Emirates has reported record profit, revenue and cash reserves for the financial year ended March 31, 2026, retaining its position as the world’s most profitable airline despite severe operational disruption caused by military activity in the Gulf region during the final month of its financial year.
The Emirates Group, comprising Emirates airline and its aviation services subsidiary dnata, posted a group profit before tax of AED 24.4 billion (US$6.6 billion) for 2025-26, up 7 percent from the previous year, with record group revenue of AED 150.5 billion (US$41.0 billion) and cash assets of AED 59.6 billion (US$16.2 billion). Emirates airline individually recorded a profit before tax of AED 22.8 billion (US$6.2 billion), its best result in history and the best in the global airline industry for the period.
The results come despite a difficult final month. Military activity on February 28 massively disrupted commercial air traffic across the Gulf, including at Dubai International Airport. Sheikh Ahmed bin Saeed Al Maktoum, Chairman and Chief Executive of Emirates airline and Group, said the Group quickly mobilised to support customers and protect assets, and credited Dubai’s infrastructure investments with enabling the government to rapidly secure safe corridors for commercial flights.
“These outstanding results, despite significant challenges, reaffirm the strength of the Emirates Group’s business model,” he said.
For much of the year, Emirates outperformed its own targets. The airline carried 53.2 million passengers, grew its fleet to 277 aircraft with 15 new Airbus A350 deliveries, and expanded its network to 152 cities across 80 countries. Its US$5.0 billion cabin retrofit programme covered 91 aircraft to date, and the airline secured an agreement with Starlink to equip its fleet with high-speed Wi-Fi, with 21 aircraft already connected by March 31.
Ghana featured in the airline’s expansion plans during the year. Emirates opened a new concept travel store in Accra as part of a global rollout that also included Bangkok, Geneva, Jakarta and Singapore, reinforcing the airline’s commercial footprint in the Ghanaian market.
Emirates SkyCargo carried 2.4 million tonnes of goods globally, up 3 percent, with revenue of AED 16.2 billion (US$4.4 billion). dnata posted record revenue of AED 23.6 billion (US$6.4 billion), up 12 percent, driven by growth across airport operations and catering.
The Group declared a dividend of AED 3.5 billion (US$1.0 billion) to its owner, the Investment Corporation of Dubai. It enters 2026-27 with an order book of 367 aircraft and cash reserves that Sheikh Ahmed said will allow it to continue investment plans without reactive cost-cutting.
