Dubai-based mega-airline Emirates claims to be the world’s most profitable airline for the 2025-2026 period, despite the Iran War grounding flights and scaring passengers away in the final month of the carrier’s financial reporting year.
On Thursday, the Emirates Group, which includes a number of subsidiaries and ground operations companies such as Dnata, reported a profit of $6.6 billion, while Emirates Airline reported a pre-tax profit of $6.2 billion – both of which were up 7% on the previous year.
Once new tax rules are taken into account, the Emirates Group’s post-tax profit was $5.7 billion, which is a record-breaking year for the aviation conglomerate.
Chairman and Chief Executive, Sheikh Ahmed bin Saeed Al Maktoum, said that Emirates had been surpassing its targets “month after month” on the back of strong demand and “healthy margins” until February 28, when the US and Israel launched a military offensive on Iran.
“Military activity massively disrupted global commercial air traffic in the Gulf region, including in the UAE,” Al Maktoum commented after the airline released its annual report on Thursday.
“Emirates and dnata quickly mobilised to support our people and affected customers, protect our assets, and ensure business continuity. We are fortunate to be based in Dubai, where years of infrastructure investments and a cohesive aviation ecosystem has enabled the government to quickly secure safe corridors for commercial flights.”
Earlier this week, Emirates announced that it had restored 96% of its global network after slowly rebuilding its schedule after all flights were grounded when Iran launched retaliatory missile and drone attacks on Dubai throughout March.
Sheikh Al Maktoum acknowledged, however, that the airline was still “operating at a lower passenger capacity than pre-disruption,” although Emirates has ramped up cargo operations to move essential goods into the UAE that would normally travel to the country by boat via the still shuttered Strait of Hormuz.
“The Emirates Group has navigated crises and disruptions before. Each time, we placed our focus on our customers and our people, and each time, we have bounced back stronger,” Al Maktoum added.
In recognition of the group’s record-breaking profits and the hard work of its employees during the last two months, Emirates announced that it would pay its workers a bonus equivalent to 20-weeks worth of salary.
“March 2026 will fade into memory, but we will never forget your bravery and incredible resilience,” Al Maktoum said in an internal memo. “You were called upon during one of the most complex and challenging times in our history, and you showed up with commitment and passion. For that, I will remain forever grateful to you.”
Commenting for the first time on the current security situation in the Middle East, Al Maktoum added: “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.”
Emirates says that it had hedged fuel through to 2028-2029, giving it a significant buffer against surging oil prices, as the airline has already locked in the price it will pay for fuel at pre-war prices.
The airline also says it has secured enough jet fuel from its suppliers to continue its operations uninterrupted.
“Our fundamentals are strong,” Al Maktoum concluded. Essentially, Emirates realizes that its financial performance over the coming months will likely take a battering, but it sees no need to radically change its business plan, and it has confidence that Dubai will bounce back as “the nexus of global commerce, trade and travel flows.”
