Vietjet (VJC) Q3 2026: Revenue Up 35% to VND 22,849B, 9-Month Profit Hits VND 1,721B

Overview

Vietjet (VJC), the HOSE-listed low-cost carrier co-founded by billionaire Nguyễn Thị Phương Thảo, reported Q3 2026 consolidated revenue of VND 22,849 billion, up 35% year-on-year, with after-tax profit of VND 348 billion. Nine-month revenue reached VND 74,385 billion and profit VND 1,721 billion, meeting 86% and 82% of the full-year plan respectively, according to the company’s business report. The airline also holds the largest fleet of Vietnamese-registered aircraft, at 107 planes as of 15 October.

Key Facts

• Q3 2026 consolidated revenue: VND 22,849 billion, up 35% year-on-year; after-tax profit VND 348 billion.
• 9M 2026 consolidated revenue: VND 74,385 billion (86% of annual plan); after-tax profit VND 1,721 billion (82% of plan).
• Parent company 9M revenue VND 67,857 billion, up 30%; parent after-tax profit VND 1,467 billion, 80% of plan.
• Fleet of 107 Vietnamese-registered aircraft as of 15 October: 16 Airbus A320, 83 A321 and 8 A330.
• Q3 operations: 39,000 flights and 7.3 million passengers; 9M total 20.7 million passengers on 111,700 flights and over 58,000 tonnes of cargo.
• Network of 223 routes (176 international, 47 domestic); total consolidated assets VND 152,800 billion at 30 September 2026.
• Net debt-to-equity 2.4x and current ratio 1.38x; 9M state budget contributions of more than VND 5,944 billion.

What Happened

Per the company’s quarterly business report and statistics from the Civil Aviation Authority of Vietnam under the Ministry of Construction, Vietjet operated 39,000 flights in Q3 2026 and carried 7.3 million passengers. Consolidated revenue rose 35% year-on-year to VND 22,849 billion, while after-tax profit came in at VND 348 billion. Over the first nine months the carrier served more than 20.7 million passengers across 111,700 flights and moved over 58,000 tonnes of cargo.

The airline is expanding its network aggressively. New routes Hà Nội–Almaty, Hà Nội–Praha and Almaty–Praha extend links between Southeast Asia, Central Asia and Europe, while Hồ Chí Minh City–Colombo and connections to the Maldives target South Asia and Halal markets. Vietjet also announced Hồ Chí Minh City–Western Sydney, scheduled to launch in January 2027, and took delivery of its 11th Boeing 737-8 in Seattle. On the balance sheet, total consolidated assets stood at VND 152,800 billion at 30 September 2026, with net debt-to-equity of 2.4x and a current ratio of 1.38x, which the company describes as within industry safety thresholds as it invests in fleet expansion.

Market Context

VJC trades on HOSE and closed at VND 132,300 on 2 November 2026. The stock sits in the airlines segment of the Travel & Leisure sector, a group sensitive to fuel costs, aircraft delivery schedules and international travel demand. The 35% revenue growth contrasts with flat after-tax profit growth in the quarter, a mix that reflects rising capacity and fleet investment rather than margin expansion. The results land as Vietnamese carriers compete on international route openings and fleet renewal, with Vietjet positioning itself as the largest operator of Vietnamese-registered aircraft.

Strategic Significance

The investment case rests on whether Vietjet can convert double-digit revenue growth into durable earnings as it scales. Nine-month profit at 82% of plan leaves limited room for a fourth-quarter miss, and the 2.4x net debt-to-equity ratio means fleet growth is being funded with leverage. The Europe, Central Asia and Australia routes diversify away from saturated domestic competition and tap higher-yield long-haul traffic, while partnerships with Starlink, Rolls-Royce and CFM International, plus the planned Long Thành maintenance centre, aim to lower unit costs and build engineering self-sufficiency over time.

What to Watch

• Q4 2026 and full-year 2026 results, and whether profit reaches the remaining 18% of the annual plan.
• Launch and load factors on Hồ Chí Minh City–Western Sydney from January 2027.
• Further Boeing 737-8 and Airbus A330neo deliveries and their effect on the net debt-to-equity ratio.
• Fuel prices and exchange-rate movements, given the carrier’s dollar-linked cost base.
• Progress on the Long Thành maintenance centre and the Starlink in-flight connectivity rollout.