Singapore Airlines Limited

Name: Singapore Airlines Limited financial statements and ratios
Creator: Annalist

C6L · SGX · Industrials, airlines · Singapore · IFRS · Fiscal year ends March

Latest report: FY2026, the fiscal year ended 31 March 2026. Snapshot FY2026_0e2d208b.

Compare with peers Buyout model Excel JSON

Overview

Revenue, fiscal year

+5.0% year on year

Operating profit, fiscal year

+38.9% year on year

Net income, fiscal year

−57.4% year on year

Diluted EPS, fiscal year

n/a

Operating margin, fiscal year

+2.8pp year on year

Return on equity, fiscal year

−10.2pp year on year

Select a figure to see the document it came from.

Key Findings

Findings for the latest fiscal year, with their history over earlier years.

Revenue for the fiscal year ended 31 March 2026 was S$20.5 billion, 5.0% higher than in the previous fiscal year.
Strengthenedin FY2026 · stated since FY20245.0% from 2.8% in FY2025
Rule: Revenue against the previous fiscal year · Sources Annual report 2026-03
History of this finding, 3 records
1. FY2026 StrengthenedRevenue for the fiscal year ended 31 March 2026 was S$20.5 billion, 5.0% higher than in the previous fiscal year.Recorded from FY2026_0e2d208b · data update
2. FY2025 WeakenedRevenue for the fiscal year ended 31 March 2025 was S$19.5 billion, 2.8% higher than in the previous fiscal year.Reconstructed · data update
3. FY2024 NewRevenue for the fiscal year ended 31 March 2024 was S$19.0 billion, 7.0% higher than in the previous fiscal year.Reconstructed · initial
Net income attributable to the company for fiscal 2026 was S$1.2 billion, 57.4% lower than in the previous fiscal year.
Newin FY2026 · first stated
Rule: Net income against the previous fiscal year · Sources Annual report 2026-03
History of this finding, 4 records
1. FY2026 NewNet income attributable to the company for fiscal 2026 was S$1.2 billion, 57.4% lower than in the previous fiscal year.Recorded from FY2026_0e2d208b · data update
2. FY2026 RetiredThe finding changed to lower than a year earlier.Recorded from FY2026_0e2d208b · data update
3. FY2025 WeakenedNet income attributable to the company for fiscal 2025 was S$2.8 billion, 3.9% higher than in the previous fiscal year.Reconstructed · data update
4. FY2024 NewNet income attributable to the company for fiscal 2024 was S$2.7 billion, 24.0% higher than in the previous fiscal year.Reconstructed · initial
The operating margin for fiscal 2026 was 11.6%, 2.8 percentage points higher than a year earlier.
Newin FY2026 · first stated
Rule: Operating margin against a year earlier · Sources Annual report 2026-03
History of this finding, 4 records
1. FY2026 NewThe operating margin for fiscal 2026 was 11.6%, 2.8 percentage points higher than a year earlier.Recorded from FY2026_0e2d208b · data update
2. FY2026 RetiredThe finding changed to higher than a year earlier.Recorded from FY2026_0e2d208b · data update
3. FY2025 StrengthenedThe operating margin for fiscal 2025 was 8.7%, 5.6 percentage points lower than a year earlier.Reconstructed · data update
4. FY2024 NewThe operating margin for fiscal 2024 was 14.3%, 0.8 percentage points lower than a year earlier.Reconstructed · initial
Return on equity for fiscal 2026 was 7.2%, against 17.4% a year earlier.
Newin FY2026 · first stated
Rule: Return on equity against a year earlier · Sources Annual report 2026-03, Annual report 2025-03
History of this finding, 4 records
1. FY2026 NewReturn on equity for fiscal 2026 was 7.2%, against 17.4% a year earlier.Recorded from FY2026_0e2d208b · data update
2. FY2026 RetiredThe finding changed to lower than a year earlier.Recorded from FY2026_0e2d208b · data update
3. FY2025 WeakenedReturn on equity for fiscal 2025 was 17.4%, against 14.8% a year earlier.Reconstructed · data update
4. FY2024 NewReturn on equity for fiscal 2024 was 14.8%, against 10.2% a year earlier.Reconstructed · initial
Free cash flow for fiscal 2026 was S$2.5 billion, and operating cash flow was 4.3 times net income attributable to the company.
Interpretation. Operating cash flow paid for all capital expenditure, and the rest is free for dividends, share buybacks or debt repayment.
Weakenedin FY2026 · stated since FY2024
Rule: Free cash flow · Sources Annual report 2026-03
History of this finding, 3 records
1. FY2026 WeakenedFree cash flow for fiscal 2026 was S$2.5 billion, and operating cash flow was 4.3 times net income attributable to the company.Recorded from FY2026_0e2d208b · data update
2. FY2025 WeakenedFree cash flow for fiscal 2025 was S$2.9 billion, and operating cash flow was 1.7 times net income attributable to the company.Reconstructed · data update
3. FY2024 NewFree cash flow for fiscal 2024 was S$3.8 billion, and operating cash flow was 1.9 times net income attributable to the company.Reconstructed · initial

