Emirates Group Reports Record Annual Profit of AED 24.4 Billion

‍

DUBAI — Emirates Group reported record results for the financial year ended March 31, 2026, with profit before tax of AED 24.4 billion (US$6.6 billion), revenue of AED 150.5 billion (US$41.0 billion), and cash assets of AED 59.6 billion (US$16.2 billion). The company also reported EBITDA of AED 41.1 billion (US$11.2 billion) and said it would pay a AED 3.5 billion (US$1.0 billion) dividend to its owner, the Investment Corporation of Dubai.

Emirates airline drove the record year

Within the group, Emirates said it remained the world’s most profitable airline in the 2025-26 reporting cycle. The airline reported profit before tax of AED 22.8 billion (US$6.2 billion), up 7%, on revenue of AED 130.9 billion (US$35.7 billion), up 2%. Its cash assets rose to AED 54.9 billion (US$15.0 billion).

The result is notable not only because of the headline profit, but because it came despite a badly disrupted final month of the financial year. Emirates Chairman and Chief Executive Sheikh Ahmed bin Saeed Al Maktoum said military activity beginning on February 28 heavily disrupted commercial air traffic in the Gulf, including in the UAE, forcing Emirates and dnata to manage around a major operational shock.

Demand stayed strong, even as capacity slipped

Emirates carried 53.2 million passengers, down 1% year over year, with seat capacity also down 1% and load factor easing slightly to 78.4% from 78.9%. But passenger yield rose 4% to 38.1 fils (10.4 U.S. cents) per RPK, helping protect profitability. The airline also said total passenger and cargo capacity rose 1% to 60.6 billion ATKMs.

That mix is important. This was not a year defined by rapid volume expansion. It was a year in which Emirates used network strength, pricing, and premium demand to keep earnings high even with limited capacity growth and late-year disruption.

Fuel was still the biggest cost line, but not the biggest problem

Fuel and labor remained Emirates’ two largest operating cost components. Fuel accounted for 29% of operating costs in 2025-26, down from 31% a year earlier. The airline’s fuel bill actually eased slightly to AED 31.2 billion (US$8.5 billion) from AED 32.6 billion (US$8.9 billion), as a 7% lower average fuel price offset a 1% increase in uplift.

That sets Emirates apart from many other airline earnings stories this year, where fuel has been the dominant negative surprise. Emirates still had to absorb geopolitical disruption, but it did so from a position of stronger cost and hedging resilience than many competitors. Sheikh Ahmed said the group is well hedged until 2028-29 and has secured the fuel volumes needed to support current operations and a return to pre-disruption levels.

Fleet renewal and premium product remain central

Emirates added 15 Airbus A350s during the year and ended March with 19 A350s serving 21 destinations. Total fleet count stood at 277 aircraft with an average age of 10.8 years. At the 2025 Dubai Airshow, Emirates announced additional fleet commitments valued at $41.4 billion at list prices, including 65 Boeing 777-9s and 8 A350-900s, bringing its order book to 367 aircraft scheduled for delivery through 2038.

The retrofit push also continued. Emirates said 91 aircraft out of the 215 earmarked under its US$5.0 billion retrofit program had completed cabin refreshes by year-end. It also said 21 aircraft had already been fitted with Starlink by March 31.

dnata also had a record year

dnata contributed a strong performance of its own, with profit before tax of AED 1.6 billion (US$437 million), up 2%, on revenue of AED 23.6 billion (US$6.4 billion), up 12%. Cash assets rose 28% to AED 4.7 billion (US$1.3 billion). Emirates Group said dnata’s international businesses accounted for 77% of dnata revenue.

The takeaway

Emirates is no longer just posting big profits — it is doing so while continuing to invest heavily, preserve cash, renew its fleet, and absorb geopolitical shocks without abandoning its premium-growth model. In a year when many airlines are using fuel, war, and macro volatility to explain weaker results, Emirates is using those same headwinds to underline how resilient its network, balance sheet, and Dubai-based operating model have become.