Emirates Group has published its annual report for the fiscal year 2025-26, showcasing significant achievements in profitability, revenue, and cash reserves, despite facing challenges in the final month of the financial year.
During this reporting period, Emirates has been recognized as the most profitable airline globally. For the year ending March 31, 2026, the Emirates Group disclosed the following key financial metrics:
- A record profit before tax (PBT) of AED 24.4 billion (approximately US$ 6.6 billion), reflecting a 7% increase from the previous year, with a PBT margin of 16.2%.
- Record revenue totaling AED 150.5 billion (around US$ 41.0 billion), representing a 3% rise compared to last year.
- An unprecedented cash asset level of AED 59.6 billion (about US$ 16.2 billion), up 12% from the prior year.
- EBITDA of AED 41.1 billion (approximately US$ 11.2 billion), indicating robust operational profitability.
Emirates itself reported:
- A profit before tax of AED 22.8 billion (around US$ 6.2 billion), also up by 7% year-on-year, with a margin of 17.4%.
- Record revenues of AED 130.9 billion (about US$ 35.7 billion), a 2% increase from the previous fiscal year.
- Cash reserves reaching AED 54.9 billion (approximately US$ 15.0 billion), marking a 10% increase compared to March 31, 2025.
Furthermore, dnata, a subsidiary of the Emirates Group, demonstrated solid growth, reporting:
- A profit before tax of AED 1.6 billion (approximately US$ 437 million), up 2% from the prior year, with a PBT margin of 6.8%.
- Record revenue of AED 23.6 billion (about US$ 6.4 billion), reflecting a 12% increase.
- Cash assets of AED 4.7 billion (around US$ 1.3 billion), up by 28%.
The Emirates Group has declared a dividend of AED 3.5 billion (approximately US$ 1.0 billion) to its owner, the Investment Corporation of Dubai (ICD).
This year, the corporate tax rate applicable to the Emirates Group rose from 9% to 15% due to the implementation of Pillar Two tax regulations in the UAE. After accounting for taxes, the Group’s profit after tax amounted to AED 21.0 billion (approximately US$ 5.7 billion), up 3% from the previous fiscal year.
His Highness Sheikh Ahmed bin Saeed Al Maktoum, Chairman and Chief Executive of Emirates airline and Group, stated, “These remarkable results, achieved despite significant challenges in the last month of our financial year, reaffirm the strength and resilience of the Emirates Group’s business model, which is founded on safety, excellence, innovation, and strong partnerships.”
He elaborated that the first eleven months of the financial year were characterized by a positive outlook, with high demand for services driving revenue growth and maintaining healthy margins due to ongoing investments in various sectors. However, military activities disrupted global air traffic in the Gulf region on February 28, necessitating a swift response from Emirates and dnata to safeguard their operations and customers.
Sheikh Ahmed noted, “We have successfully navigated crises in the past, focusing on our customers and employees, allowing us to emerge stronger each time.” He expressed gratitude to the leadership of Dubai and emphasized the importance of collaboration within the aviation sector.
In the fiscal year 2025-26, the Group invested AED 17.9 billion (approximately US$ 4.9 billion) in aircraft, facilities, and technology to support its growth objectives. The total workforce of the Group increased by 8% to 130,919 employees, with a notable rise in the number of UAE nationals surpassing 4,000.
Looking ahead to 2026-27, Sheikh Ahmed commented on the current geopolitical situation, noting the pause in military activities between the US, Israel, and Iran, and expressed hope for a swift resolution. He reassured stakeholders that Emirates is well-positioned with strong cash reserves and a solid operational framework to continue its growth trajectory without drastic cost-cutting measures.
Emirates achieved a 1% increase in total passenger and cargo capacity during the year, reaching 60.6 billion ATKMs. The airline launched four new destinations and expanded services to meet customer demands, ultimately serving 152 cities across 80 countries by March 31.
Additionally, the airline received 15 Airbus A350 aircraft this year, enhancing its fleet and enabling the introduction of new services, including Premium Economy Class. By the fiscal year’s end, the fleet comprised 277 units, with an average age of 10.8 years.
At the 2025 Dubai Airshow, Emirates announced significant fleet investments totaling US$ 41.4 billion, with orders for 65 Boeing 777-9s and 8 more A350-900 aircraft. Its order book includes 367 aircraft scheduled for delivery through 2038.
In terms of financial performance, Emirates reported a total revenue increase of 2%, totaling AED 130.9 billion (US$ 35.7 billion). The operating cash flow was robust at AED 32.0 billion (US$ 8.7 billion), supporting the airline’s growth initiatives.
Fuel costs decreased slightly, accounting for 29% of operating costs, while employee expenses remained a significant component. The airline’s net profit after tax reached AED 19.7 billion (US$ 5.4 billion), marking an increase from the previous year’s AED 19.1 billion (US$ 5.2 billion), with a profit margin of 15.0%, showcasing the best performance in the airline’s history.
Emirates served 53.2 million passengers during the year, with a slight decrease in seat capacity. The Passenger Seat Factor stood at 78.4%, reflecting a minor decline from the previous year. Passenger yield increased by 4%, demonstrating the airline’s ability to attract customers through its extensive network and high-quality services.
Continuing its focus on customer experience, Emirates partnered with Starlink to provide high-speed Wi-Fi across its fleet. The airline’s retrofit program progressed, refreshing 91 aircraft with the latest cabin features, including Premium Economy seats.
Emirates opened a new dedicated check-in lounge for First Class customers and expanded its services for all travel classes at various airports, enhancing customer convenience. The airline also launched an “Accessible and Inclusive Travel Hub” on its website to assist travelers with specific needs.
Moreover, Emirates secured a site for the Emirates Cabin Crew Village, a residential community for crew members, and opened a new flight crew training center. Emirates Skywards celebrated its 25th anniversary with enhanced reward offerings for its members.
Emirates SkyCargo reported carrying 2.4 million tonnes of goods, achieving a solid revenue of AED 16.2 billion (US$ 4.4 billion), contributing to 12% of Emirates’ total revenue.
Throughout the year, dnata also demonstrated strong growth, reporting a 2% increase in profit before tax and a 12% rise in total revenue. Investments in the business amounted to AED 858 million (US$ 234 million) to enhance capabilities and expand operations.
The Emirates Group is committed to sustainability, engaging in various environmental initiatives and community support programs throughout the year, demonstrating its dedication to reducing environmental impact and contributing to society.
The full 2025-26 Annual Report of the Emirates Group, detailing these accomplishments and future strategies, is available at www.theemiratesgroup.com/annualreport.
