The Emirates Group today 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), reflecVng its strong operaVng 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. 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%.
The Group declares a dividend of AED 3.5 billion (US$ 1.0 billion) to its owner, the Investment Corporation of Dubai (ICD).
The UAE corporate tax rate applied to the Emirates Group increased from 9% to 15% this year, due to the adoption of Pillar Two tax rules in the UAE. After accounting for the tax charge, the Group’s profit after tax is AED 21.0 billion (US$ 5.7 billion), up 3% from 2024-25. His Highness Sheikh Ahmed bin Saeed Al Maktoum, Chairman and Chief Executive, Emirates airline and Group 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.”
HH Sheikh Ahmed added: “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.” In 2025-26, the Group collectively invested AED 17.9 billion (US$ 4.9 billion) in new aircraft, facilities, equipment, and the latest technologies to support its growth plans.
The Group’s total workforce grew by 8% to 130,919 employees, as Emirates and dnata continued recruitment activity around the world to support its expanding operations and boost its future capabilities. The Group’s UAE national workforce also grew to surpass 4,000, showing the success of its programmes to attract, grow and retain local talent. Commenting on the outlook for 2026-27, Sheikh Ahmed said: “Right now, military activities between the US, Israel and Iran are paused under a ceasefire agreement. We hope for a clear resolution to the hostilities soon, and a return to market stability. But in the meantime, we are not sitting on our hands.
“From a fuel perspective, Emirates is well-hedged until 2028-29; and we have worked with our suppliers to secure the volumes required to support our current operations and our scaling up to pre- disruption levels. At dnata and across the Group, our business streams, scale, portfolio mix, and years of investments give us the resilience and agility to address any near-term challenges.
“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. Our aircraft deliveries and retrofit programme will continue apace, as well as our planned investments in new facilities and equipment. Emirates and dnata will stay focused on offering industry-leading products and customer BUSINESS DOCUMENT.
This document is intended for business use and should be distributed to intended recipients only.experiences, differentiating ourselves on the global stage, attracting the best talent, and delivering value to the communities we serve. “Our fundamentals are strong. The Emirates Group’s proven business model is unchanged. Dubai’s place at the nexus of global commerce, trade and travel flows is unchanged. Our ambition to be thebest in the world, and to be of service to the world, is unchanged.”
