Cash flow Air New Zealand Limited

Equities

AIR

NZAIRE0001S2

Airlines

End-of-day quote New Zealand S.E. Other stock markets 2026-03-06			5-day change	1st Jan Change
0.5100 ^NZD	-6.42%		-8.11%	-12.07%

10:59pm	Airline shares battered as oil prices spike, Iran war intensifies	RE
Mar. 05	Missile fire hinders Middle East rescue flights as airspace edges open	RE

9d07e5ff8025d5f0a392a9132.WDEp1gKujudtCdomyjlEheMzNHaClOl4TpmxGZQHhxc.F1tzo3jEwo0fTpIUuHUL4YFlUh7t4r0VGfviNNhA7n5gbkfuS9retglGqQ

Published financial data: AIR NEW ZEALAND LIMITED

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: June	2021	2022	2023	2024	2025
Revenues	2.4B	2.61B	6.11B	6.49B	6.4B
Other Revenues, Total	114M	124M	220M	262M	356M
Total Revenues	2.51B	2.73B	6.33B	6.75B	6.76B
Cost of Goods Sold, Total	1.83B	2.32B	4.36B	5.02B	5.1B
Gross Profit	685M	410M	1.97B	1.74B	1.66B
Selling General & Admin Expenses, Total	80M	138M	299M	333M	342M
Depreciation & Amortization - (IS)	716M	668M	695M	716M	727M
Other Operating Expenses	240M	274M	386M	458M	416M
Other Operating Expenses, Total	1.04B	1.08B	1.38B	1.51B	1.48B
Operating Income	-351M	-670M	587M	228M	174M
Interest Expense, Total	-87M	-85M	-164M	-186M	-149M
Interest And Investment Income	8M	14M	119M	153M	101M
Net Interest Expenses	-79M	-71M	-45M	-33M	-48M
Income (Loss) On Equity Invest.	19M	27M	39M	30M	38M
Currency Exchange Gains (Loss)	-32M	-12M	4M	-3M	25M
EBT, Excl. Unusual Items	-443M	-726M	585M	222M	189M
Restructuring Charges	-39M	1M	-	-	-
Asset Writedown	-73M	-30M	12M	-	-
Legal Settlements	-	-	-	-	-
Other Unusual Items	144M	-55M	-23M	-	-
EBT, Incl. Unusual Items	-411M	-810M	574M	222M	189M
Income Tax Expense	-122M	-219M	162M	76M	63M
Earnings From Continuing Operations	-289M	-591M	412M	146M	126M
Net Income to Company	-289M	-591M	412M	146M	126M
Net Income - (IS)	-289M	-591M	412M	146M	126M
Net Income to Common Incl Extra Items	-289M	-591M	412M	146M	126M
Net Income to Common Excl. Extra Items	-289M	-591M	412M	146M	126M
Per Share Items
Net EPS - Basic	-0.26	-0.41	0.12	0.04	0.04
Basic EPS - Continuing Operations	-0.26	-0.41	0.12	0.04	0.04
Basic Weighted Average Shares Outstanding	1.12B	1.45B	3.37B	3.37B	3.36B
Net EPS - Diluted	-0.26	-0.41	0.12	0.04	0.04
Diluted EPS - Continuing Operations	-0.26	-0.41	0.12	0.04	0.04
Diluted Weighted Average Shares Outstanding	1.12B	1.45B	3.38B	3.37B	3.37B
Normalized Basic EPS	-0.25	-0.31	0.11	0.04	0.04
Normalized Diluted EPS	-0.25	-0.31	0.11	0.04	0.04
Dividend Per Share	-	-	-	0.04	0.02
Payout Ratio	-	-	-	189.04	73.81
American Depositary Receipts Ratio (ADR)	5	5	5	5	5
Supplemental Items
EBITDA	-36M	-340M	935M	600M	551M
EBITA	-351M	-670M	587M	228M	174M
EBIT	-351M	-670M	587M	228M	174M
EBITDAR	-29M	-333M	943M	609M	565M
Total Revenues (As Reported)	2.52B	2.73B	6.33B	6.75B	6.76B
Effective Tax Rate - (Ratio)	29.68	27.04	28.22	34.23	33.33
Total Current Taxes	-33M	2M	-	-	-
Total Deferred Taxes	-89M	-221M	162M	76M	63M
Normalized Net Income	-277M	-454M	366M	139M	118M
Interest on Long-Term Debt	23M	50M	35M	33M	36M
Non-Cash Pension Expense	0	0	0	0	0
Supplemental Operating Expense Items
Selling and Marketing Expenses	73M	131M	291M	324M	328M
Research And Development Expense From Footnotes	48M	46M	42M	39M	41M
Net Rental Expense, Total	7M	7M	8M	9M	14M
Imputed Operating Lease Interest Expense	1.39M	1.43M	3.13M	4.35M	5.9M
Imputed Operating Lease Depreciation	5.61M	5.57M	4.87M	4.65M	8.1M
Maintenance & Repair Expenses, Total	254M	259M	395M	481M	602M
Stock-Based Comp., Other (Total)	4M	3M	4M	5M	5M
Total Stock-Based Compensation	4M	3M	4M	5M	5M

