Emirates Group achieves report revenue of AED 24.4 bn (US$ 6.6 bn) in 2025-26
Emirates stays the world’s most worthwhile airline
DUBAI, UAE, 7 Might 2026 – The Emirates Group immediately launched its 2025-26 Annual Report, attaining new report revenue, income, and money stability ranges, regardless of a disruptive and difficult 12th month in its monetary yr.
Emirates is the world’s most worthwhile airline within the 2025-26 reporting interval.
For the monetary yr ended 31 March 2026, the Emirates Group reported:
- report revenue earlier than tax (PBT) of AED 24.4 billion (US$ 6.6 billion), up 7% from final yr, and a PBT margin of 16.2%
- report income of AED 150.5 billion (US$ 41.0 billion), up 3% over final yr’s outcomes
- report degree of money belongings at AED 59.6 billion (US$ 16.2 billion), up 12% from final yr
- EBITDA ofAED 41.1 billion (US$ 11.2 billion), reflecting its robust working profitability.
Emirates retains its place because the world’s most worthwhile airline, reporting:
- report revenue earlier than tax (PBT) of AED 22.8 billion (US$ 6.2 billion), up 7% from final yr, and a PBT margin of 17.4%
- report income of AED 130.9 billion (US$ 35.7 billion), a rise of two% over final yr
- highest-ever degree of money belongings at AED 54.9 billion (US$ 15.0 billion), 10% greater in comparison with 31 March 2025.
dnata delivered stable progress and efficiency throughout its enterprise items, reporting:
- report revenue earlier than tax (PBT) of AED 1.6 billion (US$ 437 million), up 2% from final yr, and a PBT margin of 6.8%
- report income of AED 23.6 billion (US$ 6.4 billion), up 12%
- robust money belongings 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 proprietor, the Funding Company of Dubai (ICD).
The UAE company tax price utilized to the Emirates Group elevated from 9% to fifteen% this yr, because of the adoption of Pillar Two tax guidelines within the UAE. After accounting for the tax cost, the Group’s revenue 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 Govt, Emirates airline and Group mentioned: “These excellent outcomes, regardless of vital challenges within the final month of our monetary yr, reaffirm the energy and resilience of the Emirates Group’s enterprise mannequin, which is rooted in security, excellence, innovation, folks and partnerships.
“For the primary 11 months of 2025-26, the image throughout the Group was very optimistic. Sturdy demand for our services was driving income, and we had been attaining wholesome margins due to our sustained investments in product, folks, expertise and model. Month after month, we had been surpassing our targets.
“On 28 February, navy exercise massively disrupted international industrial air visitors within the Gulf area, together with within the UAE. Emirates and dnata shortly mobilised to assist our folks and affected clients, defend our belongings, and guarantee enterprise continuity.
“We’re lucky to be primarily based in Dubai, the place years of infrastructure investments and a cohesive aviation ecosystem has enabled the federal government to shortly safe protected corridors for industrial flights. Emirates and dnata have since steadily restored operations at DXB. Though we’re nonetheless working at a decrease passenger capability than pre-disruption, cargo operations have ramped as much as assist the motion of important items into and thru the UAE.”
HH Sheikh Ahmed added: “The Emirates Group has navigated crises and disruptions earlier than. Every time, we positioned our give attention to our clients and our folks, and every time, we now have bounced again stronger.
“Our individuals are an enormous a part of our success, enabling us to reply with agility in a dynamic working setting. I’d prefer to thank all our workers – they’ve actually exemplified the qualities that set the Emirates Group aside throughout testing instances.
“I’m grateful to HH Sheikh Mohamed bin Rashid Al Maktoum, and his sons HH Sheikh Hamdan and HH Sheikh Maktoum, for his or her stewardship of Dubai and unshaken assist for aviation – the Emirates Group is proud to contribute to Dubai’s technique beneath their management. Additionally, an enormous thanks to all our ecosystem companions who hold international aviation transferring. Their collaboration and solidarity are invaluable and replicate the spirit of partnership that’s central to how the Emirates Group operates.”
In 2025-26, the Group collectively invested AED 17.9 billion (US$ 4.9 billion) in new plane, amenities, gear, and the newest applied sciences to assist its progress plans.
The Group’s whole workforce grew by 8% to 130,919 workers, as Emirates and dnata continued recruitment exercise all over the world to assist its increasing operations and increase its future capabilities. The Group’s UAE nationwide workforce additionally grew to surpass 4,000, exhibiting the success of its programmes to draw, develop and retain native expertise.
