The Emirates Group has announced a record-breaking financial year ending March 31, 2026, reporting a profit before tax of US$6.6 billion despite significant operational disruptions in the Gulf region during the final month of the reporting period. The group’s revenue also saw an increase, reaching US$41 billion, with cash reserves climbing to a healthy US$16.2 billion.
Financial Performance Highlights
In its 2025-26 Annual Report, the Emirates Group disclosed a profit before tax of AED 24.4 billion (US$6.6 billion), marking a 7% increase from the previous year. Total revenue grew by 3% to AED 150.5 billion (US$41 billion). Notably, the group’s cash assets surged by 12% to AED 59.6 billion (US$16.2 billion). Following the implementation of a 15% UAE corporate tax rate, the profit after tax stood at AED 21 billion (US$5.7 billion), a 3% rise.
The group also approved a dividend distribution of AED 3.5 billion (US$1 billion) to its owner, the Investment Corporation of Dubai.
Emirates Airline Leads Profitability
The airline segment of the group maintained its status as the world’s most profitable airline. Emirates reported a profit before tax of AED 22.8 billion (US$6.2 billion), a 7% increase year-on-year. Revenue for the airline grew by 2% to AED 130.9 billion (US$35.7 billion), with cash assets reaching a record AED 54.9 billion (US$15 billion).
Passenger and cargo capacity saw a modest 1% expansion, reaching 60.6 billion ATKMs. During the fiscal year, Emirates expanded its global network by launching four new routes: Da Nang, Hangzhou, Siem Reap, and Shenzhen, connecting passengers to 152 cities across 80 countries. The airline transported 53.2 million passengers, achieving a passenger seat factor of 78.4%.
Impact of Gulf Disruption
Chairman and Chief Executive Sheikh Ahmed bin Saeed Al Maktoum acknowledged the significant impact of operational disruptions in the final month of the fiscal year. “On 28 February, military activity massively disrupted global commercial air traffic in the Gulf region, including in the UAE,” he stated. “Emirates and dnata quickly mobilised to support our people and affected customers, protect our assets, and ensure business continuity.”
He added that Dubai’s robust aviation infrastructure was instrumental in the gradual restoration of operations, although passenger capacity remained below pre-disruption levels in the immediate aftermath.
Fleet Expansion and Investments
The Emirates Group demonstrated a strong commitment to future growth through substantial investments. A total of AED 17.9 billion (US$4.9 billion) was allocated to aircraft, facilities, equipment, and technology during the year.
The airline took delivery of 15 new Airbus A350 aircraft, increasing its fleet size to 277 aircraft. The average age of the fleet stands at 10.8 years. Further solidifying its future capacity, Emirates announced a significant order at the 2025 Dubai Airshow for 65 Boeing 777-9 aircraft and eight A350-900 aircraft, valued at US$41.4 billion. The airline’s current order book comprises 367 aircraft, with deliveries extending through 2038.
dnata’s Strong Performance
Ground handling and air services provider dnata also reported a robust financial performance. Profit before tax for dnata increased by 2% to AED 1.6 billion (US$437 million). Revenue saw a substantial 12% rise, reaching a record AED 23.6 billion (US$6.4 billion), with cash assets growing by 28% to AED 4.7 billion (US$1.3 billion).
Globally, dnata handled 888,793 aircraft turns and processed 3.2 million tonnes of cargo throughout the reporting year.
Future Outlook
Looking ahead to the 2026-27 fiscal year, Sheikh Ahmed expressed cautious optimism. While acknowledging the recent pause in military activity in the Gulf region under a ceasefire agreement, he emphasized the group’s proactive approach to growth. “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 stated.
He reiterated the strength of the group’s core business model, asserting, “Our fundamentals are strong. The Emirates Group’s proven business model is unchanged.” The group’s substantial cash reserves position it to navigate potential future uncertainties and continue its strategic development without compromising on its long-term objectives.
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