Korean Air unveiled today its financial results for 3Q2025 (Non-consolidated).

The highlights are: 

• Korean Air reported a revenue of KRW 4.0085 trillion (USD 2.8587 billion) for the third quarter of 2025, a decrease of KRW 232.3 billion year-on-year, primarily due to increased industry-wide capacity and competitive fare environment. Although fuel costs declined, overall operating expenses rose due to higher depreciation, maintenance, and operational costs. This led to an operating profit of KRW 376.3 billion KRW (USD 268.4 million), a decrease of KRW 242.3 billion year-on-year.
• Third-quarter passenger business revenue totaled KRW 2.4211 trillion, a year-on-year decrease of KRW 196.2 billion. The decline is attributed to a shift in the timing of the Chuseok holiday (from September in 2024 to October in 2025), and temporary demand variables including stricter US entry regulations.
• Cargo business revenue totaled KRW 1.0667 trillion, a decrease of KRW 53.1 billion year-on-year. Despite a slight slowdown in the global air cargo market amid rising US tariff risks, the airline maintained stable profitability by flexibly adjusting routes in response to tariff changes and demand fluctuations.
• Looking ahead to the fourth quarter, Korean Air expects improved performance across its passenger network, driven by the long Chuseok holiday in October and the year-end peak travel season. The airline plans to maximize profitability through flexible capacity management, particularly to popular winter destinations. 
• The outlook for the fourth quarter cargo business remains mixed, with expectations for the year-end consumer season balanced against the potential for demand to soften due to ongoing trade tensions. Korean Air will focus on agile capacity management, capturing high-value cargo and securing e-commerce demand.

Unit: KRW billion (USD million)

KRW/USD exchange rate: 1,402.2