Austrian Airlines vs Qantas: Revenue, Profit and Business Model
Austrian Airlines had ~$2.7B of annual revenue in FY2024 and ~$122M of net income. Qantas had ~$14.1B of annual revenue in FY2024 and ~$806.9M of net income.
Latest financial snapshot
Austrian Airlines
- Latest annual revenue
- ~$2.7B (FY2024)
- Net income
- ~$122M
- Net margin
- 4.5%
- Revenue growth
- +0.7% a year, FY2015–FY2024
Qantas
- Latest annual revenue
- ~$14.1B (FY2024)
- Net income
- ~$806.9M
- Net margin
- 5.7%
- Revenue growth
- +3.7% a year, FY2015–FY2024
Financial summary
Austrian Airlines
Austrian Airlines demonstrates robust post-pandemic financial recovery, solid operating cash flows, and expanding profitability under Lufthansa Group ownership. In fiscal year 2023/2024, Austrian Airlines generated total revenue of €2.45 billion, representing 25% year-over-year revenue expansion. Adjusted earnings before interest and tax (Adjusted EBIT) reached €127 million, with an adjusted EBIT margin of 5.2%. Passenger traffic surpassed 13.9 million guests with a passenger load factor of 81.9%. The airline repaid all remaining Austrian government COVID-19 stabilization loans ahead of schedule, fully financing its fleet investments through operating cash flows and Lufthansa Group capital.
Qantas
Qantas exhibits a transformed financial structure characterized by strong free cash flow generation, disciplined net debt targets, and substantial capital returns. In fiscal year 2023/2024, Qantas generated total revenue of AUD $21.91 billion, up 10.7% year-over-year. Underlying profit before tax was AUD $2.08 billion, with statutory net profit after tax reaching AUD $1.25 billion. Operating cash flow exceeded AUD $3.5 billion, enabling Qantas to self-fund its massive multi-billion-dollar fleet renewal while returning hundreds of millions to shareholders through share buybacks and maintaining an investment-grade balance sheet with net debt well within its target range of AUD $4.0B to $5.0B.
Revenue and profit by year
Austrian Airlines
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2024 | ~$2.7B | ~$122M | 4.5% | +1.9% | |
| FY2023 | ~$2.7B | ~$126.6M | 4.8% | +25.4% | |
| FY2022 | ~$2.1B | ~$2.3M | 0.1% | +151.8% | |
| FY2021 | ~$839.6M | ~-$298.3M | -35.5% | +61.5% | |
| FY2020 | ~$519.8M | ~-$360.5M | -69.3% | -78.2% | |
| FY2019 | ~$2.4B | ~$16.9M | 0.7% | -3.2% | |
| FY2018 | ~$2.5B | ~$84.7M | 3.4% | -11.7% | |
| FY2017 | ~$2.8B | ~$99.4M | 3.6% | +7.9% | |
| FY2016 | ~$2.6B | ~$62.1M | 2.4% | +1.9% | |
| FY2015 | ~$2.5B | ~$58.8M | 2.3% | — |
Qantas
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2024 | ~$14.1B | ~$806.9M | 5.7% | +10.6% | Source |
| FY2023 | ~$12.8B | ~$1.1B | 8.8% | +117.6% | Source |
| FY2022 | ~$5.9B | ~-$554.7M | -9.4% | +53.5% | Source |
| FY2021 | ~$3.8B | ~-$1.1B | -28.5% | -58.4% | Source |
| FY2020 | ~$9.2B | ~-$1.3B | -13.8% | -20.6% | Source |
| FY2019 | ~$11.6B | ~$574.7M | 5.0% | +4.9% | Source |
| FY2018 | ~$11B | ~$614.7M | 5.6% | +6.7% | Source |
| FY2017 | ~$10.4B | ~$550.2M | 5.3% | -0.9% | Source |
| FY2016 | ~$10.4B | ~$663.7M | 6.4% | +2.4% | Source |
| FY2015 | ~$10.2B | ~$361.2M | 3.5% | — | Source |
Where the revenue comes from
Austrian Airlines
- Scheduled Passenger Transport84.0%
Scheduled international, intercontinental, and European point-to-point passenger transport across short-, medium-, and long-haul networks routed through the Vienna hub.
- Ancillary & Baggage Services10.0%
Checked baggage fees, advance seat reservations, premium cabin upgrade auctions, DO & CO à la carte dining pre-orders, inflight shopping, and airport lounge access fees.
- Cargo & Freight4.0%
Air freight and mail carriage utilizing belly-hold cargo space aboard Austrian's wide-body Boeing 777 and 787 fleets, operated in commercial cooperation with Lufthansa Cargo.
- Maintenance & Other Airline Services2.0%
Third-party commercial aircraft line maintenance, engineering overhauls, flight crew simulator training, ground handling, and ad-hoc wet-lease charter flight operations.
Qantas
- Qantas Domestic31
Scheduled full-service interstate, regional trunk, and premium corporate travel across mainland Australia.
- Qantas International & Freight37
Long-haul international passenger transport connecting Australia with Europe, the Americas, and Asia, plus air cargo.
- Jetstar Group21.5
Low-cost passenger travel across domestic Australian leisure destinations, trans-Tasman routes, and Asia-Pacific joint ventures.
- Qantas Loyalty10.5
Frequent flyer points issuance fees from financial partners, credit cards, retail coalitions, and program redemptions.
