Qantas Airways (ASX: QAN) is Australia’s largest airline group, operating full-service and low-cost brands across domestic and international markets and generating revenue primarily from passenger travel, loyalty programs and freight. The group has delivered strong post-pandemic recovery, supported by sustained demand for leisure and corporate travel.

In its most recent full-year result (FY25), the group reported underlying profit before tax of about A$2.39 billion and statutory net profit of roughly A$1.61 billion, with revenue rising alongside passenger volumes and strong performance from both premium travel and the Jetstar low-cost segment.

Qantas is often considered one of the top ASX travel stocks because it combines dominant domestic market positioning with exposure to global aviation recovery and high-margin adjacent businesses like loyalty. The group’s diversified earnings base — spanning premium long-haul travel, budget leisure travel and loyalty partnerships — has supported resilience across economic cycles.

Continued fleet renewal and investment in fuel-efficient aircraft are expected to support long-term margins, while strong travel demand trends have driven one of the airline’s strongest profit periods outside of the immediate post-COVID rebound.

Flight Centre Travel Group (ASX: FLT) s one of the world’s largest travel agency and corporate travel management groups, generating revenue from booking commissions, corporate travel services and travel consulting across leisure and business markets. Its model benefits from global travel volumes but can be sensitive to airfare pricing cycles and corporate travel demand. Recent reporting periods have shown mixed near-term trading conditions, with some softer corporate travel activity and margin pressure tied to airfare trends and macro uncertainty, although the company continues to position itself for long-term travel recovery.

Despite cyclical earnings swings, Flight Centre is often viewed as a leading ASX travel stock because of its global footprint, strong brand recognition and scale in corporate travel, which tends to be higher margin and recurring. The business is also diversified across geographies and travel types, reducing reliance on any single travel segment. Over the long term, investors often focus on its operating leverage to rising global travel demand and its ability to gain share in fragmented travel agency markets. In industry downturns, management has historically focused on cost discipline and restructuring to preserve margins, which can position the company well for travel rebounds.

SiteMinder (ASX: SDR) s a travel technology company that provides cloud software to hotels to manage room distribution, pricing and bookings across online travel agencies, direct websites and global distribution systems. Rather than selling travel directly, it sits inside the travel ecosystem as critical infrastructure, helping hotels maximise occupancy and revenue per booking through data and automation. The platform processes extremely large booking volumes globally and has been positioned as a core technology partner for hotel digital distribution.

In its most recent annual result (FY2025), SiteMinder delivered strong growth and a major milestone in profitability, with revenue rising about 17.7% to roughly $224 million and the company achieving its first positive EBITDA and free cash flow. Annualised recurring revenue rose more than 30%, reflecting strong adoption of its platform and expanding hotel customer base globally. This shift toward profitability is important because travel tech investors often prioritise recurring revenue growth and operating leverage over time.

SiteMinder is often viewed as one of the top ASX travel-exposed technology stocks because it offers leveraged exposure to global hotel bookings without the capital intensity or fuel cost exposure of airlines. As travel digitisation increases and hotels rely more on automated distribution and pricing tools, companies like SiteMinder can grow alongside global travel volumes while maintaining SaaS-style margins. Its transition toward positive cash flow and expanding global property network reinforces its positioning as a structural growth play within the travel sector rather than a purely cyclical one.