Emirates has retained its position as the world’s most profitable airline after reporting record earnings for the 2025-26 financial year, despite significant operational disruption linked to regional military tensions during the final month of the reporting period.
The Emirates Group, which includes Emirates airline, aviation services provider dnata and subsidiaries spanning cargo, catering, travel and retail operations, reported record profit before tax of Dh24.4 billion, up 7% year-on-year.
Group revenue reached Dh150.5 billion, while cash assets rose to Dh59.6 billion, reflecting continued demand for international travel and cargo services during most of the financial year ending March 31, 2026.
The group also reported EBITDA of Dh41.1 billion, underlining strong operating profitability across its aviation and services businesses.
The results were recorded against the backdrop of disruption across Gulf aviation markets following military escalation involving the United States, Israel and Iran in late February.
According to Emirates Group Chairman and Chief Executive Sheikh Ahmed bin Saeed Al Maktoum, operations during the first 11 months of the financial year had consistently exceeded internal targets before regional airspace disruption affected commercial aviation activity.
“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,” Sheikh Ahmed said in the company statement.
He said military activity beginning on February 28 significantly disrupted commercial air traffic across the Gulf region, including operations in the UAE.
However, Sheikh Ahmed credited Dubai’s aviation infrastructure and coordinated airspace management for supporting operational recovery.
“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,” he said.
Emirates and dnata have since gradually restored operations at Dubai International Airport, although the group acknowledged passenger capacity remains below pre-disruption levels.
Emirates airline separately reported:
The airline said revenue growth was supported by network expansion and increased capacity deployment across international markets.
Its partnerships now extend connectivity to more than 1,700 cities beyond the Emirates network, strengthening international passenger reach.
Passenger yields also increased during the year, reflecting sustained travel demand across long-haul markets.
Fuel and employee expenses remained Emirates’ largest operating cost categories during the financial year.
While total operating costs increased by 2%, lower fuel prices helped offset the impact of expanded flying activity.
According to the company:
Sheikh Ahmed said Emirates remains protected against future fuel volatility through hedging strategies and supplier agreements.
“From a fuel perspective, Emirates is well-hedged until 2028-29,” he said.
Fleet expansion remained central to Emirates’ long-term strategy during the year.
The airline took delivery of 15 Airbus A350 aircraft, bringing the total A350 fleet to 19 aircraft operating across 21 destinations.
Its total fleet reached 277 aircraft, with an average fleet age of 10.8 years.
Emirates also continued work on its $5 billion retrofit programme, with 91 aircraft upgraded so far out of a planned 215.
At the Dubai Airshow, the airline announced additional aircraft orders valued at $41.4 billion at list prices, extending its total order book to 367 aircraft with deliveries scheduled through to 2038.
According to Brand Finance, Emirates retained its position as the world’s most valuable airline brand outside North America.
The airline’s brand value rose 27% year-on-year to $10.6 billion, while its Brand Strength Index score reached 85.3 out of 100.
Brand Finance attributed the performance to strong international visibility, sustained travel demand and Emirates’ extensive global sports sponsorship portfolio.
The Emirates Group also expanded its workforce by 8% to 130,919 employees as recruitment activity accelerated across Emirates and dnata operations.
The company said it shortlisted approximately 390,000 candidates from 3.5 million applications and onboarded more than 9,700 employees in the UAE during the year.
Its UAE national workforce exceeded 4,000 employees.
dnata, the group’s aviation services business, also reported record financial performance during the year.
Key dnata figures included:
The business expanded investment in cargo and catering infrastructure while benefiting from increased global travel and cargo activity.
Other divisions including Emirates Flight Catering and Emirates Leisure Retail also recorded operational growth, although MMI and Emirates Leisure Retail reported lower revenue due to changing market conditions and tax-related adjustments in the UAE.
Looking ahead, Emirates Group said it would continue investing in aircraft, infrastructure and technology despite ongoing geopolitical uncertainty in regional aviation markets.
The company maintained that Dubai’s role as a global aviation hub and the group’s long-term business strategy remain unchanged.
“The Emirates Group has navigated crises and disruptions before,” Sheikh Ahmed said.
“Each time, we placed our focus on our customers and our people, and each time, we have bounced back stronger.”
As international travel demand remains resilient and airlines continue rebuilding capacity, Emirates enters the new financial year with strong liquidity, an expanding fleet and one of the aviation industry’s largest long-haul networks.
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