: -100 … 100%
    Allowed range: 0 … 100
    Allowed range: -10 … 20%
    Allowed range: 0 … 100%
    Bull
    Allowed range: -50 … 50%
    Allowed range: -100 … 100%
    Allowed range: 0 … 100
    Allowed range: -10 … 20%
    Allowed range: 0 … 100%
    Nothing is saved.

    Estimated price (GBP)

    Estimated priceBearBaseBull
    1 years
    4.28
    Total return -37% · Per year -37%
    7.56
    Total return 10% · Per year 10%
    11.36
    Total return 66% · Per year 66%
    3 years
    4.50
    Total return -34% · Per year -13%
    8.91
    Total return 30% · Per year 9%
    14.65
    Total return 114% · Per year 29%
    5 years
    4.73
    Total return -31% · Per year -7%
    10.50
    Total return 53% · Per year 9%
    18.90
    Total return 176% · Per year 23%
    What moves the 3-year price the most
    • Exit P/E± 2.23
    • Net margin± 1.56
    • Annual revenue growth± 1.23
    • Annual dilution± 0.13

    AI analysis

    AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

    In brief

    easyJet plc is one of Europe's largest low-cost airlines, running a route network of over a thousand routes alongside its easyJet holidays package division. For fiscal 2025 group headline profit before tax reached £665 million, and the company could benefit from its newer bases and routes maturing if cost and revenue trends stay favourable.

    SWOT

    Strengths

    • A broad route network, a large customer base and a solid net cash position support investment in fleet and technology.
    • The easyJet holidays division is performing well, with strong growth in customers and profit, diversifying revenue beyond pure flying.
    • A relatively young A320neo fleet and a firm order for new aircraft offer an efficiency advantage and long-term visibility.

    Weaknesses

    • Airline profitability was broadly flat, and winter performance has been harder to improve, according to the annual report.
    • Costs excluding fuel are high and sensitive to general inflation, which limits margins if fares do not rise.
    • The shift to longer sectors reduced RASK, so new investments bring returns with a delay.

    Opportunities

    • Maturing new bases and routes could improve airline performance in the coming years.
    • Lowering ownership costs by repurchasing leased aircraft could bring structural efficiency.
    • Growing demand for package holidays and loyal customers could extend easyJet holidays into new markets.

    Threats

    • Carbon costs and SAF mandates are rising in the UK and EU, which could compress margins over the medium term.
    • Competition on European routes and geopolitical conditions could slow route maturity and pressure fares.
    • Volatile emissions allowance prices could raise costs if not offset operationally.

    Risks

    • ETS carbon costshigh

      The end of free ETS allowances from FY26 could significantly raise costs for European operators, and allowance prices remain volatile 1.

    • SAF mandateshigh

      Sustainable aviation fuel mandates in the UK and EU raise fuel costs in those countries, and the company has only memorandums for longer-term supply 1.

    • Operational disruptionmedium

      Physical risks from extreme weather could disrupt operations and raise passenger compensation costs 1.

    • Competition and geopoliticsmedium

      Competitive pressure and geopolitical conditions in some markets slowed route maturity, according to the annual report 1.

    • Dependence on new technologylow

      Delays to new technologies such as hydrogen-powered aircraft could affect long-term decarbonisation goals 1.

    Investment thesis

    What would need to be true (bull case)

    • If newer bases and routes mature as planned, airline profit could return to faster growth, supported by an efficient fleet and a solid balance sheet 1.
    • The easyJet holidays division met its mid-term target a year early, suggesting the diversification model is working 1.
    • The firm NEO aircraft order and additional options give long-term visibility on lower costs and emissions 1.

    What would break the thesis

    • If carbon and sustainable fuel costs rise faster than fares, airline margins could stay under pressure 1.
    • Airline profit was practically flat, and winter performance proved harder to improve than anticipated 1.
    • Rising fleet and new-route investment could strain cash flow if demand or fares do not follow the planned pace 1.

    What to watch

    • Trend in airline margin and cost per seat excluding fuelfiscal 2026
    • Impact of ending free ETS allowances and SAF mandates on costsFY26
    • Maturity of new bases in Milan, Rome and London Southend2027
    • NEO aircraft deliveries and progress on the FY35 GHG intensity targetnext annual report

    Products, market & competition

    AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

    The business

    easyJet plc runs a low-cost airline headquartered in the UK and a holiday division, easyJet holidays, which sells package holidays. In the year ended 30 September 2025 the group reported total revenue of £10,106 million 1 and headline profit before tax of £665 million 1. The model combines point-to-point flights with package sales, which diversifies its revenue sources.

