Economic Survey 2025-26 shows national carrier increased operating revenue while maintaining an 82% passenger load factor despite lower passenger traffic.
ISLAMABAD: Pakistan International Airlines Corporation (PIAC) increased its operating revenue during calendar year 2025 despite operating a smaller fleet and carrying fewer passengers, according to the Economic Survey of Pakistan 2025-26.
The survey shows that the national flag carrier generated net operating revenue of Rs211.67 billion in 2025, compared with Rs204.16 billion in 2024. Operating expenses also increased to Rs198.26 billion (unaudited) from Rs194.81 billion a year earlier.
The figures indicate that PIA improved its revenue performance despite continuing operational challenges, including a reduced fleet and declining passenger numbers.
Fleet size declines
According to the Economic Survey, PIA’s fleet has fluctuated over the past five years but declined to 31 aircraft in 2025 from 33 aircraft in the previous year.
The airline operated:
• 30 aircraft in 2021
• 35 aircraft in 2022
• 32 aircraft in 2023
• 33 aircraft in 2024
• 31 aircraft in 2025
Despite the smaller fleet, PIA continued to maintain its domestic and international flight network.
Passenger numbers fall
Passenger traffic declined for the second consecutive year, with revenue passengers falling to 3.791 million in 2025 from 3.904 million in 2024.
Over the past five years, revenue passengers were recorded as:
| Year | Revenue Passengers (000) |
| 2021 | 2,657 |
| 2022 | 4,281 |
| 2023 | 4,496 |
| 2024 | 3,904 |
| 2025 | 3,791 |
Although passenger volumes remained below the post-pandemic peak recorded in 2023, the airline continued to generate higher revenue.
Load factor remains above 82%
PIA maintained a strong passenger load factor, indicating that a high proportion of available seats continued to be occupied.
The passenger load factor stood at:
• 66.9% in 2021
• 80.3% in 2022
• 83.3% in 2023
• 81.8% in 2024
• 82.0% in 2025
The figures suggest that aircraft utilisation remained relatively efficient despite lower passenger traffic.
Flight operations
The Economic Survey reported mixed operational trends during 2025.
PIA recorded:
• 570,223 route kilometres, compared with 593,063 kilometres in 2024.
• 12,466 million available seat kilometres, slightly higher than 12,123 million in the previous year.
• 53.84 million revenue kilometres flown, up from 51.98 million in 2024.
• 79,862 revenue flying hours, compared with 82,043 hours a year earlier.
The increase in available seat kilometres and revenue kilometres flown indicates continued operational activity despite a smaller fleet.
Five-year performance snapshot
| Indicator | 2021 | 2022 | 2023 | 2024 | 2025 |
| Fleet (Aircraft) | 30 | 35 | 32 | 33 | 31 |
| Passenger Load Factor | 66.9% | 80.3% | 83.3% | 81.8% | 82.0% |
| Revenue Passengers (000) | 2,657 | 4,281 | 4,496 | 3,904 | 3,791 |
| Operating Revenue (Rs million) | 86,185 | 172,038 | 238,505 | 204,164 | 211,667* |
| Operating Expenses (Rs million) | 101,212 | 183,345 | 235,317 | 194,807 | 198,263 |
*Net operating revenue for calendar year 2025.
The Economic Survey noted that PIA follows the calendar year for its financial reporting rather than the fiscal year. Overall, the data indicate that while the airline experienced declines in fleet size and passenger numbers during 2025, it succeeded in increasing operating revenue and maintaining a passenger load factor of around 82%, reflecting resilient demand and improved revenue generation.