Would I buy Qantas shares today?

Qantas Airways Ltd (ASX: QAN) has just given investors a fresh look at how the business is performing.

The shares have had a difficult year, but I think the current weakness has created an attractive long-term opportunity.

So, would I buy Qantas shares today? My answer is yes.

The business still looks healthy

Qantas’ FY26 result was not perfect. Higher fuel costs and disruption from the conflict in the Middle East weighed on earnings.

But I still saw plenty to like.

Demand remained resilient across much of the network, while Qantas Domestic revenue increased 5% and Jetstar Domestic earnings grew 15%. Qantas also reported its highest customer satisfaction levels in a decade.

I think this is encouraging because Qantas has spent the past few years working to rebuild its relationship with customers while improving operations.

Qantas Loyalty is another valuable part of the business. Underlying earnings from the division increased 12% in FY26, and management expects further growth in FY27.

That provides another source of earnings alongside the airline operations themselves.

Fleet renewal could improve the business

I am also positive about Qantas’ major fleet renewal program.

Seventeen new aircraft arrived during FY26, with up to another 31 expected in FY27. The airline is introducing newer A321XLRs, A220s, A350s, and 787s across its network.

New aircraft can improve fuel efficiency, reduce operational complexity, and provide a better passenger experience.

They can also open routes that were previously difficult to operate economically.

I think Project Sunrise is the most obvious example, with Qantas preparing to begin non-stop Sydney to London flights using its new A350-1000ULR aircraft.

I think this investment could leave Qantas with a stronger and more efficient airline several years from now.

The price looks attractive to me

Qantas shares are trading around $9.61 on Friday and are down approximately 20% over the past 12 months.

According to CommSec, consensus earnings per share forecasts are $1.16 in FY27 and $1.15 in FY28.

That puts the shares on a forward price-to-earnings ratio of just over eight times.

I think that looks attractive for a business with strong domestic brands, an international network, a growing loyalty operation, and significant investment underway to modernise its fleet.

Income investors have something to consider as well. CommSec forecasts dividends per share of 44.8 cents in FY27 and 56.2 cents in FY28. This represents dividend yields of approximately 4.7% and 5.8%.

Foolish takeaway

I would buy Qantas shares at around $9.61.

Airlines will always come with risks, particularly from fuel prices, economic conditions, and geopolitical disruption.

But after a 20% decline, I think the current price leaves enough room for those risks while giving investors exposure to a business that could become stronger as its fleet renewal progresses.