Qantas Airways Ltd

QAN: XASX (AUS)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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We Think a Loyalty Program Upgrade Is an Early Sign of Competitive Pressure Returning

Angus Hewitt

Feb 27, 2026

Business Strategy and Outlook

Since the covid-19 pandemic wreaked havoc on the global airline industry, Qantas has rebounded stronger than ever. The domestic business, of which Qantas typically captures around a two thirds market share, returned to pre-covid-19 levels by the end of fiscal 2023.

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Qantas Airways Ltd

We Think a Loyalty Program Upgrade Is an Early Sign of Competitive Pressure Returning

Business Strategy and Outlook

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