Emirates remains the world’s most profitable airline continuing to add to airline’s network with new routes such as Siem Reap to Dubai
Cambodia Investment Review
The Emirates Group today released its 2025-26 Annual Report, achieving new record profit, revenue, and cash balance levels, despite a disruptive and challenging 12th month in its financial year.
One of the highlights of the report was a mention of Siem Reap as a new destination for Emirates – alongside Da Nang, Hangzhou, and Shenzhen. In addition, Emirates added services to existing destinations to meet customer demand.
By 31 March, Emirates’ global network spanned 152 cities in 80 countries. Emirates also grew its partnerships to 32 codeshare and 117 interline partners, providing customers smooth access to over 1,700 cities beyond its network.
For the financial year ended 31 March 2026, the Emirates Group reported:
- record profit before tax (PBT) of AED 24.4 billion (US$ 6.6 billion), up 7% from last year, and a PBT margin of 16.2%
- record revenue of AED 150.5 billion (US$ 41.0 billion), up 3% over last year’s results
- record level of cash assets at AED 59.6 billion (US$ 16.2 billion), up 12% from last year
- EBITDA of AED 41.1 billion (US$ 11.2 billion), reflecting its strong operating profitability.
Emirates retains its place as the world’s most profitable airline, reporting:
- record profit before tax (PBT) of AED 22.8 billion (US$ 6.2 billion), up 7% from last year, and a PBT margin of 17.4%
- record revenue of AED 130.9 billion (US$ 35.7 billion), an increase of 2% over last year
- highest-ever level of cash assets at AED 54.9 billion (US$ 15.0 billion), 10% higher compared to 31 March 2025.
His Highness Sheikh Ahmed bin Saeed Al Maktoum, Chairman and Chief Executive, 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.
“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.
“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.”
HH 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.”
Latest technologies to support growth plans
In 2025-26, the Group collectively invested AED 17.9 billion (US$ 4.9 billion) in new aircraft, facilities, equipment, and the latest technologies to support its growth plans.
The Group’s total workforce grew by 8% to 130,919 employees.
Commenting on the outlook for 2026-27, Sheikh Ahmed said: “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.
“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.”
Emirates’ total passenger and cargo capacity grew 1% to 60.6 billion ATKMs in 2025-26.
Emirates grew its passenger fleet with the delivery of 15 Airbus A350 aircraft this year. By 31 March, Emirates had 19 A350s in its fleet flying to 21 destinations.
Due to strong travel demand across market segments, and the airline’s ability to earn customer preference through its strong network, high quality products and services, Emirates hit a new record profit after tax of AED 19.7 billion (US$ 5.4 billion), exceeding last year’s AED 19.1 billion (US$ 5.2 billion) result with an outstanding net profit margin of 15.0%. This is the best profit performance in the airline’s history, and in the airline industry for the reporting year 2025-26.
The 2025-26 Annual Report of the Emirates Group – comprising Emirates, dnata and their subsidiaries – is available at: www.theemiratesgroup.com/annualreport.
US$ figures are converted at 1US$ = 3.67AED and are based on the AED figures rounded off in millions.
