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The airline's underlying profit before tax of $1.53 billion is the best result in the company's 95-year history, up 57 per cent for the full year.
It ended up making a record net profit of $1.02 billion for the period, an increase of 80 per cent on FY15.
The performance means Qantas will resume dividend payments and reward 25,000 employees with a one-off $3000 cash bonus.
Total underlying earnings before interest and tax (EBIT) in the domestic market - across both Qantas and Jetstar - was a record $820 million, up $191 million, and total underlying EBIT in the international division was $722 million, up $374 million.
Qantas CEO Alan Joyce says the result demonstrates a successful transformation program.
"This was a true team performance, which shows that our strategy is the right one for the tough markets we're operating in and the long-term opportunities we see ahead of us," says Joyce.
"Transformation has made us a more agile business, created value for our shareholders and given us a platform to invest for the future. Qantas is stronger than ever, but we're also determined to keep changing and adapting so that we can succeed no matter what environment we're in."
Qantas has not paid a dividend to shareholders since 2009.
The company was trading more than 4 per cent higher at $3.54 just 20 minutes after opening on the ASX.
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