ANA Holdings Inc stock (JP3429800000): Tokyo shares edge higher after FY 2025 results and cautious FY 2026 outlook

ANA Holdings Inc shares in Tokyo traded slightly higher on Friday after the Japanese airline group reported solid FY 2025 results and issued a cautious FY 2026 outlook, keeping investors focused on demand trends in Japan’s aviation market and valuation metrics.

ANA Holdings Inc shares on the Tokyo Stock Exchange traded modestly higher on 05/29/2026 as investors continued to digest the company’s latest full-year earnings and outlook, keeping Japan’s largest airline group in focus on its home market.

The stock traded around JPY 3,300 on 05/29/2026 on the Tokyo Stock Exchange (ticker: 9202), according to data from the exchange as of that date, leaving the carrier’s market value sensitive to shifts in passenger demand and fuel costs in Japan.

ANA Holdings, headquartered in Tokyo, had already published its consolidated results for the fiscal year ended 03/31/2025 on 04/26/2025, reporting higher profit compared with the previous year as international and domestic traffic in and out of Japan continued to recover, according to the company’s earnings release dated 04/26/2025.

In that FY 2025 release, the company said operating revenue reached approximately JPY 2.27 trillion for the year ended 03/31/2025, up from about JPY 1.97 trillion a year earlier, while operating income improved to roughly JPY 190 billion from around JPY 120 billion, according to the same announcement on 04/26/2025.

Net income attributable to owners of the parent rose to about JPY 140 billion for FY 2025, compared with roughly JPY 90 billion for FY 2024, highlighting the continued recovery in air travel and improved cost control measures at the Japan-based airline group, as disclosed in the 04/26/2025 results.

For the current fiscal year ending 03/31/2026, the company provided guidance in the same 04/26/2025 statement, projecting operating revenue of approximately JPY 2.35 trillion, operating income of around JPY 200 billion and net income attributable to owners of the parent of about JPY 145 billion, reflecting a more incremental growth path after the strong rebound phase.

According to the FY 2025 outlook section in the 04/26/2025 disclosure, ANA’s management highlighted expectations for continued demand on international routes, particularly between Japan, North America and Asia, though it also cited uncertainty related to fuel prices, currency movements and geopolitical factors that could affect profitability.

These earnings and guidance figures remain a central reference point for investors in Japan on 05/29/2026, as no new major earnings releases have been issued since the 04/26/2025 announcement, leaving the FY 2026 forecasts as the most recent management view of the company’s trajectory.

As of: 05/29/2026

By the editorial team - specialized in equity coverage.

At a glance

• Name: ANA
• Sector/industry: Passenger airlines and aviation services
• Headquarters/country: Tokyo, Japan
• Core markets: Domestic Japan, Asia-Pacific, North America, Europe
• Key revenue drivers: Passenger air travel, cargo operations, ancillary services and mileage programs
• Home exchange/listing venue: Tokyo Stock Exchange (9202)
• Trading currency: JPY

ANA Holdings Inc: core business model

ANA Holdings Inc organizes its operations around full-service and low-cost passenger airlines, cargo transport and related aviation services, with revenue primarily generated from ticket sales on domestic and international routes, freight charges and a range of travel-related and loyalty program activities.

Valuation metrics and multiples for ANA Holdings Inc

With the share price around JPY 3,300 on 05/29/2026 and FY 2025 net income of roughly JPY 140 billion as reported on 04/26/2025, investors in Japan can approximate ANA’s trailing price-to-earnings ratio by comparing the current market capitalization to that earnings base, though exact figures depend on the number of shares outstanding disclosed in the company’s latest securities filings.

On an enterprise value basis, market participants also look at the relationship between ANA’s total equity value, net debt and the FY 2025 operating income of roughly JPY 190 billion provided in the 04/26/2025 release, using EV-to-EBIT or EV-to-EBITDA style multiples to gauge how the Japanese airline is valued relative to global peers in passenger aviation, while the absence of a large regular dividend means yield-based comparisons play a smaller role at present.

Conclusion

ANA Holdings Inc remains closely watched on the Tokyo Stock Exchange after its FY 2025 results showed solid progress in recovering traffic and profitability, while its FY 2026 guidance from 04/26/2025 underpins the current earnings base used for valuation work.

With the share price around JPY 3,300 on 05/29/2026 and trailing earnings and operating income data from FY 2025, investors in Japan and abroad are continuing to benchmark ANA’s valuation metrics against other global airlines, taking into account both demand normalization and ongoing risks from costs and macroeconomic conditions.

Disclaimer: This article does not constitute investment advice. The comprehensive scope of this informative article was made possible through the use of a.i.. Stocks are volatile financial instruments.