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Flight Centre Travel Group Ltd · Financials

ASX: FLT · Consumer Cyclical · Travel Services

A$11.71
At close 24 Jul 2026

Income Statement, FY16–FY25

Revenue, costs and profitability, exactly as reported in each year's audited accounts. Negative figures shown in (brackets).

10 financial years
Line item FY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Revenue
Total Revenue 2.6B 2.7B 2.9B 3.1B 1.9B 396M 1.0B 2.3B 2.7B 2.8B
Costs and Expenses
Cost of Revenue (1.4B) (1.5B) (1.6B) (1.8B) (1.6B) (2M) (885M) (1.5B) (1.7B) (165M)
Gross Profit 1.2B 1.1B 1.2B 1.3B 300M 394M (26M) 2.2B 2.6B 2.6B
Operating Expenses (832M) (870M) (828M) (880M) (820M) (1.3B) (377M) (626M) (737M) (2.4B)
Operating Income 359M 329M 377M 345M (778M) (565M) (402M) 115M 244M 223M
Other Income/Expenses
Interest Expense (29M) (29M) (26M) (26M) (38M) (37M) (58M) (84M) (80M) (66M)
Profit Before Taxes 345M 325M 364M 343M (849M) (602M) (378M) 75M 220M 213M
Income Tax 100M 95M 99M 79M (186M) 168M (91M) 23M 81M 104M
Net Income 245M 231M 263M 264M (662M) (433M) (287M) 47M 140M 109M
Per Share Data
Basic EPS 2.18 2.06 2.35 2.2 (5.52) (2.175) (1.44) 0.23 0.64 0.5
Diluted EPS 2.18 2.05 2.35 2.2 (5.52) (2.175) (1.44) 0.22 0.5 0.49
Shares Outstanding (in millions)
Basic Shares 120M 120M 120M 120M 120M 199M 200M 205M 219M 221M
Diluted Shares 120M 120M 120M 120M 120M 199M 200M 211M 241M 223M

Balance Sheet, FY16–FY25

Assets, liabilities and shareholders' equity at each financial year end. Negative figures shown in (brackets).

10 financial years
Line item FY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Current Assets
Cash & Cash Equivalents 1.3B 1.3B 1.3B 1.2B 1.9B 1.3B 1.2B 1.3B 1.1B 816M
Short-term Investments 205M 203M 205M 115M 31M 71M – 20M 10M 20M
Accounts Receivable 678M 778M 854M 559M 378M 363M 669M 835M 885M 938M
Inventories 2M 1M 2M – – – – – – –
Total Current Assets 2.3B 2.3B 2.4B 2.3B 2.4B 1.8B 2.1B 2.6B 2.5B 2.2B
Non-Current Assets
Property, Plant & Equipment (Net) 216M 256M 248M 240M 153M 90M 73M 67M 63M 71M
Investments 6M 11M 7M – 4M 29M 59M 15M 8M 45M
Intangible Assets 446M 471M 612M 769M 762M 688M 782M 1.1B 1.0B 1.1B
Goodwill – – – – – – – – – –
Total Non-Current Assets 738M 858M 970M 1.2B 1.6B 1.4B 1.6B 1.8B 1.7B 1.9B
Total Assets 3.0B 3.2B 3.4B 3.5B 4.0B 3.3B 3.7B 4.4B 4.2B 4.1B
Current Liabilities
Short-term Debt & Overdrafts 77M 56M 35M 85M 212M 212M 20M 57M 11M 17M
Trade Payables 1.4B 1.5B 1.6B 1.5B 1.2B 843M 1.4B 1.7B 1.8B 1.6B
Total Current Liabilities 1.6B 1.6B 1.7B 1.8B 1.9B 1.3B 1.6B 2.0B 2.3B 2.1B
Non-Current Liabilities
Long-term Debt – – 652K 100M 251M 356M 354M 353M 103M 417M
Total Non-Current Liabilities 89M 132M 167M 276M 749M 1.0B 1.3B 1.3B 714M 774M
Total Liabilities 1.7B 1.8B 1.9B 2.0B 2.6B 2.3B 3.0B 3.3B 3.0B 2.9B
Shareholders' Equity
Share Capital 399M 403M 404M 406M 1.1B 1.1B 1.1B 1.4B 1.4B 1.4B
Retained Earnings 923M 1.0B 1.1B 1.1B 254M (179M) (465M) (418M) (340M) (321M)
Total Shareholders' Equity 1.3B 1.4B 1.5B 1.5B 1.4B 956M 777M 1.1B 1.2B 1.2B
Total Liabilities & Equity 3.0B 3.2B 3.4B 3.5B 4.0B 3.3B 3.7B 4.4B 4.2B 4.1B

Cash Flow, FY16–FY25

Cash generated and spent across operating, investing and financing activities. Negative figures shown in (brackets).

