DUBAI, UAE— The Emirates Group has released its 2025-26 Annual Report, posting record profit, revenue, and cash balances despite a disruptive final month of the financial year. Emirates (EK), headquartered at Dubai International Airport (DXB), retained its position as the world’s most profitable airline for the reporting period.
For the financial year ended 31 March 2026, the Group reported a record profit before tax of AED 24.4 billion (US$ 6.6 billion), up 7 percent year-on-year, alongside record revenue of AED 150.5 billion (US$ 41.0 billion).
Operations were temporarily impacted on 28 February 2026 when military activity in the Gulf disrupted commercial air traffic across the UAE, prompting Emirates and dnata to mobilise rapidly to protect customers, staff, and assets.
Emirates Group Posts 24.4 billion (US$ 6.6 billion) Profit
The Emirates Group recorded an EBITDA of AED 41.1 billion (US$ 11.2 billion) and a profit before tax margin of 16.2 percent. Cash assets rose 12 percent to AED 59.6 billion (US$ 16.2 billion), the highest level in the Group’s history.
The UAE corporate tax rate applied to the Group increased from 9 percent to 15 percent under the adoption of Pillar Two tax rules. After accounting for the higher tax charge, profit after tax stood at AED 21.0 billion (US$ 5.7 billion), up 3 percent from 2024-25. The Group declared a dividend of AED 3.5 billion (US$ 1.0 billion) to its owner, the Investment Corporation of Dubai (ICD).
The Group invested AED 17.9 billion (US$ 4.9 billion) in new aircraft, facilities, equipment, and technology during the year. Total workforce grew 8 percent to 130,919 employees, with the UAE national workforce surpassing 4,000.
His Highness Sheikh Ahmed bin Saeed Al Maktoum, Chairman and Chief Executive of Emirates airline and Group, said the results reaffirm the strength and resilience of the Group’s business model despite significant challenges in the final month of the financial year.
He noted that for the first 11 months of 2025-26, strong demand was driving revenue and the Group was surpassing targets month after month before the Gulf disruption.
Emirates Airline Hits Record Profit on Strong Travel Demand
Emirates airline reported a record profit before tax of AED 22.8 billion (US$ 6.2 billion), up 7 percent, with a profit before tax margin of 17.4 percent. Revenue reached AED 130.9 billion (US$ 35.7 billion), an increase of 2 percent. Cash assets rose 10 percent to AED 54.9 billion (US$ 15.0 billion).
The airline carried 53.2 million passengers, down 1 percent from the previous year, with a Passenger Seat Factor of 78.4 percent. Passenger yield improved 4 percent to 38.1 fils (10.4 US cents) per Revenue Passenger Kilometre.
Profit after tax hit a record AED 19.7 billion (US$ 5.4 billion), with a net profit margin of 15.0 percent, the highest in the airline industry for the reporting year.
Total operating costs rose 2 percent. Fuel accounted for 29 percent of operating costs, down from 31 percent in 2024-25, with the airline’s fuel bill decreasing slightly to AED 31.2 billion (US$ 8.5 billion) as a 7 percent lower average fuel price offset a 1 percent uplift increase.
Currency fluctuations across major markets positively impacted profitability by AED 332 million (US$ 90 million).
Fleet Expansion and Network Growth Drive Capacity
Emirates grew its passenger fleet with 15 Airbus A350 deliveries, taking the A350 fleet to 19 aircraft serving 21 destinations by 31 March. Total fleet count stood at 277 units with an average age of 10.8 years.
The airline also bought out 29 A380s and 5 Boeing 777s at the end of their leases, raising AED 10 billion in aircraft financing through Japanese operating leases, insurance-backed financing, French Tax Lease, and Export Credit Agency-backed structures.
At the 2025 Dubai Airshow, Emirates announced fleet investments worth US$ 41.4 billion at list prices for 65 additional Boeing 777-9s and 8 more A350-900s. As of 31 March, the order book stood at 367 aircraft, comprising 54 A350s, 270 Boeing 777Xs, 35 787s, and 8 777Fs, with deliveries scheduled through 2038.
