Aviation Intelligence Database · Airline profile
Airline profile
Company-reported performance, unit economics, balance-sheet and fleet metrics from FY2022 to the latest published period. Metrics are in the same order as the Airline Comparison tool.
At a glance
Latest reported period
Trends
Performance over time
Headline metrics and correctly labelled unit economics, FY2022 to the latest period.
Metrics
Full-year history
Analysis
What the numbers say
More detail
Additional disclosures
Guidance vs actual
Did the airline deliver?
What management guided at the start of each financial year compared with what was reported. Within the guided range = met; for cost metrics, below the range = beat.
Fleet & orders
Fleet composition
Key events
What moved the numbers
Peers
Compare with peers
FAQ
Frequently asked questions
Methodology
How to read this page
Every figure keeps the company’s own reporting period, currency, entity scope and terminology. Partial periods are not annualised, currencies are not converted and missing KPIs are not estimated. Core metrics follow the Airline comparison tool.
- Fiscal years are labelled by the calendar year in which they end (a year to 31 Mar 2025 appears as FY2025). The exact period end is shown in the first row, with a link to the source document.
- Quarters follow the company’s reporting calendar; the company’s own label is noted beneath the period.
- YoY change compares with the same period one year earlier: % change for amounts, percentage points (pp) for ratios. Green means favourable (for costs, a fall is favourable). n.m. = not meaningful.
- Operating margin uses operating profit or EBIT ÷ revenue. EBITDA, EBITDAR and their margins are separate disclosures and are not substitutes for operating profit or margin. Company-defined measures keep their source labels (marked D).
- Sources: annual reports, interim results and traffic statements. See Data & Research.
Quick answers
Is Emirates profitable?
Yes. Emirates reported an operating profit of AED22.722bn in FY2025/26 (year to 31 Mar 2026), a 17.4% margin.
What was Emirates’s revenue in 2026?
Emirates reported revenue of AED130.851bn in FY2025/26 (year to 31 Mar 2026).
Company-reported figures from our airline database. Definitions, currencies and reporting periods differ between airlines; see the tables on this page and the comparison tool for detail.
Text version of the Emirates data on this page
Emirates data snapshot
- Scope: Emirates airline (within The Emirates Group)
- Region: Middle East
- Business model: Global network
- Financial year end: 31 Mar
- Reporting currency: AED
- Source: Annual reports & annual-results releases
- Latest period: FY2025/26
- Last updated: 2026-09-24
Historical read
Emirates’ post-pandemic recovery moved from 43.6m passengers in FY2022/23 to more than 53m in each of the last two years, while airline profit after tax rose from AED 10.6bn to AED 19.7bn. Capacity growth slowed materially in FY2025/26, but passenger yield strengthened to 38.1 fils per RPK.
Reported metrics by period
Annual results
- FY2026 (FY2025/26 · 31 Mar 2026): Passengers: 53.221m (Airline passengers; FY2025/26); Revenue: AED 130.851bn (Airline revenue); Load factor: 78.4% (Passenger seat factor); Cash / liquidity: AED 54.9bn (Cash assets); Fleet size: 277 aircraft (At 31 Mar 2026); Fleet growth / guidance: 367 aircraft on order (Orderbook through 2038); sec: −1% seat capacity (Seat capacity change); yld: 38.1 fils/RPK (Passenger yield); Fuel cost: AED 31.2bn (Fuel bill); Net profit: AED 19.666bn (Profit after tax); Average fleet age: 10.8 yrs (Average fleet age); Orderbook: 367 (Orderbook through 2038); Operating profit / result: AED 22.722bn operating profit (Airline); Operating margin: 17.4% (Operating profit ÷ airline revenue) [Calculated]; Capacity / ASK: 356.0bn ASKMs (Available seat kilometres; −1% YoY); RASK / yield: 38.1 fils/RPKM (Passenger yield); Net debt / cash / leverage: AED 1.328bn net debt (Borrowings and lease liabilities less cash assets) [Calculated]; Fuel / hedging: Well hedged through FY2028/29 (Fuel hedging outlook) [Defined]; EBITDA / EBITDAR: AED 38.503bn (Airline EBITDA); Profit before tax: AED 22.750bn (Profit before tax); Cargo / own-network passengers: 2.397m tonnes (Cargo carried); Overall capacity: 60.6bn ATKMs (Overall capacity; not seat capacity); Unit-cost measure: 119 fils/ATKM (Ex-fuel unit cost; not CASK per ASKM). Source: Emirates Annual Report 2025-26.
- FY2025 (FY2024/25 · 31 Mar 2025): Passengers: 53.7m; Revenue: AED 127.9bn (Airline revenue; corrected using the official annual-results release); Load factor: 78.9% (Passenger load factor); Cash / liquidity: AED 49.7bn (Cash assets); Fleet size: 260 (Fleet count); Flights / sectors flown: +4% seat capacity (Seat capacity change); Yield: 36.6 fils/RPK (Passenger yield); Fuel cost: AED 32.6bn (Fuel bill); Net profit: AED 19.1bn (Profit after tax); Firm orders outstanding: 314 (Orderbook). Source: Emirates Group 2024-25 results.
- FY2024 (FY2023/24 · 31 Mar 2024): Passengers: 51.9m; Revenue: AED 121.2bn (Airline revenue); Load factor: 79.9% (Passenger load factor); Capacity / ASK: 344.7bn ASK (Official fast-facts table); Cash / liquidity: AED 42.9bn (Cash assets); Fleet size: 260 (Fleet count); Flights / sectors flown: +21% seat capacity (Seat capacity change); Yield: 36.6 fils/RPK (Passenger yield); Fuel cost: AED 34.2bn (Fuel bill); Net profit: AED 17.2bn (Profit after tax). Source: Emirates Group 2023-24 results.
