The Emirates Crew lately launched its 2025-26 Annual Record, attaining new file benefit, earnings, and money stability ranges, in spite of a disruptive and difficult twelfth month in its monetary yr. Emirates is the arena’s maximum successful airline within the 2025-26 reporting length.
For the monetary yr ended 31 March 2026, the Emirates Crew reported:
• file benefit prior to tax (PBT) of AED 24.4 billion (US$ 6.6 billion), up 7% from final yr, and a PBT margin of 16.2%
• file earnings of AED 150.5 billion (US$ 41.0 billion), up 3% over final yr’s effects
• file degree of money belongings at AED 59.6 billion (US$ 16.2 billion), up 12% from final yr
• EBITDA of AED 41.1 billion (US$ 11.2 billion), reflecting its stable working profitability.
Emirates keeps its position as the arena’s maximum successful airline, reporting:
• file benefit prior to tax (PBT) of AED 22.8 billion (US$ 6.2 billion), up 7% from final yr, and a PBT margin of 17.4%
• file earnings of AED 130.9 billion (US$ 35.7 billion), an building up of two% over final yr
• highest-ever degree of money belongings at AED 54.9 billion (US$ 15.0 billion), 10% upper in comparison to 31 March 2025.
dnata delivered cast expansion and function throughout its trade devices, reporting:
• file benefit prior to tax (PBT) of AED 1.6 billion (US$ 437 million), up 2% from final yr, and a PBT margin of 6.8%
• file earnings of AED 23.6 billion (US$ 6.4 billion), up 12%
• stable money belongings of AED 4.7 billion (US$ 1.3 billion), up by means of 28%.
The Crew publicizes a dividend of AED 3.5 billion (US$ 1.0 billion) to its proprietor, the Funding Company of Dubai (ICD).
The UAE company tax fee implemented to the Emirates Crew greater from 9% to fifteen% this yr, because of the adoption of Pillar Two tax regulations within the UAE. After accounting for the tax fee, the Crew’s benefit 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 Leader Govt, Emirates airline and Crew mentioned: “Those remarkable effects, in spite of important demanding situations within the final month of our monetary yr, reaffirm the energy and resilience of the Emirates Crew’s trade type, which is rooted in protection, excellence, innovation, folks and partnerships.
“For the primary 11 months of 2025-26, the image around the Crew was once very sure. Robust call for for our services and products was once riding earnings, and we have been attaining wholesome margins due to our sustained investments in product, folks, generation and emblem. Month after month, we have been surpassing our objectives.
“On 28 February, army process vastly disrupted international industrial air site visitors within the Gulf area, together with within the UAE. Emirates and dnata briefly mobilised to toughen our folks and affected consumers, give protection to our belongings, and make sure trade 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 briefly safe secure corridors for industrial flights. Emirates and dnata have since regularly restored operations at DXB. Despite the fact that we’re nonetheless working at a decrease passenger capability than pre-disruption, shipment operations have ramped as much as toughen the motion of very important items into and in the course of the UAE.”
HH Sheikh Ahmed added: “The Emirates Crew has navigated crises and disruptions prior to. Each and every time, we positioned our center of attention on our consumers and our folks, and each and every time, now we have bounced again more potent.
“Our individuals are a large a part of our luck, enabling us to reply with agility in a dynamic working setting. I’d love to thank all our staff – they’ve really exemplified the qualities that set the Emirates Crew aside all over trying out instances.
“I’m thankful 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 toughen for aviation – the Emirates Crew is proud to give a contribution to Dubai’s technique underneath their management. Additionally, a large thanks to all our ecosystem companions who stay international aviation shifting. Their collaboration and harmony are helpful and mirror the spirit of partnership this is central to how the Emirates Crew operates.”
In 2025-26, the Crew jointly invested AED 17.9 billion (US$ 4.9 billion) in new airplane, amenities, apparatus, and the newest applied sciences to toughen its expansion plans.
The Crew’s overall staff grew by means of 8% to 130,919 staff, as Emirates and dnata persisted recruitment process all over the world to toughen its increasing operations and spice up its long term functions. The Crew’s UAE nationwide staff additionally grew to surpass 4,000, appearing the luck of its programmes to draw, develop and retain native skill.
Commenting at the outlook for 2026-27, Sheikh Ahmed mentioned: “At this time, army actions between the USA, Israel and Iran are paused underneath a ceasefire settlement. We are hoping for a transparent answer to the hostilities quickly, and a go back to marketplace balance. However within the intervening time, we don’t seem to be sitting on our fingers.
