The Emirates Group has reported record profit, revenue and cash balances for the financial year ended March 31, 2026, despite major operational disruptions in the final month of the reporting period.

In its 2025-26 Annual Report, the group posted profit before tax of AED 24.4 billion (US$6.6 billion), up 7% from the previous year. Revenue rose 3% to AED 150.5 billion (US$41 billion), while cash assets climbed 12% to AED 59.6 billion (US$16.2 billion).

The group also declared a dividend of AED 3.5 billion (US$1 billion) to its owner, the Investment Corporation of Dubai.

After accounting for a higher UAE corporate tax rate of 15%, introduced under the Pillar Two tax rules, profit after tax stood at AED 21 billion (US$5.7 billion), up 3%.

Emirates remains world’s most profitable airline

The airline retained its position as the world’s most profitable carrier during the 2025-26 reporting period.

Emirates reported profit before tax of AED 22.8 billion (US$6.2 billion), a 7% increase from last year. Revenue rose 2% to AED 130.9 billion (US$35.7 billion), while cash assets reached a record AED 54.9 billion (US$15 billion).

Passenger and cargo capacity grew 1% to 60.6 billion ATKMs.

During the year, the airline launched four new destinations — Da Nang, Hangzhou, Siem Reap and Shenzhen — expanding its network to 152 cities across 80 countries.

Emirates carried 53.2 million passengers during the year, with a passenger seat factor of 78.4%.

Disruption in the Gulf

Chairman and Chief Executive Sheikh Ahmed bin Saeed Al Maktoum said the group delivered strong results despite significant disruption in the final month.

“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.”

He said Dubai’s aviation infrastructure helped the airline gradually restore operations, although passenger capacity remains below pre-disruption levels.

Fleet expansion and investment

The group invested AED 17.9 billion (US$4.9 billion) in aircraft, facilities, equipment and technology during the year.

Emirates took delivery of 15 new Airbus A350 aircraft, bringing its fleet to 277 aircraft with an average age of 10.8 years.

At the 2025 Dubai Airshow, Emirates announced additional fleet investments worth US$41.4 billion for 65 more Boeing 777-9s and eight A350-900 aircraft.

Its order book now stands at 367 aircraft, with deliveries scheduled through 2038.

dnata posts solid growth

dnata also delivered strong performance across its business units.

Profit before tax rose 2% to AED 1.6 billion (US$437 million), while revenue increased 12% to a record AED 23.6 billion (US$6.4 billion). Cash assets rose 28% to AED 4.7 billion (US$1.3 billion).

The company handled 888,793 aircraft turns globally and processed 3.2 million tonnes of cargo during the year.

Outlook

Looking ahead, Sheikh Ahmed said the group remains cautious but confident.

He noted that military activity between the US, Israel and Iran has paused under a ceasefire agreement, but said Emirates is not standing still.

“The Emirates Group enters 2026-27 with very strong cash reserves, which enable us to progress with our plans to strengthen our business without knee-jerk cost control measures.”

He added, “Our fundamentals are strong. The Emirates Group’s proven business model is unchanged.”