The Emirates Group has released its 2025-26 Annual Report, recording new highs in profit, revenue and cash balance despite facing operational disruptions and challenges during the final month of its financial year. Emirates also retained its position as the world’s most profitable airline for the 2025-26 reporting period.

For the financial year ended 31 March 2026, the Emirates Group reported a record profit before tax of AED24.4 billion (US$6.6 billion), an increase of seven per cent compared to the previous year, with a profit before tax margin of 16.2 per cent. Revenue rose three per cent to AED150.5 billion (US$41.0 billion), while cash assets increased 12 per cent to AED59.6 billion (US$16.2 billion). EBITDA reached AED41.1 billion (US$11.2 billion), reflecting the Group’s strong operational performance.

Emirates continued to lead the global aviation industry by posting a record profit before tax of AED22.8 billion (US$6.2 billion), up seven per cent year-on-year, alongside a profit before tax margin of 17.4 per cent. Revenue increased two per cent to AED130.9 billion (US$35.7 billion), while cash assets reached a record AED54.9 billion (US$15.0 billion), up 10 per cent compared to the previous financial year.

dnata also delivered strong results across its business divisions, recording a profit before tax of AED1.6 billion (US$437 million), an increase of two per cent, with a profit margin of 6.8 per cent. Revenue climbed 12 per cent to AED23.6 billion (US$6.4 billion), while cash assets rose 28 per cent to AED4.7 billion (US$1.3 billion).

The Group declared a dividend of AED3.5 billion (US$1.0 billion) to its owner, the Investment Corporation of Dubai (ICD). Following the implementation of the UAE’s Pillar Two tax rules, the Emirates Group’s corporate tax rate increased from nine per cent to 15 per cent. After accounting for taxation, the Group’s profit after tax stood at AED21.0 billion (US$5.7 billion), up three per cent compared to the previous year.

Chairman and Chief Executive of Emirates Airline and Group, His Highness Sheikh Ahmed bin Saeed Al Maktoum, said the Group’s strong performance highlighted the resilience of its business model, which is built on safety, innovation, operational excellence, partnerships and its workforce.



He noted that the Group experienced strong momentum throughout most of the financial year, driven by robust demand for its products and services, as well as continued investments in technology, people, product development and branding. However, military activity in the Gulf region on 28 February significantly disrupted commercial air traffic, including operations in the UAE. Emirates and dnata responded swiftly to support affected customers and employees, safeguard assets and ensure continuity of operations.

Sheikh Ahmed added that Dubai’s advanced aviation infrastructure and coordinated ecosystem enabled the rapid restoration of safe flight corridors, allowing Emirates and dnata to gradually resume operations at Dubai International Airport. Although passenger capacity remains below pre-disruption levels, cargo operations have increased to facilitate the movement of essential goods into and through the UAE.

He also thanked the Group’s employees for their commitment and agility during a challenging operating environment, while expressing appreciation to Dubai’s leadership and global aviation partners for their continued support and collaboration.

During the financial year, the Emirates Group invested AED17.9 billion (US$4.9 billion) in new aircraft, equipment, facilities and technology to support long-term growth. The Group’s workforce increased by eight per cent to 130,919 employees globally, while the number of UAE nationals employed by the Group surpassed 4,000.

Looking ahead to 2026-27, Sheikh Ahmed said the Group remains optimistic despite geopolitical uncertainties. He noted that Emirates is well hedged against fuel price volatility until 2028-29 and has secured supply agreements to support future operational growth. Supported by strong cash reserves, the Group will continue investing in aircraft deliveries, retrofit programmes, facilities and customer experience enhancements.

During the year, Emirates expanded its global network with the launch of services to Da Nang, Hangzhou, Siem Reap and Shenzhen, while also increasing frequencies on existing routes. By 31 March 2026, Emirates served 152 cities in 80 countries and strengthened connectivity through 32 codeshare partnerships and 117 interline agreements, giving customers access to more than 1,700 destinations worldwide.

The airline also expanded its fleet with the delivery of 15 Airbus A350 aircraft, featuring Emirates’ latest onboard products, including Premium Economy Class and a next-generation inflight entertainment system. By the end of March, Emirates operated 19 A350 aircraft across 21 destinations, while its total fleet stood at 277 aircraft with an average age of 10.8 years.

At the 2025 Dubai Airshow, Emirates announced additional fleet investments worth US$41.4 billion for 65 Boeing 777-9 aircraft and eight A350-900 aircraft. As of 31 March, the airline’s total order book stood at 367 aircraft scheduled for delivery through 2038.

Emirates reported total revenue of AED130.9 billion (US$35.7 billion), supported by strong passenger demand and strategic capacity deployment across key markets. Operating cash flow reached AED32.0 billion (US$8.7 billion), enabling the airline to continue funding expansion and customer experience initiatives.

Despite rising operational costs, Emirates achieved a record profit after tax of AED19.7 billion (US$5.4 billion), surpassing the previous year’s result and delivering a net profit margin of 15 per cent. The airline carried 53.2 million passengers during the financial year, with a passenger seat factor of 78.4 per cent.

The airline also continued investing in customer experience improvements, including the rollout of Starlink high-speed Wi-Fi services, expansion of its aircraft retrofit programme and the launch of accessibility initiatives for passengers with varying travel needs. Emirates additionally invested in crew training facilities, hospitality development and residential accommodation for cabin crew.

Emirates SkyCargo delivered another strong performance, transporting 2.4 million tonnes of cargo globally, an increase of three per cent compared to the previous year. The cargo division expanded its freighter network, introduced new logistics solutions and continued strengthening its specialist cargo services.

Within the Emirates Group portfolio, Emirates Flight Catering and MMI/Emirates Leisure Retail also contributed positively to overall performance. Emirates Flight Catering increased external customer revenue by 12 per cent and delivered more than 16 million meals during the year, while MMI/ELR continued expanding its food and beverage operations despite market challenges.

dnata also recorded strong operational growth across airport operations, catering, retail and travel services. Revenue from dnata’s airport operations increased significantly due to higher global flight activity, while investments continued in cargo facilities, catering centres and environmentally friendly ground support equipment.

The Emirates Group also strengthened its sustainability and community engagement initiatives throughout the year. Environmental efforts included investments in sustainable aviation fuel research, waste reduction programmes and low-emission ground equipment. Emirates also partnered with organisations such as Wimbledon and UK Wildlife Trusts to support environmental awareness programmes for underserved youth communities.

On the community front, the Emirates Airline Foundation continued supporting disadvantaged children globally through education, healthcare and humanitarian initiatives. Employee-led volunteer programmes under dnata4good also contributed food donations, vocational assistance and humanitarian support across multiple countries.

The Emirates Group stated that its strong financial position, long-term investment strategy and global connectivity network will continue to support future growth despite ongoing geopolitical and economic uncertainties.