Records before FY2026 are reconstructed from the latest snapshot. Ledger: findings.json.

Credit, liquidity, earnings quality and score findings: Analysis.

Data

Source documents5 documents, latest Annual report for the year to 31 March 2022List

DownloadsExcel workbook · JSON

SnapshotFY2026_0e2d208b

Corporate Events

Corporate events are listed for companies whose figures come from 10-K and 10-Q filings; none are listed for this company.

Earnings, Returns and Balance Sheet

Revenue

By fiscal year, Singapore dollars

Operating Profit

By fiscal year, Singapore dollars

Profit Attributable to Owners of the Parent

By fiscal year, Singapore dollars

Margins

By fiscal year, per cent

Returns

By fiscal year, per cent

Free Cash Flow

Operating cash flow less capital expenditure, by fiscal year, Singapore dollars

Financial Statements

Figures as filed. Select a figure for its source document and method; a small d marks a figure derived from other figures of the same report.

The statements are loading. They are also available as JSON and CSV.

Ratios

Select a ratio for its formula and the figures it uses, each with its document; (i) gives its definition.

The ratios are loading.

Analysis

Credit update

FY2026

Annual report for the year to 31 March 2026. Changes are against the previous report, and each figure shows its period.

0changes0thresholds crossed

Changes in This Report 0

No finding changed its state in the latest report.

Thresholds Crossed 0

No published finding crosses a threshold.

Fiscal years, with balances at each fiscal year end. Select a value for its formula and the figures it uses.

Credit MetricsLease-adjusted debt, EBITDA and cash flow on the definitions of S&P and Moody's, as far as the filings allow.

Lease-adjusted debt, EBITDA and cash flow on the definitions of S&P and Moody's, as far as the filings allow.

By Fiscal Year

Ratio	FY202231 Mar 2022	FY202331 Mar 2023	FY202431 Mar 2024	FY202531 Mar 2025	FY202631 Mar 2026
Lease-adjusted debtBorrowings plus the obligations of long-term leases, such as rents of stores, offices and warehouses, which credit analysts count as debt.Total debt: borrowings + lease liabilities, or the lines that present them together; IFRS 16 puts every lease on the balance sheet
Operating cash flow to debtOperating cash flow after interest paid, as a share of debt with lease liabilities. A higher share means the debt could be repaid sooner from operating cash.Operating cash flow after interest paid / lease-adjusted debt; interest paid that the company classifies as financing activities is deducted
Free operating cash flow to debtOperating cash flow less capital spending, as a share of lease-adjusted debt: the cash left for the debt after the company maintains and expands its assets.(Operating cash flow after interest paid - capital expenditure) / lease-adjusted debt
Discretionary cash flow to debtCash left after capital spending, dividends and share repurchases, as a share of lease-adjusted debt. A negative figure means the company paid out more than it generated.(Operating cash flow after interest paid - capital expenditure - dividends - purchases of own shares) / lease-adjusted debt

Reconciliation of the Credit Figures

Item	FY202231 Mar 2022	FY202331 Mar 2023	FY202431 Mar 2024	FY202531 Mar 2025	FY202631 Mar 2026
Borrowings	S$12.0bn	S$11.2bn	S$9.7bn	S$9.5bn	S$7.7bn
Lease liabilities	S$3.7bn	S$4.2bn	S$3.8bn	S$3.4bn	S$3.0bn
Borrowings and lease liabilities presented as one line	S$0	S$0	S$0	S$0	S$0
Lease-adjusted debt	S$15.7bn	S$15.3bn	S$13.4bn	S$12.9bn	S$10.6bn

Method

Total debt is borrowings and lease liabilities, current and non-current, before the deduction of cash. Under IFRS 16 every lease is on the balance sheet, depreciation includes that of right-of-use assets and finance costs include the interest on lease liabilities, so no lease cost or lease interest is added.
Adjusted EBITDA adds share-based payments, and the impairment that the company reports with depreciation and amortisation, to EBIT and depreciation and amortisation. FFO deducts cash interest and cash taxes.
S&P applies its table to its own adjusted figures, which also deduct surplus cash and adjust for pensions and other items, so the band of an S&P calculation can differ.

