Emirates remains the world’s most profitable airlineKarachi, Pakistan, 7 May 2026 – 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 resultsrecord level of cash assets at AED 59.6 billion (US$ 16.2 billion), up 12% from last yearEBITDA 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 yearhighest-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%.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. Dnata Performance dnata increased its profit before tax by 2% to AED 1.6 billion (US$ 437 million) in 2025-26, with all business divisions reporting a solid performance, and notable contributions from its airport operations and catering and retail divisions. dnata’s profit after tax stood at AED 1.3 billion (US$ 367 million), a 4% decrease, which is primarily due to a higher UAE tax rate applied in 2025-26. dnata’s total revenue increased by 12% to hit a new record of AED 23.6 billion (US$ 6.4 billion), driven by increased flight and travel activity across the world, particularly in its major markets: Australia, Europe, the UAE, UK, and US. dnata’s international businesses account for 77% of its revenue, up 2% points from the previous year. The number of aircraft turns handled by dnata globally grew by 12% to 888,793; and cargo handled increased by 2% to 3.2 million tonnes, reflecting new contracts won, and increased flight activity by dnata’s airline customers across markets, particularly in its international operations. More details on the Group’s environmental, social and governance initiatives can be found in the full 2025-26 Emirates Group Annual Report.
