The Emirates Group has announced its financial results for the first half of the 2026–27 financial year, reporting a profit before tax (PBT) of AED 4.1 billion (US$1.1 billion). The results demonstrate the Group’s ability to maintain profitable operations amid significant challenges, including operational disruptions and rising fuel prices resulting from ongoing regional conflict in the Arabian Gulf.
After accounting for income tax, the Emirates Group recorded a profit after tax of AED 3.6 billion (US$1 billion), down 66% compared with the same period last year.
The Group’s EBITDA stood at AED 12.5 billion (US$3.4 billion), down 41% from AED 21.1 billion (US$5.7 billion) in the corresponding period last year, when the Group achieved record-breaking profits and revenues.
For the first half of the 2026–27 financial year, the Group reported total revenue of AED 66.2 billion (US$18.0 billion), a 12% decrease from AED 75.4 billion (US$20.6 billion) in the same period last year.
As at 30 September 2026, the Emirates Group’s cash position stood at AED 54.1 billion (US$14.7 billion), compared with AED 59.6 billion (US$16.2 billion) as at 31 March 2026. The Group leveraged its strong cash reserves to support business requirements, including advance payments for aircraft awaiting delivery and the settlement of existing liabilities. During the period, the Emirates Group also paid the remaining AED 2 billion (US$545 million) dividend to its shareholder, Investment Corporation of Dubai (ICD), as part of the total AED 3.5 billion (US$953 million) dividend declared for the 2025–26 financial year.
Sheikh Ahmed bin Saeed Al Maktoum, Chairman and Chief Executive, Emirates Airline and Group said: “The past six months have been challenging, and once again, our business model and people have demonstrated their resilience in navigating the circumstances. Despite regional challenges and elevated fuel prices, the Emirates Group has continued to deliver a profit before tax of AED 4.1 billion (US$1.1 billion). Customer demand for travel has remained strong, while our air cargo business has played a significant role in supporting our financial performance. As a result, the Group has maintained healthy revenue and cash levels, even as global jet fuel prices doubled compared with the same period last year, putting pressure on our costs and profitability.
“We continue to invest for the future. Emirates and dnata are committing substantial resources to expanding our fleets, enhancing our products and services, and developing the capabilities that will form the foundation of our businesses in the years ahead. This approach enables us to maintain our leadership position and strengthen our resilience in the face of external challenges.”
Emirates Airline Performance
During the first six months of the 2026–27 financial year, Emirates faced significant operational challenges due to restrictions and intermittent airspace closures across several parts of the region. These circumstances tested the airline’s operational agility, while travel advisories issued by government authorities also influenced consumer decisions and international travel patterns.
Emirates prioritised the restoration of its flight network and travel connections through its Dubai hub. As at 30 September 2026, the airline had restored 91% of its pre-disruption network, serving a combined passenger and cargo network of 150 airports across 78 countries and territories worldwide.
The airline also introduced a range of measures to strengthen customer confidence. These included comprehensive travel protection – the first of its kind in the aviation industry without restrictions based on government travel advisories – fee-free changes to existing bookings, and flexible refund policies.
Between 1 April and 30 September 2026, Emirates continued to expand its Premium Economy Class capacity and make its latest cabin products available to more customers across its markets. The airline took delivery of nine new Airbus A350 aircraft and completed full cabin refurbishments on a further 12 aircraft, comprising nine Airbus A380s and three Boeing 777s. Emirates’ cabin refurbishment programme is one of the largest of its kind in the world, with a total investment of more than US$7 billion to introduce its latest cabin products across the entire fleet.
Emirates also continued rolling out high-speed Starlink connectivity across its aircraft. During the first half of the financial year, the airline installed Starlink on an additional 36 aircraft, bringing the total number of Starlink-equipped aircraft to 57 as at 30 September 2026. The service is designed to provide passengers with faster and more reliable in-flight internet connectivity.
Despite the challenging operating environment, Emirates continued to set new industry benchmarks with the launch of two innovative cabin features, both recognised as industry firsts and warmly received by customers. These include the U-dream headrest, introduced in Economy Class, and electrically operated privacy dividers in Premium Economy Class. Both innovations enhance comfort and privacy, bringing a new level of refinement to the travel experience in their respective cabin classes.
Emirates also continued to champion more accessible and inclusive travel by expanding its Emirates Travel Rehearsal programme to 15 additional locations across the United Kingdom, Australia, Portugal, the Philippines, Madagascar and the Maldives during the first half of the 2026–27 financial year. The programme is now available at a total of 47 locations worldwide.
Designed to support children and young people on the autism spectrum and their families, Emirates Travel Rehearsal offers simulated airport procedures and in-flight experiences in a controlled, virtual environment. The initiative helps participants become familiar with the travel process, reduce anxiety and build confidence ahead of an actual journey.
In its air cargo business, Emirates SkyCargo transported a total of 1.2 million tonnes of cargo during the first six months of the financial year, down 1% compared with the same period last year. However, revenue from the air cargo business increased by 52%, as regional conflict reduced available air freight capacity, while shippers increasingly turned to air transport in response to disruptions affecting sea freight operations.
For the first half of the 2026–27 financial year, Emirates Airline reported a profit before tax (PBT) of AED 3.7 billion (US$1.0 billion), compared with a record-high profit of AED 11.4 billion (US$3.1 billion) in the corresponding period last year.
Total revenue for Emirates Airline, including other operating income, reached AED 56.9 billion (US$15.5 billion), down 13% from AED 65.6 billion (US$17.9 billion) in the same period last year. Revenue was supported by sustained strong travel demand across various markets, particularly for Emirates’ premium cabin classes, alongside robust performance from its air cargo business.