10 financial years
Line item FY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Operating Activities
Net Income 245M 231M 264M 264M (662M) (433M) (287M) 47M 140M –
Cash from Operating Activities 357M 295M 314M 279M (11M) (911M) (101M) 156M 421M 139M
Investing Activities
Investments in PPE (94M) (76M) (51M) (53M) (94M) (37M) (40M) (92M) (22M) (34M)
Cash from Investing Activities (290M) (161M) (146M) (218M) (32M) (34M) (84M) (240M) (76M) (97M)
Financing Activities
Debt Repayments 44M (20M) (22M) 149M 276M 104M 89M 1M (333M) 21M
Share Repurchases – (3M) (13M) (10M) – (180K) (2M) (7M) (11M) (57M)
Dividends Paid (158M) (138M) (156M) (320M) (99M) – – (1M) (62M) (92M)
Cash from Financing Activities (110M) (156M) (186M) (175M) 757M 356M 93M 134M (489M) (423M)
Cash Position
Cash at Beginning of Period 1.4B 1.3B 1.3B 1.3B 337M 1.9B 1.3B 1.2B 1.3B 1.1B
Cash at End of Period 1.3B 1.3B 1.3B 1.2B 1.9B 1.3B 1.2B 1.3B 1.1B 808M
Free Cash Flow
Free Cash Flow (Reported) 263M 220M 263M 226M (105M) (948M) (142M) 64M 326M 37M
Free Cash Flow (Calculated) 263M 220M 263M 226M (105M) (948M) (142M) 64M 400M 105M

Analysis

What do Flight Centre Travel Group's (FLT) revenue and profit margins show?

Revenue rose from $2.6B in FY2016 to a peak of $3.1B in FY2019, then fell to $395.9M in FY2021 - down roughly 87.0% from the FY2019 peak - before rebuilding to $1.0B in FY2022, $2.3B in FY2023, $2.7B in FY2024 and $2.8B in FY2025, still roughly 8.9% short of the FY2019 high.

Margin behaviour shifted noticeably around the recovery: the gross profit ratio ran between 41.0% and 45.2% from FY2016 to FY2019, fell to 15.8% in FY2020 and briefly went negative in FY2022, before jumping to 94.1%-95.6% in FY2023 through FY2025, consistent with a change in how revenue is recognised on a net rather than gross basis in those later years. Operating margin followed a similar arc, from 13.7% in FY2016 to a loss-making -41.0% in FY2020 and back to 8.0% in FY2025.

Diluted earnings per share fell from $2.18 in FY2016 to a loss of $5.52 in FY2020 and $2.175 in FY2021, before recovering to $0.22 in FY2023, $0.50 in FY2024 and $0.49 in FY2025. Basic shares on issue nearly doubled over the period, from 119.9 million in FY2019 to 220.6 million in FY2025, which has weighed on the pace of the per-share recovery even as total net income improved.

Updated 4 Jul 2026

How strong is Flight Centre's (FLT) balance sheet?

Total assets grew from $3.0B in FY2016 to a peak of $4.44B in FY2023, easing slightly to $4.11B by FY2025, while total liabilities rose from $1.66B to $2.89B over the same span, after a higher peak of $3.30B in FY2023. Shareholder equity fell from a pre-pandemic high of $1.55B in FY2018 to a low of $777.5M in FY2022 before recovering to $1.22B in FY2025.

Cash held peaked at $1.87B in FY2020 and has since declined steadily, standing at $815.5M in FY2025, down from $1.14B in FY2024. Long-term loans, negligible before FY2018, rose to $417.0M in FY2025 - the highest level in the reported period - while short-term debt and bank overdrafts fell sharply from a peak of $212.2M in FY2021 to $16.8M in FY2025.

Retained earnings turned negative in FY2020's loss year and reached a trough of -$465.3M in FY2022 before improving to -$321.3M by FY2025, still well below the $922.6M to $1.11B in retained earnings reported between FY2016 and FY2019, indicating cumulative losses since the downturn have not yet been fully offset by subsequent profits.

Updated 5 Jul 2026

How much cash does Flight Centre Travel Group (FLT) generate and how is it used?

Operating cash flow ran between $278.9M and $356.6M a year from FY2016 to FY2019, turned sharply negative during the downturn - reaching -$910.7M in FY2021 - and has since recovered to $421.5M in FY2024, before easing back to $139.2M in FY2025. Free cash flow followed the same pattern, from $262.8M in FY2016 to a low of -$948.0M in FY2021 and $36.5M in FY2025, after capital expenditure that stayed roughly between $51M and $103M throughout, including $102.7M in FY2025.

Dividend payments, which ran at $99M-$320M a year through FY2020, were suspended in FY2021 and FY2022 during the loss-making years, then resumed at a token $1.0M in FY2023 before rising to $61.6M in FY2024 and $91.9M in FY2025. Share buybacks were modest across most years but reached $57.1M in FY2025, the largest in the period on record.

Combined dividends and buybacks of roughly $149M in FY2025 exceeded that year's free cash flow of $36.5M, a gap that a still-substantial cash balance built up in the recovery years helped absorb.

Updated 4 Jul 2026

AI-assisted analysis generated from Craytheon's verified financial data · How this works

Data is general information only, not financial advice. Figures are as reported in company filings (some ASX companies report in USD); share prices are AUD.