Finnair FIA1S.HE
Public, HEL, reports in EUR. Founded 1923.
Theme: Russia.
National airline.
2025-08-01 — Wait over war in Ukraine
Financials millions, EUR
| Period | Revenue | Growth % | Gross margin % | R&D % | Operating income | Operating margin % | Net income | EPS (diluted) | Rule of 40 | basis |
|---|---|---|---|---|---|---|---|---|---|---|
| 2025 | 3.1bn EUR | 1.9 % | 9.2 % | – | 64m EUR | 2.1 % | 18m EUR | 0.09 | 4.0 | |
| 2024 | 3.0bn EUR | 2.0 % | 14.0 % | – | 115m EUR | 3.8 % | 37m EUR | 0.18 | 5.8 | |
| 2023 | 3.0bn EUR | 26.8 % | 12.5 % | – | 205m EUR | 6.9 % | 254m EUR | 2.19 | 33.7 | |
| 2022 | 2.4bn EUR | – | -2.6 % | – | -201m EUR | -8.5 % | -476m EUR | -6.00 | – | |
| 2026-Q2 | 917m EUR | 16.4 % | 16.7 % | – | 70m EUR | 7.7 % | 58m EUR | 0.28 | 24.1 | |
| 2026-Q1 | 778m EUR | 12.1 % | 6.9 % | – | -30m EUR | -3.9 % | -9.2m EUR | -0.04 | 8.2 | |
| 2025-Q4 | 790m EUR | – | 13.8 % | – | 12m EUR | 1.5 % | 26m EUR | 0.13 | – | |
| 2025-Q2 | 788m EUR | – | 9.2 % | – | 1.7m EUR | 0.2 % | 12m EUR | 0.06 | – | |
| 2025-Q1 | 694m EUR | – | -0.1 % | – | -82m EUR | -11.7 % | -51m EUR | -0.25 | – |
Sources
- 2025: yfinance
- 2024: 2025_10-K_Summary_2026-07-10.xlsx
- 2023: 2025_10-K_Summary_2026-07-10.xlsx
- 2022: 2025_10-K_Summary_2026-07-10.xlsx
- 2026-Q2: yfinance
- 2026-Q1: yfinance
- 2025-Q4: yfinance
- 2025-Q2: yfinance
- 2025-Q1: yfinance
Latest quarter 2026-Q2, ended 2026-06-30, vs 2025-Q2
| 2026-Q2 | 2025-Q2 | change | |
|---|---|---|---|
| Revenue | 917m EUR | 788m EUR | +129m (+16 %) |
| Op. margin | 7.7 % | 0.2 % | +7.5 pts |
| FCF | 111m EUR | -28m EUR | +140m |
| Op. income | 70m EUR | ||
| Net income | 58m EUR | ||
| EPS (diluted) | 0.28 | 366.7 % |
Cash flow millions, EUR
| Period | Cash from operations | Capex | Free cash flow | FCF margin % | CFO / net income % | NOPAT | Unlevered FCF | Levered FCF | Net change in cash |
|---|---|---|---|---|---|---|---|---|---|
| 2025 | 402m EUR | 209m EUR | 193m EUR | 6.2 % | 2184.2 % | 51m EUR | 277m EUR | 368m EUR | 183m EUR |
| 2024 | 613m EUR | 234m EUR | 379m EUR | 12.4 % | 1655.9 % | 92m EUR | 352m EUR | 169m EUR | -64m EUR |
| 2023 | 472m EUR | 404m EUR | 68m EUR | 2.3 % | 185.7 % | – | – | -309m EUR | -668m EUR |
| 2022 | 259m EUR | 88m EUR | 171m EUR | 7.3 % | – | – | – | 427m EUR | 226m EUR |
NOPAT = op. income × (1 − effective tax rate); UFCF = NOPAT + D&A + ΔNWC − capex; LFCF = FCF + net debt issued.
Quotes
| Price | 4.36 EUR | 2026-09-15 | |
|---|---|---|---|
| Market cap | 892m EUR | 1.0bn USD | 2026-09-15 |
| 52w high | 5.53 EUR | 2026-09-15 | |
| 52w low | 2.57 EUR | 2026-09-15 | |
| Off 52w high % | -21.2 % | ||
| P/S | 0.3 | ||
| Lifetime CAGR | 1.1 % |
Notes
- 2025-08-01 opinion Wait over war in Ukraine