Cathay Pacific Airways Limited

Is Cathay Pacific owned by another company?
Cathay Pacific is a publicly traded company listed on the Hong Kong Stock Exchange (HKEX: 0293). Its two major shareholders are Swire Pacific, which holds 47.64%, and Air China, which holds 29.97% as of February 2026. The two shareholders are parties to a shareholders' agreement dated June 8, 2006, and together control approximately 77.61% of the company. The remaining shares are held by other independent shareholders.

Is Cathay Pacific publicly traded?
Yes, Cathay Pacific is publicly traded on the Hong Kong Stock Exchange under the ticker symbol 0293. The company is one of Hong Kong's most recognised publicly listed companies and is a constituent of the Hang Seng Index. Its shares are available for trading by both retail and institutional investors.

When was Cathay Pacific founded?
Cathay Pacific was founded on September 24, 1946, by American Roy Farrell and Australian Sydney de Kantzow, both former World War II pilots. The airline began with a single Douglas DC-3 aircraft operating cargo flights between Hong Kong, Shanghai, and Sydney. Swire Pacific acquired a controlling stake in 1948, establishing the relationship with the Swire Group that continues today.

Who created Cathay Pacific?
Cathay Pacific was created by Roy Farrell, an American, and Sydney de Kantzow, an Australian. Both were former military pilots who saw an opportunity to establish an airline in post war Hong Kong. The name "Cathay" derives from an archaic name for China, and "Pacific" reflects the founders' ambition to fly across the Pacific Ocean. Swire Pacific became the controlling shareholder in 1948.

What is Cathay Pacific's revenue and profit?
For full year 2025, the Cathay Group reported revenue of HK$116.8 billion, up 11.9% from HK$104.4 billion in 2024. Attributable profit was HK$10.8 billion, up 9.5% from HK$9.9 billion in the prior year. This marked the group's third consecutive year of profitability following the COVID-19 pandemic. Basic earnings per share were HK165.5 cents, and the board declared a total dividend of HK$0.84 per ordinary share.

What happened to Qatar Airways' stake in Cathay Pacific?
In November 2025, Qatar Airways entered into an undertaking to sell its entire 9.57% shareholding (643,076,181 shares) back to Cathay Pacific. The buyback was completed on February 24, 2026, for approximately HK$6.97 billion at HK$10.8374 per share. Following the transaction, Swire Pacific's stake increased to 47.64% and Air China's to 29.97%. Qatar Airways no longer holds any shares in Cathay Pacific but continues its partnership through the one world alliance.

What is Cathay Pacific's fleet investment plan?
Cathay has committed over HK$100 billion in investments over seven years covering fleet, cabin products, lounges, and digital and sustainability initiatives. The group has more than 100 new generation aircraft in its delivery pipeline, including 30 Airbus A330-900 regional widebody aircraft (with rights for 30 more), 35 Boeing 777-9 long haul widebody aircraft, and various narrowbody and freighter aircraft. New cabin products include the Aria Suite Business class on 777-300ER, new A330 cabins in 2026, and a new First class on 777-9 aircraft expected in 2027.

What is Cathay Pacific's sustainability strategy?
Cathay Pacific has committed to net zero carbon emissions by 2050, with an interim target of 12% carbon intensity improvement from 2019 levels by 2030. The airline targets 10% SAF for its total fuel consumption by 2030. In October 2025, Cathay and Airbus announced a joint investment of up to US$70 million to accelerate SAF production. Cathay is also a launch investor in the one world BEV SAF Fund with Breakthrough Energy Ventures. The LSE TPI Centre has ranked Cathay among the top five full service airlines for lowest carbon intensity since 2014.

