In its AGM presentation on 11 November 2026, Flight Centre Travel Group (ASX:FLT) outlined an initial FY27 guidance target of $290m-$325m underlying profit before tax. Management said this represents 4-17% growth on the FY26 underlying result of $278m.
Management also pointed to a “record TTV for July” and signs of a leisure recovery. For FY26, total transaction value (TTV) rose 5% to $25.7b and statutory net profit after tax (NPAT) rose 38% to $149m. Chairman Gary Smith and Global Managing Director and CEO Graham “Skroo” Turner addressed the meeting.
FY26 results: record TTV, with a Q4 disruption
The presentation described a solid underlying year that was masked by a disrupted fourth quarter. TTV set a record, with year-on-year growth in both leisure and corporate.
Headline numbers
The Group Performance Summary showed the following for the year ended 30 June.
| Metric (AU $m) | FY26 | FY25 | Change |
|---|---|---|---|
| TTV | $25,676 | $24,528 | 4.7% |
| Revenue margin | 11.1% | 11.4% | (30bps) |
| EBITDA (underlying) | $466 | $448 | 3.9% |
| PBT (underlying) | $278 | $289 | (4.0%) |
| NPAT | $149 | $108 | 38% |
| EPS | 70.9c | 49.6c | n/a |
Other points from the summary:
- Statutory PBT rose 0.2% to $213m.
- Underlying PBT fell 4% to $278m.
- EBITDA and NPAT reached their highest levels since pre-COVID.
Management said higher underlying EBITDA did not flow through to underlying PBT because of higher intangible software amortisation, new lease costs in leisure and increased net interest expense.
What happened in Q4
Group underlying PBT (uPBT) was $102.6m in Q3 FY26, then $51.3m in Q4, against $82.8m in Q4 FY25. Leisure had been tracking to $200m+ UPBT at the end of Q3.
Middle East hostilities cost Leisure about $60m of profit in Q4. The Do Not Travel advisory, the highest level of warning, remained in place for key Middle East transit hubs until 17 June in Australia, slowing recovery in the company’s largest leisure market. More than $250m in airfares was refunded to customers.
For readers wanting the August results in more depth, our full explainer on the FY26 full-year results covers the productivity gains behind the Corporate profit growth, the net debt reduction and the early July trading signals that fed into this guidance.
When big ASX news breaks, our subscribers know first
Corporate and Leisure divisions
Corporate: UPBT up 28% to $240m
Corporate TTV rose 2.9% to a record $12.7b, and the underlying PBT margin improved to 1.9% from 1.5%. Corporate Traveller exceeded its global $5b TTV target, while US corporate TTV exceeded US$2b for the first time, up 10% in US dollars.
Management attributed the profit growth to AI-assisted consultants, investment in self-service capabilities and automated back-end functions.
Leisure: TTV up 7.4% to $12.6b
Leisure underlying PBT fell 21.7% to $139m, which management described as “cyclical, not structural.” Online sales exceeded $1.8bn (up 17%), and cruise TTV is set to top $2b during FY27.
Leisure recorded its highest monthly profit in January 2026, and July 2026 profit was the highest for the month since 2015.
Capital management and portfolio moves
Management outlined the following capital initiatives:
- The initial $200m buy-back was completed, with 16.2m shares bought back (7.3% of shares on issue when the program started).
- A new buy-back of up to $200m was initiated in July, with 4.15m shares bought back for $46.6m to date.
- Dividends for FY26 totalled 42c per share (12c interim plus 30c final), fully franked and 5% above the prior corresponding period. This returned 47%, or $87m, of underlying NPAT.
- A $450m longer dated Convertible Note issued in September 2025 enabled the full retirement of the 2028 notes.
The June guidance downgrade came alongside the launch of the second buy-back, with the board arguing at the time that the shares were undervalued after the conflict-driven sell-off.
On portfolio moves, about $80m in cash was generated from the sale of the minority interest in Pedal Group and Cross Hotels & Resorts. Iglu contributed $497m in TTV and $6.7m in UPBT post-acquisition.
What World360 Rewards means for Flight Centre
World360 Rewards is a points-based travel loyalty program with a free tier and a paid annual subscription tier. Members earn points across FCTG brands, travel partners, everyday partners and financial partners, and redeem them on FCTG travel products.
The company said the program has about 750,000 members. Two in three members are new or lapsed for three years or more, and 160,000+ have since booked.
Early signs cited include about 40% more spend per booking at Travel Associates and 4x the enquiry-to-booking conversion of non-members. Partners include ANZ, Westpac, Caltex, Bupa and 350+ retailers, and World360 Rewards for Business launches this month.
FY27 outlook: a second-half-weighted year
Management listed three guidance swing factors:
- The strength of the leisure Q4 recovery.
- The timing of returns on corporate sector initiatives.
- The ability to offset higher net interest expenses, circa $6million-$8million higher in H1.
Profit is expected to be heavily skewed to the second half. FY24, the most recent full year without a disrupted Q4, achieved a 34/66 underlying profit split, while in FY27 the first half is expected to be closer to 31% of the full-year result.
First-half headwinds cited include:
- $16million combined, made up of Productive Operations ($6million) and World360 Rewards ($10million) costs.
- A circa $5million swing in touring earnings, from $3.5million profit in FY26 first half to a $1.5million loss in FY27 first half.
- Up to $5million of front-loaded corporate SME investment.
In Corporate, Q1 TTV rose 7% in constant currency, and FCM has secured accounts with estimated annual spends of $400m so far this year. In Leisure, about 85% of year-one and 35% of year-two exclusive 12-month cruise charter itineraries are sold. On AI, the company outlined an agentic customer journey powered by its Anthropic partnership.
What happens next for Flight Centre
Events flagged in the presentation include:
- World360 Rewards for Business launches “this month” (November 2026).
- FCM accounts with annualised spends of about $350m are being onboarded in November and December.
- First half FY27 profit is expected to be down versus the prior corresponding period, with earnings weighted to the second half.
- Revenue from the first six months of the Explorations by Norwegian charter is set to flow from September 2026.
AGM voting results
All four resolutions put to the meeting were carried on proxy votes. The remuneration report drew the lowest level of support.
| Resolution | For % | Against % |
|---|---|---|
| Re-elect John Eales | 85.53% | 14.22% |
| Elect Gareth Turner | 97.17% | 2.57% |
| Grant of long-term incentive plan rights to the Managing Director and Group Chief Executive Officer | 97.65% | 2.06% |
| Approve remuneration report | 74.28% | 25.39% |
Want Alerts Like This on the Consumer Stocks You Follow?
StockWire X Market Intelligence scores every announcement in our coverage for how significant it’s likely to be for investors, and which way it points, then alerts you on the stocks you follow. The first 1,000 founding members lock in 50% off for life: A$247 a year instead of the standard A$495. Join the founding waitlist today.