“From a gasoline standpoint, Emirates is well-hedged till 2028-29; and now we have labored with our providers to safe the volumes required to toughen our present operations and our scaling as much as pre-disruption ranges. At dnata and around the Crew, our trade streams, scale, portfolio combine, and years of investments give us the resilience and agility to deal with any near-term demanding situations.
“The Emirates Crew enters 2026-27 with very stable money reserves, which allow us to growth with our plans to give a boost to our trade with out knee-jerk price keep an eye on measures. Our airplane deliveries and retrofit programme will proceed apace, in addition to our deliberate investments in new amenities and gear. Emirates and dnata will keep thinking about providing industry-leading merchandise and buyer studies, differentiating ourselves at the international level, attracting the most productive skill, and handing over price to the communities we serve.
“Our basics are stable. The Emirates Crew’s confirmed trade type is unchanged. Dubai’s position on the nexus of world trade, industry and commute flows is unchanged. Our ambition to be the most productive on the earth, and to be of carrier to the arena, is unchanged.”
Emirates efficiency
Emirates’ overall passenger and load capability grew 1% to 60.6 billion ATKMs in 2025-26.
Throughout the yr, Emirates introduced 4 new locations – Da Nang, Hangzhou, Siem Reap and Shenzhen; and added products and services to present locations to satisfy buyer call for. By means of 31 March, Emirates’ international community spanned 152 towns in 80 nations. Emirates additionally grew its partnerships to 32 codeshare and 117 interline companions, offering consumers easy get entry to to over 1,700 towns past its community.
Emirates grew its passenger fleet with the transport of 15 Airbus A350 airplane this yr, enabling the airline to provide much more consumers its newest merchandise, together with the preferred Top class Financial system Elegance and a new-generation inflight leisure gadget. By means of 31 March, Emirates had 19 A350s in its fleet flying to 21 locations.
Overall fleet rely at yr finish was once 277 devices, with a median fleet age of 10.8 years.
On the 2025 Dubai Airshow, Emirates introduced additional fleet investments value US$ 41.4 billion at checklist costs – for 65 extra Boeing 777-9s and eight extra A350-900 airplane. At 31 March, Emirates’ order e-book had 367 airplane, comprising of: 54 A350s, 270 Boeing 777x, 35 787s, and eight 777Fs, with deliveries scheduled thru to 2038.
By means of strategically deploying capability to serve surging call for throughout markets, Emirates’ overall earnings for the monetary yr greater 2% to AED 130.9 billion (US$ 35.7 billion). Foreign money fluctuations in one of the most airline’s main markets definitely impacted the airline’s profitability by means of AED 332 million (US$ 90 million).
Emirates’ stable industrial efficiency delivered an working money float of AED 32.0 billion (US$ 8.7 billion) in 2025-26 – this permits the airline to maintain its trade expansion plans.
Overall working prices greater by means of 2% from final monetary yr. Gas and worker price have been the airline’s two greatest price elements in 2025-26, adopted by means of price of possession (depreciation and amortisation). Gas accounted for 29% of working prices in comparison to 31% in 2024-25. The airline’s gasoline invoice lowered fairly to AED 31.2 billion (US$ 8.5 billion) in comparison to AED 32.6 billion (US$ 8.9 billion) the former yr, as decrease moderate gasoline value (down 7%) offset the next uplift of one% from greater flying.
Because of stable commute call for throughout marketplace segments, and the airline’s talent to earn buyer desire thru its stable community, top of the range services and products, Emirates hit a newrecord benefit 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 benefit margin of 15.0%. That is the most productive benefit 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 means of 1%. The airline studies a Passenger Seat Issue of 78.4%, a marginal decline from 78.9% final yr. Passenger yield was once upper by means of 4% at 38.1 fils (10.4 US cents) in step with Earnings Passenger Kilometre (RPKM).
Emirates persisted to put money into handing over ever higher buyer studies. In November, the airline introduced a maintain Starlink to equip its fleet with high-speed Wi-Fi. Emirates briefly rolled out Starlink deployment, and by means of 31 March, 21 airplane have been already fitted and providing best-in-sky connectivity to consumers, with extra to practice.
Throughout the yr, the airline’s US$ 5.0 billion retrofit programme persisted at tempo. To this point, 91 airplane (out of 215 devices earmarked) have finished a complete cabin refresh, to function Emirates’ newest inflight merchandise together with the preferred Top class Financial system seats.