Commenting on the outlook for 2026-27, Sheikh Ahmed mentioned: “Proper now, navy actions between the US, Israel and Iran are paused beneath a ceasefire settlement. We hope for a transparent decision to the hostilities quickly, and a return to market stability. However within the meantime, we’re not sitting on our arms.
“From a gas perspective, Emirates is well-hedged till 2028-29; and we now have labored with our suppliers to safe the volumes required to assist our present operations and our scaling as much as pre-disruption ranges. At dnata and throughout the Group, our enterprise streams, scale, portfolio combine, and years of investments give us the resilience and agility to handle any near-term challenges.
“The Emirates Group enters 2026-27 with very robust money reserves, which allow us to progress with our plans to strengthen our enterprise with out knee-jerk price management measures. Our plane deliveries and retrofit programme will proceed apace, in addition to our deliberate investments in new amenities and gear. Emirates and dnata will keep centered on providing industry-leading merchandise and buyer experiences, differentiating ourselves on the worldwide stage, attracting the very best expertise, and delivering worth to the communities we serve.
“Our fundamentals are robust. The Emirates Group’s confirmed enterprise mannequin is unchanged. Dubai’s place on the nexus of world commerce, commerce and journey flows is unchanged. Our ambition to be the very best on the planet, and to be of service to the world, is unchanged.”
Emirates efficiency
Emirates’ whole passenger and cargo capability grew 1% to 60.6 billion ATKMs in 2025-26.
Through the yr, Emirates launched 4 new locations – Da Nang, Hangzhou, Siem Reap and Shenzhen; and added companies to present locations to fulfill buyer demand. By 31 March, Emirates’ international community spanned 152 cities in 80 international locations. Emirates additionally grew its partnerships to 32 codeshare and 117 interline companions, offering clients easy entry to over 1,700 cities past its community.
Emirates grew its passenger fleet with the supply of 15 Airbus A350 plane this yr, enabling the airline to supply much more clients its newest merchandise, together with the favored Premium Financial system Class and a new-generation inflight leisure system. By 31 March, Emirates had 19 A350s in its fleet flying to 21 locations.
Whole fleet rely at yr finish was 277 items, with a median fleet age of 10.8 years.
On the 2025 Dubai Airshow, Emirates introduced additional fleet investments price US$ 41.4 billion at listing costs – for 65 extra Boeing 777-9s and eight extra A350-900 plane. At 31 March, Emirates’ order e-book had 367 plane, comprising of: 54 A350s, 270 Boeing 777x, 35 787s, and eight 777Fs, with deliveries scheduled by means of to 2038.
By strategically deploying capability to serve surging demand throughout markets, Emirates’ whole income for the monetary yr elevated 2% to AED 130.9 billion (US$ 35.7 billion). Foreign money fluctuations in a number of the airline’s main markets positively impacted the airline’s profitability by AED 332 million (US$ 90 million).
Emirates’ robust industrial efficiency delivered an working money circulation of AED 32.0 billion (US$ 8.7 billion) in 2025-26 – this permits the airline to maintain its enterprise progress plans.
Whole working prices elevated by 2% from final monetary yr. Gas and worker price had been the airline’s two largest price elements in 2025-26, adopted by price of possession (depreciation and amortisation). Gas accounted for 29% of working prices in comparison with 31% in 2024-25. The airline’s gas invoice decreased barely to AED 31.2 billion (US$ 8.5 billion) in comparison with AED 32.6 billion (US$ 8.9 billion) the earlier yr, as decrease common gas worth (down 7%) offset a better uplift of 1% from elevated flying.
As a result of robust journey demand throughout market segments, and the airline’s means to earn buyer choice by means of its robust community, top quality services, Emirates hit a brand new report revenue after tax of AED 19.7 billion (US$ 5.4 billion), exceeding final yr’s AED 19.1 billion (US$ 5.2 billion) end result with an impressive web revenue margin of 15.0%. That is the very best revenue efficiency within the airline’s historical past, and within the airline {industry} for the reporting yr 2025-26.
Emirates carried 53.2 million passengers (down 1%) in 2025-26, with seat capability down by 1%. The airline studies a Passenger Seat Issue of 78.4%, a marginal decline from 78.9% final yr. Passenger yield was greater by 4% at 38.1 fils (10.4 US cents) per Income Passenger Kilometre (RPKM).
Emirates continued to put money into delivering ever higher buyer experiences. In November, the airline introduced a take care of Starlink to equip its fleet with high-speed Wi-Fi. Emirates shortly rolled out Starlink deployment, and by 31 March, 21 plane had been already fitted and providing best-in-sky connectivity to clients, with extra to comply with.
