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Emirates Group announces record profit despite regional conflict
Dubai’s flagship carrier Emirates airline retains its place as the world’s most profitable airline as it posts record profit before tax
- PUBLISHED: Thu 7 May 2026, 10:00 AM UPDATED: Thu 7 May 2026, 10:41 AM
The Emirates Group on Thursday announced a new record profit for 2025-26, despite a disruptive and challenging 12th month in its financial year due to the regional war involving the US, Israel and Iran.
For the financial year ended March 31, 2026, the Emirates Group reported record profit before tax of Dh24.4 billion, up 7 per cent from last year. The Dubai-based group recorded revenue of Dh150.5 billion, up 3 per cent over last year’s results. It announced a record level of cash assets at Dh59.6 billion, up 12 per cent from last year. It committed Dh340 billion for investment in future capabilities.
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On February 28, the US and Israel launched attacks against Iran, targeting its military and senior political leadership. Iran fired missiles and drones at the UAE and other Gulf countries, resulting in disruptions to inbound and outbound flights across the Gulf region. The Group declared a dividend of Dh3.5 billion to its owner, the Investment Corporation of Dubai (ICD).
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The UAE corporate tax rate applied to the Emirates Group increased from 9 per cent to 15 per cent this year, due to the adoption of Pillar Two tax rules in the UAE. After accounting for the tax charge, the Group’s profit after tax is Dh21 billion ($ 5.7 billion), up 3 per cent from 2024-25.
“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, which is rooted in safety, excellence, innovation, people and partnerships,” said Sheikh Ahmed bin Saeed Al Maktoum, Chairman and Chief Executive, Emirates airline and Group.
In 2025-26, the Group collectively invested Dh17.9 billion in new aircraft, facilities, equipment, and the latest technologies to support its growth plans.
“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. Our ambition to be the best in the world, and to be of service to the world, is unchanged,” said Sheikh Ahmed.
Emirate airline
The Emirates airline retained its place as the world’s most profitable airline.
Emirates hit a new record profit after tax of Dh19.7 billion, exceeding last year’s Dh19.1 billion result with an outstanding net profit margin of 15.0 per cent. This was the best profit performance in the airline’s history, and in the airline industry for the reporting year 2025-26.
Emirates’ revenue for the financial year increased 2 per cent to Dh130.9 billion. Currency fluctuations in some of the airline’s major markets positively impacted the airline’s profitability by Dh332 million.
Total operating costs increased by two per cent from the last financial year.
Dubai’s flagship airline carried 53.2 million passengers (down 1 per cent) in 2025-26, with seat capacity down by 1 per cent. The passenger seat factor marginally declined to 78.4 per cent.
Fuel and employee costs were the airline’s two biggest cost components in 2025-26, followed by cost of ownership (depreciation and amortisation). Fuel 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 per cent) offset a higher uplift of 1 per cent from increased flying.
Last month, Brand Finance said Emirates’ brand value grew 27 per cent to $10.6 billion, and as it retained its third position, reflecting the airline’s strong commercial performance driven by sustained global travel demand and growing preference for premium cabins, which continue to support higher yields. “Operationally, the airline has strengthened its position through continued fleet,” it said.
Total fleet count at year end was 277 units, with an average fleet age of 10.8 years.
Saj Ahmad, Chief Analyst at London-based StrategicAero Research, said Emirates sits on a huge cash balance which protects it from fluctuating fuel prices – and in some ways, the delays to the 777X delivery have allowed the airline to de-risk integrating a new airplane amidst the backdrop of regional volatility.
“That said, Emirates is keen to take delivery next year of the 777X to allow the speedy drawdown of its ageing A380 fleet, which again, was the first jet to be stood down during the Iran-USA-Israel war when demand collapses,” he said.
Dnata’s profit after tax stood at Dh1.3 billion, a 4 per cent decrease primarily due to a higher UAE tax rate applied in 2025-26.
