The 2022 Profit Landscape for Russia’s Top 27 Passenger Airlines
In 2022 the net profit of Russia’s 27 largest passenger airlines reached 87.8 billion rubles, a figure that marks a substantial rise from the previous year. The gain translates into nearly threefold growth compared with 2021, reflecting a notable rebound in profitability across the sector. The data comes from the financial disclosures of companies covered by the Russian Accounting Standards framework and compiled by industry analysts.
More than half of the total profit was generated by two private leaders in the market, S7 Airlines and Ural Airlines. S7 reported a net profit of 34.4 billion rubles, a surge that more than doubled year over year. Ural Airlines followed with 13.5 billion rubles in net profit, supported by a strong revenue mix and improved cost efficiency. These two carriers posted record results for at least six years, underscoring a period of strong performance for private players within the domestic air transport sector.
Pobeda, the low-cost unit of the Aeroflot group, achieved a net profit of 15 billion rubles, marking a 4.4 fold increase from the prior year. This milestone represented the best profitability figure since the company began operations and reflects a broader shift toward more cost-conscious travel patterns among domestic consumers.
On the other side of the ledger, Aeroflot, the country’s largest carrier by passenger traffic, and its subsidiary Rossiya have not disclosed their financial performance for the full year 2022 since the end of 2021. The absence of updated results from these major operators leaves a gap in the public record that analysts continue to monitor, especially in light of ongoing industry dynamics and regulatory developments.
Earlier reports highlighted that Russian airlines faced a decline in sales totaling 144 billion rubles by the close of 2022. This figure appears in the presentation materials released by the Association of Air Transport Operators of Russia, commonly known by its acronym AEVT. The reported downturn is contextualized against the backdrop of shifting demand, fuel costs, and the broader macroeconomic environment, with officials noting that the consolidation and realignment of routes had measurable effects on revenue streams across carriers.
Industry observers emphasize that the 2022 results reflect a mix of resilience among private incumbents and strategic responses from major groups. The performance of S7, Ural, and Pobeda illustrates how airline profitability in Russia can outpace the broader market when firms optimize capacity, control operating costs, and capitalize on demand cycles. At the same time, the lack of fresh financial data from Aeroflot and Rossiya adds a layer of uncertainty for investors and policy makers seeking a complete, up-to-date picture of the sector.
Overall, the year 2022 marked a turning point for several players as the sector navigated a complex landscape of regulatory changes, evolving travel patterns, and competitive pressures. The trend lines point to a continued emphasis on efficiency, route optimization, and strategic pricing to sustain profitability in subsequent periods, while industry bodies continue to compile and publish comprehensive figures for the entire airline community in Russia.