The carrier says high fuel prices dragged pre-tax profit down 50.4% to £54.7m in the year ended 30 September.
Despite lower profit, revenue increased 12.9% to £2.7bn while revenue per seat increased 10.9%.
Passenger numbers rose 3.4% to 45.2 million.
Andy Harrison, chief executive of easyJet, praised the carrier’s “extremely resilient performance” but predicted a “tough” winter ahead.
He adds falling fuel prices, cost savings and efficiency improvements should ensure the firm makes a “substantial profit improvement in 2010”.
Despite seeing income halved, Easyjet is one of the few European airlines to report a profit recently. Rival British Airways recently reported a £292m loss for the six months to 30 September.
The aviation industry has been hit hard by the global recession with the International Air Transport Association (IATA) predicting that the industry will lose $11 billion this year.
EasyJet recently called a review of its pan-European digital planning and buying account.