- FY2023 (FY2022/23 · 31 Mar 2023): Passengers: 43.6m; Revenue: AED 107.4bn (Airline revenue); Load factor: 79.5% (Passenger load factor); Capacity / ASK: 284.0bn ASK (Official fast-facts table); Cash / liquidity: AED 37.4bn (Cash assets); Flights / sectors flown: Recovery year (Seat capacity change); Yield: ≈37.4 fils/RPK (Implied by FY2023/24 yield of 36.6 fils being 2% lower YoY) [Calculated]; Net profit: AED 10.6bn (Profit after tax). Source: Emirates Group 2022-23 results.
- FY2022 (FY2021/22 · 31 Mar 2022): Passengers: 19.6m; Revenue: AED 59.2bn (Airline revenue); Load factor: 58.6% (Passenger load factor); Net profit: −AED 3.9bn (Profit after tax).
Fleet
Total fleet: 277 aircraft (as of 31 Mar 2026). Fleet count was 260 at both FY2023/24 and FY2024/25 year-ends, rising to 277 at FY2025/26. A350 and future 777X deliveries are expected to expand seat capacity after a flat FY2025/26.
| Fleet fact | Value | Context |
|---|---|---|
| Average fleet age | 10.8 yrs | FY2025/26 |
| Orderbook | 367 | Through 2038; 314 at FY2024/25 |
| Cargo carried | 2.4m tonnes | FY2025/26; +3% YoY (2.2m tonnes in FY2023/24) |
| Network | 152 cities | 80 countries |
| Fuel bill | AED 31.2bn | FY2025/26; AED 32.6bn in FY2024/25, AED 34.2bn in FY2023/24 |
Five-year financial and traffic history
| Period | Revenue | Profit after tax | Passengers | Load factor | Cash assets |
|---|---|---|---|---|---|
| FY2021/22 | AED 59.2bn | −AED 3.9bn | 19.6m | 58.6% | — |
| FY2022/23 | AED 107.4bn | AED 10.6bn | 43.6m | 79.5% | AED 37.4bn |
| FY2023/24 | AED 121.2bn | AED 17.2bn | 51.9m | 79.9% | AED 42.9bn |
| FY2024/25 | AED 127.9bn | AED 19.1bn | 53.7m | 78.9% | AED 49.7bn |
| FY2025/26 | AED 130.9bn | AED 19.7bn | 53.2m | 78.4% | AED 54.9bn |
FY2024/25 revenue has been corrected to AED 127.9bn using Emirates’ official annual-results release.
Capacity and yield history
| Period | ASK | Seat capacity change | Passenger yield | Operating cash flow |
|---|---|---|---|---|
| FY2022/23 | 284.0bn | Recovery year | ~37.4 fils/RPK* | — |
| FY2023/24 | 344.7bn | +21% | 36.6 fils/RPK | AED 37.6bn |
| FY2024/25 | Not separately shown here | +4% | 36.6 fils/RPK | AED 40.8bn |
| FY2025/26 | Not separately shown here | −1% | 38.1 fils/RPK | AED 32.0bn |
*FY2022/23 yield is implied by Emirates’ disclosure that FY2023/24 yield of 36.6 fils/RPK was 2% lower year on year; it is shown as approximate rather than as a company-reported absolute figure. ASK is only displayed where the official fast-facts table provides an exact value.
Fleet and cargo
| Fleet / cargo metric | FY2023/24 | FY2024/25 | FY2025/26 |
|---|---|---|---|
| Fleet count | 260 | 260 | 277 |
| Cargo carried | 2.2m tonnes | — | 2.4m tonnes |
| Orderbook | — | 314 | 367 |
| Fuel bill | AED 34.2bn | AED 32.6bn | AED 31.2bn |
FY2025/26 fleet and network snapshot
| Metric | FY2025/26 | Context |
|---|---|---|
| Fleet | 277 | 10.8 years average age |
| Orderbook | 367 | Through 2038 |
| Cargo carried | 2.4m t | +3% YoY |
| Network | 152 cities | 80 countries |
Revenue correction
FY2024/25 revenue has been corrected to AED 127.9bn using Emirates’ official annual-results release.
Yield and capacity
FY2022/23 yield is implied by Emirates’ disclosure that FY2023/24 yield of 36.6 fils/RPK was 2% lower year on year; it is shown as approximate rather than as a company-reported absolute figure. ASK is only displayed where the official fast-facts table provides an exact value.
Margin
Emirates reports profit after tax rather than a comparable operating result on this page, so the margin shown is profit after tax ÷ airline revenue (15.0% in FY2025/26).
Sources and methodology
Figures use Emirates’ audited annual reports and official annual-results releases. The page preserves Emirates’ March financial year and company definitions; no currency conversion is used.
Outlook
What to watch:
- Capacity: how quickly A350 and future 777X deliveries expand seat capacity after a flat FY2025/26.
- Yield: whether the FY26 improvement in passenger yield persists as capacity returns.
- Cash deployment: aircraft purchases, lease buyouts, retrofits and pre-delivery payments.
- Load factor: the relationship between very high absolute profitability and a passenger load factor that remains below 80%.
Peers
- Qatar Airways — Global network group · Middle East
- Etihad — Global network · Middle East
- Turkish Airlines — Global network group · Europe