There are few more reliable tests of corporate stamina than the airline industry. It is a sector where capital intensity, currency swings, fuel volatility and operational fragility can expose weak balance sheets with brutal speed. By that standard, Cebu Pacific’s 2025 numbers matter not simply because they are better than the year before, but because they suggest something more consequential: the Philippine low-cost carrier is beginning to look like a business that has moved beyond recovery and back into disciplined expansion. The headline figures are persuasive. Revenue rose 14.3 per cent to ₱119.9bn , with passenger revenue reaching ₱80.8bn , cargo ₱7.2bn and ancillary sales ₱32.0bn . Net income climbed to roughly ₱12.3bn , more than double the prior year, while operating income advanced 25 per cent to ₱11.5bn . EBITDA reached about ₱30.9bn , implying a margin of 25.8 per cent . These are not the numbers of an airline merely muddling through; they are the numbers of one regaining ...