Through the yr, the airline’s US$ 5.0 billion retrofit programme continued at tempo. Thus far, 91 plane (out of 215 items earmarked) have accomplished a full cabin refresh, to characteristic Emirates’ newest inflight merchandise together with the favored Premium Financial system seats.
On floor, Emirates First – a brand new unique verify in lounge devoted to First Class clients and Skywards Platinum members was opened at Emirates Terminal 3 in Dubai; complimentary Chauffeur Drive companies for First and Enterprise Class clients had been launched in Tokyo Narita and Kansai Worldwide, and complimentary bus companies for Financial system Class clients in Clark.
Emirates launched a brand new “Accessible and Inclusive Journey Hub” on emirates.com to assist travellers with various accessibility necessities plan their journey. It additionally launched new onboard sensory merchandise and fidget toys for kids and adults, and organised “journey rehearsals” at dozens of airports all over the world to assist ease journey anxiousness for kids with autism and their households.
This yr, Emirates signed an settlement with Dubai Investments Park to safe a website for Emirates’ Cabin Crew Village, a multi-billion dirham residential group for 12,000 crew when accomplished; opened a brand new flight crew coaching centre to assist the airline’s fleet progress; and launched the Emirates Centre of Hospitality to supply world-class hospitality coaching for its 25,000-strong cabin crew.
Emirates Skywards marked its 25-year anniversary with a high-visibility marketing campaign and enhanced reward alternatives for members through the yr. Highlights included: providing Traditional Rewards redemptions on all flydubai flights in all cabins; Traditional Rewards and Improve Rewards redemptions in Emirates Premium Financial system; and the charity public sale of seven uncommon Skywards membership numbers with Platinum tier standing.
Emirates SkyCargo delivered an impressive yr, carrying 2.4 million tonnes of products all over the world, up 3% from the earlier yr.
The supply of 5 new Boeing 777 freighters through the yr enabled the division to develop its freighter capability by 13%.
Emirates SkyCargo reported a stable income of AED 16.2 billion (US$ 4.4 billion), contributing 12% to Emirates’ whole income. Cargo yield per Freight Tonne Kilometre (FTKM) decreased by 3%, attributable to market strain, and the influence of tariffs on commerce significantly in eCommerce.
General, Emirates SkyCargo’s efficiency displays the division’s means to win buyer choice by means of its suite of specialist logistics options, the ability of Emirates’ international community, Dubai’s world-class intermodal logistics capabilities, and its ongoing investments in digital expertise, infrastructure, and merchandise.
Through the yr, SkyCargo expanded its freighter community to 44 factors with the addition of Bangkok, Budapest, Liege, and Tokyo Narita; added frequency to present freighter routes; and grew its trucking community.
The division continued its technique of providing tailor-made cargo options as a key differentiator and worth proposition. This yr, it launched Emirates Courier Categorical – an modern door-to-door cross border supply resolution; and a brand new Aerospace and Engineering suite of specialist companies to move time-critical elements for the aviation, engineering, defence and house industries.
On the finish of March, Emirates’ SkyCargo’s whole freighter fleet stood at 13 Boeing 777Fs, with 8 extra items pending supply.
Along with 20 new plane deliveries through the yr, Emirates additionally purchased out 29 A380s and 5 Boeing 777s on the finish of their leases. To assist the fleet programme, Emirates raised AED 10 billion in plane financing through native and worldwide markets, together with Japanese working leases, insurance coverage‑backed financing, French Tax Lease and Export Credit score Company–backed constructions.
With a robust money stability and working money circulation, Emirates absolutely met all contracted obligations throughout 2025-26, together with plane pre-delivery funds and financing liabilities as they change into due, utilising our money reserves which stood at AED 54.9 billion (US$ 15.0 billion) as of 31 March.
Emirates continued to deploy easy ahead contracts to hedge in opposition to Brent crude oil and refining margins; and used long-term rate of interest hedges to mitigate the influence of rate of interest fluctuations. With vital foreign money publicity attributable to its international presence, Emirates continued to handle overseas alternate price danger by means of foreign money choices, ahead contracts, and pure hedges. Its systematic strategy ensures money circulation predictability in opposition to unstable market shifts, reinforcing monetary stability.
Beneath Emirates Group corporations and subsidiaries, Emirates Flight Catering (EKFC) and MMI/Emirates Leisure Retail (ELR) reported notable contributions in 2025-26.