Business model and strategy
Austrian Airlines
How it makes money
Austrian Airlines operates a high-yielding network hub-and-spoke and leisure travel business model integrated into the Lufthansa Group commercial platform: (1) Network Passenger Travel (~82% of revenue / ~€2.01B), monetizing European feeder routes and long-haul intercontinental flights across Business Class, Premium Economy, and Economy cabins connecting through Vienna International Airport;
Growth strategy
Under CEO Annette Mann, Austrian Airlines is executing four key strategic growth drivers: (1) Long-Haul Fleet Modernization with Boeing 787-9 Dreamliners: Introducing modern Boeing 787-9 Dreamliners to replace aging Boeing 777 and 767 widebody aircraft, slashing fuel consumption and CO2 emissions by up to 20% while elevating passenger comfort;
Competitive advantage
Austrian Airlines holds four core competitive advantages: 1) Vienna Hub Efficiency: Vienna International Airport offers a minimum connection time of only 25 minutes for Schengen transfers and 30 minutes for non-Schengen connections, providing seamless east-west routing superior to congested megahubs in Frankfurt, London, or Paris;
Qantas
How it makes money
Qantas operates a diversified, highly cash-generative aviation and financial loyalty business model: (1) Qantas Domestic & Regional (~34% of revenue / ~AUD $7.5B), generating steady, high-yielding business and leisure travel revenue across core domestic routes (such as the Melbourne-Sydney golden triangle, one of the busiest air routes in the world) and resource-sector FIFO charter operations;
Growth strategy
Under CEO Vanessa Hudson, Qantas is executing four key strategic growth drivers: (1) Executing the Historic Fleet Renewal: Taking delivery of hundreds of new Airbus A321XLR, A220-300, and Boeing 787-9 aircraft to replace aging Boeing 737 and 717 fleets, cutting fuel burn and carbon emissions by up to 25%;
Competitive advantage
Qantas's competitive moat is constructed upon four key structural advantages: 1. Dual-Brand Domestic Hegemony: By deploying Qantas Mainline for high-yield corporate and premium travelers and Jetstar for price-sensitive leisure passengers, the group exercises unmatched network coverage across Australia, capturing approximately 62% of domestic capacity and dictating market pricing dynamics. 2.
Questions about Austrian Airlines vs Qantas
Which company has higher revenue — Austrian Airlines or Qantas?
Austrian Airlines had ~$2.7B (FY2024), while Qantas had ~$14.1B (FY2024). By latest annual revenue, Qantas is the larger business, with Austrian Airlines showing a smaller revenue base.
What is the market cap of Austrian Airlines vs Qantas?
Austrian Airlines's market capitalisation stands at $7.5B, while Qantas's is $10.5B. Qantas carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Austrian Airlines.
How does revenue per employee compare for Austrian Airlines and Qantas?
Austrian Airlines has $443k / employee in revenue per employee, while Qantas has $471k / employee. Headcounts may use different dates, so the ratio alone does not establish which business operates more efficiently.
How do Austrian Airlines and Qantas make money?
Austrian Airlines and Qantas generate revenue in fundamentally different ways. Austrian Airlines: Austrian Airlines operates a high-yielding network hub-and-spoke and leisure travel business model integrated into the Lufthansa Group commercial platform: (1) Network Passenger Travel (~82% of revenue / ~€2.01B), monetizing European feeder routes and long-haul intercontinental flights across Business Class, Premium Economy, and Economy cabins connecting through Vienna International Airport; (2) Leisure Charter & Holiday Flights (~11% of revenue / ~€0.27B), operating seasonal holiday flights connecting Vienna, Salzburg, and Graz to popular Mediterranean sun destinations in Greece, Spain, Italy, and Egypt; (3) Cargo Logistics (Lufthansa Cargo) (~4% of revenue / ~€0.10B), monetizing belly cargo space on transatlantic and Asian flights for high-value Austrian industrial exports and pharmaceuticals; and (4) Lufthansa Group Commercial Synergies: Benefiting from Lufthansa Group's unified corporate sales contracts, Miles & More loyalty program, shared IT booking systems, joint aircraft procurement discounts, and transatlantic revenue-sharing joint ventures with United Airlines and Air Canada. Qantas: Qantas operates a diversified, highly cash-generative aviation and financial loyalty business model: (1) Qantas Domestic & Regional (~34% of revenue / ~AUD $7.5B), generating steady, high-yielding business and leisure travel revenue across core domestic routes (such as the Melbourne-Sydney golden triangle, one of the busiest air routes in the world) and resource-sector FIFO charter operations; (2) Qantas International (~40% of revenue / ~AUD $8.8B), monetizing premium cabins (First, Business, Premium Economy) on trans-Pacific, European, and Asian routes; (3) Jetstar Low-Cost Leisure Travel (~21% of revenue / ~AUD $4.5B), capturing price-sensitive holiday travelers across Australia, Bali, Thailand, Japan, and New Zealand, supplemented by high-margin ancillary seat selection, baggage, and catering fees; (4) Qantas Loyalty (Frequent Flyer) (~12% of revenue / ~AUD $2.6B), selling frequent flyer points to major Australian banks (Woolworths Everyday Rewards, ANZ, NAB, CommBank, Westpac credit cards), retailers, and health insurers; and (5) Qantas Freight: Operating dedicated cargo freighters carrying international airmail, e-commerce packages, and fresh Australian agricultural exports.
Which company is valued higher relative to revenue — Austrian Airlines or Qantas?
On a price-to-sales (P/S) basis, Austrian Airlines trades at 2.8x P/S and Qantas at 0.7x P/S. Austrian Airlines commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to Qantas. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is Austrian Airlines bigger than Qantas?
By last reported revenue, Qantas (~$14.1B (FY2024)) is the larger company compared to Austrian Airlines (~$2.7B (FY2024)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the Austrian Airlines vs Qantas overview