On flooring, Emirates First – a brand new unique test in front room devoted to First Elegance consumers and Skywards Platinum individuals was once opened at Emirates Terminal 3 in Dubai; complimentary Chauffeur Pressure products and services for First and Trade Elegance consumers have been presented in Tokyo Narita and Kansai Global, and complimentary bus products and services for Financial system Elegance consumers in Clark.
Emirates introduced a brand new “Available and Inclusive Commute Hub” on emirates.com to assist travellers with various accessibility necessities plan their adventure. It additionally presented new onboard sensory merchandise and fidget toys for youngsters and adults, and organised “commute rehearsals” at dozens of airports all over the world to assist ease commute anxiousness for youngsters with autism and their households.
This yr, Emirates signed an settlement with Dubai Investments Park to safe a web page for Emirates’ Cabin Group Village, a multi-billion dirham residential group for 12,000 workforce when finished; opened a brand new flight workforce coaching centre to toughen the airline’s fleet expansion; and introduced the Emirates Centre of Hospitality to offer world-class hospitality coaching for its 25,000-strong cabin workforce.
Emirates Skywards marked its 25-year anniversary with a high-visibility marketing campaign and enhanced praise alternatives for individuals all over the yr. Highlights incorporated: providing Vintage Rewards redemptions on all flydubai flights in all cabins; Vintage Rewards and Improve Rewards redemptions in Emirates Top class Financial system; and the charity public sale of seven uncommon Skywards club numbers with Platinum tier standing.
Emirates SkyCargo delivered an impressive yr, wearing 2.4 million tonnes of products all over the world, up 3% from the former yr.
The transport of five new Boeing 777 freighters all over the yr enabled the department to develop its freighter capability by means of 13%.
Emirates SkyCargo reported a cast earnings of AED 16.2 billion (US$ 4.4 billion), contributing 12% to Emirates’ overall earnings. Shipment yield in step with Freight Tonne Kilometre (FTKM) lowered by means of 3%, because of marketplace drive, and the have an effect on of price lists on industry in particular in eCommerce.
General, Emirates SkyCargo’s efficiency displays the department’s talent to win buyer desire thru its suite of specialist logistics answers, the facility of Emirates’ international community, Dubai’s world-class intermodal logistics functions, and its ongoing investments in virtual generation, infrastructure, and merchandise.
Throughout the yr, SkyCargo expanded its freighter community to 44 issues with the addition of Bangkok, Budapest, Liege, and Tokyo Narita; added frequency to present freighter routes; and grew its trucking community.
The department persisted its technique of providing adapted shipment answers as a key differentiator and price proposition. This yr, it introduced Emirates Courier Categorical – an leading edge door-to-door go border transport answer; and a brand new Aerospace and Engineering suite of specialist products and services to move time-critical elements for the aviation, engineering, defence and house industries.
On the finish of March, Emirates’ SkyCargo’s overall freighter fleet stood at 13 Boeing 777Fs, with 8 extra devices pending transport.
Along with 20 new airplane deliveries all over the yr, Emirates additionally purchased out 29 A380s and 5 Boeing 777s on the finish in their rentals. To toughen the fleet programme, Emirates raised AED 10 billion in airplane financing by means of native and global markets, together with Eastern working rentals, insurance coverage subsidized financing, French Tax Hire and Export Credit score Company–subsidized constructions.
With a powerful money stability and working money float, Emirates totally met all shriveled responsibilities all over 2025-26, together with airplane pre-delivery bills and financing liabilities as they turn out to be due, utilising our money reserves which stood at AED 54.9 billion (US$ 15.0 billion) as of 31 March.
Emirates persisted 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 have an effect on of rate of interest fluctuations. With important forex publicity because of its international presence, Emirates persisted to control foreign currency echange fee chance thru forex choices, ahead contracts, and herbal hedges. Its systematic manner guarantees money float predictability in opposition to risky marketplace shifts, reinforcing monetary balance.
Underneath Emirates Crew firms and subsidiaries, Emirates Flight Catering (EKFC) and MMI/Emirates Recreational Retail (ELR) reported notable contributions in 2025-26.
EKFC grew earnings from exterior consumers by means of 12% to AED 1.2 billion (US$ 329 million), uplifting 16.2 million foods all over 2025-26 for its 100+ airline consumers in Dubai, and successful catering contracts for complicated, large-scale international occasions such because the Dubai Airshow and Dubai Rugby Sevens.
