Emirates (airline) has posted record pre-tax profits of $6.2 billion as part of its annual financial results despite facing unprecedented challenges caused by the war in Iran.
On May 7, 2026, Emirates announced that profits were up 7% from $5.8 billion last year while its PBT margin rose from 16.5% to 17.4%.
The UAE flag carrier also confirmed record revenues of $35.7 billion, an increase of 2% over the previous year.
Fuel and employee cost were the airline’s two biggest cost components in 2025-26 with fuel accounting for 29% of operating costs compared to 31% in the previous year.
Emirates Group, which also includes Emirates SkyCargo and dnata, also saw record pre-tax profits of $6.6 billion, an increase of 7% on last year. Revenues rose by 3% to $41 billion.
The latest figures arrive after UAE airspace, along with many other Middle Eastern nations, was thrown into disarray by military activities between the US, Israel and Iran.
The UAE was subjected to a barrage of attacks by Iranian missiles and drones, temporarily grounding Emirates’ commercial operations.
“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,” said Ahmed bin Saeed Al Maktoum, CEO of Emirates Group, while addressing the challenges thrown up by the war in Iran.
He added: “On 28 February, military activity massively disrupted global commercial air traffic in the Gulf region, including in the UAE. Emirates and dnata quickly mobilized to support our people and affected customers, protect our assets, and ensure business continuity.”
He praised Emirates Group’s “outstanding results” in the face of “significant challenges” in the last month and highlighted the company’s “strength and resilience[…] rooted in safety, excellence, innovation, people and partnerships”.
For the second year in a row, Emirates is the world’s most profitable airline in the 2025-26 reporting period.
The airline has reported record-breaking financial results, despite a disruptive and challenging 12th month of its financial year, including:
🏆 Record profit before… pic.twitter.com/H8I62qwMYF
— Emirates (@emirates) May 7, 2026
Al Maktoum continued: “It is too early to tally the impact of the war on our balance sheet, but it is clear that we – the Emirates Group, Dubai and the UAE – are ready to tackle any challenge and seize opportunities as they appear. After all, our fundamentals remain strong.”
Outlook for the year ahead
In his statement, Al Maktoum said Emirates is “well-hedged” for fuel until 2028-29 and the overall group enters the next year with “very strong cash reserves”.
“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,” said Al Maktoum.
Emirates aircraft deliveries and retrofit programs will continue apace, as well as its planned investments in new facilities and equipment.
Emirates grew its passenger fleet with the delivery of 15 Airbus A350 aircraft this year and as of March 31, 2026, there were 19 A350s flying in its fleet.
“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,” added Al Maktoum.