The airline launched four new destinations during the year: Da Nang (DAD), Hangzhou (HGH), Siem Reap (SAI), and Shenzhen (SZX). Emirates’ global network covered 152 cities in 80 countries, supported by 32 codeshare and 117 interline partners providing access to over 1,700 destinations.
Customer Experience Investments and Retrofit Programme Continue
Emirates’ US$ 5.0 billion retrofit programme progressed steadily, with 91 of 215 earmarked aircraft completing full cabin refresh featuring Premium Economy seats and the latest inflight products. The airline signed a deal with Starlink in November 2025, equipping 21 aircraft with high-speed Wi-Fi by 31 March.
The new Emirates First lounge opened at Terminal 3 in Dubai for First Class customers and Skywards Platinum members. Complimentary Chauffeur Drive services launched in Tokyo Narita (NRT) and Kansai (KIX), while complimentary bus services for Economy Class customers were introduced in Clark (CRK).
Emirates signed an agreement with Dubai Investments Park for the Emirates Cabin Crew Village, a multi-billion dirham residential community for 12,000 crew. The airline also opened a new flight crew training centre and launched the Emirates Centre of Hospitality for its 25,000-strong cabin crew.
Emirates SkyCargo Posts Strong Volume Growth
Emirates SkyCargo carried 2.4 million tonnes of goods, up 3 percent year-on-year, generating revenue of AED 16.2 billion (US$ 4.4 billion), or 12 percent of Emirates’ total revenue. Cargo yield per Freight Tonne Kilometre fell 3 percent due to market pressure and tariff impacts on eCommerce trade.
Five new Boeing 777 freighter deliveries grew freighter capacity by 13 percent. The freighter network expanded to 44 points with the addition of Bangkok (BKK), Budapest (BUD), Liege (LGG), and Tokyo Narita (NRT). The total freighter fleet stood at 13 Boeing 777Fs, with 8 more pending delivery.
SkyCargo launched Emirates Courier Express, a door-to-door cross-border delivery solution, and a new Aerospace and Engineering suite for time-critical components serving aviation, engineering, defence, and space industries.
dnata Achieves Record Revenue Across All Divisions
dnata posted a record profit before tax of AED 1.6 billion (US$ 437 million), up 2 percent, on record revenue of AED 23.6 billion (US$ 6.4 billion), up 12 percent. International businesses contributed 77 percent of dnata’s revenue. Profit after tax decreased 4 percent to AED 1.3 billion (US$ 367 million), primarily due to the higher UAE tax rate.
Airport Operations revenue grew to AED 11.2 billion (US$ 3.1 billion), with 888,793 aircraft turns handled globally, up 12 percent. Cargo handled rose 2 percent to 3.2 million tonnes. dnata opened a new automated cargo facility in Amsterdam (AMS) with an annual capacity of 600,000 tonnes, representing a EUR 70 million investment.
Catering and Retail generated AED 8.1 billion (US$ 2.2 billion) in revenue, up 13 percent, serving 115.3 million meals to airline customers. Travel Services revenue grew 5 percent to AED 4.1 billion (US$ 1.1 billion), with total transaction value rising 3 percent to AED 10.1 billion (US$ 2.7 billion).
dnata acquired Wymap Group, an air cargo trucking specialist in Australia and New Zealand, and took a 7 percent stake in WonderMiles, an NDC-enabled booking platform. The company announced a joint venture for ground handling and cargo at the new Alat International airport in Azerbaijan, opening in late 2027.
Outlook for 2026-27 Remains Confident
Sheikh Ahmed confirmed Emirates is well-hedged on fuel until 2028-29 and has secured the volumes required to scale operations back to pre-disruption levels.
He noted that military activities between the US, Israel, and Iran are paused under a ceasefire agreement, and the Group enters 2026-27 with strong cash reserves enabling continued investment without cost-control measures.
Aircraft deliveries, retrofit programmes, and planned investments in new facilities will continue, with focus remaining on industry-leading products, customer experience, and talent attraction.
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