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 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 percent y-o-y), with revenue reaching Dh 150.5 billion (up 3 percent) and cash assets at Dh 59.6 billion (up 12 percent). 

The Group recorded an EBITDA of Dh 41.1 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 conflict broke out in 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, the end of the financial year impacted operations. “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. The airline recorded a profit before tax of Dh22.8 billion, up 7 percent 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 percent 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 percent. 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 percent 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 a lower average fuel price (down 7 percent) offset a higher uplift of 1 percent from increased flying.

Most valuable brand

The airline was also ranked as the UAE’s third-strongest brand, with its brand value rising 27 percent 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.

Employee growth

The group's workforce grew by 8 percent 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.

Source: Gulf News