Emirates remains the world's most profitable airline

Emirates Group today announced a new record in its half-year financial results, reporting a pre-tax profit of AED 12.2 billion (US$ 3.3 billion) for the first six months of 2025-26, marking the fourth consecutive year of record profitability for this half-year period.

After accounting for tax charges, the group's net profit is AED 10.6 billion (US$ 2.9 billion), an increase of 13% compared to the previous year.

Reflecting its strong operating performance, the group has maintained an EBITDA of AED 21.1 billion (US$ 5.7 billion), 3% higher than the AED 20.4 billion (US$ 5.6 billion) reported during the same period last year.

The group's revenues were AED 75.4 billion (US$ 20.6 billion) during the first six months of fiscal year 2025-26, an increase of 4% compared to AED 70.8 billion (US$ 19.3 billion) last year.

The group closed the first half of 2025-26 with a record cash position of AED 56 billion (US$15.2 billion) as of September 30, 2025, compared to AED 53.4 billion (US$14.6 billion) as of March 31, 2025. The group has been able to draw on its strong cash reserves to support its business needs, including financing new aircraft deliveries and meeting its existing debt obligations. The group also paid the remaining AED 2 billion (US$545 million) dividend to its owner, out of the AED 6 billion (US$1.6 billion) declared during fiscal year 2024-25.

His Highness (HH) Sheikh Ahmed bin Saeed Al Maktoum, Chairman and Chief Executive of Emirates Airline and Emirates Group, said: “The Group has once again delivered outstanding performance, surpassing our half-year results from last year to achieve a new record profit in the first half of 2025-26. I am pleased to note that Emirates maintains its position as the world’s most profitable airline during this period. These results are primarily due to consistent demand and the growing preference of customers for our products and services, which has driven revenue growth and profitability. Emirates and dnata have invested billions to continuously improve their products and services, launch new products to market, optimize their operations through innovation and technology, and take care of their employees, who ensure the safety and satisfaction of our customers. These elements are fundamental to our DNA.”

“The group’s strong profitability allows us to continue making these investments and expanding our established business models, in line with Dubai’s growth as a leading global city for talent, businesses, and travelers. Global demand for air transport and travel services has remained strong, despite geopolitical developments and economic concerns in some markets. We expect this resilience to continue through the remainder of 2025-26: we anticipate increasing our capacity and revenue as new A350 aircraft join the Emirates fleet and new facilities come online,” he added.

To support increased operations and business activity, the Emirates Group workforce has grown by 3% as of 31 March 2025, reaching a total of 124,927 employees as of 30 September 2025. Both Emirates and dnata are conducting recruitment campaigns to meet their future needs.

Emirates airline has continued to enhance its network and connectivity options through its hub in Dubai. During the first half of 2025-26, Emirates launched new flight services to Da Nang, Siem Reap, Shenzhen, and Hangzhou. As of September 30, Emirates' passenger and cargo network spanned 153 airports in 81 countries and territories.

The airline has strengthened its connectivity by introducing 28 additional weekly flights to Antananarivo, Johannesburg, Muscat, Rome, Riyadh, and Taipei. To offer even more connection options to its customers, Emirates has signed codeshare and interline agreements with three airlines—Air Seychelles, Condor, and Aurigny—during the first six months of 2025-26.

Between April 1 and September 30, Emirates took delivery of five new A350 aircraft, adding more Business and Premium Economy seats to its fleet. During this period, 23 aircraft (6 A380s and 17 Boeing 777s) with completely refurbished interiors were delivered as part of the airline's $5 billion modernization program. This has enabled Emirates to offer its latest cabin products to more markets, including the award-winning Premium Economy class.

As of September 30, Emirates' Premium Economy was available to customers flying between Dubai and 61 cities.

On the ground, Emirates First has opened at Dubai Airport, offering First Class customers and Platinum Skywards members a luxurious private check-in area. During the first six months of 2025-26, Emirates accelerated the expansion of its retail strategy with the opening of new concept travel stores in Accra, Bangkok, Geneva, Jakarta, Mauritius, Osaka, Seoul, and Singapore. 

Emirates has continued to advance its environmental initiatives, promoting the use of sustainable aviation fuel (SAF) wherever available and feasible, including at 37 airports.

In April, Emirates joined the Aviation Circularity Consortium (ACC), a network of organizations committed to building a circular economy for aviation and creating new pathways to accelerate decarbonization through high-value circularity in the global supply chain.

In the first half of 2025-26, Emirates made significant investments to enhance its global brand visibility. The airline signed multi-year sponsorship agreements to become a Platinum Partner of FC Bayern Munich, the Official Main Sponsor of Real Madrid Basketball, and the Premium Partner and Official Airline of the Investec Champions Cup and the European Professional Club Rugby (EPCR) Challenge Cup. Emirates also extended its partnership with the ATP as the Main Partner and Official Airline of the ATP Tour until 2030, as well as its shirt sponsorship of Olympique Lyonnais until the same year.

Total capacity during the first half of the year increased by 5%, reaching 31.3 billion Available Tonne Kilometers (ATKM), due to the expansion of flight operations. Capacity, measured in Available Seat Kilometers (ASKM), also increased by 5%, while passenger traffic, measured in Revenue Passenger Kilometers (RPKM), grew by 4%, with an average load factor of 79.5%, compared to 80% during the same period last year. Emirates carried 27.8 million passengers between April 1 and September 30, 2025, a 4% increase over the same period last year.

Emirates SkyCargo transported 1.25 million tons in the first half of the year, a 4% increase compared to the same period last year. Customer demand for Emirates SkyCargo's specialized products and its excellent air cargo and hold network remained stable. However, cargo revenue decreased by 6% due to lower demand in some market segments, amid tariff uncertainty.

Emirates SkyCargo has increased its capacity with the delivery of three new Boeing 777 freighters. In April, the cargo division launched Emirates Courier Express, an innovative product that leverages the airline's global network to offer door-to-door express delivery services for businesses.

Consolidating its position as the world's most profitable airline during the first half of fiscal year 2025-26, Emirates achieved a new record of AED 11.4 billion (US$ 3.1 billion) in pre-tax profits, up from AED 9.7 billion (US$ 2.6 billion) the previous year.

Emirates' after-tax profits were AED 9.9 billion (US$ 2.7 billion), representing a 13% increase over the previous year.

Emirates' revenue, including other operating income, reached AED 65.6 billion (US$17.9 billion), a 6% increase from AED 62.2 billion (US$16.9 billion) in the same period last year. The airline's record revenue is attributed to continued travel demand across all markets and customer preference for Emirates' products and services, particularly its premium cabins.

Emirates' operating costs (including fuel) have increased by 4%, in line with the increase in operations. Fuel remains the largest component of the airline's operating costs, at 30%.

Driven by customer demand and increased operations during the first half of the year, Emirates' EBITDA of AED 19.7 billion (US$ 5.4 billion) remained solid, up 3% compared to AED 19.1 billion (US$ 5.2 billion) in the same period last year.

Emirates Flight Catering's revenue from external customers grew by 13% to AED 555 million (US$ 151 million), supplying 7.7 million meals (up 2%) to 116 airlines during the period.

Emirates Leisure Retail has acquired the remaining 25% of the shares of Air Ventures LLC in the US, thus securing full ownership of the entity, which operates retail stores and restaurants at airports.

Source: Emirates