The Emirates Group has reported record financial results for the year ended March 31, 2026, achieving its highest-ever profit, revenue and cash asset levels despite operational disruptions during the final month of the financial year.
The Group reported a record profit before tax of AED 24.4 billion (US$ 6.6 billion), up 7 per cent year-on-year, with revenues reaching AED 150.5 billion (US$ 41 billion), a 3 per cent increase over the previous year. Cash assets also rose 12 per cent to a record AED 59.6 billion (US$ 16.2 billion), while EBITDA stood at AED 41.1 billion (US$ 11.2 billion).
Emirates retained its position as the world’s most profitable airline, posting a record pre-tax profit of AED 22.8 billion (US$ 6.2 billion), up 7 per cent from the previous year. The airline’s revenue increased 2 per cent to AED 130.9 billion (US$ 35.7 billion), while cash assets reached AED 54.9 billion (US$ 15 billion).
dnata also delivered record results, reporting a pre-tax profit of AED 1.6 billion (US$ 437 million), up 2 per cent, and revenue growth of 12 per cent to AED 23.6 billion (US$ 6.4 billion).
The Group declared a dividend of AED 3.5 billion (US$ 1 billion) to its owner, the Investment Corporation of Dubai.
Following the implementation of Pillar Two tax rules in the UAE, the corporate tax rate applicable to the Emirates Group increased from 9 per cent to 15 per cent during the financial year. After tax, the Group’s profit stood at AED 21 billion (US$ 5.7 billion), up 3 per cent year-on-year.
Sheikh Ahmed bin Saeed Al Maktoum, Chairman and Chief Executive of 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.”
He added that for the first 11 months of the financial year, demand across the Group remained strong, supported by sustained investments in products, people, technology and brand development.
Referring to the regional disruptions caused by military activity in the Gulf region from February 2026 onwards, Sheikh Ahmed said Emirates and dnata had rapidly mobilised to support customers, protect operations and ensure business continuity while gradually restoring services at Dubai International Airport.
“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,” he said.
During the year, the Emirates Group invested AED 17.9 billion (US$ 4.9 billion) in aircraft, infrastructure, equipment and technology to support long-term growth. Its total workforce increased 8 per cent to 130,919 employees globally.
Emirates expanded its global network to 152 destinations across 80 countries during the financial year, launching new routes to Da Nang, Hangzhou, Siem Reap and Shenzhen. The airline also expanded partnerships through 32 codeshare and 117 interline agreements, giving passengers access to over 1,700 cities worldwide.
The airline took delivery of 15 Airbus A350 aircraft during the year, bringing its total A350 fleet to 19 aircraft operating to 21 destinations. At the 2025 Dubai Airshow, Emirates announced additional fleet investments worth US$ 41.4 billion, including orders for 65 Boeing 777-9 aircraft and eight additional A350-900s.
By March 31, Emirates’ order book stood at 367 aircraft scheduled for delivery through to 2038.
Passenger traffic remained strong, with Emirates carrying 53.2 million passengers during 2025-26. The airline reported a passenger seat factor of 78.4 per cent and improved passenger yields across its network.
The airline also accelerated investments in customer experience, including the rollout of Starlink high-speed Wi-Fi across its fleet. By year-end, 21 aircraft had already been equipped with Starlink connectivity.
Emirates’ ongoing US$ 5 billion retrofit programme also progressed during the year, with 91 aircraft refurbished to feature upgraded cabins and Premium Economy seating.
Meanwhile, Emirates SkyCargo transported 2.4 million tonnes of cargo during the financial year, up 3 per cent year-on-year. The cargo division generated AED 16.2 billion (US$ 4.4 billion) in revenue and expanded its freighter network to 44 destinations.
dnata also recorded strong operational growth, handling nearly 889,000 aircraft turns globally and 3.2 million tonnes of cargo during the year. Its international operations accounted for 77 per cent of total revenue.
Commenting on the outlook for 2026-27, 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.”
He added, “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.”
