Emirates Group Posts Record $6.6 Billion Profit - World's Most Profitable Airline Despite War Disruption

EcoPulse24 | Dubai

The Emirates Group delivered record profits, revenue, and cash balances in its 2025-26 financial year, cementing its position as the world's most profitable airline - a result made all the more remarkable by the severe disruption that struck in the final month of its financial year when military activity across the Gulf region massively curtailed commercial aviation.

For the financial year ended March 31, 2026, the Emirates Group reported profit before tax of AED 24.4 billion - equivalent to $6.6 billion - up 7% from the previous year, on record revenue of AED 150.5 billion ($41.0 billion), itself up 3%. Cash assets reached a record AED 59.6 billion ($16.2 billion), 12% higher than a year earlier.

Key Financial Results - Source: Emirates Group Annual Report 2025-26

Emirates Group

Emirates Airline

dnata

Record Results Despite a Devastating Final Month

The numbers alone do not capture the full story. For eleven months of the 2025-26 financial year, Emirates was surpassing its targets across every metric. Then on February 28, military activity disrupted global commercial air traffic across the Gulf region, forcing Emirates to rapidly mobilise to protect its people, assets, and continuity of operations.

"On 28 February, military activity massively disrupted global commercial air traffic in the Gulf region, including in the UAE," said HH Sheikh Ahmed bin Saeed Al Maktoum, Chairman and Chief Executive of Emirates airline and Group. "Emirates and dnata quickly mobilised to support our people and affected customers, protect our assets, and ensure business continuity."

Despite that disruption, the Group delivered its best-ever annual results - a testament to the depth of the financial buffers, operational resilience, and hedging discipline built over years of sustained investment.

The Tax Dimension

A structural change in the UAE's corporate tax framework affected the Group's reported results this year. The UAE corporate tax rate applied to the Emirates Group increased from 9% to 15% due to the adoption of Pillar Two international tax rules. After the higher tax charge, the Group's profit after tax stood at AED 21.0 billion ($5.7 billion), up 3% from 2024-25.

Emirates Airline: Best Profit in Aviation History

Emirates airline reported profit after tax of AED 19.7 billion ($5.4 billion) - the best profit performance in the airline's history and in the global airline industry for the 2025-26 reporting year. The net profit margin of 15.0% is exceptional by any measure in an industry where single-digit margins are considered healthy.

Passenger numbers fell marginally by 1% to 53.2 million due to the war disruption, and seat capacity was down 1%. The seat factor of 78.4% declined marginally from 78.9%, but passenger yield rose 4% to 38.1 fils (10.4 US cents) per Revenue Passenger Kilometre - reflecting the airline's pricing power and product premium.

The fuel bill declined slightly to AED 31.2 billion ($8.5 billion) from AED 32.6 billion ($8.9 billion) the previous year, as a 7% drop in average fuel prices more than offset a 1% increase in flying activity. Fuel remains the airline's largest single cost at 29% of operating costs, down from 31% the prior year.

Fleet, Network, and Investment

Emirates ended the year with 277 aircraft and an order book of 367 units - comprising 54 A350s, 270 Boeing 777X, 35 787s, and 8 777 freighters - with deliveries scheduled through 2038. During the year, 15 Airbus A350 aircraft were delivered, expanding the airline's capacity to offer its latest Premium Economy and inflight entertainment products across 21 destinations.

The Group collectively invested AED 17.9 billion ($4.9 billion) in new aircraft, facilities, equipment, and technology. Emirates' US$5.0 billion retrofit programme continued at pace, with 91 of 215 earmarked aircraft completing a full cabin refresh by year end.

At the 2025 Dubai Airshow, Emirates announced further fleet investments worth $41.4 billion at list prices - 65 additional Boeing 777-9s and 8 more A350-900 aircraft.

dnata: Record Revenue, Strong Cash

dnata delivered record revenue of AED 23.6 billion ($6.4 billion), up 12%, with all business divisions performing solidly. International businesses accounted for 77% of dnata's revenue. The business handled 888,793 aircraft turns globally - up 12% - and 3.2 million tonnes of cargo, up 2%.

Notable developments included the opening of a fully automated cargo facility in Amsterdam with annual capacity of 600,000 tonnes representing a €70 million investment, and acquisitions including Wymap Group in Australia.

Outlook: Hedged, Liquid, and Committed

Sheikh Ahmed said the Group enters 2026-27 with very strong cash reserves, enabling it to progress with growth plans without emergency cost-cutting. Emirates is well-hedged on fuel through 2028-29. Aircraft deliveries and the retrofit programme will continue, as will planned investments in new facilities and equipment.

"Our fundamentals are strong. The Emirates Group's proven business model is unchanged. Dubai's place at the nexus of global commerce, trade and travel flows is unchanged," Sheikh Ahmed said.

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