Cathay Pacific has reported mixed but resilient 2025 results for its freight division, Cathay Cargo, with revenue and tonnage both increasing despite continued volatility in global trade and supply chains.
Cathay Cargo’s revenue rose by 1.2% last year to HK$24,279 million.
Capacity, measured in available freight tonne kilometres, increased by 8.3%, supported by a broader Cathay Pacific passenger schedule that provided more bellyhold space for cargo. Traffic, measured in revenue freight tonne kilometres, rose 6.3% year on year, while total tonnage carried climbed by 9.5% to 1.7 million tonnes.
At the same time, some performance indicators moved in the opposite direction. Revenue per available freight tonne kilometre fell 6.5% to HK$1.58. The cargo load factor dropped by 1.1 percentage points to 58.8%, while yield declined by 4.6% to HK$2.69.
Cathay Pacific chief executive Ronald Lam said the cargo business showed resilience and delivered a robust performance despite considerable uncertainty linked to global trade shifts and supply chain changes.
He said the airline remained vigilant and agile throughout the year, directing capacity toward markets where demand was strongest while continuing to focus on customer service and special cargo solutions.
Lam added that Cathay Cargo has also started 2026 on a solid footing and said the airline intends to keep adjusting to market changes through close dialogue with customers, using its network strength to deploy capacity where demand is strongest.
He noted that the broader geopolitical environment remains volatile, affecting both passenger and cargo flows as well as fuel prices, but said Cathay has built a strong foundation that makes it resilient, efficient and adaptable.
At group level, Cathay reported a third consecutive year of solid financial performance. The wider Cathay Group, including airlines, subsidiaries and associates, generated an attributable profit of HK$10.8 billion in 2025, compared with HK$9.9 billion in 2024. The result was supported by increased capacity, solid passenger load factors and resilient cargo demand.
The group said it is now focusing on increasing frequencies on existing routes and adding new destinations, including the launch of direct flights to Seattle on 30 March.
In terms of fleet, Cathay Cargo operated six Boeing 747-400ERF freighters and 14 Boeing 747-8Fs as of 31 December, while also benefiting from a large passenger aircraft fleet offering bellyhold capacity. The airline also has six Airbus A350Fs on order.
In its home market, Cathay Cargo operated more than 100 return freighter flights per week from Hong Kong to over 40 destinations last year, in addition to using belly capacity on passenger services to more than 100 destinations globally.
Despite challenges created by geopolitical tensions, especially tariffs between China and the United States and the removal of the de minimis exemption for U.S.-bound shipments, the airline said market demand in Hong Kong and the wider Greater Bay Area remained resilient in 2025. Tonnage from the region increased year on year, supported by healthy demand on key routes.
In the Americas, Cathay Cargo served 12 freighter destinations by the end of the year and also relied on passenger belly space. Transpacific freighter frequencies were increased from late August to capture peak-season demand, while products such as Cathay Fresh, Cathay Pharma and Cathay Dangerous Goods supported demand from the region.
In Southeast Asia and Oceania, the cargo carrier served nine freighter destinations by year-end. Volumes continued to grow, driven by strong export demand to Hong Kong and the Americas, with electronics, garments and spare parts from Malaysia, Singapore, Thailand and Vietnam supporting capacity demand.
In Europe, Cathay Cargo served five freighter destinations in addition to bellyhold capacity on passenger flights. Demand remained solid, particularly for general cargo moving to Hong Kong. The airline also added a seasonal freighter service to Madrid between mid-October and mid-December to support traditional peak demand.
In North Asia, Cathay served nine freighter destinations and reported strong export momentum from mainland China, led by general cargo and high-tech electronics.
In South Asia, the Middle East and Africa, Cathay Cargo served six freighter destinations and also offered belly capacity. Exports from India remained stable, while Nepal, Sri Lanka and South Africa showed encouraging momentum, contributing to regional tonnage growth. Traffic to Hong Kong was supported by demand for high-tech electronics from India through the Cathay Secure product, while Cathay Fresh and Cathay Live Animal also performed well.
Cathay also highlighted the performance of Cathay Cargo Terminal, its wholly owned handling subsidiary. The terminal handled 1.7 million tonnes of cargo in 2025, an increase of 8% over the previous year, while its financial results also improved compared with 2024.
