Emirates Retains Global Lead with Record Profit of $6.6bn in 2025-26

The Emirates Group today released its 2025-26 Annual Report, achieving new record profit, revenue, and cash balance levels, despite a disruptive and challenging 12th month in its financial year.

Emirates is the world’s most profitable airline in the 2025-26 reporting period.

For the financial year ended 31 March 2026, the Emirates Group reported:

• record profit before tax (PBT) of AED 24.4 billion (US$ 6.6 billion), up 7% from last year, and a PBT margin of 16.2%

• record revenue of AED 150.5 billion (US$ 41.0 billion), up 3% over last year’s results

• record level of cash assets at AED 59.6 billion (US$ 16.2 billion), up 12% from last year

• EBITDA of AED 41.1 billion (US$ 11.2 billion), reflecting its strong operating profitability.

Emirates retains its place as the world’s most profitable airline, reporting:

• record profit before tax (PBT) of AED 22.8 billion (US$ 6.2 billion), up 7% from last year, and a PBT margin of 17.4%

• record revenue of AED 130.9 billion (US$ 35.7 billion), an increase of 2% over last year

• highest-ever level of cash assets at AED 54.9 billion (US$ 15.0 billion), 10% higher compared to 31 March 2025.   

dnata delivered solid growth and performance across its business units, reporting:

• record profit before tax (PBT) of AED 1.6 billion (US$ 437 million), up 2% from last year, and a PBT margin of 6.8%

• record revenue of AED 23.6 billion (US$ 6.4 billion), up 12%

• strong cash assets of AED 4.7 billion (US$ 1.3 billion), up by 28%.

The Group declares a dividend of AED 3.5 billion (US$ 1.0 billion) to its owner, the Investment Corporation of Dubai (ICD). 

The UAE corporate tax rate applied to the Emirates Group increased from 9% to 15% this year, due to the adoption of Pillar Two tax rules in the UAE. After accounting for the tax charge, the Group’s profit after tax is AED 21.0 billion (US$ 5.7 billion), up 3% from 2024-25.

In 2025-26, the Group collectively invested AED 17.9 billion (US$ 4.9 billion) in new aircraft, facilities, equipment, and the latest technologies to support its growth plans.

The Group’s total workforce grew by 8% to 130,919 employees, as Emirates and dnata continued recruitment activity around the world to support its expanding operations and boost its future capabilities. The Group’s UAE national workforce also grew to surpass 4,000, showing the success of its programmes to attract, grow and retain local talent.

Emirates performance

Emirates’ total passenger and cargo capacity grew 1% to 60.6 billion ATKMs in 2025-26.

During the year, Emirates launched four new destinations – Da Nang, Hangzhou, Siem Reap and Shenzhen; and added services to existing destinations to meet customer demand. By 31 March, Emirates’ global network spanned 152 cities in 80 countries. Emirates also grew its partnerships to 32 codeshare and 117 interline partners, providing customers smooth access to over 1,700 cities beyond its network.  

Emirates grew its passenger fleet with the delivery of 15 Airbus A350 aircraft this year, enabling the airline to offer even more customers its latest products, including the popular Premium Economy Class and a new-generation inflight entertainment system. By 31 March, Emirates had 19 A350s in its fleet flying to 21 destinations.

Total fleet count at year end was 277 units, with an average fleet age of 10.8 years. At the 2025 Dubai Airshow, Emirates announced further fleet investments worth US$ 41.4 billion at list prices – for 65 more Boeing 777-9s and 8 more A350-900 aircraft. At 31 March, Emirates’ order book had 367 aircraft, comprising of: 54 A350s, 270 Boeing 777x, 35 787s, and 8 777Fs, with deliveries scheduled through to 2038.

By strategically deploying capacity to serve surging demand across markets, Emirates’ total revenue for the financial year increased 2% to AED 130.9 billion (US$ 35.7 billion). Currency fluctuations in some of the airline’s major markets positively impacted the airline’s profitability by AED 332 million (US$ 90 million).

Emirates’ strong commercial performance delivered an operating cash flow of AED 32.0 billion (US$ 8.7 billion) in 2025-26 – this enables the airline to sustain its business growth plans.

Total operating costs increased by 2% from last financial year. Fuel and employee cost were the airline’s two biggest cost components in 2025-26, followed by cost of ownership (depreciation and amortisation).

Fuel accounted for 29% of operating costs compared to 31% in 2024-25. The airline’s fuel bill decreased slightly to AED 31.2 billion (US$ 8.5 billion) compared to AED 32.6 billion (US$ 8.9 billion) the previous year, as lower average fuel price (down 7%) offset a higher uplift of 1% from increased flying.

Due to strong travel demand across market segments, and the airline’s ability to earn customer preference through its strong network, high quality products and services, Emirates hit a new record prpfit after tax of AED 19.7 billion (US$ 5.4 billion), exceeding last year’s AED 19.1 billion (US$ 5.2 billion) result with an outstanding net profit margin of 15.0%. This is the best profit performance in the airline’s history, and in the airline industry for the reporting year 2025-26.

Emirates carried 53.2 million passengers (down 1%) in 2025-26, with seat capacity down by 1%. The airline reports a Passenger Seat Factor of 78.4%, a marginal decline from 78.9% last year. Passenger yield was higher by 4% at 38.1 fils (10.4 US cents) per Revenue Passenger Kilometre (RPKM).  

Emirates continued to invest in delivering ever better customer experiences. In November, the airline announced a deal with Starlink to equip its fleet with high-speed Wi-Fi. Emirates quickly rolled out Starlink deployment, and by 31 March, 21 aircraft were already fitted and offering best-in-sky connectivity to customers, with more to follow.

During the year, the airline’s US$ 5.0 billion retrofit programme continued at pace. To date, 91 aircraft (out of 215 units earmarked) have completed a full cabin refresh, to feature Emirates’ latest inflight products including the popular Premium Economy seats.

On ground, Emirates First - a new exclusive check in lounge dedicated to First Class customers and Skywards Platinum members was opened at Emirates Terminal 3 in Dubai; complimentary Chauffeur Drive services for First and Business Class customers were introduced in Tokyo Narita and Kansai International, and complimentary bus services for Economy Class customers in Clark.

Emirates launched a new “Accessible and Inclusive Travel Hub” on emirates.com to help travellers with varying accessibility requirements plan their journey. It also introduced new onboard sensory products and fidget toys for children and adults, and organised “travel rehearsals” at dozens of airports around the world to help ease travel anxiety for children with autism and their families.

This year, Emirates signed an agreement with Dubai Investments Park to secure a site for Emirates’ Cabin Crew Village, a multi-billion dirham residential community for 12,000 crew when completed; opened a new flight crew training centre to support the airline’s fleet growth; and launched the Emirates Centre of Hospitality to provide world-class hospitality training for its 25,000-strong cabin crew.

Emirates Skywards marked its 25-year anniversary with a high-visibility campaign and enhanced reward opportunities for members during the year. Highlights included: offering Classic Rewards redemptions on all flydubai flights in all cabins; Classic Rewards and Upgrade Rewards redemptions in Emirates Premium Economy; and the charity auction of 7 rare Skywards membership numbers with Platinum tier status.