Emirates Group in numbers: record AED 24.4bn profit before tax and AED 59.6bn in cash
Editorial
The Emirates Group made a record AED 24.4 billion profit before tax in the year to 31 March 2026, up 7%, even though the last month of the year was disrupted by the regional conflict.
Source: Khaleej Times on the Emirates Group results of 7 May 2026.
Who earned the profit
- Emirates airline: AED 19.7bn (94%)
- dnata: AED 1.3bn (6%)
The two add up to the group's AED 21.0bn. Shares are our calculation.
| Emirates airline | FY2025-26 | Change |
|---|---|---|
| Revenue | AED 130.9bn | +2% |
| Profit after tax | AED 19.7bn, a record; 15.0% net margin | from AED 19.1bn |
| Passengers | 53.2 million | -1% |
| Passenger seat factor | 78.4% | marginally lower |
| Fuel bill | AED 31.2bn, 29% of operating costs | from AED 32.6bn and 31% |
| Fleet | 277 aircraft, average age 10.8 years |
Average fuel prices fell 7%. Currency movements added AED 332 million to profit.
Why profit before tax rose 7% but profit after tax only 3%
The UAE corporate tax rate that applies to the group rose from 9% to 15% during the year under the global minimum tax (Pillar Two) rules. Working back from the reported growth rates, the tax charge rose from about AED 2.4 billion to about AED 3.4 billion, or roughly 14% of profit before tax (our calculation). dnata's 4% fall in profit after tax is also attributed mainly to the higher rate.
The group paid its owner, the Investment Corporation of Dubai, a dividend of AED 3.5 billion, about 17% of profit after tax (our calculation).
The disruption
- 15 Mar 1985 Emirates founded with US$10 million and two leased aircraft.
- 25 Oct 1985 First flight, Dubai to Karachi.
- 28 Feb 2026 Military action disrupts air traffic across the Gulf in the last month of the financial year.
- 31 Mar 2026 Year ends with record profit before tax and AED 59.6bn in cash.
- 7 May 2026 Results announced; AED 340bn committed to future investment.
Chairman and chief executive Sheikh Ahmed bin Saeed Al Maktoum said the group enters 2026-27 with very strong cash reserves, and trade coverage reports that Emirates is hedged on fuel until 2028-29. The group says its business model is unchanged.