MMI/ELR posted a earnings of AED 2.9 billion (US$ 803 million), down 5% because of a difficult marketplace for its global trade, and the rollback of the municipality tax waiver within the UAE. Throughout the yr, ELR bought the rest 25% stake in Air Ventures LLC, securing complete possession of the entity which operates airport retail and F&B shops in the USA. ELR & MMI additionally opened new places throughout its F&B portfolio, expanded partnerships with homegrown manufacturers, and reinforced its virtual platforms to support customer support and engagement.
dnata efficiency
dnata greater its benefit prior to tax by means of 2% to AED 1.6 billion (US$ 437 million) in 2025-26, with all trade divisions reporting a cast efficiency, and notable contributions from its airport operations and catering and retail divisions. dnata’s benefit after tax stood at AED 1.3 billion (US$ 367 million), a 4% lower, which is basically because of the next UAE tax fee implemented in 2025-26.
dnata’s overall earnings greater by means of 12% to hit a brand new file of AED 23.6 billion (US$ 6.4 billion), pushed by means of greater flight and commute process internationally, in particular in its main markets: Australia, Europe, the UAE, UK, and US.
dnata’s global companies account for 77% of its earnings, up 2% issues from the former yr.
Rising its long term functions and capability to satisfy buyer wishes, dnata’s investments in 2025-26 amounted to AED 858 million (US$ 234 million). Important investments all over the yr incorporated: new catering amenities in Perth and Western Sydney, a brand new shipment facility in Amsterdam, and new electrical and hybrid flooring toughen apparatus for its airport operations as a part of its environmental technique.
dnata additionally bought Wymap Crew, an air shipment trucking specialist in Australia and New Zealand; and a 7% stake in WonderMiles, a New Distribution Capacity (NDC)-enabled reserving platform to give a boost to our company and trade commute providing.
dnata persisted to actively organize its various portfolio of industrial pursuits in step 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 shipment operations in Cologne/Bonn.
In 2025-26, dnata’s working prices greater by means of 13% to AED 22.1 billion (US$ 6.0 billion), in step with expanded operations in its Airport Operations, Catering & Retail, and Commute divisions.
dnata’s money stability greater by means of AED 1.0 billion to AED 4.7 billion (US$ 1.3 billion), basically because of working money float. The trade noticed a favorable working money float of AED 2.4 billion (US$ 658 million) in 2025-26, reflecting wholesome earnings contributions from its trade divisions.
Earnings from dnata’s Airport Operations, together with flooring and load dealing with greater to AED 11.2 billion (US$ 3.1 billion).
The choice of airplane turns treated by means of dnata globally grew by means of 12% to 888,793; and load treated greater by means of 2% to a few.2 million tonnes, reflecting new contracts received, and greater flight process by means of dnata’s airline consumers throughout markets, in particular in its global operations.
This yr, dnata introduced a three way partnership settlement to release flooring dealing with and load operations in Azerbaijan when the brand new Alat Global airport opens in past due 2027.
In Amsterdam, dnata opened a brand new and entirely computerized shipment facility, some of the biggest of its sort with an annual capability of 600,000 tonnes, representing a €70 million funding.
In Italy, dnata built-in all its flooring operations underneath its emblem and trade organisation after totally obtaining its native subsidiary. It additionally dedicated an additional €20 million to obtain fashionable flooring carrier apparatus (GSE) in Rome, and €25 million to construct a brand new shipment facility in Milan. In Manchester, dnata introduced its signature marhaba meet-and-greet products and services.
dnata’s Catering & Retail trade accounted for AED 8.1 billion (US$ 2.2 billion) of dnata’s earnings, up by means of 13%, reflecting the luck of its approach to center of attention its carrier portfolio on strategic buyer segments. The inflight catering trade uplifted 115.3 million foods to airline consumers, a 1% building up from final yr.
The department received 22 contract renewals and 13 new consumers in 2025-26, together with a 5-year settlement to control Aer Lingus’ inflight retail programme. It additionally expanded into Indonesia by means of a long-term control contract to offer professional catering toughen at Denpasar Global Airport.
Earnings from dnata’s Commute Services and products department grew by means of 5% to AED 4.1 billion (US$ 1.1 billion), with stable contributions from its UK commute trade and Vacation spot Asia.
Overall transaction price (TTV) of commute products and services bought greater by means of 3% to AED 10.1 billion (US$ 2.7 billion), reflecting the department’s talent to ship related B2B and B2C commute merchandise throughout buyer segments globally.
