Japan Airlines (JAL) has reported record financial results for its fiscal year ending March 2026, surpassing all targets despite geopolitical tensions and volatile costs. Revenue reached ¥2,012.5 billion (approximately $13.4 billion), up 9.1% year-on-year, the highest since its relisting in 2012 after bankruptcy and restructuring. Operating profit (EBIT) rose 26.4% to ¥218 billion, while net profit climbed 28.6% to ¥137.6 billion (€750 million). The operating margin hit 10.8%, exceeding the 10% target set in the 2021-2025 strategic plan. **International traffic and cargo drive growth** The recovery is largely fueled by a strong rebound in international flows, especially the return of foreign tourists to Japan. International passenger numbers rose 5.6%, with revenue up 9.1%. The business segment, still lagging since the pandemic, shows gradual recovery. Domestic traffic remains solid, with a 5.8% increase in passengers and 6.6% revenue growth, supported by capacity management and pricing strategies. Cargo stands out: international cargo surged 21.3%, driven by Asia-North America trade, while domestic cargo grew 7.3%. This confirms a structural trend among Asian carriers where cargo remains a key profitability lever amid disrupted supply chains. **ZIPAIR and SPRING JAPAN expand** Low-cost long-haul subsidiary ZIPAIR Tokyo continues to grow. Despite a temporary slowdown in inbound demand, revenue increased 8.4%. In early 2026, it operated its first direct charter flights between Tokyo-Narita and Orlando. ZIPAIR is also accelerating technological adoption, deploying Starlink Wi-Fi across its fleet, expected to be complete by May 2026. SPRING JAPAN posted 19.2% growth, driven by demand to China, especially Beijing and Shanghai. It recently opened new domestic routes between Narita and Hakodate, and between Nagoya and Sapporo. **Diversification and innovation as strategic levers** Ancillary activities (loyalty program, finance, commerce) grew 10.9%. In February 2026, JAL launched "Tralipi," a program allowing miles accumulation through automated forex trading, illustrating the group's diversification beyond aviation. However, JAL remains cautious about the "increasingly uncertain" environment, particularly due to rising oil prices from geopolitical tensions. To support investments, JAL plans to issue ¥200 billion in hybrid equity. This aligns with the new "JAL Group Management Vision 2035," targeting an EBIT of ¥300 billion (€1.63 billion) by 2030 and over ¥350 billion (€1.9 billion) by 2035.