Emirates Reports Record FY 2025/26 Net Profit of $5.7 Billion
- Joe Breitfeller
- 8 hours ago
- 6 min read
Emirates has reported a record FY 2026/26 net profit of AED 21.0 billion (US $5.7 billion) on a 3.0 percent year-over-year increase in revenue to a record AED 15.5 billion (US $41.0 billion). The carrier ended the financial year with a record $15.0 billion in cash.
On Thursday (May 7, 2026), Emirates Group reported their fiscal year 2025/26 financial results for the period ending March 31, 2026. The carrier reported a record profit before tax (PBT) of AED 24.4 billion (US $6.6 billion), up 7.0 percent versus the previous year, and a net profit of AED 21.0 billion (US $5.7 billion), an increase of 3.0 percent versus last year. The Group’s FY 2025/26 revenue increased 3.0 percent compared to the same period last year to a record AED 15.5 billion (US $41.0 billion). Emirates Group ended the period with AED 54.9 billion (US $15.0 billion) in cash, their highest level of cash ever. For the FY 2025/26 reporting period, Emirates was the world’s most profitable airline.
In Thursday’s announcement, Emirates Airline and Group’s Chairman and CEO, His Highness Sheikh Ahmed bin Saeed Al Maktoum, said,
“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. For the first 11 months of 2025-26, the picture across the Group was very positive. Strong demand for our products and services was driving revenue, and we were achieving healthy margins thanks to our sustained investments in product, people, technology and brand. Month after month, we were surpassing our targets.
“On 28 February, military activity massively disrupted global commercial air traffic in the Gulf region, including in the UAE. Emirates and dnata quickly mobilised to support our people and affected customers, protect our assets, and ensure business continuity. 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.”
“The Emirates Group has navigated crises and disruptions before. Each time, we placed our focus on our customers and our people, and each time, we have bounced back stronger. Our people are a big part of our success, enabling us to respond with agility in a dynamic operating environment. I’d like to thank all our employees – they have truly exemplified the qualities that set the Emirates Group apart during testing times.
“I am grateful to HH Sheikh Mohamed bin Rashid Al Maktoum, and his sons HH Sheikh Hamdan and HH Sheikh Maktoum, for their stewardship of Dubai and unshaken support for aviation - the Emirates Group is proud to contribute to Dubai’s strategy under their leadership. Also, a big thank you to all our ecosystem partners who keep global aviation moving. Their collaboration and solidarity are invaluable and reflect the spirit of partnership that is central to how the Emirates Group operates.”
Emirates’ dnata subsidiary reported a FY2025/26 record profit before tax (PBT) of AED 1.6 billion (US $437 million), up 2.0 percent versus the previous year, on a 12 percent year-over-year increase in revenue to AED 23.6 billion (US $6.4 billion). dnata ended the financial year with AED 4.7 billion (US $1.0 billion) in cash, up 18 percent compared to the end of FY 2024/25. During FY 2025/26, the Group collectively invested AED 17.9 billion (US $4.9 billion) in new aircraft, facilities, equipment, and the latest technologies. The company’s workforce also grew 8.0 percent compared to the previous financial year to 130,919 team members.
Emirates SkyCargo reported FY 2025/26 revenue of AED 16.2 billion (US $4.4 billion), contributing 12 percent to Emirates’ total revenue. Cargo yield per Freight Ton Kilometer (FTKM) decreased by 3.0 percent, reflecting market pressure, and the impact of tariffs on trade particularly in eCommerce. During the year, Emirates SkyCargo carried 2.4 million tons of goods worldwide, up 3.0 percent from the previous year. The delivery of five new Boeing 777F Freighters during the year enabled the division to grow their freighter capacity by 13 percent.
In 2025/26, SkyCargo expanded their freighter network to 44 points with the addition of Bangkok, Budapest, Liege, and Tokyo Narita, while adding frequencies to existing routes, and growing their trucking network. At March 31, 2026, Emirates SkyCargo’s dedicated freighter fleet included 13 Boeing 777Fs, with 8 more units pending delivery.
Emirates Flight Catering (EKFC) grew revenue from external customers by 12% percent to AED 1.2 billion (US $329 million), uplifting 16.2 million meals during 2025-26 for their 100+ airline customers in Dubai, and winning catering contracts for complex, large-scale global events such as the Dubai Airshow and Dubai Rugby Sevens.
MMI/Emirates Leisure Retail (ELR) posted revenue of AED 2.9 billion (US $803 million), down 5 percent due to a challenging market for their international business, and the rollback of the municipality tax waiver in the UAE. During the year, ELR acquired the remaining 25 percent stake in Air Ventures LLC, securing full ownership of the entity which operates airport retail and F&B outlets in the US. ELR & MMI also opened new locations across their F&B portfolio, expanded partnerships with homegrown brands, and strengthened their digital platforms to improve customer service and engagement.
Emirates launched service to four new destinations during the year, including Da Nang, Hangzhou, Siem Reap and Shenzhen. At March 31, 2026, Emirates’ global network spanned 152 cities in 80 countries. Emirates also grew their partnership portfolio to 32 codeshare and 117 interline partners, providing customers smooth access to over 1,700 cities beyond the carrier’s network.
During the financial year, Emirates grew their passenger fleet with the delivery of 15 Airbus A350s, enabling the airline to offer even more customers its latest products, including the popular Premium Economy Class and a new-generation inflight entertainment system. At March 31, 2026, Emirates had 19 A350 serving 21 destinations. At year end FY 2025/26 Emirates’ fleet included 277 aircraft with an average age of 10.8 years.
At the 2025 Dubai Airshow, Emirates announced fleet investments worth US $41.4 billion at list prices, including 65 more Boeing 777-9s and eight additional A350-900s. Emirates closed the fiscal year with an orderbook of 367 aircraft, comprised of 54 A350s, 270 Boeing 777X, 35 787s, and eight 777F Freighters, with deliveries scheduled through to 2038.
Emirates carried 53.2 million passengers during 2025/26, down 1.0 percent versus the previous year, on a 1.0 percent decrease in seat capacity, with an average load factor of 78.4 percent, a marginal decline from 78.9 percent last year.
In November 2025, Emirates announced a deal with Starlink to equip their fleet with high-speed Wi-Fi. Emirates quickly rolled out Starlink deployment, with 21 aircraft already fitted as of March 31, 2026, with more to follow. During the year, the airline’s US $5.0 billion retrofit program continued at pace. To date, 91 aircraft (out of 215 scheduled) have received a full cabin refresh, featuring Emirates’ latest inflight products including the popular Premium Economy seats.
In addition to 20 new aircraft deliveries during the year, Emirates also bought out 29 A380s and five Boeing 777s at the end of their leases. To support the fleet program, the company raised AED 10 billion (US $ 2.72 billion) in aircraft financing via local and international markets, including Japanese operating leases, insurance‑backed financing, French Tax Lease and Export Credit Agency–backed structures. With a strong cash balance and operating cash flow, Emirates fully met all contracted obligations during 2025-26, including aircraft pre-delivery payments and financing liabilities as they become due, using cash reserves.
Source: Emirates