Liquidity and MaturitiesCash and operating cash flow against debt due within 12 months, capital expenditure and dividends.

Cash and operating cash flow against debt due within 12 months, capital expenditure and dividends.

By Fiscal Year

Ratio	FY202231 Mar 2022	FY202331 Mar 2023	FY202431 Mar 2024	FY202531 Mar 2025	FY202631 Mar 2026
Debt due within 12 monthsBorrowings and lease liabilities due within the next 12 months, which the company must repay or refinance.Current borrowings + current lease liabilities, or the current line that presents them together

Method

Debt due within 12 months is current borrowings and current lease liabilities.
Capital expenditure and dividends of the fiscal year are taken as those of the next 12 months. Undrawn credit facilities are not included.

Earnings QualityCash-flow accruals −9.1% · FY2026

Accruals and the cash backing of reported earnings.

Operating cash flow for fiscal 2026 exceeded net income attributable to the company by an amount equal to 9.1% of average total assets.
Interpretation. The profit came in as cash: operating cash flow was larger than net income. Profit backed by cash tends to repeat more than profit made of accounting entries (Sloan, 1996).
Strengthenedin FY2026 · stated since FY2024−9.1% from −4.4% in FY2025
Rule: Cash backing of earnings · Sources Annual report 2026-03
History of this finding, 3 records
1. FY2026 StrengthenedOperating cash flow for fiscal 2026 exceeded net income attributable to the company by an amount equal to 9.1% of average total assets.Recorded from FY2026_0e2d208b · data update
2. FY2025 WeakenedOperating cash flow for fiscal 2025 exceeded net income attributable to the company by an amount equal to 4.4% of average total assets.Reconstructed · data update
3. FY2024 NewOperating cash flow for fiscal 2024 exceeded net income attributable to the company by an amount equal to 5.1% of average total assets.Reconstructed · initial

By Fiscal Year

Ratio	FY202231 Mar 2022	FY202331 Mar 2023	FY202431 Mar 2024	FY202531 Mar 2025	FY202631 Mar 2026
Cash-flow accrualsNet income less operating cash flow, against average assets: the part of profit not received in cash in the same period. Research associates high accruals with lower earnings in later years; a negative figure means cash exceeded profit.(Net income attributable to the company - operating cash flow) / average total assets
Total accrualsAccruals that also cover long-term operating and financial assets and liabilities (Richardson, Sloan, Soliman and Tuna, 2005). Acquisitions raise the figure.Change in net operating working capital, net non-current operating assets and net financial assets / average total assets (Richardson, Sloan, Soliman and Tuna, 2005)
Free cash flow to net incomeFree cash flow against net income. Below 1, investment and working capital take up part of the profit.(Operating cash flow - capital expenditure) / net income attributable to the company	n/a

Method

Cash-flow accruals are net income attributable to the company less operating cash flow, over average total assets. Balance sheet accruals follow Sloan (1996) and total accruals Richardson, Sloan, Soliman and Tuna (2005).
Balance sheet and total accruals include the assets and liabilities that acquisitions bring in and disposals take out; cash-flow accruals exclude them.

Forensic and Distress ScoresPiotroski 8 of 9

Published distress and misstatement models, with their original coefficients and thresholds.

