[Edaily Reporter LEE YUNHWA ] KoreanAirLines(003490)achieved its highest-ever quarterly revenue in the third quarter of this year, despite the burden of high oil prices. Revenue was driven by simultaneous growth in both the passenger and cargo businesses, and operating profit—which had declined year-over-year—returned to growth after just one quarter. Net income also rose significantly due to the effects of a weaker won against the dollar. Amid ongoing external uncertainties, such as fuel cost burdens and exchange rate volatility, route operations tailored to demand and the attraction of high-value-added cargo supported the improvement in earnings.

According to KoreanAirLines’ preliminary third-quarter 2026 results released on the 15th, revenue totaled 5.0448 trillion won. This represents an increase of 1.0363 trillion won (26%) from the 4.0085 trillion won recorded in the same period last year, marking the highest quarterly revenue in the company’s history. Cumulative revenue for the first three quarters of this year reached 14.5798 trillion won, up 22% from 11.9503 trillion won in the same period last year.

Operating profit also rebounded. Third-quarter operating profit was 421.2 billion won, up 44.9 billion won (12%) from 376.3 billion won in the same period last year. This stands in contrast to the second quarter, when operating profit fell 34% year-over-year to 261.8 billion won. While rising fuel costs due to higher oil prices weighed on profitability in the second quarter, operating profit returned to growth in the third quarter as revenue from both passenger and cargo operations continued to expand. Cumulative operating profit for the first three quarters reached 1.1999 trillion won, a 7% increase from 1.1262 trillion won in the same period last year.

Net income reached 929.7 billion won, a 912% increase from 91.9 billion won in the same period last year. Net income rose sharply as the decline in the won-dollar exchange rate at the end of the third quarter was reflected in the results. Cumulative net income for the third quarter totaled 1.0751 trillion won, up 58% from 681 billion won in the same period last year. The improvement in net income, which exceeded the growth rate of operating income, is believed to have been influenced by non-operating factors such as exchange rates.

By business segment, both the passenger and cargo sectors grew. Third-quarter revenue from the passenger business totaled 2.9174 trillion won, an increase of 496.3 billion won compared to the same period last year. Although passenger demand from Korea contracted slightly due to the burden of fuel surcharges and the weak won, revenue growth was driven by a significant increase in demand for flights to Korea from overseas and transit traffic at Incheon International Airport. Expanding capacity—particularly on routes to the Americas and Japan—during the summer peak season and responding to rising demand also contributed to the improved performance.

Revenue from the cargo business totaled 1.4323 trillion won, an increase of 365.6 billion won compared to the same period last year. Stable demand for high-value-added cargo related to the artificial intelligence (AI) and semiconductor industries underpinned this growth. KoreanAirLines enhanced profitability by flexibly adjusting capacity in response to regional market demand fluctuations. Analysts attribute the revenue growth to a strategy focused on securing high-value-added cargo and optimizing route operations, amid expanding air cargo demand driven by the growth of AI-related industries.

However, cost pressures are expected to persist in the fourth quarter. KoreanAirLines anticipates that fuel costs will remain a burden due to the prolonged conflict in the Middle East. In the passenger business, the company plans to boost profitability by expanding performance, particularly in demand for flights from overseas to Korea and for transit passengers through Korea. The cargo business will capitalize on growing demand for key items such as AI and semiconductors, as well as the traditional peak season for air cargo. The company’s policy is to flexibly adjust supply based on market conditions to maximize profits.

The launch of the unified KoreanAirLines, scheduled for December 17, is also approaching. Ahead of the merger, KoreanAirLines plans to have all employees re-examine its “absolute safety” system and focus on ensuring world-class service quality that meets customer expectations. Following the merger, the company aims to strengthen the competitiveness of its global network and enhance service quality to emerge as a leading global network carrier.

KoreanAirLines confirmed simultaneous growth in revenue and improved profitability in the third quarter, with both revenue and operating profit increasing year-over-year. However, as costs and profits can fluctuate depending on external factors such as international oil prices and exchange rates, the key to fourth-quarter performance will be securing stable passenger and cargo demand while effectively managing the burden of fuel costs.