AIRLINE METRICS · EMIRATES
Emirates
Reported results, traffic, global network scale, fleet investment and cash generation across Emirates’ Dubai hub.
Latest: FY2025/26 · year ended 31 March 2026Latest read
Emirates delivered record airline profit in FY2025/26 despite a disruptive final month in the Gulf. Revenue, operating cash flow and earnings reached new highs, while the airline continued a large fleet-renewal and retrofit programme. The key watchpoint is how quickly capacity normalises as the network scales back toward its pre-disruption profile.
Latest reported results
AED billion unless stated otherwise. Financial year ends 31 March.
| Metric | FY2025/26 | Year on year | Context |
|---|---|---|---|
| Revenue | 130.9 | +2% | Record |
| Profit after tax | 19.7 | +3% | 15.0% margin |
| Operating cash flow | 32.0 | Reported | Airline |
| Passengers | 53.2m | -1% | Seat capacity -1% |
| Passenger load factor | 78.4% | -0.5pp | Reported |
Fleet and network
31 March 2026
80 countries
At year end
Aircraft
Balance sheet and cash flow
+10% year on year
FY2025/26
-4% year on year
Dubai Airshow orders
Emirates reported strong cash generation and met contracted aircraft and financing obligations from its cash reserves.
Guidance and what to watch
- Network recovery: airspace disruption in the final month remains the near-term operational variable.
- Fleet programme: deliveries, A380/777 retrofits and the 367-aircraft order book shape long-term capacity.
- Productivity: the mix of yield, fuel cost and passenger load factor will determine margin resilience.
Sources and methodology
Figures use company-reported results and definitions. FY2025/26 results release · Annual report
Last updated: 12 September 2026 · Financial year ends 31 March.
Five-year reported results
Company-reported annual history. “Not separately disclosed” indicates the selected primary release did not provide a directly usable comparable measure.
| Year | Passengers | Revenue AED bn | Profit after tax AED bn | Load factor |
|---|---|---|---|---|
| FY22 | Not separately disclosed | Not separately disclosed | Not separately disclosed | Not separately disclosed |
| FY23 | Not separately disclosed | 107.4 | 10.6 | 79.5% |
| FY24 | 51.9m | 121.2 | 17.2 | 79.9% |
| FY25 | Not separately disclosed | 128.4 | 19.1 | 78.9% |
| FY26 | 53.2m | 130.9 | 19.7 | 78.4% |
Per-passenger economics
Calculated only where revenue and passenger counts are reported on a compatible annual basis.
| Year | Revenue / passenger | Passenger load factor | Context |
|---|---|---|---|
| FY24 | AED 2,335 | 79.9% | Calculated revenue / passenger |
| FY25 | Not separately disclosed | 78.9% | Passenger count not used |
| FY26 | AED 2,460 | 78.4% | Calculated revenue / passenger |
Revenue bridge
Reported revenue components and traffic indicators. No inferred segment allocation is used.
| Metric | FY26 | FY25 | Change |
|---|---|---|---|
| Airline revenue | AED 130.9bn | AED 128.3bn | +2% |
| SkyCargo revenue | AED 16.2bn | Not separately disclosed | Reported |
| Passengers | 53.2m | Not separately disclosed | -1% |
| Passenger capacity | 60.6bn ATKMs | Not separately disclosed | +1% |
Cost bridge
Selected cost and operating indicators reported by the company.
| Metric | FY26 | Context |
|---|---|---|
| Fuel bill | AED 31.2bn | -4% year on year |
| Fuel share of operating costs | 29% | FY2025/26 |
| Operating cash flow | AED 32.0bn | Airline |
| Group investment | AED 17.9bn | Aircraft, facilities, equipment and technology |
Quarterly or interim history
Most recent company-reported intermediate periods. Annual-only reporters are marked accordingly.
| Period | Traffic / capacity | Revenue | Comment |
|---|---|---|---|
| FY2025/26 | 53.2m passengers | AED 130.9bn | Annual reporting |
| Final month of FY2025/26 | Disrupted | Not separately disclosed | Gulf airspace disruption |
| FY2026/27 outlook | Not separately disclosed | Not separately disclosed | No quantitative company guidance used |
Fleet productivity
Fleet, network and operating measures reported by the company.
| Metric | Latest | Context |
|---|---|---|
| Fleet | 277 | 31 March 2026 |
| Average fleet age | 10.8 years | Year end |
| A350 aircraft | 19 | Serving 21 destinations |
| Order book | 367 | Deliveries through 2038 |
Guidance versus actual
Company outlook is shown only where an explicit measure was provided.
| Metric | Original guidance | Latest / actual | Status |
|---|---|---|---|
| Passenger capacity | Not provided | Lower than pre-disruption at release | Recovery in progress |
| Fleet delivery programme | Ongoing | 367 aircraft on order | In progress |
| Fuel hedging | Hedged through 2028/29 | Company statement | Risk mitigant |
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