Cathay Pacific was founded on September 24, 1946, by American Roy Farrell and Australian Sydney de Kantzow, both former World War II pilots who had been flying surplus Douglas DC-3 aircraft between Australia and China. The airline's name is said to derive from "Cathay," an archaic name for China, and "Pacific," reflecting the founders' ambition to fly across the ocean. The company began with a single Douglas DC-3, operating cargo flights between Hong Kong, Shanghai, and Sydney. Swire Pacific and John Swire and Sons acquired a controlling stake in Cathay Pacific in 1948, establishing the relationship with the Swire Group that continues to this day.

Throughout the 1950s and 1960s, Cathay Pacific expanded its route network across Asia, adding destinations such as Tokyo, Singapore, and Bangkok. The airline introduced its first jet aircraft, the Convair 880, in 1962, and began long haul services to the United States in the 1970s. The 1970s also saw Cathay Pacific launch services to Europe, with London becoming a key destination. The airline played a critical role in establishing Hong Kong as a major international aviation hub.

The 1980s and 1990s brought significant fleet modernisation and route expansion. Cathay Pacific became one of the launch customers for the Boeing 747-400 and expanded its network to include cities across North America and Europe. In 1998, the airline was a founding member of the one world global airline alliance, alongside American Airlines and British Airways. The late 1990s and early 2000s presented challenges, including the Asian financial crisis of 1997, the SARS outbreak of 2003, and rising competition from mainland Chinese carriers.

In 2006, Air China acquired a significant stake in Cathay Pacific as part of a strategic restructuring that also saw Cathay Pacific increase its shareholding in Dragonair (later renamed Cathay Dragon), consolidating the group's position in the mainland Chinese market. The shareholders' agreement between Swire Pacific and Air China, dated June 8, 2006, established the dual shareholder structure that continues to govern the company.

The 2010s saw Cathay Pacific invest heavily in fleet renewal, ordering Airbus A350 and Boeing 777-9 aircraft. In 2019, the group acquired Hong Kong Express Airways (HK Express) from HNA Group for HK$4.93 billion, marking its entry into the low cost carrier segment. HK Express continues to operate as a standalone low cost airline within the group.

The COVID-19 pandemic, which began in early 2020, had a severe impact on Cathay Pacific's operations. In October 2020, the group announced a major corporate restructuring that included the immediate cessation of Cathay Dragon operations, workforce reductions, and capacity adjustments. Cathay Dragon, which had operated for 35 years as the group's regional subsidiary, saw its routes transferred to Cathay Pacific and HK Express. The group also undertook a capital raising that included a HK$11.7 billion rights issue and a HK$7.8 billion loan from the Hong Kong government.

Cathay Pacific returned to profitability in 2023 as Hong Kong reopened its borders and international travel resumed. In August 2024, the group announced a commitment of over HK$100 billion in investments over seven years, covering fleet, cabin products, lounges, and digital and sustainability initiatives. This included the purchase of 30 Airbus A330-900 regional widebody aircraft. In August 2025, the group exercised purchase rights for an additional 14 Boeing 777-9 aircraft, bringing its total 777-9 commitment to 35. The group now has more than 100 new generation aircraft in its delivery pipeline.

In November 2025, Qatar Airways, which had held a 9.57% stake in Cathay Pacific, entered into an undertaking to sell its entire shareholding back to the company. The buyback was completed on February 24, 2026, for approximately HK$6.97 billion. Following the transaction, Swire Pacific's stake increased to 47.64% and Air China's to 29.97%, with Qatar Airways exiting the share register entirely. Air China had divested a 1.6% stake in early January 2026 to ensure the buyback did not trigger a mandatory general offer obligation under Hong Kong's takeovers code.

Cathay Pacific has committed to achieving net zero carbon emissions by 2050, with an interim target to improve carbon intensity by 12% from 2019 levels by 2030. The company's carbon intensity, measured as carbon emissions from jet fuel use per revenue tonne kilometre, is targeted to decrease from 761 gCO2/RTK to 670 gCO2/RTK. According to the LSE Transition Pathway Initiative Centre (TPI Centre), Cathay Pacific has been among the top five full service airlines with the lowest carbon intensity since 2014.