Fiscal Period: June	2021	2022	2023	2024	2025
Assets
Cash And Equivalents	44M	73M	103M	141M	91M
Short Term Investments	222M	1.72B	2.12B	1.14B	1.34B
Trading Asset Securities, Total	-	-	-	-	-
Total Cash And Short Term Investments	266M	1.79B	2.23B	1.28B	1.44B
Accounts Receivable, Total	266M	353M	444M	457M	364M
Other Receivables	-	21M	-	28M	28M
Notes Receivable	-	-	-	-	-
Total Receivables	266M	374M	444M	485M	392M
Inventory	92M	98M	119M	131M	165M
Prepaid Expenses	60M	50M	74M	81M	77M
Other Current Assets, Total	142M	182M	405M	464M	260M
Total Current Assets	826M	2.5B	3.27B	2.44B	2.33B
Gross Property Plant And Equipment	8.54B	8.8B	9.5B	10.18B	10.97B
Accumulated Depreciation	-3.43B	-3.99B	-4.55B	-5.05B	-5.28B
Net Property Plant And Equipment	5.12B	4.81B	4.95B	5.13B	5.69B
Long-term Investments	138M	164M	190M	205M	240M
Other Intangibles, Total	179M	147M	172M	188M	178M
Deferred Tax Assets Long-Term	-	164M	8M	-	-
Other Long-Term Assets, Total	434M	571M	608M	587M	291M
Total Assets	6.69B	8.35B	9.2B	8.55B	8.73B
Liabilities
Accounts Payable, Total	524M	497M	780M	849M	1B
Accrued Expenses, Total	155M	209M	308M	289M	307M
Current Portion of Long-Term Debt	524M	248M	193M	157M	512M
Current Portion of Leases	383M	342M	352M	331M	287M
Current Income Taxes Payable	-	2M	7M	7M	6M
Unearned Revenue Current, Total	689M	1.64B	2.05B	1.83B	1.8B
Other Current Liabilities	78M	238M	146M	135M	160M
Total Current Liabilities	2.35B	3.17B	3.84B	3.6B	4.08B
Long-Term Debt	1.02B	1.6B	1.48B	1.24B	765M
Long-Term Leases	1.38B	1.18B	1.3B	1.09B	1.27B
Unearned Revenue Non Current	503M	219M	185M	220M	222M
Pension & Other Post Retirement Benefits	13M	14M	15M	17M	19M
Deferred Tax Liability Non Current	61M	-	-	81M	119M
Other Non Current Liabilities	258M	491M	290M	293M	307M
Total Liabilities	5.59B	6.67B	7.12B	6.54B	6.78B
Common Stock, Total	2.2B	3.35B	3.35B	3.34B	3.3B
Retained Earnings	-1.04B	-1.64B	-1.23B	-1.36B	-1.32B
Comprehensive Income and Other	-50M	-28M	-38M	21M	-34M
Total Common Equity	1.1B	1.68B	2.08B	2.01B	1.95B
Total Equity	1.1B	1.68B	2.08B	2.01B	1.95B
Total Liabilities And Equity	6.69B	8.35B	9.2B	8.55B	8.73B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	1.12B	3.37B	3.37B	3.37B	3.3B
ECS Total Common Shares Outstanding	1.12B	3.37B	3.37B	3.37B	3.31B
Book Value / Share	0.98	0.5	0.62	0.6	0.59
Tangible Book Value	926M	1.53B	1.91B	1.82B	1.77B
Tangible Book Value Per Share	0.82	0.45	0.57	0.54	0.53
Total Debt	3.31B	3.37B	3.34B	2.82B	2.84B
Net Debt	3.04B	1.58B	1.11B	1.54B	1.4B
Debt Equivalent Oper. Leases	56M	56M	64M	72M	112M
Equity Method Investments, Total	137M	158M	184M	202M	237M
Account Code - Inventory Valuation	5	5	5	5	5
Inventories - Raw Materials, Total	19M	17M	26M	34M	33M
Inventories - Others	73M	81M	93M	97M	132M
Land - (BS)	519M	538M	544M	558M	584M
Machinery, Total	4.43B	4.9B	5.25B	5.75B	6.44B
Full Time Employees	7.84K	8.86K	11.47K	11.7K	11.71K

