Moreover, the airline and operator said "reduced geopolitical uncertainty" in the wake of the Iran war and "targeted price investment" had led to "strong booking momentum" in recent weeks, supported by an increase in on-sale capacity from the summer 2026 of 7.7% versus summer 2025.

The group also said its investments in recent years to grow its network of bases across the south of England was succeeding in transforming Jet2 into a "truly national consumer brand" rather than a predominantly northern brand.

Jet2 on Wednesday (8 July) reported a pre-tax profit of £551 million for the year to 31 March 2026, down from the £593 million (-7%) it made during the same period a year earlier. This came despite a 4% increase in revenue from just shy of £7.2 billion to nearly £7.5 billion, driven by record flown passenger numbers of 20.83 million, up 5% from 19.77 million in 2024/25.

More: Jet2 ramping up focus on its app, digital marketing and social media

Flight-only demand has continued to outpace package demand, with flown passengers up by 15% year-on-year from 6.62 million to 7.64 million. By contrast, growth in more lucrative package holiday customers increased by just 1% year-on-year from 6.58 million to 6.62 million.

As a result, growth in commission paid to travel agents slowed dramatically year-on-year, although this year's £187.4 million – up from £184.5 million last year – is still a new record for Jet2. It said the increase reflected "increases in independent travel agent package holiday ticket pricing".

However, while commission leapt by 11% in 2024/25 from £166.9 million to £184.5 million, this slowed to growth of just 2% over the past year. Jet2 also said the level of commission paid out had been offset by "a 4% reduction in volume through the trade booking channel".

Jet2 becoming 'truly national consumer brand'

Jet2 pinned a 2% dip in group operating profit from £446.5 million to £439.6 million and 0.3% reduction in operating profit margin from 6.2% to 5.9% on the 11 million it invested in launching its new Gatwick base and £50 million "industry-wide cost increases".

These, it said, included regulatory employment taxes and costs arising from increases in the mandated amount of sustainable aviation fuel (SAF) it must use in the fuel mix powering its aircraft.

This investment in Gatwick, though, appears to be paying off, with Jet2 claiming the base is performed ahead of its initial expectations with a stronger-than-expected mix of package holiday business and average load factor matching its other London bases despite seats going on sale later in the booking cycle.

As a result, it now expects to operate seven aircraft from Gatwick next summer as it continues to execute its growth plans in the south of England, where it has opened several bases during and since the pandemic, including Bristol, Luton and Bournemouth.

A "positive start" to operations at Luton, meanwhile, will see Jet2 increase capacity there by 30% for its 2026/27 financial year.

"This expansion represents a pivotal moment in our growth journey as we continue to advance beyond our established northern roots, expanding market share in the south of England and strengthening our position as a truly national consumer brand," said Jet2 Chair Robin Terrell.

'Strong late booking momentum'

Jet2 said it was "encouraged" by performance for summer 2026 so far despite the Middle East conflict continuing to "lead customers to book closer to departure", with booked-to-date passengers up 7.1% year-on-year and with "continued growth across both package holiday and flight-only products".

Average combined load factor for the first four months of its 2026/27 financial year is also running 1.2 percentage points (ppts) ahead of last year, supported by "attractive pricing" aiming to take advantage of "strong late booking momentum".

Throughout the period of conflict in the Middle East, Jet2 has played down concerns about fuel shortages and was the first major operator to rule out introducing fuel surcharges. On Wednesday, it revealed it is 90% hedged on fuel for its full-year jet fuel requirement at an average price of $743 per metric tonne.

"The 2026 financial year was another period of strong progress for Jet2," said Chief Executive Steve Heapy. "We took more customers on holiday than ever before, delivered record revenue and achieved a resilient operating profit performance even after absorbing Gatwick start-up investment and wider industry cost pressures."