Jet2 Shares Soar as Record Passenger Numbers, £250m Buyback Lift Sentiment

The Jet2 plc (LON: JET2) share price has surged as much as 11.2% on Wednesday, touching a high of 1,581p before settling near 1,508p, after the UK’s leading package holiday operator and third-largest airline reported record passenger numbers and revenue for the year ended 31 March 2026, alongside a newly announced £250m share buyback programme.

Group revenue rose 4% to £7,482.1m, while flown passenger numbers climbed 5% to a record 20.83m, driven by a 15% jump in flight-only travellers to 7.64m and a 1% rise in package holiday customers to 6.62m.

Despite the top-line strength, operating profit slipped 2% to £439.6m and profit before tax fell 7% to £551.0m, as the business absorbed £11.0m in start-up costs from its London Gatwick expansion and £50m of additional expenses linked to employment taxes and Sustainable Aviation Fuel premiums.

WELCOME BONUS - Free Share Bundle When You Invest £50! Get up to £500 cashback for investing with IG.

Invest in 15,000+ shares and ETFs. Open an account now, invest at least £50, and you’ll get a free share bundle worth between £40 and £200. T&Cs apply.

5.0

Open Account Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 68% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money.

Investors appeared to look past the profit decline, instead cheering the company’s robust liquidity — net cash stood at £2,012.9m — and its commitment to shareholder returns, having already distributed £363.0m via buybacks and dividends this year.

The board proposed a final dividend of 12.4p per share, up 2% on last year, while the fresh £250m buyback signalled confidence in the group’s medium-term outlook.

The market also welcomed strong forward guidance: Summer 2026 booked-to-date passengers are up 7.1% year-on-year, with on-sale capacity 7.7% ahead of last summer and load factors already outperforming.

CEO Steve Heapy said the results reflected “another period of strong progress,” citing resilient demand and the company’s differentiated, fully integrated operating model. He added that reduced geopolitical uncertainty had fuelled a pickup in booking momentum in recent weeks.

The Gatwick expansion, seen as a key growth lever for market share across southern England, is reportedly performing ahead of initial expectations, with further capacity additions planned for Summer 2027.