Fiscal Period: June	2021	2022	2023	2024	2025
Net Income	-289M	-591M	412M	146M	126M
Depreciation & Amortization - CF	667M	621M	652M	676M	686M
Depreciation & Amortization, Total	667M	621M	652M	676M	686M
Amortization of Deferred Charges, Total - (CF)	49M	47M	43M	40M	41M
(Gain) Loss From Sale Of Asset	12M	11M	10M	12M	7M
(Gain) Loss on Sale of Investments - (CF)	-	-	-	3M	-
Asset Writedown & Restructuring Costs	73M	30M	-14M	-	-
(Income) Loss On Equity Investments - (CF)	-19M	-27M	-39M	-30M	-38M
Other Operating Activities, Total	-137M	67M	39M	42M	39M
Change in Unearned Revenues	-127M	662M	381M	-184M	-24M
Change in Other Net Operating Assets	94M	-270M	369M	105M	103M
Cash from Operations	323M	550M	1.85B	810M	940M
Capital Expenditure	-231M	-327M	-602M	-791M	-780M
Sale of Property, Plant, and Equipment	10M	14M	27M	3M	194M
Investment in Marketable and Equity Securities, Total	39M	-18M	-341M	13M	467M
Other Investing Activities, Total	-	-	-	-47M	-
Cash from Investing	-182M	-331M	-916M	-822M	-119M
Long-Term Debt Issued, Total	380M	1.28B	286M	-	-
Total Debt Issued	380M	1.28B	286M	-	-
Long-Term Debt Repaid, Total	-509M	-1.36B	-618M	-641M	-536M
Total Debt Repaid	-509M	-1.36B	-618M	-641M	-536M
Issuance of Common Stock	-	1.76B	-	-	-
Repurchase of Common Stock	-	-400M	-200M	-	-38M
Common Dividends Paid	-	-	-	-276M	-93M
Common & Preferred Stock Dividends Paid	-	-	-	-276M	-93M
Special Dividend Paid	-	-	-	-	-
Other Financing Activities, Total	-184M	32M	29M	-19M	3M
Cash from Financing	-313M	1.31B	-503M	-936M	-664M
Net Change in Cash	-172M	1.53B	434M	-948M	157M
Supplemental Items
Cash Interest Paid	83M	74M	145M	179M	154M
Cash Income Tax Paid (Refund)	-35M	-	-3M	26M	1M
Levered Free Cash Flow	83.25M	863M	733M	-343M	404M
Unlevered Free Cash Flow	138M	916M	836M	-226M	497M
Change In Net Working Capital	132M	-991M	-372M	299M	-436M
Net Debt Issued / Repaid	-129M	-80M	-332M	-641M	-536M