EKFC grew income from exterior clients by 12% to AED 1.2 billion (US$ 329 million), uplifting 16.2 million meals throughout 2025-26 for its 100+ airline clients in Dubai, and successful catering contracts for advanced, large-scale international occasions such because the Dubai Airshow and Dubai Rugby Sevens.
MMI/ELR posted a income of AED 2.9 billion (US$ 803 million), down 5% attributable to a difficult marketplace for its worldwide enterprise, and the rollback of the municipality tax waiver within the UAE. Through the yr, ELR acquired the remaining 25% stake in Air Ventures LLC, securing full possession of the entity which operates airport retail and F&B retailers within the US. ELR & MMI additionally opened new areas throughout its F&B portfolio, expanded partnerships with homegrown manufacturers, and strengthened its digital platforms to enhance customer support and engagement.
dnata efficiency
dnata elevated its revenue earlier than tax by 2% to AED 1.6 billion (US$ 437 million) in 2025-26, with all enterprise divisions reporting a stable efficiency, and notable contributions from its airport operations and catering and retail divisions. dnata’s revenue after tax stood at AED 1.3 billion (US$ 367 million), a 4% lower, which is primarily attributable to a better UAE tax price utilized in 2025-26.
dnata’s whole income elevated by 12% to hit a brand new report of AED 23.6 billion (US$ 6.4 billion), pushed by elevated flight and journey exercise internationally, significantly in its main markets: Australia, Europe, the UAE, UK, and US.
dnata’s worldwide companies account for 77% of its income, up 2% factors from the earlier yr.
Rising its future capabilities and capability to fulfill buyer wants, dnata’s investments in 2025-26 amounted to AED 858 million (US$ 234 million). Important investments through the yr included: new catering amenities in Perth and Western Sydney, a brand new cargo facility in Amsterdam, and new electrical and hybrid floor assist gear for its airport operations as a part of its environmental technique.
dnata additionally acquired Wymap Group, an air cargo trucking specialist in Australia and New Zealand; and a 7% stake in WonderMiles, a New Distribution Functionality (NDC)-enabled reserving platform to strengthen our company and enterprise journey providing.
dnata continued to actively handle its various portfolio of enterprise pursuits consistent with its company technique. This yr, dnata disposed of its 75% stake in Tremendous Bus, which operates sightseeing excursions within the UAE; and in Germany, it exited cargo operations in Cologne/Bonn.
In 2025-26, dnata’s working prices elevated by 13% to AED 22.1 billion (US$ 6.0 billion), consistent with expanded operations in its Airport Operations, Catering & Retail, and Journey divisions.
dnata’s money stability elevated by AED 1.0 billion to AED 4.7 billion (US$ 1.3 billion), primarily attributable to working money circulation. The enterprise noticed a optimistic working money circulation of AED 2.4 billion (US$ 658 million) in 2025-26, reflecting wholesome income contributions from its enterprise divisions.
Income from dnata’s Airport Operations, together with floor and cargo dealing with elevated to AED 11.2 billion (US$ 3.1 billion).
The variety of plane turns dealt with by dnata globally grew by 12% to 888,793; and cargo dealt with elevated by 2% to three.2 million tonnes, reflecting new contracts gained, and elevated flight exercise by dnata’s airline clients throughout markets, significantly in its worldwide operations.
This yr, dnata introduced a three way partnership settlement to launch floor dealing with and cargo operations in Azerbaijan when the brand new Alat Worldwide airport opens in late 2027.
In Amsterdam, dnata opened a brand new and absolutely automated cargo facility, one of many largest of its form with an annual capability of 600,000 tonnes, representing a €70 million funding.
In Italy, dnata built-in all its floor operations beneath its model and enterprise organisation after absolutely buying its native subsidiary. It additionally dedicated an additional €20 million to obtain trendy floor service gear (GSE) in Rome, and €25 million to construct a brand new cargo facility in Milan. In Manchester, dnata launched its signature marhaba meet-and-greet companies.
dnata’s Catering & Retail enterprise accounted for AED 8.1 billion (US$ 2.2 billion) of dnata’s income, up by 13%, reflecting the success of its technique to focus its service portfolio on strategic buyer segments. The inflight catering enterprise uplifted 115.3 million meals to airline clients, a 1% enhance from final yr.
The division gained 22 contract renewals and 13 new clients in 2025-26, together with a 5-year settlement to handle Aer Lingus’ inflight retail programme. It additionally expanded into Indonesia through a long-term administration contract to supply professional catering assist at Denpasar Worldwide Airport.
Income from dnata’s Journey Providers division grew by 5% to AED 4.1 billion (US$ 1.1 billion), with robust contributions from its UK journey enterprise and Vacation spot Asia.