Right through the yr, the Commute department persisted to give a boost to its product portfolio, make bigger its partnerships and merchandise for B2B and B2C consumers, and strengthen its generation to higher serve consumers and optimise operations. Particularly, in 2025-26, Believe Cruising formally introduced in the USA; Vacation spot Asia presented a consultant carrier for expedition cruising, and its Occasions and Cruise Asia manufacturers opened a brand new administrative center in Seoul; and dnata Illustration Services and products introduced a brand new B2B on-line reserving portal for its GSA merchandise for commute industry companions.
Within the UAE, dnata Commute signed on new company purchasers and new airline GSA contracts; whilst Arabian Adventures introduced Nomad Lawn, a brand new luxurious wilderness revel in, and enhanced its presence in Oman with bespoke itineraries.
In the United Kingdom, after finishing a strategic overview of its commute companies, dnata introduced the divestment of its on-line commute manufacturers – Commute Republic and Netflights.
Sustainability
The Emirates Crew persisted to speculate sources, and paintings with companions to scale back its have an effect on at the setting and develop engagement with communities.
Highlights of the Crew’s environmental tasks in 2025-26 come with:
Emirates signing an MoU with ENOC Crew to discover the availability of sustainable aviation gasoline (SAF) at Dubai’s airports; and a joint analysis initiative with Dubai Air Navigation Services and products (DANS) and Thales to scale back arrival retaining patterns, support UAE airspace potency, and optimise gasoline intake.
Emirates becoming a member of the Aviation Circularity Consortium to advance round financial system tasks in aviation.
Emirates Flight Catering commissioning a large-scale biodigester to scale back waste to landfill and CO2 emissions by means of 2,000 tonnes once a year; Alpha Catering in Sharjah redirecting used espresso grounds from its airport F&B shops for composting; and dnata Commute partnering with sustainability platform Reloop to divert over 500kgs of meals waste from landfills each and every month.
The continuing overview and procurement of electrical, hybrid, or emissions-efficient choices for the Crew’s huge fleet of flooring apparatus and street cars throughout trade divisions significantly – dnata’s airport and catering operations, Emirates SkyCargo and Emirates Flight Catering.
Emirates pronouncing an extra AU$ 50 million funding within the luxurious Emirates Wolgan Valley hotel, positioned on a 7,000-acre conservancy in Australia’s Larger Blue Mountains International Heritage house.
Emirates and Wimbledon partnering with 4 Flora and fauna Trusts in the United Kingdom to release “Championing Nature”. This multi-year, multi-million-pound initiative targets to present deprived youngsters and early life in city communities extra get entry to to nature.
Highlights of the Crew’s group engagement tasks in 2025-26 come with:
The Emirates Airline Basis proceeding its paintings with social marketers and NGOs to offer deprived youngsters with training, safe haven, meals and clinical products and services. This yr, the Basis supported 13 lively tasks all over the world and supplied over 500 flight tickets for clinical missions.
Emirates increasing joint programmes with its sponsorship companions to assist extra underprivileged early life have the benefit of sports activities. Key tasks this yr come with: the Emirates-funded Drive for Just right programmes in the USA and Australia which free up get entry to to tennis for youngsters and younger folks in communities; and tasks with NBA Cares to refurbish early life leisure and group finding out areas in the USA.
A large number of employee-led tasks all over the world, carried out by means of the dnata4good platform, to learn charities, underprivileged people, and native communes. Highlights this yr come with: the donation of just about 68,000kg of meals in Australia to meals rescue charities; the donation of a Braille embosser to assist visually impaired youngsters in India get entry to vocational coaching; and the donation of beds to a undertaking in Rome that gives safe haven to migrants and homeless people in susceptible scenarios.
Throughout Ramadan within the UAE, dnata raised over AED 80,000 and supplied over 500 volunteers and 5,300 foods to toughen the Dubai Charity Affiliation. MMI raised over AED 250,000 for Al Jalila Basis and labored with them to distribute 15,000 foods.
Extra main points at the Crew’s environmental, social and governance tasks can also be discovered within the complete 2025-26 Emirates Crew Annual Record.
The 2025-26 Annual Record of the Emirates Crew – comprising Emirates, dnata and their subsidiaries – is to be had at: www.theemiratesgroup.com/annualreport.
US$ figures are transformed at 1US$ = 3.67AED and are in accordance with the AED figures rounded off in hundreds of thousands.
