Korean Air Lines Co., Ltd. financial statements, 6 years: Back to a profit in 2021 after a net loss of KRW 230.0bn in 2020
Consolidated financial statements for 2020–2025 and the 2026 half-year report that Korean Air Lines Co., Ltd. filed with DART, laid out by year. No interpretation or outlook.
Korean Air Lines Co., Ltd. financial statements, 6 years: Back to a profit in 2021 after a net loss of KRW 230.0bn in 2020
The consolidated financial statements in the 2020–2025 annual reports that Korean Air Lines Co., Ltd. (003490) filed with Korea’s DART electronic disclosure system, laid out by year. Figures from the 2026 half-year report cover a different period and are shown separately. Every figure below is taken as filed in the DART submissions; there is no interpretation or outlook. Amounts are in Korean won (KRW; bn = billion, tn = trillion).
1. Income statement — the sign of net income changed in 2021
| Fiscal year | Revenue | Revenue change | Operating income | Op. income change | Operating margin | Net income |
|---|---|---|---|---|---|---|
| 2020 | 7.61tn | — | 107.3bn | — | 1.4% | −230.0bn |
| 2021 | 9.02tn | +18.48% | 1.42tn | +1221.20% | 15.7% | 578.8bn |
| 2022 | 14.10tn | +56.33% | 2.83tn | +99.62% | 20.1% | 1.73tn |
| 2023 | 16.11tn | +14.30% | 1.79tn | −36.76% | 11.1% | 1.13tn |
| 2024 | 17.87tn | +10.92% | 2.11tn | +17.88% | 11.8% | 1.38tn |
| 2025 | 25.23tn | +41.16% | 1.11tn | −47.23% | 4.4% | 647.3bn |
Revenue was largest in 2025 at KRW 25.23tn and smallest in 2020 at KRW 7.61tn among the six years. It never fell from the previous year.
Operating income was largest in 2022 at KRW 2.83tn and smallest in 2020 at KRW 107.3bn. The operating margin was highest in 2022 at 20.1%.
Net income was largest in 2022 at KRW 1.73tn and smallest in 2020 at KRW −230.0bn.
2. Financial position — equity became 3.46x
| Fiscal year | Total assets | Total equity | Debt ratio | Current ratio |
|---|---|---|---|---|
| 2020 | 25.19tn | 3.31tn | 660.6% | 50.1% |
| 2021 | 26.67tn | 6.87tn | 288.5% | 78.6% |
| 2022 | 29.00tn | 9.29tn | 212.1% | 95.5% |
| 2023 | 30.39tn | 9.82tn | 209.6% | 91.3% |
| 2024 | 47.01tn | 10.96tn | 328.8% | 68.4% |
| 2025 | 50.41tn | 11.46tn | 339.9% | 64.4% |
The debt ratio was highest in 2020 at 660.6% and lowest in 2023 at 209.6%.
Over the same period total assets went from KRW 25.19tn to KRW 50.41tn (2.00x), and total equity went from KRW 3.31tn to KRW 11.46tn and became 3.46x.
The current ratio was below 100% in all six years — current liabilities exceeded current assets every year. It ranged from 50.1% to 95.5%.
3. Cash flow — positive in all six years
| Fiscal year | Operating cash flow | Net income | ROE |
|---|---|---|---|
| 2020 | 1.38tn | −230.0bn | −7.0% |
| 2021 | 3.51tn | 578.8bn | 8.4% |
| 2022 | 5.57tn | 1.73tn | 18.6% |
| 2023 | 4.09tn | 1.13tn | 11.5% |
| 2024 | 4.56tn | 1.38tn | 12.6% |
| 2025 | 4.08tn | 647.3bn | 5.7% |
Operating cash flow was positive in all six years. It was largest in 2022 at KRW 5.57tn and smallest in 2020 at KRW 1.38tn.
ROE was highest in 2022 at 18.6% and lowest in 2020 at −7.0%.
4. Latest half-year report (end of H1, 65th fiscal period, consolidated basis)
The period differs, so these figures cannot be compared directly with the annual tables above. Only cumulative figures for the same period of the previous year are compared.
| Item | 2026 cumulative | Same period last year | Change |
|---|---|---|---|
| Revenue | 13.89tn | 12.70tn | +9.33% |
| Operating income | 310.3bn | 801.1bn | −61.27% |
| Net income | −566.4bn | 907.1bn | turned to loss |
| Finance income | 484.8bn | 239.3bn | +102.54% |
| Operating cash flow | 2.75tn | — | — |
At the end of the period, total assets were KRW 52.82tn, total liabilities KRW 42.06tn and total equity KRW 10.77tn.
The cumulative operating margin was 2.2%.
No rate of change is computed for net income, because the sign changed between the two periods.
5. Ownership, dividends and staff (as of the 2025 annual report)
- Largest shareholder: Hanjinkal, stake 26.13%
- Cash dividend per share KRW 750, payout ratio 35.50%, dividend yield 3.22%
- Employees: 18,318, average pay per employee KRW 123m
How to read this
This page lays out the filed figures by year and nothing more. Financial statements do not say why the numbers moved, so neither do we.
The order of publication follows revenue in the latest fiscal year and has nothing to do with the content.
To check the same figures, search for the company on DART and open the consolidated financial statements in its annual reports. Every number here was computed from the 2020–2025 annual reports and the interim report downloaded through the OpenDART API on 2026-09-29; ratios divide the filed account amounts.
This article is for information only and is not investment advice.