Whole transaction worth (TTV) of journey companies bought elevated by 3% to AED 10.1 billion (US$ 2.7 billion), reflecting the division’s means to ship related B2B and B2C journey merchandise throughout buyer segments globally.
All year long, the Journey division continued to strengthen its product portfolio, develop its partnerships and merchandise for B2B and B2C clients, and improve its expertise to raised serve clients and optimise operations. Notably, in 2025-26, Think about Cruising formally launched within the US; Vacation spot Asia launched a specialist service for expedition cruising, and its Occasions and Cruise Asia manufacturers opened a brand new workplace in Seoul; and dnata Illustration Providers launched a brand new B2B on-line reserving portal for its GSA merchandise for journey commerce companions.
Within the UAE, dnata Journey signed on new company purchasers and new airline GSA contracts; whereas Arabian Adventures launched Nomad Backyard, a brand new luxurious desert expertise, and enhanced its presence in Oman with bespoke itineraries.
Within the UK, after finishing a strategic evaluation of its journey companies, dnata introduced the divestment of its on-line journey manufacturers – Journey Republic and Netflights.
Sustainability
The Emirates Group continued to take a position assets, and work with companions to cut back its influence on the setting and develop engagement with communities.
Highlights of the Group’s environmental initiatives in 2025-26 embrace:
- Emirates signing an MoU with ENOC Group to discover the availability of sustainable aviation gas (SAF) at Dubai’s airports; and a joint analysis initiative with Dubai Air Navigation Providers (DANS) and Thales to cut back arrival holding patterns, enhance UAE airspace effectivity, and optimise gas consumption.
- Emirates becoming a member of the Aviation Circularity Consortium to advance round financial system initiatives in aviation.
- Emirates Flight Catering commissioning a large-scale biodigester to cut back waste to landfill and CO2 emissions by 2,000 tonnes yearly; Alpha Catering in Sharjah redirecting used espresso grounds from its airport F&B retailers for composting; and dnata Journey partnering with sustainability platform Reloop to divert over 500kgs of meals waste from landfills every month.
- The continued evaluation and procurement of electrical, hybrid, or emissions-efficient choices for the Group’s huge fleet of floor gear and street automobiles throughout enterprise divisions notably – dnata’s airport and catering operations, Emirates SkyCargo and Emirates Flight Catering.
- Emirates saying a further AU$ 50 million funding within the luxurious Emirates Wolgan Valley resort, situated on a 7,000-acre conservancy in Australia’s Larger Blue Mountains World Heritage space.
- Emirates and Wimbledon partnering with 4 Wildlife Trusts within the UK to launch “Championing Nature”. This multi-year, multi-million-pound initiative goals to offer deprived kids and youth in city communities extra entry to nature.
Highlights of the Group’s group engagement initiatives in 2025-26 embrace:
- The Emirates Airline Basis persevering with its work with social entrepreneurs and NGOs to supply deprived kids with schooling, shelter, meals and medical companies. This yr, the Basis supported 13 lively tasks all over the world and supplied over 500 flight tickets for medical missions.
- Emirates increasing joint programmes with its sponsorship companions to assist extra underprivileged youth profit from sports activities. Key initiatives this yr embrace: the Emirates-funded Power for Good programmes within the US and Australia which unlock entry to tennis for youths and younger folks in communities; and tasks with NBA Cares to refurbish youth leisure and group studying areas within the US.
- Quite a few employee-led initiatives all over the world, performed through the dnata4good platform, to profit charities, underprivileged people, and native communes. Highlights this yr embrace: the donation of practically 68,000kg of meals in Australia to meals rescue charities; the donation of a Braille embosser to assist visually impaired kids in India entry vocational coaching; and the donation of beds to a undertaking in Rome that gives shelter to migrants and homeless people in susceptible conditions.
- Throughout Ramadan within the UAE, dnata raised over AED 80,000 and supplied over 500 volunteers and 5,300 meals to assist the Dubai Charity Affiliation. MMI raised over AED 250,000 for Al Jalila Basis and labored with them to distribute 15,000 meals.
Extra particulars on the Group’s environmental, social and governance initiatives could be discovered within the full 2025-26 Emirates Group Annual Report.
The 2025-26 Annual Report of the Emirates Group – comprising Emirates, dnata and their subsidiaries
– is out there at: www.theemiratesgroup.com/annualreport.
US$ figures are transformed at 1US$ = 3.67AED and are primarily based on the AED figures rounded off in thousands and thousands.