Fiscal Period: June	2021	2022	2023	2024	2025
Profitability
Return on Assets	-3.08	-5.57	4.18	1.61	1.26
Return on Total Capital	-4.65	-8.86	7.02	2.78	2.26
Return On Equity %	-23.85	-42.59	21.94	7.14	6.37
Return on Common Equity	-23.85	-42.59	21.94	7.14	6.37
Margin Analysis
Gross Profit Margin %	27.25	15	31.07	25.7	24.56
SG&A Margin	3.18	5.05	4.72	4.93	5.06
EBITDA Margin %	-1.43	-12.44	14.77	8.89	8.16
EBITA Margin %	-13.96	-24.52	9.27	3.38	2.58
EBIT Margin %	-13.96	-24.52	9.27	3.38	2.58
Income From Continuing Operations Margin %	-11.5	-21.62	6.51	2.16	1.87
Net Income Margin %	-11.5	-21.62	6.51	2.16	1.87
Net Avail. For Common Margin %	-11.5	-21.62	6.51	2.16	1.87
Normalized Net Income Margin	-11.01	-16.6	5.78	2.05	1.75
Levered Free Cash Flow Margin	3.31	31.58	11.59	-5.08	5.98
Unlevered Free Cash Flow Margin	5.47	33.53	13.2	-3.35	7.35
Asset Turnover
Asset Turnover	0.35	0.36	0.72	0.76	0.78
Fixed Assets Turnover	0.47	0.55	1.3	1.34	1.25
Receivables Turnover (Average Receivables)	7.97	8.43	15.33	14.77	15.59
Inventory Turnover (Average Inventory)	18.47	24.45	40.21	40.14	34.43
Short Term Liquidity
Current Ratio	0.35	0.79	0.85	0.68	0.57
Quick Ratio	0.23	0.68	0.7	0.49	0.45
Operating Cash Flow to Current Liabilities	0.14	0.17	0.48	0.23	0.23
Days Sales Outstanding (Average Receivables)	45.78	43.3	23.81	24.79	23.41
Days Outstanding Inventory (Average Inventory)	19.76	14.93	9.08	9.12	10.6
Average Days Payable Outstanding	85.07	80.01	53.16	59.28	65.85
Cash Conversion Cycle (Average Days)	-19.53	-21.78	-20.28	-25.37	-31.83
Long Term Solvency
Total Debt/Equity	299.37	200.83	160.41	140.1	145.84
Total Debt / Total Capital	74.96	66.76	61.6	58.35	59.32
LT Debt/Equity	217.28	165.65	134.2	115.82	104.78
Long-Term Debt / Total Capital	54.41	55.06	51.53	48.24	42.62
Total Liabilities / Total Assets	83.49	79.92	77.39	76.49	77.71
EBIT / Interest Expense	-4.03	-7.88	3.58	1.23	1.17
EBITDA / Interest Expense	3.63	-0.58	7.55	4.86	5.77
(EBITDA - Capex) / Interest Expense	0.98	-4.42	3.88	0.61	0.54
Total Debt / EBITDA	10.47	-68.73	2.69	3.12	3.3
Net Debt / EBITDA	9.63	-32.14	0.89	1.7	1.63
Total Debt / (EBITDA - Capex)	38.92	-8.96	5.24	24.92	35.48
Net Debt / (EBITDA - Capex)	35.79	-4.19	1.74	13.6	17.52
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	-48	8.71	131.61	6.67	0.04
Gross Profit, 1 Yr. Growth %	-48.96	-40.15	379.76	-11.79	-4.38
EBITDA, 1 Yr. Growth %	-110.84	750	-375	-35.83	-8.32
