Emirates Group posts record AED 77.6 billion profit before tax over four years to March 31, 2026
Emirates Group posted a record AED 77.6 billion in profit before tax across the four years to March 31, 2026, while revenues, cash and assets rose and AED 18 billion was returned to Dubai’s sovereign investor.
Emirates Group records highest four-year profit cycle to March 31, 2026
Emirates Group reported consolidated profit before tax of AED 77.6 billion for the four financial years ending March 31, 2026, marking the strongest profit cycle in the group’s history.
This four-year total equates to an average annual profit of about AED 19.4 billion and underscores the group’s recovery and expansion since the pandemic.
Annual profits before tax climb to AED 24.4bn in 2025-26
Profitability rose steadily year-on-year, from AED 11.3 billion in 2022–23 to AED 19.2 billion in 2023–24, then to AED 22.7 billion in 2024–25 and a new high of AED 24.4 billion in 2025–26.
The sequence of rising profits was supported by a robust rebound in international travel and expanding cargo and ground-handling operations.
Profit margins improve alongside earnings
Emirates Group’s operating margin improved markedly over the period, increasing from 9.1% in 2022–23 to 13.6% in 2023–24 and peaking at 14.1% in 2024–25 before settling at 14.0% in 2025–26.
Higher margins reflect rising revenues, tighter operational efficiency and cost management across Emirates Airline and dnata, the group’s logistics and ground services arm.
AED 18bn in dividends paid to Dubai’s sovereign investor over four years
The group maintained strong cash returns to its owner, distributing a total of AED 18 billion over the four-year period.
Dividend payments comprised AED 4.5 billion for 2022–23, AED 4.0 billion for 2023–24, AED 6.0 billion for 2024–25 and AED 3.5 billion for 2025–26, reinforcing the group’s role as a material contributor to government investment returns.
Group revenue reaches AED 150.5bn as travel demand strengthens
Emirates Group revenue rose each year, from AED 119.8 billion in 2022–23 to AED 137.3 billion in 2023–24, AED 145.4 billion in 2024–25 and a record AED 150.5 billion in 2025–26.
The revenue growth was driven by higher passenger volumes on international routes, expanding cargo operations and increased demand for ground and logistics services provided by dnata.
Total assets rise to AED 204bn; cash holdings near AED 59.6bn
The group’s balance sheet expanded, with total assets increasing from AED 172.1 billion in 2022–23 to about AED 204.0 billion by March 31, 2026.
This expansion reflects investments in fleet, infrastructure and logistics capacity, and was matched by a steady rise in cash and liquid assets from AED 42.5 billion to AED 59.6 billion over the same period.
Operational performance and strategic flexibility
Emirates Airline and dnata were cited as primary operational drivers, with passenger recovery and cargo demand underpinning both top-line growth and margin improvement.
Stronger cash generation and a healthier asset base have given the group flexibility to pursue fleet renewal, service enhancements and selective expansion while meeting shareholder distributions and debt commitments.
Emirates Group’s four-year performance through March 31, 2026, illustrates a transition from pandemic recovery to sustained earnings strength, with rising revenues, record annual profits and ample liquidity supporting both shareholder returns and future investment plans.
