Vietjet (VJC) 9M 2026 Revenue Up 41% to VND 74,385B, Hits 86% of Plan

Overview

Vietjet (HOSE: VJC) reported 9M 2026 consolidated revenue of VND 74,385 billion, up 41% year on year and equal to 86% of its full-year plan, with after-tax profit of VND 1,721 billion, or 82% of target. The airline carried 20.7 million passengers on 111,700 flights and expanded its network to 223 routes, 176 of them international. The result matters for VJC because it shows the hybrid aviation model scaling revenue faster than profit while the carrier keeps investing in fleet, technology and MRO capacity.

Key Facts

• 9M 2026 consolidated revenue: VND 74,385 billion, +41% YoY, 86% of the annual plan.
• 9M 2026 after-tax profit: VND 1,721 billion, equal to 82% of the annual plan.
• Q3 2026 revenue: VND 22,849 billion (+35% YoY); after-tax profit VND 348 billion on 39,000 flights and 7.3 million passengers.
• Parent company 9M revenue: VND 67,857 billion (+30%); after-tax profit VND 1,467 billion, 80% of plan.
• Network of 223 routes: 176 international and 47 domestic; 20.7 million passengers and over 58,000 tonnes of cargo carried.
• Total consolidated assets of VND 152.8 trillion at 30 September 2026; net debt to equity 2.4x; current ratio 1.38x.
• State budget contributions of more than VND 5,944 billion over the nine months; 11th Boeing 737-8 received in Seattle.

What Happened

In a company results announcement, Vietjet said the nine-month performance was driven by passenger and cargo transport, ancillary services, and aircraft trading and financing activity executed on schedule, which it credits with the flexibility of its hybrid airline model. Third-quarter revenue reached VND 22,849 billion, up 35% year on year, while quarterly after-tax profit came in at VND 348 billion. The company said cumulative revenue and profit reached 86% and 82% of the 2026 plan respectively.

On network, Vietjet opened Hà Nội–Almaty, Hà Nội–Praha and Almaty–Praha routes, launched TP.HCM–Colombo and put Hà Nội and TP.HCM connections to Colombo and the Maldives on sale, and announced TP.HCM–Western Sydney for operation from January 2027. The carrier also detailed technology and maintenance partnerships, including Starlink (SpaceX) for in-flight satellite internet, Rolls-Royce TotalCare for Trent 7000 engines on the A330neo fleet, and CFM International cooperation on LEAP engine maintenance capability alongside a planned Long Thành aircraft maintenance centre. The filing does not disclose the transaction value of these agreements.

Market Context

VJC closed at VND 131,600 on 1 November 2026 on HOSE. The stock trades in the airline segment of the Vietnamese market, where investor attention centres on fuel costs, fleet delivery schedules and international route ramp-up. The 41% revenue growth contrasts with flat profit growth, reflecting the thin margins typical of the sector and the cost of capacity expansion. The 2.4x net debt to equity ratio places VJC among the more leveraged large caps on HOSE, a factor that tends to amplify share-price sensitivity to interest rates and the dong.

Strategic Significance

The strategic thesis rests on international expansion as the growth engine: 176 of 223 routes are now cross-border, and new Central Asia, South Asia and Australia links diversify away from the mature domestic market. The Starlink, Rolls-Royce and CFM agreements, plus the Long Thành MRO project, aim to shift Vietjet from pure operator toward a carrier with in-house engineering capability, which could lower long-run maintenance costs and create a service revenue line. The key tension for long-term holders is whether revenue growth of this pace converts into profit growth once fleet, labour and financing costs normalise.

What to Watch

• Full-year 2026 results and whether revenue and profit reach the remaining 14% and 18% of plan in Q4.
• Delivery cadence of the Boeing 737-8 order and any update on the A330neo fleet.
• Launch and load factors on TP.HCM–Western Sydney ahead of January 2027.
• Progress on the Long Thành maintenance centre and LEAP engine capability with CFM International.
• Movement in net debt to equity from 2.4x and any refinancing or aircraft financing disclosures.