EBITA, 1 Yr. Growth %	361.84	88.73	-187.61	-61.16	-23.68
EBIT, 1 Yr. Growth %	361.84	88.73	-187.61	-61.16	-23.68
Earnings From Cont. Operations, 1 Yr. Growth %	-36.34	102.4	-169.71	-64.56	-13.7
Net Income, 1 Yr. Growth %	-36.34	102.4	-169.71	-64.56	-13.7
Normalized Net Income, 1 Yr. Growth %	403.41	62.42	-180.58	-62.05	-14.86
Diluted EPS Before Extra, 1 Yr. Growth %	-36.34	56.86	-129.9	-64.75	-13.95
Accounts Receivable, 1 Yr. Growth %	-20.83	32.71	25.78	8.29	-20.35
Inventory, 1 Yr. Growth %	-13.21	6.52	21.43	10.08	25.95
Net Property, Plant and Equip., 1 Yr. Growth %	-10.12	-6.06	2.93	3.64	11
Total Assets, 1 Yr. Growth %	-11.26	24.93	10.12	-7.04	2.14
Tangible Book Value, 1 Yr. Growth %	-18.2	64.69	26.88	-4.46	-2.96
Common Equity, 1 Yr. Growth %	-16.16	52.73	23.97	-3.32	-3.18
Cash From Operations, 1 Yr. Growth %	40.43	72.96	222.82	-56.29	16.05
Capital Expenditures, 1 Yr. Growth %	-62.44	44.69	64.93	31.4	-1.39
Levered Free Cash Flow, 1 Yr. Growth %	-117.73	918.44	-10.51	-146.74	-217.76
Unlevered Free Cash Flow, 1 Yr. Growth %	-133.61	558.58	-4.82	-127.1	-319.32
Dividend Per Share, 1 Yr. Growth %	-	-	-	-	-28.57
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	-34.08	-24.82	58.68	57.18	3.3
Gross Profit, 2 Yr. CAGR %	-32.91	-44.73	69.46	105.71	-8.16
EBITDA, 2 Yr. CAGR %	-79.29	1.2	383.48	32.84	-23.23
EBITA, 2 Yr. CAGR %	3.45	196.91	28.59	-41.66	-45.56
EBIT, 2 Yr. CAGR %	3.45	196.91	28.59	-41.66	-45.56
Earnings From Cont. Operations, 2 Yr. CAGR %	2.33	14.09	18.78	-50.3	-44.7
Net Income, 2 Yr. CAGR %	2.33	14.09	18.78	-50.3	-44.7
Normalized Net Income, 2 Yr. CAGR %	6.99	187.23	14.4	-44.7	-43.16
Diluted EPS Before Extra, 2 Yr. CAGR %	2.7	0.44	-31.5	-67.54	-44.93
Accounts Receivable, 2 Yr. CAGR %	-25.17	2.5	29.2	13.78	-7.13
Inventory, 2 Yr. CAGR %	6.57	-3.85	13.73	15.62	17.75
Net Property, Plant and Equip., 2 Yr. CAGR %	-0.16	-8.11	-1.67	3.28	7.26
Total Assets, 2 Yr. CAGR %	-6.28	5.21	17.29	1.18	-2.56
Tangible Book Value, 2 Yr. CAGR %	-28.39	16.26	43.27	10.1	-3.71
Common Equity, 2 Yr. CAGR %	-25.52	12.8	37.6	9.48	-3.25
Cash From Operations, 2 Yr. CAGR %	-42.76	54.64	141.39	18.79	-28.78
Capital Expenditures, 2 Yr. CAGR %	-46.96	-27.08	63.21	47.21	13.83
Levered Free Cash Flow, 2 Yr. CAGR %	-26.54	35.59	194.17	-35.33	-25.81
Unlevered Free Cash Flow, 2 Yr. CAGR %	-16.63	49.58	145.11	-49.22	-22.91
Dividend Per Share, 2 Yr. CAGR %	-	-	-	-	-
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	-22.95	-22.12	9.4	39	35.21
