The S&P/ASX 200 Index (ASX: XJO) gained 1.1% in August, but Qantas Airways Ltd (ASX: QAN) shares didn't join in the rally.
Shares in the ASX 200 airline stock closed out July trading for $9.95. When the closing bell sounded on 31 August, shares were swapping hands for $9.42.
This saw the Qantas share price down 5.3% in the month just past.
Atop keeping one eye on the turbulent global oil prices in August, investors also pored over Qantas' full-year FY 2026 results.
Here's what's been happening.
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Qantas shares saddled with higher fuel costs
Qantas released its full financial year results on 27 August.
And most of the figures were down from FY 2025.
Management estimated that the impact from the Middle East conflict had so far cost the airline $420 million, largely due to higher jet fuel costs. Qantas' total fuel cost for FY 2026 came out to $5.7 billion.
Qantas reported underlying earnings per share of 96 cents, down 12.7% year on year.
And on the bottom line, the company's underlying profit before tax of $2.06 billion was down 13.8% from FY 2025.
On the passive income front, the ASX 200 airline declared a fully-franked final dividend of 19.8 cents per Qantas share. That's down 25% from last year's final dividend payout.
That dividend is still up for grabs, by the way.
If you want to bank the final Qantas dividend, you'll need to own shares at market close on 14 September. Qantas stock trades ex-dividend on 15 September. You can then expect to see that passive income land in your account on 14 October.
Qantas shares closed up 4.8% on the day of the results release.
As for that turbulent oil price this last month, Brent crude oil kicked off August at around US$90 per barrel. It then dropped to US$79 per barrel by 4 August amid hopes of a Middle East peace deal. But as talks faltered, oil pushed higher again.
Brent crude oil ended August right about where it started, at around US$90 per barrel, according to data from Bloomberg.
Despite higher fuel costs, Qantas expects to see its unit revenues grow by 8% to 10% in the first half of FY 2027.
How has the ASX 200 airline stock been performing in 2026?
As we head into the Wednesday lunch hour today, Qantas shares are changing hands at $9.26 apiece, down 11.8% year to date and trailing the 2.7% gains posted by the ASX 200 over the same period.
