The Emirates Group recorded a new historic record for the first half of the 2025–26 financial year, with pre-tax profits of AED 12.2 billion (USD 3.3 billion), up 17% compared to the same period last year, marking the fourth consecutive year of record half-year profitability.
Net profit reached AED 10.6 billion (USD 2.9 billion, +13%), revenue stood at AED 75.4 billion (USD 20.6 billion, +4%), while EBITDA amounted to AED 21.1 billion (USD 5.7 billion). The Group further strengthened its liquidity, closing the half-year with a record cash balance of AED 56 billion (USD 15.2 billion), financing fleet expansion, investments, and the distribution of a AED 2 billion dividend to its owner.
Emirates confirmed its position as the most profitable airline globally for the current half-year period, with pre-tax profits of AED 11.4 billion (USD 3.1 billion, +17%) and revenue of AED 65.6 billion (USD 17.9 billion, +6%), supported by strong demand, network expansion to 153 destinations, the addition of new A350 aircraft, cabin upgrades, and growing demand for premium seats.
The Group completed the first half of 2025–26 with a record cash position of AED 56 billion (USD 15.2 billion) as of 30 September 2025, compared with AED 53.4 billion (USD 14.6 billion) as of 31 March 2025.
Thanks to strong cash reserves, the Group was able to fund its operational needs, including new aircraft deliveries and servicing existing debt obligations. It also paid the remaining dividend of AED 2 billion (USD 545 million) to its owner, part of the total AED 6 billion (USD 1.6 billion) approved for the 2024–25 financial year.
His Highness Sheikh Ahmed bin Saeed Al Maktoum, Chairman and Chief Executive of Emirates Airline and Group, stated:
“The Group once again delivered an exceptional performance, surpassing last year’s results for the same period and achieving a new profitability record for the first half of 2025–26. This performance is mainly driven by consistently high demand and the growing preference of customers for our products and services, which significantly contributed to higher revenue and profitability.
Emirates and dnata have invested billions of dollars to continuously upgrade our products and services, introduce new offerings to the market, improve our operations through innovation and technology, and support our people, who ensure customer safety and satisfaction. These are a core part of our corporate identity.
The Group’s strong profitability allows us to continue these investments and expand our proven successful business models, fully aligned with Dubai’s growth as a global hub for talent, business, and tourism.”
Resilient demand for air transport and travel services
He added: “Global demand for air transport and travel services remains particularly strong, despite geopolitical developments and economic concerns in some markets. We expect this demand resilience to continue for the remainder of 2025–26, as we look to increase our capacity and revenue growth through the addition of new A350 aircraft to the Emirates fleet and the operation of dnata’s new facilities.”
To support increased operations and business activities, the Emirates Group’s workforce grew by 3% compared to 31 March 2025, reaching 124,927 employees as of 30 September 2025. Both Emirates and dnata continue recruitment programs to meet future needs.
Emirates Performance
Emirates continued to strengthen its network and connectivity options through its Dubai hub. During the first half of 2025–26, the airline launched new routes to Da Nang, Siem Reap, Shenzhen, and Hangzhou. As of 30 September 2025, Emirates’ passenger and cargo network covered 153 airports across 81 countries and territories.
The airline further enhanced network connectivity with 28 additional weekly scheduled flights to Antananarivo, Johannesburg, Muscat, Rome, Riyadh, and Taipei.
To offer passengers even more connection options, during the first half of 2025–26, Emirates signed new codeshare and interline agreements with Air Seychelles, Condor, and Aurigny.
Between 1 April and 30 September 2025, Emirates took delivery of five new A350 aircraft, increasing the availability of Business Class and Premium Economy seats. During the same period, 23 aircraft (6 A380s and 17 Boeing 777s) were fully refurbished as part of the USD 5 billion cabin upgrade program, allowing Emirates to offer its latest cabin products in more markets, including its market-leading Premium Economy. As of 30 September 2025, Emirates Premium Economy was available on flights between Dubai and 61 cities worldwide.
On the ground, “Emirates First” was launched at Dubai International Airport, offering First Class passengers and Platinum Skywards members a luxurious, exclusive check-in experience in a dedicated area. During the first half of 2025–26, Emirates accelerated the rollout of its retail strategy with new travel product concept stores in Accra, Bangkok, Geneva, Jakarta, Mauritius, Osaka, Seoul, and Singapore.
Emirates continued to advance its environmental initiatives, increasing the use of Sustainable Aviation Fuel (SAF) wherever available — across 37 airports globally. In April, Emirates joined the Aviation Circularity Consortium (ACC), a network of organizations aiming to create a circular economy in aviation and accelerate decarbonization through high-value circularity in the global supply chain.
During the first half of the 2025–26 financial year, Emirates made major investments to boost global brand visibility. The airline signed multi-year sponsorship agreements to become a Platinum Partner of FC Bayern Munich, Official Sponsor of Real Madrid Basketball, and Premium Partner and Official Airline Partner of the Investec Champions Cup and European Professional Club Rugby (EPCR) Challenge Cup. Emirates also extended its ATP partnership as Premier Partner and Official Airline of the ATP Tour until 2030 and renewed its shirt sponsorship with Olympique Lyonnais until 2030.
