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ANAホールディングス株式会社 logo

ANA HOLDINGS INC.

9202・Prime Market・Air Transportation

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ANAホールディングス株式会社 logo
ANA HOLDINGS INC.9202

Air Transportation Business

The core segment of the ANA Group, responsible for domestic and international air passenger and cargo transportation.

PeriodCurrentPreviousChange
Segment revenue (including internal revenue)¥2,313,219 million¥2,058,779 million↑
Segment profit (operating profit)¥221,920 million¥199,116 million↑
International passenger numbers (ANA Brand)9,023,150 passengers8,072,715 passengers↑
Domestic passenger numbers (ANA Brand)45,635,143 passengers44,054,508 passengers↑
International passenger load factor (ANA Brand)83.0%79.2%↑
Domestic passenger load factor (ANA Brand)79.2%75.0%↑
NCA cargo transport weight313,082 tons– (newly consolidated)↑
Segment assets¥3,609,809 million¥3,299,890 million↑

Business Details

All Nippon Airways, ANA Wings, Peach Aviation, NCA (Nippon Cargo Airlines) and others conduct scheduled and non-scheduled air transportation services on domestic and international routes. The segment comprises the passenger business (ANA Brand international and domestic routes, and the LCC Peach) and the cargo business (ANA Brand, NCA). NCA became a wholly owned subsidiary in August 2025, strengthening the cargo business under a combination carrier strategy. This is the core business, accounting for approximately 91% of the Group's consolidated revenue. It has received the UK's SKYTRAX "5-Star" rating for 13 consecutive years.

Recent Overview

Increased revenue and profit driven by the full consolidation of NCA and expanding inbound demand to Japan; AirJapan brand to be discontinued

In August 2025, the company made Nippon Cargo Airlines (NCA) a wholly owned subsidiary through a share exchange, acquiring its large freighter aircraft network. Supported by strong inbound demand to Japan and leisure demand, international passenger numbers rose 11.8% year on year and domestic passenger numbers rose 3.6% year on year. With the newly added NCA revenue of ¥135,664 million, segment revenue rose 12.4% year on year to ¥2,313,219 million, and segment profit rose 11.5% year on year to ¥221,920 million. Meanwhile, the AirJapan brand will be discontinued as of March 2026, with the company restructuring around a dual-brand strategy comprising ANA and Peach.

Key Products

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International Passenger (ANA Brand)

By actively capturing strong inbound demand to Japan and outbound leisure demand from Japan, both passenger numbers and revenue exceeded the prior period. European routes performed well, supported by the launch of three new European routes in the second half of FY2025 (ended March 2025). Service enhancements were also implemented, including a joint venture agreement with Singapore Airlines and free high-speed in-flight internet. Passenger numbers for the period were 9,023,150 (up 11.8% year on year), and revenue was ¥878,977 million (up 9.1% year on year).

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Domestic Passenger (ANA Brand)

Both passenger numbers and revenue exceeded the prior period, driven by early capture of leisure demand through the continued ANA SUPER VALUE sale and increased flight frequency on routes such as Haneda–New Chitose and Haneda–Fukuoka. Service enhancements were also implemented, including faster in-flight Wi-Fi (June) and the launch of the ANA Furusato JET service (December). Passenger numbers for the period were 45,635,143 (up 3.6% year on year), and revenue was ¥738,013 million (up 4.8% year on year).

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Cargo Business (ANA Brand)

Transport volume exceeded the prior period due to stronger capture of cargo from Asia to North America, but revenue fell short of the prior period due to declining demand related to automobiles and e-commerce. On North American routes, the company continued to operate airline charter flights via other carriers to secure profitability. International cargo transport volume for the period was 726,637 tons (up 3.2% year on year), and revenue was ¥184,125 million (down 1.7% year on year).

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NCA (Nippon Cargo Airlines)

NCA became a wholly owned subsidiary of ANA Holdings through a share exchange effective August 1, 2025 (deemed acquisition date: July 1, 2025). It operates a network of large freighter aircraft connecting Japan with Europe and the US, and plays a central role in the ANA Group's combination carrier strategy. Although affected by declining demand for triangular cargo from China to North America due to US tariff policy, the company strengthened its capture of cargo from Asia to Europe and the US. Cargo transport volume for the period was 313,082 tons, and cargo revenue was ¥108,963 million.

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Peach Aviation

Inbound demand to Japan and leisure demand remained solid, and both passenger numbers and revenue exceeded the prior period. The network was expanded through the launch of new and increased flights on the Kansai–Gimpo and Chubu–Gimpo routes. Convenience-enhancing measures were also implemented, including a website renewal (April) and the introduction of auto check-in (December). Passenger numbers for the period were 9,456,675 (up 3.9% year on year), and revenue was ¥143,320 million (up 2.9% year on year).

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AirJapan

Both passenger numbers and revenue exceeded the prior period, driven by steady capture of inbound demand to Japan and sales promotions to stimulate leisure demand. Passenger numbers for the period were 499,915 (up 16.7% year on year), and revenue was ¥13,935 million (up 19.0% year on year). However, the AirJapan brand will be discontinued as of March 2026, with aircraft and personnel consolidated into the ANA brand. Going forward, the company will restructure around a dual-brand strategy comprising the ANA brand and the Peach brand.

Growth Drivers

  • Continued expansion of strong inbound demand to Japan (international passenger numbers up 11.8% year on year, load factor of 83.0%)
  • Strengthening of the combination carrier strategy and expansion of cargo business scale through the full consolidation of NCA
  • Strong performance of European routes (effect of the launch of three new European routes from the second half of FY2025 (ended March 2025))
  • Improved international network and profitability through the joint venture agreement with Singapore Airlines
  • Steady domestic leisure demand and early capture of demand through the ANA SUPER VALUE sale
  • Strengthened competitiveness of the cargo business through the planned three-way integration of ANA, NCA, and NCA Japan (planned for April 2027)
  • Strong international cargo demand related to semiconductors (outlook for next fiscal year)

Risks

  • Rising fuel prices due to deteriorating conditions in the Middle East (next fiscal year's forecast assumes Dubai crude oil at USD 130/barrel in the first quarter) and increased operating costs
  • Risk of declining demand for triangular cargo from China to North America due to US trade policy (tariffs)
  • Profit pressure from rising costs including fuel, personnel, and maintenance expenses (operating profit for next fiscal year is forecast to decline 31.0% year on year)
  • Fluctuations in passenger and cargo demand due to geopolitical risks (Middle East, Ukraine, etc.)
  • Foreign exchange risk (impact on dollar-denominated costs such as fuel and aircraft lease payments; next fiscal year's assumed rate is ¥155)
  • Declining profitability of domestic routes (available seat kilometers down 1.2% year on year; ongoing discussions at the expert panel on the future of domestic aviation)
  • Risk of reduced competitiveness during the restructuring of the dual-brand strategy following the discontinuation of the AirJapan brand
  • Operational costs and integration risks in the NCA integration process

Last updated: June 25, 2026