The Emirates Group has released its 2025-26 Annual Report, achieving new record profit, revenue, and cash balance levels, despite a disruptive and challenging 12th month in its financial year. Emirates is the world’s most profitable airline in the 2025-26 reporting period.
For the financial year ended 31 March 2026, the Emirates Group reported:
record profit before tax (PBT) of AED 24.4 billion (US$ 6.6 billion), up 7% from last year, and a PBT margin of 16.2%
record revenue of AED 150.5 billion (US$ 41.0 billion), up 3% over last year’s results
record level of cash assets at AED 59.6 billion (US$ 16.2 billion), up 12% from last year
EBITDA of AED 41.1 billion (US$ 11.2 billion), reflecting its strong operating profitability.
Emirates retains its place as the world’s most profitable airline, reporting:
record profit before tax (PBT) of AED 22.8 billion (US$ 6.2 billion), up 7% from last year, and a PBT margin of 17.4%
record revenue of AED 130.9 billion (US$ 35.7 billion), an increase of 2% over last year
highest-ever level of cash assets at AED 54.9 billion (US$ 15.0 billion), 10% higher compared to 31 March 2025.
dnata delivered solid growth and performance across its business units, reporting:
record profit before tax (PBT) of AED 1.6 billion (US$ 437 million), up 2% from last year, and a PBT margin of 6.8%
record revenue of AED 23.6 billion (US$ 6.4 billion), up 12%
strong cash assets of AED 4.7 billion (US$ 1.3 billion), up by 28%.
Emirates Airline
During the year, Emirates launched 4 new destinations – Da Nang, Hangzhou, Siem Reap and Shenzhen; and added services to existing destinations to meet customer demand. By 31 March, Emirates’ global network spanned 152 cities in 80 countries. Emirates also grew its partnerships to 32 codeshare and 117 interline partners, providing customers smooth access to over 1,700 cities beyond its network.
Emirates grew its passenger fleet with the delivery of 15 Airbus A350 aircraft this year, enabling the airline to offer even more customers its latest products, including the popular Premium Economy Class and a new-generation inflight entertainment system. By 31 March, Emirates had 19 A350s in its fleet flying to 21 destinations. Total fleet count at year end was 277 units, with an average fleet age of 10.8 years.
At the 2025 Dubai Airshow, Emirates announced further fleet investments worth US$ 41.4 billion at list prices – for 65 more Boeing 777-9s and 8 more A350-900 aircraft. At 31 March, Emirates’ order book had 367 aircraft, comprising of: 54 A350s, 270 Boeing 777x, 35 787s, and 8 777Fs, with deliveries scheduled through to 2038.
By strategically deploying capacity to serve surging demand across markets, Emirates’ total revenue for the financial year increased 2% to AED 130.9 billion (US$ 35.7 billion).
Emirates carried 53.2 million passengers (down 1%) in 2025-26, with seat capacity down by 1%. The airline reports a Passenger Seat Factor of 78.4%, a marginal decline from 78.9% last year. Passenger yield was higher by 4% at 38.1 fils (10.4 US cents) per Revenue Passenger Kilometre (RPKM).
Emirates continued to invest in delivering ever better customer experiences. In November, the airline announced a deal with Starlink to equip its fleet with high-speed Wi-Fi. Emirates quickly rolled out Starlink deployment, and by 31st March, 21 aircraft were already fitted and offering best-in-sky connectivity to customers, with more to follow.
During the year, the airline’s US$ 5.0 billion retrofit programme continued at pace. To date, 91 aircraft (out of 215 units earmarked) have completed a full cabin refresh, to feature Emirates’ latest inflight products including the popular Premium Economy seats.
Emirates SkyCargo delivered an outstanding year, carrying 2.4 million tonnes of goods around the world, up 3% from the previous year.
The delivery of 5 new Boeing 777 freighters during the year enabled the division to grow its freighter capacity by 13%.
Emirates SkyCargo reported a solid revenue of AED 16.2 billion (US$ 4.4 billion), contributing 12% to Emirates’ total revenue. Cargo yield per Freight Tonne Kilometre (FTKM) decreased by 3%, due to market pressure, and the impact of tariffs on trade particularly in eCommerce.
Overall, Emirates SkyCargo’s performance reflects the division’s ability to win customer preference through its suite of specialist logistics solutions, the power of Emirates’ global network, Dubai’s world-class intermodal logistics capabilities, and its ongoing investments in digital technology, infrastructure, and products.
During the year, SkyCargo expanded its freighter network to 44 points with the addition of Bangkok, Budapest, Liege, and Tokyo Narita; added frequency to existing freighter routes; and grew its trucking network.
At the end of March, Emirates’ SkyCargo’s total freighter fleet stood at 13 Boeing 777Fs, with 8 more units pending delivery.
In addition to 20 new aircraft deliveries during the year, Emirates also bought out 29 A380s and 5 Boeing 777s at the end of their leases. To support the fleet programme, Emirates raised AED 10 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.
Credits: Emirates
