The Emirates Group has posted its highest-ever profit, revenue, and cash reserves for the financial year ended March 31, 2026, even as military activity in the Gulf region brought significant disruption to operations during the final weeks of the year.
The group – which comprises Emirates airline, ground services and travel company dnata, and their respective subsidiaries – reported a profit before tax of AED 24.4 billion ($6.6 billion), a 7 per cent increase on the previous year, with a profit before tax margin of 16.2 per cent.
Total revenue rose 3 per cent to a record AED 150.5 billion ($41.0 billion), while cash assets climbed 12 per cent to AED 59.6 billion ($16.2 billion).
Emirates Group revenue gits $41bn as cash reserves reach record $16.2bn
After accounting for a higher UAE corporate tax rate – which increased from 9 per cent to 15 per cent following the adoption of Pillar Two tax rules – the group’s profit after tax stood at AED 21.0 billion ($5.7 billion), up 3 per cent from the prior year. The group has declared a dividend of AED 3.5 billion ($1.0 billion) to its owner, the Investment Corporation of Dubai.
“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,” Sheikh Ahmed bin Saeed Al Maktoum, Chairman and Chief Executive, Emirates airline and Group said in a statement.
“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,” 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,” he further explained.
Emirates Airline: World’s most profitable carrier
Emirates airline retained its status as the world’s most profitable airline, recording a profit before tax of AED 22.8 billion ($6.2 billion), up 7 per cent year on year, with a profit before tax margin of 17.4 per cent.
Revenue rose 2 per cent to AED 130.9 billion ($35.7 billion), and cash assets reached AED 54.9 billion ($15.0 billion), 10 per cent higher than at March 31, 2025.
The airline carried 53.2 million passengers during the year, a 1 per cent decline, with seat capacity also down 1 per cent. Passenger Seat Factor came in at 78.4 per cent, a marginal reduction from 78.9 per cent the previous year, while passenger yield rose 4 per cent to 38.1 fils (10.4 US cents) per Revenue Passenger Kilometre.
Fuel, the airline’s single largest cost component alongside employee costs, accounted for 29 per cent of operating costs, down from 31 per cent the prior year.
The total fuel bill fell to AED 31.2 billion ($8.5 billion) from AED 32.6 billion ($8.9 billion), as a 7 per cent drop in average fuel prices offset a 1 per cent increase in fuel uplift. The airline’s total capacity grew 1 per cent to 60.6 billion Available Tonne Kilometres.
Emirates fleet expansion and product investment
Emirates grew its fleet to 277 aircraft by March 31, with an average age of 10.8 years. During the year, the airline took delivery of 15 Airbus A350 aircraft, bringing its A350 total to 19, flying to 21 destinations. The airline also bought out 29 A380s and five Boeing 777s at the end of their leases.
At the 2025 Dubai Airshow, Emirates announced further fleet orders worth $41.4 billion at list prices, comprising 65 additional Boeing 777-9s and eight A350-900 aircraft. At year end, the airline’s order book stood at 367 aircraft, with deliveries scheduled through to 2038.
Emirates launched four new destinations during the year – Da Nang, Hangzhou, Siem Reap and Shenzhen – and extended its network to 152 cities in 80 countries.
Codeshare and interline partnerships grew to 32 and 117 respectively, providing access to over 1,700 cities beyond the carrier’s own network.
The airline’s $5.0 billion cabin retrofit programme continued, with 91 of 215 earmarked aircraft completing a full cabin refresh by year end. In November, Emirates announced a deal with Starlink for high-speed in-flight Wi-Fi, with 21 aircraft already fitted by March 31.
Emirates SkyCargo posts solid year
Emirates SkyCargo carried 2.4 million tonnes of goods, up 3 per cent, and reported revenue of AED 16.2 billion ($4.4 billion), contributing 12 per cent to the airline’s total revenue.
The division received five new Boeing 777 freighters during the year, growing freighter capacity by 13 per cent, and expanded its freighter network to 44 points with the addition of Bangkok, Budapest, Liege and Tokyo Narita.
Cargo yield per Freight Tonne Kilometre fell 3 per cent, reflecting market pressure and the impact of tariffs on trade, particularly in eCommerce. The division launched Emirates Courier Express, a door-to-door cross-border delivery service, and a new Aerospace and Engineering suite for the transport of time-critical components.
dnata posts record revenue across all divisions
dnata delivered record revenue of AED 23.6 billion ($6.4 billion), a 12 per cent rise, driven by growth across airport operations, catering and retail, and travel services.
Profit before tax rose 2 per cent to AED 1.6 billion ($437 million), though profit after tax fell 4 per cent to AED 1.3 billion ($367 million) due to the higher UAE tax rate. Cash assets increased by 28 per cent to AED 4.7 billion ($1.3 billion).
Airport Operations revenue, including ground and cargo handling, reached AED 11.2 billion ($3.1 billion). The number of aircraft turns handled by dnata grew 12 per cent globally to 888,793, while cargo handled increased 2 per cent to 3.2 million tonnes.
The Catering and Retail division generated AED 8.1 billion ($2.2 billion), up 13 per cent, uplifting 115.3 million meals during the year. The division won 22 contract renewals and 13 new customers, including a five-year agreement with Aer Lingus. Travel Services revenue rose 5 per cent to AED 4.1 billion ($1.1 billion), with total travel transaction value up 3 per cent to AED 10.1 billion ($2.7 billion).
Significant dnata investments during the year included new catering facilities in Perth and Western Sydney, a new automated cargo facility in Amsterdam representing a €70 million investment, and new equipment commitments in Rome and Milan totalling €45 million. dnata also acquired Wymap Group, an air cargo trucking specialist in Australia and New Zealand.
The Emirates Group collectively invested AED 17.9 billion ($4.9 billion) in new aircraft, facilities, equipment and technologies during the year. Its total workforce grew 8 per cent to 130,919 employees, with its UAE national workforce surpassing 4,000.
Emirates raised AED 10 billion in aircraft financing through local and international markets using Japanese operating leases, insurance-backed financing, French Tax Lease and Export Credit Agency-backed structures.
“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,” Sheikh Ahmed said.
“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 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 the best in the world, and to be of service to the world, is unchanged,” he added.
Sustainability and community initiatives
On sustainability, Emirates signed a memorandum of understanding with ENOC Group to explore the supply of sustainable aviation fuel at Dubai’s airports, and joined the Aviation Circularity Consortium to advance circular economy initiatives in the sector.
Emirates Flight Catering commissioned a biodigester to reduce landfill waste and CO₂ emissions by 2,000 tonnes annually.
In community engagement, the Emirates Airline Foundation supported 13 active projects globally and provided over 500 flight tickets for medical missions. dnata raised over AED 80,000 during Ramadan in the UAE, providing more than 500 volunteers and 5,300 meals to support the Dubai Charity Association. MMI raised over AED 250,000 for Al Jalila Foundation and distributed 15,000 meals.