Sustainable Aviation Fuel (SAF) is the most important lever in Cathay's decarbonisation strategy. The airline has set a target of 10% SAF for its total fuel consumption by 2030, making it one of the first airlines in Asia to establish such a commitment. In October 2025, Cathay and Airbus announced a joint investment agreement of up to US$70 million (approximately HK$545 million) to accelerate SAF production development in Asia and globally. The partnership focuses on identifying, evaluating, and investing in projects that support scaling SAF production towards 2030 and beyond. Cathay also joined as a launch investor in the one world BEV SAF Fund, a joint initiative with other one world airlines and Breakthrough Energy Ventures, the climate investment firm founded by Bill Gates, focusing on next generation SAF technologies.

Fleet modernisation is another key pillar, with more than 100 new generation aircraft in the delivery pipeline. These aircraft, including Airbus A350, A330-900, and Boeing 777-9 models, can be up to 25% more fuel efficient compared with previous generation aircraft. Cathay Pacific also operates the Fly Greener voluntary carbon offset programme, which has been offsetting all emissions from employee duty travel since 2007, and from 2024 onwards uses SAF to offset 10% of carbon emissions from employee duty travel.

Cathay co initiated the launch of the Hong Kong Sustainable Aviation Fuel Coalition and introduced Asia's first major Corporate SAF Programme, enabling corporate customers to use SAF in reducing their aviation related indirect emissions. The company advocates for supportive SAF policies across Asia, leveraging the region's potential in feedstock supply and production capacity.

Cathay Pacific has received recognition for aviation excellence, cabin design, and sustainability leadership from independent awarding bodies.

• Skytrax World Airline Awards: Consistently ranked among the world's leading airlines for service quality and cabin experience
• Aria Suite Design Awards: Cathay Pacific's new Aria Suite Business class cabins and inflight entertainment system received recognitions in prestigious design industry awards
• TPI Centre Carbon Intensity Ranking: Among the top five full service airlines with the lowest carbon intensity globally since 2014, as assessed by the LSE Transition Pathway Initiative Centre
• one world Alliance Recognition: As a founding member, Cathay Pacific benefits from and contributes to alliance wide service standards and connectivity awards
• Cargo Excellence: Recognition for Cathay Cargo's air cargo operations, digital capabilities, and specialised freight solutions
• Inflight Connectivity: From August 2025, Cathay Pacific became one of the very few airlines in the world to offer both 100% seatback inflight entertainment and 100% inflight connectivity across its entire fleet

Cathay Pacific operates in the highly regulated international aviation industry and faces scrutiny across several areas.

The COVID-19 pandemic had a severe impact on Cathay Pacific's operations, leading to a major corporate restructuring in October 2020 that included the cessation of Cathay Dragon, workforce reductions, and a HK$19.5 billion capital raising involving a rights issue and a Hong Kong government loan. The restructuring drew public attention regarding job losses and the government's financial involvement in the airline.

HK Express, the group's low cost carrier, reported a loss of HK$400 million in 2025, compared to a profit of HK$433 million in 2024. The losses were attributed to intense price competition on regional routes and Pratt and Whitney engine issues affecting its Airbus A320neo fleet, which grounded some aircraft. The situation drew attention to the challenges of operating a low cost carrier in the competitive Asian market.

The February 2026 buyback of Qatar Airways' 9.57% stake required regulatory approval from Hong Kong's Securities and Futures Commission. Air China divested a 1.6% stake in early January 2026 to ensure the buyback did not trigger a mandatory general offer obligation under the Takeovers Code, as Air China's stake would have exceeded the 30% trigger threshold. The transaction was approved with a mandatory general offer waiver for both Swire Pacific and Air China.

Environmental compliance remains an ongoing area of scrutiny, with the airline industry facing increasing pressure to reduce carbon emissions. Cathay Pacific's net zero by 2050 commitment and 10% SAF by 2030 target have been noted, but the airline continues to face questions about the scalability and cost of SAF adoption.