The Piotroski F-score for fiscal 2026 was 8 of 9. The signal not met was return on assets higher than a year earlier.
Interpretation. The score counts how many of 9 tests of profit, debt, liquidity and efficiency the company passes. A score of 7 to 9 is the strongest group: Piotroski (2000) placed 0 to 3 in the weakest.
Strengthenedin FY2026 · stated since FY20258.00 from 7.00 in FY2025
Rule: Piotroski F-score · Sources Annual report 2025-03, Annual report 2026-03
History of this finding, 4 records
1. FY2026 StrengthenedThe Piotroski F-score for fiscal 2026 was 8 of 9. The signal not met was return on assets higher than a year earlier.Recorded from FY2026_0e2d208b · data update
2. FY2025 NewThe Piotroski F-score for fiscal 2025 was 7 of 9. The 2 signals not met were current ratio higher than a year earlier and margin higher than a year earlier.Reconstructed · data update
3. FY2025 RetiredThe finding changed to a high score.Reconstructed · data update
4. FY2024 NewThe Piotroski F-score for fiscal 2024 was 6 of 9. The 3 signals not met were long-term debt to assets lower than a year earlier, current ratio higher than a year earlier and margin higher than a year earlier.Reconstructed · initial

By Fiscal Year

Ratio	FY202431 Mar 2024	FY202531 Mar 2025	FY202631 Mar 2026
Piotroski F-scoreA count of 9 yes or no tests on profitability, cash flow, debt, liquidity, new shares, margins and the use of assets. A score of 7 to 9 indicates improving strength and 0 to 3 indicates weakness.Number of 9 binary signals met on profitability, cash flow, debt, liquidity, equity issuance, margin and asset turnover (Piotroski, 2000)

Piotroski F-score

fiscal 2026

A count of 9 yes or no tests on profitability, cash flow, debt, liquidity, new shares, margins and the use of assets. A score of 7 to 9 indicates improving strength and 0 to 3 indicates weakness.

8 of the 9 tests are met, in the high group of 7 to 9.

Signal	FY2026	FY2025
Return on assets above zero	Met	Met
Operating cash flow above zero	Met	Met
Return on assets higher than a year earlier	Not met	Met
Operating cash flow above net income	Met	Met
Long-term debt to assets lower than a year earlier	Met	Met
Current ratio higher than a year earlier	Met	Not met
No common equity issued	Met	Met
Margin higher than a year earlier	Met	Not met
Asset turnover higher than a year earlier	Met	Met

Piotroski (2000), 9 signals on profitability, funding and operating efficiency, designed for companies with high book-to-market ratios. Piotroski grouped scores of 8 and 9 as high and 0 and 1 as low; the findings group 7 to 9 and 0 to 3.

Source Documents

Documents of this snapshot, latest first.

Document	Id	SHA-256
Annual report for the year to 31 March 2026	AR:singapore-airlines-2026-03-31	d000dbf5d9a3
Annual report for the year to 31 March 2025	AR:singapore-airlines-2025-03-31	e76697506962
Annual report for the year to 31 March 2024	AR:singapore-airlines-2024-03-31	3eb70c7d9947
Annual report for the year to 31 March 2023	AR:singapore-airlines-2023-03-31	897fcf260f15
Annual report for the year to 31 March 2022	AR:singapore-airlines-2022-03-31	2c36b90b2298

Checks

305305 checks, all passed

Statement arithmetic170 passedIn every annual report used, the lines of each statement add up to the totals printed under them, profit before tax less income tax gives the profit, the balance sheet balances, and the cash at the end of each year is the cash at its start with its change. A report that fails one is not used. Checked at error level.

Fiscal calendar11 passedFiscal years last 350 to 380 days, and each starts on the day after the one before. Checked at error level.

Coverage2 passedThe latest fiscal year gives total assets and a profit figure. Checked at error level.

Balance sheet identity6 passedTotal assets equal total liabilities and equity at each balance sheet date. Checked at error level.

Agreement between annual reports116 passedA value of a year that the annual report of the year and that of the next year give in the same amount. A value that the later report gives differently is listed as a restatement, and the later value is used. Checked at warning level.

Data Quality

How many values of this snapshot the checks prove, and how many Annalist derives, withholds and tracks as restated. Every company.

Values published	189
Confirmed by other figures	68.8%, 130 values
Confirmed by a second document	61.4%, 116 values
Derived from reported figures	6.3%, 12 values
Values withheld	0
Restated figures tracked	1
Changes compared on one basis	0
Company lines mapped	0 of 0 reviewed

Citation

Annalist, Singapore Airlines Limited, snapshot singapore-airlines/FY2026_0e2d208b (as of FY2026); <item label>, <period>; source <document id> (<document url>)

Snapshot FY2026_0e2d208b · dataset SHA-256 0e2d208baa2cac3a27f1d9fd23cddb6599d000128f4ddf335983359d2a2dea28 · findings rules 0.4

Data: info.json · dataset.json · validation.json · documents.json