Total capacity during the first half increased by 5%, reaching 31.3 billion Available Ton Kilometres (ATKM), driven by network expansion. Passenger capacity, measured in Available Seat Kilometres (ASKM), also rose by 5%, while passenger traffic, measured in Revenue Passenger Kilometres (RPKM), grew 4%, with an average passenger seat factor of 79.5%, compared to 80.0% last year.
Emirates carried 27.8 million passengers between 1 April and 30 September 2025, a 4% increase year-on-year.
Emirates SkyCargo transported 1.25 million tonnes of cargo in the first half of the year, up 4% year-on-year. Customer demand for SkyCargo’s specialized products and its extensive freighter and bellyhold network remained strong, though cargo yields decreased by 6% due to weaker demand in certain market segments and tariff concerns.
Emirates SkyCargo expanded its freighter capacity with the delivery of three new Boeing 777 freighters. In April, the cargo division launched Emirates Courier Express, an innovative express delivery service leveraging Emirates’ global network to offer door-to-door shipping for businesses.
Reinforcing its position as the most profitable airline globally for the current half-year, Emirates posted a new record pre-tax profit of AED 11.4 billion (USD 3.1 billion) for the first half of 2025–26, compared to AED 9.7 billion (USD 2.6 billion) last year. Net profit after tax reached AED 9.9 billion (USD 2.7 billion), up 13% year-on-year.
Emirates’ total revenue, including other operating income, amounted to AED 65.6 billion (USD 17.9 billion), up 6% from AED 62.2 billion (USD 16.9 billion) in the same period last year. The airline’s record-high revenue reflects continued strong travel demand across all markets and customer preference for Emirates’ products and services, especially in premium cabins.
Direct operating costs, including fuel, increased by 4%, in line with expanded operations. Fuel remained the largest cost component, accounting for 30% of total operating expenses.
Driven by strong customer demand and increased activity, Emirates achieved EBITDA of AED 19.7 billion (USD 5.4 billion), up 3% from AED 19.1 billion (USD 5.2 billion) last year.
Emirates Flight Catering reported a 13% increase in revenue from external customers, reaching AED 555 million (USD 151 million), providing 7.7 million meals (up 2%) to 116 airlines during the period.
Emirates Leisure Retail acquired the remaining 25% of shares in Air Ventures LLC in the United States, securing full ownership of the company, which operates retail and dining outlets at airports.
dnata
dnata recorded strong growth during the first half of the 2025–26 financial year, continuing to expand its cargo handling, ground services, catering and retail, and travel divisions.
During the first half of 2025–26, dnata’s airport services, catering, and retail divisions secured numerous major new contracts and expanded cooperation with existing clients globally, demonstrating dnata’s ability to meet the diverse requirements of its airline partners while maintaining high safety standards and consistent product and service quality.
dnata continued to make strategic investments across its businesses to meet customer needs and seize new market opportunities. The company announced plans to procure 800 new ground support equipment (GSE) units across its global network in 2025, a USD 110 million investment aimed at improving operational efficiency and ensuring a steady supply of advanced, low-emission equipment supporting dnata’s growth and sustainability goals.
Notable developments in the first half of 2025–26 included the launch of the marhaba airport hospitality brand in the United Kingdom, a minority investment of EUR 3 million in WonderMiles, an advanced NDC-enabled booking platform enhancing dnata Travel’s corporate offering, and the divestment of its 75% stake in Super Bus, which operates sightseeing tours in the UAE.
dnata also entered major sports sponsorship for the first time, signing a three-year partnership with the Dubai Basketball team as a Founding Partner of the city’s first professional basketball franchise.
dnata achieved record half-year revenue, surpassing the USD 3 billion mark for the first time. dnata’s total revenue, including other operating income, reached AED 11.7 billion (USD 3.2 billion), up 13% from AED 10.4 billion (USD 2.8 billion) last year.
Pre-tax profits reached AED 843 million (USD 230 million), up 17%, while net profit after tax rose 22% to AED 697 million (USD 190 million).
Reflecting its strong operational performance, dnata reported EBITDA of AED 1.4 billion (USD 372 million), up 5% from AED 1.3 billion (USD 354 million) last year.
dnata’s airport operations remained the largest revenue contributor, at AED 5.5 billion (USD 1.5 billion), up 15% year-on-year, driven by strong activity in Italy, Australia, the UK, and the UAE. Across its network, aircraft turnarounds increased 15% to 450,903, boosted by new operations at Rome Fiumicino Airport. dnata also handled 1.59 million tonnes of cargo, up 3%, mainly due to stronger activity in the UAE.
The catering and retail division contributed AED 4.1 billion (USD 1.1 billion), up 11%, supported by strong retail growth, increased meal production in Australia and the UK, and the positive impact of revised contracts reflecting higher procurement costs. The total number of meals produced declined slightly by 1%, to 60 million.
The travel division contributed AED 2.0 billion (USD 538 million) in revenue, up 11% from AED 1.8 billion (USD 483 million) last year. Total transaction value (TTV) reached AED 5.0 billion (USD 1.4 billion), compared to AED 4.5 billion (USD 1.2 billion) previously, up 9%.
Emirates’ presence in the Greek market began in 1996. Over the past 29 years, Emirates has served more than 4.5 million passengers in Greece. The first airline to connect Athens directly with Dubai, Emirates has, since March 2017, also operated the only direct daily flight linking Greece with the United States year-round.