    The company carried 93.4 million passengers in fiscal 2025, up 4% on the prior year, at a load factor of 90% 1. The fleet grew with nine new A320neo aircraft, and the network added new bases at Milan Linate, Rome Fiumicino and London Southend 1. The strategic focus shifted towards longer sectors, city, beach and non-EU destinations 1.

    The balance sheet is strong, with a net cash position of £602 million at 30 September 2025 1 and a headline ROCE of 18.0% 1. The company repaid a €500 million Eurobond and secured a $1.7 billion revolving credit facility, undrawn at year end 1. It also repurchased eight leased aircraft, which could reduce structural ownership costs over time 1.

    Segments

    Airline

    The flying division delivered an airline headline profit before tax of £415 million in fiscal 2025, broadly flat year on year 1. RASK fell to 6.45 pence 1 as average sector length rose, while costs excluding fuel eased slightly per ASK 1.

    easyJet holidays

    The holiday division contributed £250 million to group profit in fiscal 2025, with 3.1 million customers 1. Net revenue rose to £1,440 million 1, meeting its mid-term profit target a year ahead of schedule 1.

    Investment and fleet

    Net capital expenditure reached £1,001 million in fiscal 2025 1, linked to fleet renewal and future orders. The company holds a firm order for 290 NEO aircraft, valued at $35.2 billion at list price 1.

    Market context

    easyJet operates in competitive European aviation markets, where price, frequency and punctuality shape market share. The company grew capacity by 4% to 104.0 million seats in fiscal 2025 1, while industry-wide cost inflation continued 1. The UK package holiday market supported the growth of easyJet holidays 1.

    Climate regulation and sustainable aviation fuel mandates are reshaping cost structures across the European market. The company is exposed to three ETS schemes covering 81% of its flying carbon emissions 1, and SAF mandates in the UK and EU raise fuel costs in those countries 1. Cost pressure could limit margins unless offset by operational efficiency.

    Trends

    • Fleet renewal with more efficient aircrafttailwind

      A320neo aircraft burn less fuel and cut emissions, which could lower long-term costs if deliveries follow plan 1. The firm order and additional options give visibility on deliveries through FY34 1.

    • SAF mandates and carbon costsheadwind

      SAF mandates and the end of free ETS allowances from FY26 raise fuel and carbon costs in the UK and EU 1. Volatile allowance prices could reduce profitability if not offset by pricing or efficiency 1.

    • Punctuality recovery and disruption coststailwind

      Better punctuality, through extra crewing and schedule simulation, significantly reduced compensation and welfare costs 1. If this trend holds, it could support customer satisfaction and margins 1.

    • Capacity growth on longer sectorsmixed

      The shift to longer sectors diluted revenue per available seat, with RASK down 3% 1. Maturing new bases and routes could recover this dilution over time, but winter performance remains sensitive to competition and geopolitics 1.

    Competitive position

    easyJet competes with other low-cost and full-service airlines on European routes, where frequency and price are decisive. The source document does not name competitors, so the list below is limited to what the official text supports. Competitive pressure is cited as one factor that slowed route maturity in fiscal 2025 1.

    The company's advantage lies in network density, fleet scale and integration with easyJet holidays, which not all rivals replicate. At the same time, ETS and SAF compliance costs apply to all European operators, which limits any short-term cost advantage 1.

    • European low-cost airlines

      Direct rivals on intra-European routes, referred to only generically in the official source without named identification.

    • European full-service airlines

      Competition on connecting and city routes, where schedule and frequency matter more than price.

    • Package holiday operators

      Rivals for easyJet holidays in the UK and European package holiday market.

    • Airlines operating A320neo fleets

      Operators using the same aircraft family, which makes costs and fuel efficiency comparable.

    News & filings

    In the press

    Annual reports (ESEF)

    Sources

    1. [1] Annual report, fiscal year ended 2025-09-30 (ESEF) · SEC / easyJet plc · 30 Sept 2025

    Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.

    easyJet plc (EZJ.L): stock, results, valuation and forecast · olivLaw