Qantas Airways Limited (QAN.AX) Stock Analysis & Winston Score

Qantas Airways is Australia's largest airline and one of the oldest continuously operating airlines in the world. It flies passengers and cargo to destinations across Australia and to more than 20 countries internationally, serving both everyday travelers and business customers. The company also owns Jetstar, a budget airline brand that targets cost-conscious flyers across Australia and parts of Asia. Qantas makes money by selling airline tickets, charging for cargo, and running its Frequent Flyer loyalty program, which earns fees from banks and retailers who buy points to reward their own customers. The loyalty program is a particularly strong part of the business because it generates steady income even when travel demand slows. Qantas operates mainly in Australia and the Asia-Pacific region and benefits from its dominant position on key domestic routes where competition is limited. The main risk the company faces is rising fuel costs, which are its largest expense and can quickly squeeze profits when oil prices increase.