Gross Profit, 3 Yr. CAGR %	-26.23	-35.42	13.59	36.31	59.35
EBITDA, 3 Yr. CAGR %	-67.46	-26	41.22	146.62	17.46
EBITA, 3 Yr. CAGR %	-14.37	26.88	97.67	-13.72	-36.2
EBIT, 3 Yr. CAGR %	-14.37	26.88	97.67	-13.72	-36.2
Earnings From Cont. Operations, 3 Yr. CAGR %	-9.51	28.89	-3.18	-20.63	-40.26
Net Income, 3 Yr. CAGR %	-9.51	28.89	-3.18	-20.63	-40.26
Normalized Net Income, 3 Yr. CAGR %	-6.39	23.33	88.03	-20.81	-36.15
Diluted EPS Before Extra, 3 Yr. CAGR %	-9.22	18.68	-32.92	-45.11	-55.07
Accounts Receivable, 3 Yr. CAGR %	-17.22	-9.42	9.74	19.77	1.03
Inventory, 3 Yr. CAGR %	7.05	6.56	3.93	12.5	18.96
Net Property, Plant and Equip., 3 Yr. CAGR %	0.54	-2.16	-4.57	0.07	5.79
Total Assets, 3 Yr. CAGR %	-5.16	3.09	6.82	8.54	1.5
Tangible Book Value, 3 Yr. CAGR %	-22.72	-5.38	18.99	25.17	5.56
Common Equity, 3 Yr. CAGR %	-20.22	-5.58	16.41	22.33	5.08
Cash From Operations, 3 Yr. CAGR %	-32.08	-17.68	100.47	36.57	17.87
Capital Expenditures, 3 Yr. CAGR %	-34.15	-26.42	-0.71	51.83	28.81
Levered Free Cash Flow, 3 Yr. CAGR %	-22.97	77.53	16.03	59.32	-21.03
Unlevered Free Cash Flow, 3 Yr. CAGR %	-1.64	66.64	26.85	17.64	-17.3
Dividend Per Share, 3 Yr. CAGR %	-	-	-	-	-
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	-13.63	-11.76	2.87	3.14	6.92
Gross Profit, 5 Yr. CAGR %	-17.47	-24.29	2.89	2.65	4.33
EBITDA, 5 Yr. CAGR %	-50.06	-19.5	-2.2	-6.49	10.66
EBITA, 5 Yr. CAGR %	-13.43	4.22	0.98	-7.02	18.02
EBIT, 5 Yr. CAGR %	-13.43	4.22	0.98	-7.02	18.02
Earnings From Cont. Operations, 5 Yr. CAGR %	-9	9.12	1.1	-11.96	-22.61
Net Income, 5 Yr. CAGR %	-9	9.12	1.1	-11.96	-22.61
Normalized Net Income, 5 Yr. CAGR %	-11.3	6.86	1.61	-10.52	16.52
Diluted EPS Before Extra, 5 Yr. CAGR %	-8.8	4.01	-18.72	-29.33	-38.01
Accounts Receivable, 5 Yr. CAGR %	-3.39	2.97	-1.09	-0.77	1.61
Inventory, 5 Yr. CAGR %	-2.23	2.65	9.67	10.09	9.25
Net Property, Plant and Equip., 5 Yr. CAGR %	2.67	0.26	-0.35	-0.02	-0
Total Assets, 5 Yr. CAGR %	-1.59	3.09	3.22	2.32	2.97
Tangible Book Value, 5 Yr. CAGR %	-14.11	-3.59	-1.01	0.18	9.33
Common Equity, 5 Yr. CAGR %	-12.12	-3.33	-0.91	0.18	8.1
Cash From Operations, 5 Yr. CAGR %	-21.36	-9.46	12.44	-3.86	32.52
Capital Expenditures, 5 Yr. CAGR %	-25.37	-17.45	-5.74	-0.74	4.87
Levered Free Cash Flow, 5 Yr. CAGR %	8.2	30.09	32.13	17.31	-2.98
Unlevered Free Cash Flow, 5 Yr. CAGR %	82.76	27.53	42.03	2.73	3.94
Dividend Per Share, 5 Yr. CAGR %	-	-	-	-30.76	-