Cathay Pacific Airways Limited

CPCAYOTCIndustrials● Active

$7.99

$-0.10(-1.20%)

Market Cap$10.7B

P/E Ratio—

52W High$9.1

52W Low$6.23

Avg Volume5K

Open$7.70

Beta0.42

Free Cash Flow Financials Revenue

Cathay Pacific Airways Limited (CPCAY) Free Cash Flow & Analysis

Annual & trailing free cash flow, FCF margin, YoY change, valuation ratios, and peer context.

CPCAY · free cash flow · updated Jun 8, 2026

Core FCF metrics

CPCAY · FCF · TTM · margin & CAGR

Free cash flow was $15.90B for FY2025 (fiscal year ending 2025-12-31), up 10.9% year-over-year The FCF margin was 13.6%.

FY2025 Free Cash Flow$15.90B▲ +10.9% YoY

Trailing 12M (TTM)$30.06Btrailing 4 quarters sum

FCF Margin13.6%$15.90B ÷ revenue

3-Year CAGR+4.1%FY2022 → FY2025

5-Year CAGRN/AN/A — contains negative FCF

FormulaFCF = Operating Cash Flow − Capital ExpendituresTTM = trailing 4 quarters sumCAGR → N/A if either endpoint ≤ 0

Source: FMP /cash-flow-statement · SEC 10-K / 10-Q · USDUpdated: Jun 8, 2026

Annual free cash flow history

FCF ($B, upper) · YoY Growth % (lower)

Positive FCFNegative FCF

Free Cash Flow

YoY Growth %

Annual free cash flow data

CPCAY · free cash flow history · annual / quarterly

Fiscal YearOperating CFCapExFree Cash FlowYoY ChangeFCF Margin

FY2025Latest$25.71B(9.81B)$15.90B▲ +10.9%13.6%

FY2024$23.54B(9.21B)$14.33B▼ 26.9%13.7%

FY2023$26.41B(6.80B)$19.61B▲ +39.0%20.8%

FY2022$17.84B(3.73B)$14.11B▲ +115.1%27.6%

FY2021$8.84B(2.28B)$6.56B▲ +133.3%14.4%

FCF = Operating Cash Flow − Capital Expenditures · CapEx shown as (negative) · Source: SEC filings via FMP

FCF valuation metrics

CPCAY · P/FCF · FCF yield · FCF per share

Cathay Pacific Airways Limited (CPCAY) trades at a FCF yield of 20.64% and a price-to-free-cash-flow ratio of 0.3x. FCF per share stands at $22.97, calculated using trailing twelve-month FCF divided by basic weighted-average shares outstanding.

FCF Yield (TTM)

20.64%

Free Cash Flow ÷ Market Cap

per FMP freeCashFlowYieldTTM definition

FCF per Share (TTM)

$22.97

TTM FCF ÷ Shares Outstanding

Price / FCF

x0.3

Share Price ÷ FCF per Share

EV / FCF (TTM)

x8.1

Enterprise Value basis

Source: FMP /key-metrics-ttm · /cash-flow-statement Q · /income-statementFY2025 · 2025-12-31

Cash flow statement summary

CPCAY · cash flow statement · operating / investing / financing

For FY2025, Cathay Pacific Airways Limited generated $25.71B in operating cash flow and spent 9.81B in capital expenditures, yielding $15.90B in free cash flow.

Operating Activities

+$25.71B

Cash from core business operations

2025-12-31

Investing Activities

−$7.81B

CapEx, acquisitions & investments

2025-12-31

Financing Activities

−$15.43B

Buybacks, dividends & debt

2025-12-31

FCF FormulaOperating CF ($25.71B) − |CapEx| (9.81B) = FCF ($15.90B)

For the complete Operating / Investing / Financing line-item breakdown:

View Full Cash Flow Statement →

Free cash flow vs peers (Industrials)

CPCAY vs peers · FCF

#CompanyFree Cash FlowYoYFCF MarginRelative

Cathay Pacific Airways LimitedYOU

CPCAY

$15.90B+10.9%13.6%

100%

Space Exploration Technologies Corp.

SPCX

−$13.95B-159.0%-74.7%

Loss

Industrials · Sorted by FCF · FMP /cash-flow-statementFull FCF Rankings →

About Free Cash Flow & Methodology

Cathay Pacific Airways Limited (CPCAY) reported free cash flow of $15.90B for FY2025 (fiscal year ending 2025-12-31), up 10.9% year-over-year. The FCF margin was 13.6%.

Based on available data, Cathay Pacific Airways Limited has maintained positive free cash flow for at least 7 fiscal year(s). FCF peaked at $19.61B in FY2023.

Cathay Pacific Airways Limited's FCF yield is 20.64% and price-to-FCF ratio is 0.3x for FY2025, based on the latest available data.

Data sourced from FMP /cash-flow-statement · SEC 10-K / 10-Q · USD.

Q&A and summaries align with SEC 10-K/10-Q cash flow disclosures and FMP /cash-flow-statement where noted.

Revenue Financial statements Net income Earnings Forecast Price history Market cap Cash on hand P/E ratio

Frequently asked questions

CPCAY free cash flow · 8 questions

Cathay Pacific Airways Limited free cash flow was $15.90B for FY2025, up 10.9% year-over-year. On a trailing twelve-month (TTM) basis, free cash flow stands at $30.06B.

CPCAY free cash flowCPCAY FCFCPCAY FCF 2025CPCAY free cash flow TTM

▸ Source: FMP /cash-flow-statement · US GAAP · Cathay Pacific Airways Limited · Cathay Pacific Airways Limited SEC 10-K & 10-Q filings · US GAAP · Last updated: Jun 8, 2026