Emirates Group reports record revenue, profit despite late-year disruption

Dubai: Emirates has retained its position as the world’s most profitable airline, reporting record financial results for 2025–26 despite operational disruption in the final month of its financial year.

Emirates follows an April-to-March financial year, with the latest results covering the 12 months to March 31, 2026.

The Emirates Group, comprising of Emirates airline and dnata, its aviation services arm, alongside subsidiaries spanning cargo, catering, travel, and retail operations, reported a record profit before tax of Dh 24.4 billion (up 7 per cent y-o-y, with revenue reaching Dh150.5 billion (up 3 per cent) and cash assets at Dh59.6 billion (up 12 per cent).

The Group recorded an EBITDA of Dh41.1 billion, reflecting its strong operating profitability.

The results come despite what the airline described as a “disruptive and challenging” 12th month. Regional aviation, which was enjoying a robust growth period post-Covid, has plunged into chaos after the US-Israel-Iran broke out late-February. It is gradually stabilising after recent disruptions, with airlines restoring schedules and capacity.

Operations restored

Sheikh Ahmed bin Saeed Al Maktoum, Chairman and Chief Executive, Emirates airline and Group, said in a statement: “These outstanding results, despite significant challenges in the last month of our financial year, reaffirm the strength and resilience of the Emirates Group’s business model…”

He added: “For the first 11 months of 2025-26, the picture across the Group was very positive… Month after month, we were surpassing our targets.” However, operations were impacted towards the end of the financial year. “On February 28, military activity massively disrupted global commercial air traffic in the Gulf region, including in the UAE," he said.

Sheikh Ahmed said, "We are fortunate to be based in Dubai, where years of infrastructure investments and a cohesive aviation ecosystem has enabled the government to quickly secure safe corridors for commercial flights."

Emirates and dnata have since gradually restored operations at DXB. "Although we are still operating at a lower passenger capacity than pre-disruption, cargo operations have ramped up to support the movement of essential goods into and through the UAE," he added.  

Emirates airline performance

Emirates reported record profit and revenue, maintaining its position as the most profitable airline globally. Airline recorded profit before tax of Dh22.8 billion, up 7 per cent y-o-y. Revenues of Dh130.9 billion, up 2 per cent over last year, were recorded.

The airline reported the highest-ever level of cash assets at Dh54.9 billion, up 10 per cent higher compared to March 31, 2025.   

Revenue increased as Emirates deployed capacity to meet demand across markets, supported by network expansion and partnerships covering more than 1,700 cities beyond its network.

The airline carried 53.2 million passengers, while maintaining a passenger seat factor of 78.4 per cent. Passenger yields increased, reflecting sustained demand.

Fuel and employee costs remained the largest cost components. While total operating costs rose, the airline said lower fuel prices helped offset the increase in flying activity.

Total operating costs increased by 2 per cent from last financial year. However, the airline's fuel expenses accounted for 29 per cent of operating costs compared to 31 per cent in 2024-25.

The airline’s fuel bill decreased slightly to Dh31.2 billion compared to Dh32.6 billion the previous year, as lower average fuel price (down 7 per cent) offset a higher uplift of 1 per cent from increased flying.

Most valuable brand

The airline was also ranked the UAE’s third strongest brand, with its brand value rising 27 per cent year-on-year to $10.6 billion. The Dubai airline achieved a Brand Strength Index (BSI) score of 85.3 out of 100, supported by strong global visibility, sustained travel demand and one of the aviation industry’s largest sports sponsorship portfolios.

According to Brand Finance, in 2025 alone, Emirates announced nine major sports deals and renewals, positioning itself as one of the world's most visible sports sponsors through the 2030s.

Fleet expansion and upgrades

Fleet growth remained a key focus during the year.

Emirates took delivery of 15 Airbus A350 aircraft, bringing its A350 fleet to 19 aircraft serving 21 destinations. The total fleet stood at 277 aircraft, with an average age of 10.8 years.

The airline also continued its $5 billion retrofit programme, with 91 aircraft upgraded so far out of 215 planned.

At the Dubai Airshow, Emirates announced additional aircraft orders worth $41.4 billion at list prices with its total order book reaching 367 aircraft, extending deliveries into 2038.

Future plans

Looking ahead, the Emirates Group said it will continue investing in aircraft, infrastructure and technology.

“The Emirates Group has navigated crises and disruptions before… each time, we have bounced back stronger," said Sheikh Ahmed.

The Group said its business model and Dubai’s position as a global aviation hub remain unchanged as it enters the new financial year.

Sheikh Ahmed remains confidently optimistic. “The Emirates Group has navigated crises and disruptions before. Each time, we placed our focus on our customers and our people, and each time, we have bounced back stronge," he added.

“Our people are a big part of our success, enabling us to respond with agility in a dynamic operating environment. I’d like to thank all our employees – they have truly exemplified the qualities that set the Emirates Group apart during testing times."

Employee growth

The Group’s workforce grew by 8 per cent to 130,919 employees, reflecting continued recruitment across Emirates and dnata. Last year, Emirates Group shortlisted 390,000 candidates from 3.5 million applications onboarding over 9,700 people in the UAE.

Its UAE national workforce surpassed 4,000 employees, indicating growth in local talent programmes.

Fuel and cost management

Fuel remained a major cost component, accounting for a significant share of operating costs. The airline said its fuel bill decreased slightly compared to the previous year due to lower average fuel prices, despite higher flying activity.

Emirates continued to hedge fuel exposure and manage currency risks through financial instruments to maintain cash flow stability.

“From a fuel perspective, Emirates is well-hedged until 2028-29; and we have worked with our suppliers to secure the volumes required to support our current operations and our scaling up to pre-disruption levels,” said Sheikh Ahmed.

dnata and other business units

dnata

dnata reported record revenue and profit growth, supported by increased global travel and cargo activity.

Revenue rose to Dh 23.6 billion, up 12 per cent y-o-y, with international operations contributing a significant share. dnata increased its profit before tax by 2 per cent to Dh1.6 billion in 2025-26. dnata’s international businesses account for 77 per cent of its revenue, up 2 per cent points from the previous year.

The business also reported strong operating cash flow and increased investments in infrastructure, including cargo and catering facilities.

Emirates SkyCargo

The cargo division carried xx million tonnes, supported by expanded freighter capacity and network growth to 44 destinations.

Emirates Flight Catering (EKFC)

EKFC reported revenue growth driven by external contracts, serving over 100 airline customers and large-scale global events.

MMI / Emirates Leisure Retail (ELR)

MMI/ELR reported revenue of Dh2.9 billion, down 5 per cent due to market conditions and the rollback of the municipality tax waiver in the UAE.

During the year, ELR acquired the remaining 25 per cent stake in Air Ventures LLC, securing full ownership of the entity which operates airport retail and F&B outlets in the US.