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

Overview

Vietjet Aviation (VJC, HOSE) reported consolidated 9-month revenue of VND 74,385 billion, up 41% year-on-year, and after-tax profit of VND 1,721 billion, completing 86% and 82% of its full-year targets respectively. The carrier served more than 20.7 million passengers across 111,700 flights and expanded its network to 223 routes, of which 176 are international. The results matter for VJC because they show the hybrid low-cost model scaling internationally while the airline absorbs fleet and technology investment.

Key Facts

• 9M consolidated revenue: VND 74,385 billion, up 41% year-on-year; after-tax profit VND 1,721 billion, equal to 86% and 82% of the annual plan.
• Q3 2026 revenue: VND 22,849 billion, up 35% year-on-year; after-tax profit VND 348 billion on 39,000 flights and 7.3 million passengers.
• Parent company 9M revenue: VND 67,857 billion, up 30%; after-tax profit VND 1,467 billion, or 80% of the annual target.
• Total consolidated assets at 30 September 2026: VND 152.8 trillion; net debt-to-equity 2.4x; current ratio 1.38x.
• 9M traffic: more than 20.7 million passengers, 111,700 flights and over 58,000 tonnes of cargo; state budget contributions of more than VND 5,944 billion.
• Network: 223 routes, comprising 176 international and 47 domestic; new services include Hà Nội–Almaty, Hà Nội–Praha, Almaty–Praha, Hồ Chí Minh City–Colombo and Hồ Chí Minh City–Western Sydney (planned from January 2027).
• Fleet and partners: 11th Boeing 737-8 delivered in Seattle; cooperation with Starlink (SpaceX), Rolls-Royce TotalCare for Trent 7000 engines and CFM International on LEAP maintenance.

What Happened

According to the company’s results announcement, Vietjet flew 39,000 flights and carried 7.3 million passengers in Q3 2026, generating consolidated revenue of VND 22,849 billion, up 35% year-on-year, and after-tax profit of VND 348 billion. The company attributed the result to passenger and cargo transport, ancillary services, and aircraft trading and financing activity executed according to plan, which it said demonstrates the flexibility of its hybrid aviation model.

For the nine months, consolidated revenue reached VND 74,385 billion and after-tax profit VND 1,721 billion, completing 86% and 82% of the annual plan. The parent company recorded revenue of VND 67,857 billion, up 30%, and after-tax profit of VND 1,467 billion, or 80% of target. Vietjet said it expanded international connectivity with new routes linking Southeast Asia, Central Asia and Europe, moved into the South Asian and Halal markets, and announced Hồ Chí Minh City–Western Sydney ahead of a January 2027 launch. The airline also took delivery of its 11th Boeing 737-8 in Seattle and deepened partnerships on satellite internet, engine maintenance and digital operations.

Market Context

VJC closed at VND 131,600 on 1 November 2026 on HOSE. The 9-month update lands with the stock having already re-rated through 2026 on the back of international network expansion and fleet delivery momentum, and the results confirm that revenue growth is running well ahead of the annual plan’s pace. The airline sector in Vietnam has benefited from recovering inbound tourism and international seat capacity, while fuel and lease costs remain the main swing factors for margins. Vietjet’s 2.4x net debt-to-equity and 1.38x current ratio indicate a balance sheet that is leveraged but liquid, consistent with an airline in an active fleet-expansion phase.

Strategic Significance

The strategic thesis for VJC rests on the shift from a domestic low-cost carrier to an international hybrid network, and the 176 international routes out of 223 now represent the majority of the network. New Central Asian and European links, plus the planned Western Sydney service, diversify away from crowded domestic competition and tap higher-yield long-haul-adjacent traffic. The Starlink, Rolls-Royce and CFM agreements, together with the Long Thành maintenance project, point to a longer-term plan to internalise engineering capability and ancillary revenue rather than outsource it. The main constraint is that profit growth is not keeping pace with revenue growth, so execution on cost per available seat kilometre and fleet financing will determine whether the top-line expansion converts into earnings.

What to Watch

• Q4 and full-year 2026 results, including whether the company meets the remaining 14% of revenue and 18% of profit targets.
• Launch and load factors on Hồ Chí Minh City–Western Sydney from January 2027, and progress on the Colombo and Maldives routes.
• Further Boeing 737-8 deliveries and any update on aircraft financing terms, given the 2.4x net debt-to-equity ratio.
• Disclosure on the Starlink rollout timeline and the Long Thành maintenance centre, which affect future ancillary and MRO revenue.
• Fuel price and exchange-rate movements, the two largest external variables for VJC’s margin.